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All You Should Know About Cryptocurrency in Nigeria

Cryptocurrency in Nigeria2018-01-19T09:24:52+00:00

Ever since the world of cryptocurrency emerged 8 years ago, the almighty Bitcoin has taken the center stage. Even the little baby born at the inception of this writing quite knows about the prowess of the Bitcoin amidst other cryptocurrencies. That sounds quite humorous though but the truth is not far-fetched since the very existence of cryptocurrency eight years ago.

There is no doubt that the use of modern algorithms and the block chain technology have enabled Cryptocurrencies the ability to serve its market purpose. While this is far beyond its purchasing strength, there is little or no transaction hitch experienced while transacting with it. This is definitely the savior of the world’s economy and there is no doubt about that.

At this juncture, you will agree with me that an athlete cannot run alone in a race. It may interest you to know that there are other major Cryptocurrencies in the world other than Bitcoin. Although I will streamline them to the Top 5 list of Cryptocurrencies other than Bitcoin but they are much more than that.

On my Top 5 list of Cryptocurrencies in Nigeria, I have;

  1. Litecoin
  2. Ethereum
  3. NEM
  4. Ripple
  5. Dash

Now, the Comparisons of the Top 5 list of Cryptocurrencies in Nigeria.

Let me be clear at this point that there are two major ways at which cryptocurrencies can be differentiated from each other; the current price and its market capitalization. You therefore need to watch out for these facts as we go into comparing our top 5 list.

Be reminded that all values are values at the time of writing this article.

1. Litecoin

This is a P2P cryptocurrency and if you ask me what P2P means, it’s simply means peer to peer. That strikes something right?

With a market capitalization of $2,736,785,872 and current price of $51.40, this form of cryptocurrency is widely known for its zero cost and instant payments. It has no central authorities since it is an open source software that is fully decentralized. What more could you expect since it was released under the MIT/X11 license if not its amassing features.

You should watch out for its improved storage efficiency, trade volume and its ability to allow miners control their finances solely. This guarantees it as a tested and proven form of cryptocurrency other than Bitcoin.

Let me wrap it up by informing you that its new miners are gifted 25 new Litecoins per block. You might want to have a rethink!

2. Ethereum

If you ask me about this form of cryptocurrency, the first thing I did tell you is that it builds unstoppable applications. It is also a decentralized platform which is designed to run exactly as programmed.

At a market capitalization of $27,860,000,000 and current price of $293.33, it flies its value around and represents the ownership of property. It is built almost like Bitcoin save the fact that it does not gift its miners as they have to work before they earn- Ether.

You should also know that there is no possibility of fraud or third party inference with Ethereum. So it is always a good idea to invest in  ethereum.

3. NEM

Another popular cryptocurrency in Nigeria, this is also a P2P cryptocurrency with a stated goal of a wide distribution model. Its programming language is Java and its software is employed in a commercial block chain known as Mijin.

Although it is the least of the top 5 list of cryptocurrencies in Nigeria mentioned with a market capitalization of $1,955,016,000 and current price of $0.217224, it has introduced new features to block chain technology. The features ranging from multi-signature accounts, encrypted messaging, proof of importance algorithm and Eigen trust ++ reputation systems are currently tested by financial institutions in Japan and worldwide.

4. Ripple

This is similar to Bitcoin and also Litecoin but has a structure that requires no mining. It provides a smooth sailing experience to send money globally and connectivity across payments networks.

It has a current price of $0.229578 and market capitalization of $8,802,902,532 and yet has a vision to activate the internet of value. It is built on an advanced block chain technology which is responsible for the reduction in network latency. It is also secured, scalable and operates on a low operational and liquidity costs.

And finally,

5. Dash

This is the largest P2P network having over 4,100 servers hosted around the world. It provides financial privacy, instant payments and offers a secured service.

An interesting fact to note about this is that it funds its own growth and its users are accountable to it. The system which was released in 2014 already has a market Capitalization of $2,324,549,729 and is at a current price of $305.74.

