Here is the thing about fiat currencies – they are susceptible to a lot of shocks from the global economy. Take the Naira for example. The currency has lost almost 200% in value in a few years all because the Nigerian economy is so dependent on the price of oil. Take the coronavirus pandemic, which landed the fatal blow on the currency and the currency conversion rate went downhill. Such a reality makes fiat rather dangerous, especially if one is talking about storing value.
Nigerians are smart people, so they instantly turned to alternatives like cryptocurrencies in the search for means of storing the value of their assets. The Naira to Bitcoin search query is one of the most popular on the internet in local networks, but the fact remains that cryptocurrencies are just as volatile and unreliable at times. Take a look at the history charts for Bitcoin and you will realize that volatility is the determining factor when it comes to trading assets.
Naira to Bitcoin – How?
Cryptocurrency exchange platforms are easy to use nowadays, since they have come a long way since their inception in the 2017 and 2018 ICO era. Most cryptocurrency exchange platforms now offer a wide range of options, such as:
- Non-Fungible Token lists;
- Convenient interfaces;
- Trading opportunities;
- Decentralized finance instruments.
Apart from these options, cryptocurrency exchange platforms also offer users the chance to buy BTC and other assets at good prices while providing ample trading and investment opportunities. This makes such platforms ideal hubs of cryptocurrency industry activity. The abundance of users in the market who are willing to partake in trading means that Nigerians can always find a user who is ready to give up a Bitcoin for Naira. With that in mind, the first step when entering any cryptocurrency platform for trading will be to top up the account balance.
Luckily, most cryptocurrency exchanges can accept both debit and credit cards from such gateway providers as MasterCard and VISA. This means that Nigerians can safely transfer their Naira to any exchange and start buying the assets they are interested in. Bitcoin is rather restrictive in this regard, since its price is much too high. However, many believe now is the best time to buy Bitcoin, because the asset has depreciated greatly in the last year and is ripe for taking.
Key Takeaways
National fiat currencies are experiencing a crisis in the global arena in light of the collapse of many banks. This is leading to the nationalization of economies and the spike in inflation rates. With such realities before them, users have little choice but to look for alternative means of value storage. Luckily, cryptocurrencies can offer a viable alternative that will not only retain, but also increase value as time passes.
