YOUR THOUGHTS ON THE FUTURE OF CRYPTOCURRENCY IN NIGERIA

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The word crytpo is not a new term to Nigerian, that's is why in 2020 Nigerian traded over $500m worth of bitcoin (a kind of crytpo) in terms of volume according to Quartz. Making Nigeria the second largest bitcoin market after us and also the first in Africa.

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Cryptocurrency in a simple word, is a kind of digital currency. The first cryptocurrency in the world is bitcoin, proposed and developed by satoshi nakamoto in 2009 according to taylorfrancis.

How you got to know about cryptocurrency

The first time i heard about cryptocurrency (bitcoin in particularly) was in 2015 from a friend on facebook. Then the price was around #50,000 to #60,000 (fifty to sixty thousand naira). Didnt pay much attention to it and also did not do any research about it, thinking that it was one of those internet hoax then, only to realise now that i'm wrong.

Your experience on crypto

The crypto world is volatile and truth be told its not for naive traders. As with other financial markets and systems, without adequate information, knowledge and experience the likelihood of loosing one's assest is high.
My crypto experience has been both sweet and bitter. Between 2017-2018, i have participated in cypto activities (predominantly airdrops), received those airdrops(like trx, qtum, aave, abc token etc) only to lost my phone and every of my assests then was gone.
In 2020, i tried signing up in huobi exchanger, only to told that my email has already been used, did forgot password to recovered my account. To my suprise i saw 100TRX there, which was there i as a result of TRX airdrop i did back then, you can imagine the joy on a students face facing lockdown far from home.
In April 2021, i bought #30,000 worth of bnb which was equivalent to 0.23bnb, only to sell later on out of fear at a lost.

The first Crypto I bought and earned

The first crypto i bought was XRP in 2019, while the first i have earned and utilized via airdrop was TRX.

How crypto affected my life positively or negatively

Cryptocurrency has the tendency of changing one's life forever. No Nigerian comes into cryptocurrency and wants to look back. its a big opportunity. According to Tolu Fadugbage

• Positively: Yes cryptocurrencies has affected my life positively, helping me to get a laptop, pay my accomodation bill, save for my school research project, feed and a whole lot more.
• Negatively: I have experience some lost (RED) through crypto, i lost half of my school fee through future trading but thank God i met the deadline for payment of school fees.

Conclusion

Digital currency (cryptocurrency) is here to stay and its having massive adopted, some countries e.g Nigeria are planing on having there own digital currency. Despite the ban from CBN in bank associating with crypto activities, the market is blooming in Nigeria. Nigerian fast adopting it, during the End -Sars protest it was used as a form of remitting money to help with the protest, with lots of start-ups utilizing it like quidax, patricia, buycoin africa etc.
The crypto market is volatile with lots of promising prospects, the essensce of DYOR cannot be over emphazised, while HODL is still the best form of investment. Get better financial/crypto education. Stake what you can afford to lose and ensure you take profit no matter how small it is.