Also, just like Litecoin rewards it miners, dash also reward its miners when they secure block chains. It is generally regarded as the Next-Gen P2P network.

But what about Bitcoin?

It would be injustice on my part if I fail to write about the Bitcoin cryptocurrency which is already at the center stage of cryptocurrencies. With an amassing market capitalization of $71,655,491,947 and at a current price of $4315.28, Bitcoin remains the lion in the jungle of cryptocurrencies.

Now, take a deep breath, and think about this, why are you not onboard the train of cryptocurrency? You have got no time left as the Bitcoin cryptocurrency keeps growing with a potential to reach $5,000 per coin within the shortest of time.

Now, apart from bitcoin, Ethereum has also been known to be a good trend in recent time, let’s talk about Ethereum.

Ethereum seems to be the new deal on the internet right now and no doubt, you cannot wait to get in on some of the action. For those of us who fall into this category but have absolutely no idea of what Ethereum is, this article will serve as an introduction to what Ethereum is all about.

WHAT IS ETHEREUM?

    The simplest description of Ethereum is an open-ended software platform which relies on blockchain technology in order to operate. This blockchain technology in turn, makes it possible not only to build but to also distribute decentralized applications for developers. Some applications currently being developed on the Ethereum platform include Augur, Uport, Weifund among others. Still have a hard time understanding what Ethereum is about? Well, let’s take a look at its friendly neighbor, Bitcoin to have a clearer understanding. A lot of us already know all about Bitcoin so that should make it easier for us.

COMPARISON BETWEEN ETHEREUM AND BITCOIN

    Although quite similar, there are certain important distinctions between these two. The most noteworthy difference is that they differ both in terms of capability as well as use. While the blockchain technology of Bitcoin can be made use of in tracking down the authentic ownership of bitcoins or simply put, digital currency, the blockchain technology of Ethereum pays more attention towards the operation of a programming code regardless of the decentralized application which it might be. Apart from this, another difference between Bitcoin and Ethereum is that the Ethereum blockchain technology enables its users to work towards earning Ether which is simply a Crypto token by which the network is fueled. As opposed to Bitcoin, this Crypto token (Ether) can also be used for payments of services and transaction fees by application developers on the Ethereum network.

    A large number of blockchains can process code but most of them have several limitations. This is where Ethereum comes up as a much more preferable alternative as it gives you the opportunity to come up with any operation you want. In other words, you, as an application developer, can create an unlimited number of various applications different from things the world has ever seen.

USES OF ETHEREUM

Ethereum makes it possible for developers to build and then distribute decentralized applications which are applications that have particular functions that they perform for their users. As such applications consist of codes which operate on a blockchain network, no particular person or entity has any control over them.

Ethereum can be used to decentralize any service that is centralized.

It can also be used to construct Decentralized Autonomous Organizations which are autonomous and decentralized organizations which have no particular leader. They operate on programming code present on a series of smart contracts already written on the Ethereum blockchain technology. (A smart contract is a particular phrase that can be used to represent computer code which can bring about money, property, content, shares or any other valuable’s exchange.)

HOW TO MAKE USE OF ETHEREUM

    As an application developer, you can access the network either through its original Mist browser which gives you an easy-to-use interface and digital Ether wallet which enables you to exchange and save Ether, create, distribute and also make use of smart contracts. Another option is the MetaMask browser extension which modifies your usual Google Chrome into an Ethereum network browser. This makes it possible for you to create decentralized applications right from your browser. As time goes on, Firefox and many other web browsers will be supported by MetaMask.

PROS OF THE ETHEREUM PLATFORM

    The Ethereum platform presents a whole lot of benefits to its users. One of them is that it is impossible for a third party to modify the data in any way. Another benefit is that it is exceptionally secure. As there is no particular failure point, all applications receive maximum security against frauds and hacking. Also, the Ethereum platform is protected against tamper and corruption due to the fact that all applications are centered on a network built on the consensus principle which, in other words, makes it impossible for censorship to be present on the platform. Lastly, applications that are present on Ethereum can never get turned off or “crash” as is commonly heard of other platforms.

