Every year people are exhibiting an ever increasing degree of interest in digital currencies and are investing in crypto assets. And buying Bitcoin with a credit card is becoming easier and more accessible for users. Due to the drastic changes in the world economy, traditional currencies are experiencing inflation, influence from politics and other factors. This gives cryptocurrencies some advantage and encourages their use as an alternative means of payment using exchangers in Nigeria.
Cryptocurrencies and Fiat
Fiat money is, in simple words, a legal means of payment controlled and protected by the state (the Ruble, US Dollar, Euro and others). At the moment, fiat currency is much more common than crypto assets. There are discussions among experts about whether cryptocurrency can replace fiat money, and how much crypto assets now depend on the actions of the authorities.
they are a riskier instrument compared to fiat money. Speaking about trust in crypto assets, the financial literacy of the population plays a role here. As long as it remains at a low level, the widespread use of cryptocurrencies, at least to some extent comparable to the volume of use of fiat money, is unlikely. The reliability of fiat currency is supported by guarantees from the state, and in the case of cryptocurrencies, each user is responsible for himself. However, the disadvantages of fiat money do not disappear anywhere: lack of anonymity, susceptibility to inflation – all this continues to play into the hands of the crypto market, attracting an increasing number of users.
If we talk about the advantages of cryptocurrencies compared to fiat, we should note the low cost and speed of transactions, as well as a high degree of anonymity. Any user can buy Bitcoin instantly with only a phone and the Internet. No one can freeze an investor’s crypto assets, like a bank does with accounts. The absence of barriers and regulatory control on cross-border transfers makes cryptocurrencies an attractive investment instrument.
Some central banks are launching digital currencies, but they differ from cryptocurrencies in that they are centralized and tracked by authorities. There is reason to believe that in the future there may be a cryptocurrency with the advantages of fiat money. Although even now, crypto assets are much more transparent than traditional currency, which makes them a profitable investment instrument. To buy or sell digital assets the following are used:
- cryptocurrency exchanges in Nigeria and other countries
- exchangers
- P2P platforms
- payment systems
- Telegram bots
- cryptocurrency wallets
If the user pursues the goal of actively selling cryptocurrencies, it is better to purchase it on a cryptocurrency exchange. And if the investor plans to keep the currency for a long period, then it is more convenient to do this through an exchanger or wallet. For example, users can exchange cryptocurrency for fiat money and buy Bitcoins in Nigeria.
The Future of Cryptocurrencies
Crypto assets have an advantage over the banking system: they quickly adapt to the changing geopolitical situation and more easily bypass various sanctions and restrictions. If legalized in several countries, cryptocurrencies can become a convenient means for cross-border payments.
The cryptocurrency market is very changeable; over time, new decentralized projects appear. To avoid risks and high levels of volatility in the Russian market, it is necessary to use portfolio diversification, as well as hedging. Despite the regulatory mechanisms, cryptocurrencies will continue to develop at the global level and will be in demand.
Trending Exchanges for Russians
For many Russians, the question of how to buy cryptocurrency with a credit card has already been resolved. Cryptocurrencies are not widely used in the country, because the law does not allow its use as a means of payment. However, crypto exchanges continue to be available online at any time of the day, and they are not subject to the influence of external regulators. In this sense, you should be careful and not neglect the security of your crypto assets, because otherwise they may become part of fraudulent schemes.
1.CommEx. One of the largest crypto exchanges in the world, Binance, announced its withdrawal from the Russian market, and within a year there will be a transfer of users and assets to the CommEx platform.
2. Bybit is a cryptocurrency exchange, which is available through a mobile application. To maintain the security of crypto assets, the platform tracks user actions and encrypts personal data.
3. OKX crypto exchange, adapted into Russian with educational materials on how to buy cryptocurrency.
4. Huobi is a Chinese platform where you can quickly purchase cryptocurrency, as well as P2P trading without verification.
5.MEXC. A centralized platform that actively accepts Russian users.
What to Look for When Choosing an Exchange
It is necessary to study the reputation of the exchange, correlate the capabilities of the platform with your own needs, and assess the level of user protection. Several platforms continue to cooperate with Russian users even under sanctions, making it possible to conduct transactions in Rubles and even transfer them to Russian cards. When using the services of centralized exchanges, you should give preference to those that use Know Your Customer (KYC) verification.
Before registering, it is recommended to study the user agreement, which describes the conditions for withdrawing funds. Some exchanges require verification before withdrawing assets, and conditions may differ for Russian users. It is better to give preference to platforms that use two-factor authentication and encryption, so the likelihood of securing your crypto assets is much higher. Commissions on crypto exchanges are usually small, but if you plan to deposit a large amount of funds, it will be useful to study the prices and favorable conditions of each platform.
P2P exchanges help make a direct exchange of assets without intermediaries such as banks or brokers and buy Bitcoins in Nigeria. The advantage of these exchanges is a wide selection of currencies and payment methods, as well as an escrow account system. At the time of the transaction, the platform holds the crypto assets in the account until the seller confirms that they have received the buyer's payment. If payment is not received, the money is returned to the owner. The system helps to secure payments, but it does not provide complete security guarantees. There are many examples of scammers using various tactics to circumvent restrictions.
To avoid becoming a victim of deception, check the seller's rating in advance. By the number of completed exchanges, you can understand how long the user has been on the exchange. Users can only confirm a transaction if the funds have been credited to an account; otherwise, if users confirm it in advance, they may end up with nothing.
If a seller tries to initiate interaction outside the platform, you should be wary, because the platform provides some guarantees, and outside its participants are defenseless. The risk of encountering unscrupulous sellers on platforms where data verification is not required for transactions is especially high.
In P2P trading, the user can specify any transaction amount, and the commissions are so cheap that they can be ignored. When thinking about how to buy Bitcoin in Nigeria, users should get a wallet in advance, preferably a non-custodial one, as this is the most secure way to store their keys. Before transferring funds to crypto assets, users need to study possible risks, security issues, and potential benefits. With a comprehensive understanding of these issues, the likelihood of a profitable investment for the user will be much higher.
Takeaways
The global economy is currently undergoing active digitalization. Cryptocurrency exchanges are under pressure from the United States and the European Union, which prohibit cooperation with Russians due to sanctions. However, there are many platforms open to interaction, so the opportunities for the development of the crypto market in 2023 have a positive trend. Especially for those who take into account risks, avoid emotional decisions and rely on cold reasoning.
