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The Future of Cryptocurrency in Nigeria
- Kelechi Alexander Ekeh  - Published February 12th, 2017


There is an ever increasing demand for faster and safer means of performing transactions using currencies that will give investors and business acumens a reason to do so with peace of mind.

Crypto currency is a digital currency from Block Chain Technology. This secure means of transaction cause it to depend on cryptography. An additional control unit is dependent on a complex formula that has to be solved by miners globally. The first crypto currency that was introduced in 2009 was Bitcoin. This digital currency was designed by an unknown man who is believed to be Satoshi Nakamoto. Currently, one Bitcoin is mined every four minutes and this can really become more difficult as the years goes by. There are currently over thirteen million units of Bitcoins in circulation and the total units will clock at over twenty one million. According to the algorithm, this will be so at the end of 2140 years.

However, Crypto currency especially Bitcoin became so popular when the Mavrodi Mondial Movement (MMM), a ponzi scheme, introduces it in the scheme. The Nigeria Government recently has made several investigations about the possible implications of the use of Bitcoins in the Nigerian economy. Perhaps, there are some new digital currencies around the world now.

On a global view, some countries have banned the use of Crypto currency while others have been very observant about its performance. Some countries have launched or even some are about to launch their own crypto currencies. Some countries have even allowed the use of Bitcoin not necessary as an acceptance as their National currency but to allow individuals to trade with it at their own risk.

To the Nigerian Government, since Bitcoin is a decentralized form of currency, they will lose control over its flow in circulation and this can lead to illegal transactions among politicians and drug lords. Also, Since Bitcoins transactions are done over the internet, two possible problems that may arise are:

1. Non-technological savvy individuals like the old people will find it difficult to trade with it.

2. It is highly prone to hackers.

Therefore, it is important that individuals and stake holders utilizing these digital currencies to trade carefully with it so as not to become victim of scammers through the ever-increasing money doublers schemes like MMM and the HYIP programmes.



The opinions expressed in this article are the author's own and do not reflect the view of the site owner.
 
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