CONS OF DECENTRALIZED APPLICATIONS

    Practically everything that exists will definitely have a downside to it- while as decentralized applications may be, the fact remains that they are as good as their writers and therefore, an oversight or bug may result in an unwanted action which could have adverse effects. If such happens, an attack cannot be stopped unless a network consensus is gotten and the underlying code is rewritten- this calls to doubt the primary essence of a blockchain which is supposed to be immutable. The counteraction which will be taken by a central party also calls to doubt the decentralization of applications on the platform.

Although it is currently in its early stages, there is absolutely no doubt that Ethereum could be the platform to truly transform the creation of applications as we know it.   

Why can Ethereum be more important than Bitcoin?

In recent times, the blockchain technology on which Bitcoin is based has received a lot of attention particularly from Wall Street. The uses of the blockchain technology are unlimited and they range from cross-border payments to reducing the usual office processes. With this innovation, it can finally be possible for a disruption to take place in the financial industry. Although, the most commonly used of the blockchain technology is the Bitcoin, the recently founded Ethereum may be just the application that is needed to allow this disruption occur. You might wonder – how then do Bitcoin and Ethereum differ and which of them has a higher level of importance? To begin with, let’s consider what Ethereum is briefly. It is a network which was developed by Vitalik Buterin as an improvement on Bitcoin.

Unlike Bitcoin, it can be used to “codify, decentralize, secure and trade just about anything”. The Ethereum Virtual Machine or EVM has the ability to run smart contracts which represent financial agreements e.g. swaps, options contracts or bonds used in paying coupons. Bets, wagers among others can also be executed on it. Many other actions which smart contracts can be used to perform exist but all in all, it is exciting that all kinds of agreements be it financial, legal or social can be replaced by them.

The difference between Bitcoin and Ethereum

Now, we’ll consider the ways by which these two differ from one another and more importantly, how Ethereum has added advantages over Bitcoin. First off, the programming code in which Ethereum is written is different from that of Bitcoin. While Ethereum’s language is a Turing Complete one, that of Bitcoin is stack based and isn’t Turing Complete. What this simply means is that a broader base and market is available to users on Ethereum. To understand better, you can imagine Ethereum as a tcp or icp and Bitcoin as your email. Even though Bitcoin can be further developed to perform just as many actions as Ethereum can, it would be quite clunky unlike it. While Bitcoin makes use of ASIC chips, Ethereum runs on Ethash which implies that various individuals can compete for its mining. As it requires memory in order to run, it is possible to work more efficiently and faster on a GPU. Another distinction which makes Ethereum investment more preferable over Bitcoin is the duration of block time as its own is much shorter than that of Bitcoin- while Bitcoin would use about 10 minutes, Ethereum has a transaction confirmation time of about 20 seconds.

Another edge which the Ethereum platform has over Bitcoin is the economic plans it has for the future and its models too. While Bitcoin’s block rewards halve once every four years until the year 2140, Ethereum has plans to progress from proof of work to proof of stake. Undoubtedly, both Bitcoin and Ethereum have their advantages but the fact is that the feats which Bitcoin has been able to achieve concerning payments and money through the use of blockchain technology may also be possible for all kinds of applications through Ethereum.

Choosing between Bitcoin and Ethereum investments

When it comes down to the real deal of deciding on whether to make a Bitcoin or Ethereum investment, the choice is all yours to make depending on the main reason why you want to make use of them. What works for one person might not work for the other and so you should think about your decision thoroughly. You could even decide to try out both Bitcoin and Ethereum investments- whichever you do, ensure that you choose that which suits your purpose best.    

 

Most promising Cryptocurrencies in Nigeria for 2018.

