The Tron Foundation is a major developer of blockchain systems, pioneered by Justin Sun. The company has grown from humble beginnings, but is now the host of the TRON network – a leading open-source blockchain that is completely decentralized. TRON has smart contract functionality to rival even Ethereum and its Proof-of-Stake principle makes it an ideal option for users seeking to make some profits from launching their own nodes to support the network.
TRON, or better known by its ticker – TRX, is one of the most popular cryptocurrencies in blockchain space thanks to its high price volatility and acceptance. More importantly, TRX is very affordable and can be staked on many platforms across DeFi space. Such ease of entry and the low threshold for buying make TRX the ideal asset for users from countries in Africa, which are making headway in the adoption of digital assets.
Nigeria is one of the most active nations in cryptocurrency space, leveraging the versatility and accessibility of crypto assets alongside their value storage capabilities to offset the colossal depreciation of the national naira fiat currency. Add to that a number of advantages of TRX and the palette of reasons for investing in the cryptocurrency becomes evident from first glance.
In this material, we will explore some of the ways to buy Tron in Nigeria and examine the benefits of doing so in the long-term.
Convert Tron to Naira – Why Do It?
First and foremost, TRX is an accessible cryptocurrency, costing at just $0.0629. Such a low entry threshold makes it an ideal candidate for the first coin to be added to a budding new Nigeria crypto investor’s portfolio. As a demanded cryptocurrency on the market among traders and stakers, TRX makes an excellent asset to hold. And if one considers the fact that TRX has been growing steadily in price since its inception as far back as 2018, the prospects for its use as a scalping instrument in trading make it very attractive.
The demand for TRX and the possibility of using it as a payment instrument for many operations across metaverses, exchange platforms, games, and decentralized applications makes it a perfect tool for ease of market entry. By investing a few hundred US Dollars into TRX, holders will instantly be able to access a demanded and liquid asset that will pave their way into the world of DeFi services, gaming applications, and much more.
The liquidity of TRX is another factor acting in its favor, since the cryptocurrency has attracted the attention of both retail and institutional investors. The TRON blockchain’s current market capitalization currently stands at $5,842,714,700, swaying at an average of 0.22% over a 24 hour period on a regular basis. This fact makes TRX an excellent instrument for intraday trading and a reliable source of crypto for years to come.
Lastly, TRX, just like any other cryptocurrency, is an excellent store of value. The low price of the coin, coupled with its high market demand make it ideal for storing small or medium-sized amounts of funds, especially the naira, which has seen a 209% depreciation in the span of just 6 years.
Ways to Invest in TRX
Investing can be made either in the short or the long term, giving users a solid choice of options based on the fact that TRX is a demanded asset on the market with a proven trading history. Naturally, if value preservation is the core focus of investing, then long term endeavors are preferred. Leaving the assets on a wallet for several months or even years can result in pleasant surprises in terms of significant price gains. Consequent sale and withdrawal of funds to a bank account is the purpose of such investing.
The short term approach is best suited for investors who are actively engaged in the market and are looking to trade. If so, then buying bulk amounts of TRX is recommended to take advantage of its price volatility during intraday trading. The given strategy is best used by experienced investors who know the challenges of trading and follow the market’s dynamics closely.
To enter the market and buy TRON, users in Nigeria need to select a trading platform that best suits their needs, and their budgets. The fact is that various exchanges have different exchange rates. This means that users need to study the market and sign up to a few trading venues simultaneously to have access to the best rates.
Among the leading platforms that clearly display how much TRX is worth at any given time are such market giants as Huobi, Coinmama, Kraken, KuCoin, and many others that dominate the crypto market in Nigeria. Some platforms like Capital give users the chance to sell Tron at good rates, since they are tailored specifically for the local market.
Key Takeaways
Tron is a very reliable and attractive cryptocurrency for users who are new to the crypto market and do not have much to spend, or are wary of the risks and do not wish to endanger much of their savings. Whichever approach users opt for – the long or short term, their gains are likely to increase over time with TRX, since the asset is growing in adoption, its underlying network is scaling, and a growing number or users are starting to deviate from market heavyweights like Bitcoin towards less expensive options like Tron.
