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The world is ‘digital’ is gradually becoming a very obsolete way of discussing technology. Today technology has reached a saturation point. From the food you eat, your laundry man, clothes to wear for your next big occasion, all now at your fingertip away.
One aspect of this technology push is cryptocurrency- a form of digital money that is designed to be secure and, in many cases, anonymous- and is rapidly becoming the future of money globally.
This currency comes in bitcoin, ripple, litcoin, and Ethereum all use to buy and sell on the internet.
In Nigeria for October third week trade in cryptocurrency, bitcoin, reached over N1.239 billion a testament of a growing consensus among businesses, investors and countries that these alternative forms of online money are going to dominate payments in the next decade.
With the growing number of internet penetration on telecommunication companies put at over 91 million a 53 percent penetration already, according to data from the Nigerian Communications Commission (NCC) in June the biggest in Africa, Nigeria presents a huge market for cryptocurrency growth.
Here are the 5 reasons why it is a smart move to invest in cryptocurrency.
1- • Fraud-proof: When cryptocurrency is created, all confirmed transactions are stored in a public ledger. All identities of coin owners are encrypted to ensure the legitimacy of record keeping. Because the currency is decentralized, you own it. Neither government nor bank has any control over it.
2- • Identity Theft: The ledger ensures that all transactions between “digital wallets” can calculate an accurate balance. All transactions are checked to make sure that the coins used are owned by the current spender. This public ledger is also referred to as a “transaction blockchain”. Blockachain technology ensures secure digital transactions through encryption and “smart contracts” that make the entity virtually unhackable and void of fraud. With security like this, blockchain technology is poised to impact nearly every segment of our lives.
3- • Instant Settlement: Blockchain is the reason why cryptocurrency has any value. Ease of use is the reason why cryptocurrency is in high demand. All you need is a smart device, an internet connection and instantly you become your own bank making payments and money transfers.
4- Blockchain is the reason why cryptocurrency has any value. Ease of use is the reason why cryptocurrency is in high demand. All you need is a smart device, an internet connection and instantly you become your own bank making payments and money transfers.
5- • Accessible: There are over two billion people with access to the Internet who don’t have rights to use to traditional exchange systems. These individuals are clued-in for the cryptocurrency market.
