There’s fantastic news for those who think that the crypto market is dead. It is still alive. Not kicking, but alive. The whirlpool of events that has cast our world into a turbulent chasm of crisis has had its impact on the cryptocurrency industry as well, just as it has impacted every single other industry out there. The numbers may not look as rosy on the trading charts and capitalization tables, but the fact remains – crypto is still here and is likely preparing for some manner of breakthrough. Though it may be difficult to predict what kind of breakthrough that could be in light of the general impoverishment of the global population, especially the western part of it, which had traditionally been the wielder of the majority of disposable funds.
It is precisely disposable funds that were diverted at crypto trading, since the affair of buying up, holding and then selling digital assets is an inherently risky one. No one can guarantee success, and that is why those engaging in this kind of investment and activity had to devote a certain part of their savings that they were ready to lose. Though trading Bitcoin is now more of an activity reserved for the elites of our world, considering the predominantly unaffordable price of the asset, other cryptocurrencies are still making it big for some retail traders who practice hedging and other types of strategies. Exchanges like Binance are teeming with all kinds of trading pairs, enough to suit anyone’s budget and liking. And luckily, the crypto market is still accessible for those expecting a low entry threshold.
Though it is difficult to buy Bitcoin in Nigeria on an average salary, some other cryptocurrencies like Ton and XRP are quite accessible to the regular citizen. More than so, the vast majority of merchants in the country are well aware of the potential and value-saving capabilities of cryptocurrencies. That is why crypto is almost as much on par with the local currency as a means of payment. Moreover, the drastically dropping exchange rate of the Naira has been forcing Nigerians to consider alternative means of payment and savings. Cryptocurrencies fit the bill ideally, since they can be connected to bank cards and used directly for shopping through exchange facilities embedded into crypto banking services. Needless to say, the convenience of that approach leaves many traditional banks far behind.
How Much Can I Use to Start Bitcoin in Nigeria?
In order to get Bitcoins in Nigeria, one has to have a considerable amount of Naira. However, there are other ways to save up to buy Bitcoin. It would be unfair to say that the average Nigerian can afford to get Bitcoin, since the asset was worth over $25,000 at the time of writing. This means that very few can get it by spending their savings. The other question pertaining to such a decision would be related to the reason for doing so.
Bitcoin is extremely volatile and cannot be considered entirely safe as an investment or a means of enrichment. There are other ways to leverage cryptocurrencies, many of which can be quite risky as well, but are much more affordable. Though it is a secret evident to everyone, cryptocurrencies are not real assets with any actual utility – they are instruments for speculation. There are seldom any people around the world who actually resort to the use of tokens and coins on select crypto and blockchain platforms. The reason is simple – the same platforms allow their users to resort to fiat for acquiring the same services. That approach is both more convenient and familiar to users, since it involves the use of bank cards that are much simpler to connect and use, if compared to crypto wallets.
However, if one is determined to start on the path of crypto trading, they should first spend a considerable amount of time studying both the market and the assets present on it. More importantly, they should think of creating a short list of instruments and strategies that best suit their needs. These can be categorized by the degree of volatility, price, and even trading venues. Sometimes, the best way to save on asset prices when purchasing in bulk is to resort to Peer-to-Peer exchanges, where transactions are conducted without the involvement of intermediaries directly between users.
Key Takeaways
Bitcoin is a very expensive asset that few average Nigerians can ever hope to acquire. However, the crypto market is full of other instruments that can seem just as attractive. But the choice of engaging in trading entails much risk and should be weighted against the potential benefits, which are few on the current crypto market in its state.