Cryptocurrencies are digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of currency. The number of cryptocurrencies available over the internet was over 900 as of July, 2017. Cryptocurrencies such as Auroracoin, Bitcoin, Bitcoin cash, Ethereum, Monero, BitConnect, BlackCoin, Dosh, DigitalNote, Emercoin and many others.

With the way the world keeps revolving around us, there are certain developments and some cryptocurrencies are proving quite promising for the coming year. These cryptocurrencies are hoped to still maintain validity and of tangible importance.

On the long-term view of cryptocurrencies in Nigeria, the list starts closing in. The most promising cryptocurrencies in Nigeria include;

  • Bitcoin: Despite all odds, it has proven progressive throughout the years of its existence. It is the most popular and noted to be one of the pioneers of cryptocurrencies. It has been on market for the past eight (8) years with over $42 billion. The inventor aimed to build a ‘’peer-to-peer electronic cash system’’. Bitcoin involves a database storage of transactions in data chunks called Blocks. This distributed chunks of blocks is called Blockchain. For clear explanation, if 2btc is sent to Smith by Sam, everyone else on the blockchain network has that record. It cannot be forged or manipulated by anyone without everyone else noticing.  Problem with bitcoin is blocksizes in blockchain are small and can accommodate low number of transactions.

 

  • Ethereum: this is a major competitor for Bitcoin. It has the power to perform all Bitcoin can do but primarily for the building of decentralized applications. The major difference between the duo is in their blockchains. A major problem with Ethereum is that the value of applications built may either rise or fall. Applications that fall endangers Ethereum itself. Also, it is not widely accepted as a mode of payment and this lowers its esteem beside Bitcoin.
  • LiteCoin: For a while Litecoin was the first runner-up to Bitcoin. Its inventor was Charlie Lee. It was quite an alternative as perceived aimed at solving several problems. It is also a peer-to-peer internet currency that enables fast, easy payments to anyone in the world.  Litecoin then confirms attributes of having faster transaction, confirmation times and a very advanced storage efficiency.

 

  • Others include; Zcash, Monero, Tezos, EOS, Bancor amongst others. All these give a promising future for Cryptocurrencies in 2018.

 

8 TIPS ABOUT CRYPTOCURRENCIES IN NIGERIA YOU NEED TO KNOW.

For you to avoid mistakes when selling your bitcoin and altcoin in Nigeria, these are eight tips you need to know and apply.

  1. Have a reason before engaging in each exchange: Start an exchange just when you know why you’re beginning and have an unmistakable procedure for a short time later. Not all dealers make picks up from exchanging, since this is a zero-total diversion. Vast whales drive the Altcoins to advertise (yes, similar ones in charge of putting gigantic pieces of several Bitcoins on the requested book). The whales are quite recently sitting tight quietly for blameless little fish like us to commit errors.
  2. Target and stop when beginning any exchange: For every trade, we should set a target level more significantly, a stop-difficulty level for cutting difficulties. A Stop-debacle is setting the level of misfortune where the exchange will draw near. Most dealers come up short when they experience passionate feelings for an exchange or the coin itself.
  3. Fear: Fear is one of the feelings that will attempt to assault you when you are exchanging. What’s more, this can happen when you are in an exchange or when you don’t have any exchange open whatsoever. In this latter case, you can let go a decent opportunity.
  4. Hazard management: When you need to be effective at exchanging, you should know that incredible benefit doesn’t mean you are as of now an expert merchant and start now and into the foreseeable future, you’re just going to have benefits. The best merchants on the planet go for little and predictable benefits. They know this is the best way to progress.
  5. The basic resource makes unpredictable market conditions: One of the things that you certainly need to contemplate is the way that bitcoins are an unstable resource. Besides, Bitcoins and Altcoins have a converse relationship in their esteem. For instance, when the Bitcoin worth is expanding, this implies Altcoins are losing their Bitcoin worth and the other way around. When you see that the Bitcoin is moving much more strongly than on a standard day, ensure that you remain out of the market. What’s more, this turns out to be considerably more imperative in case you’re quite recently beginning to exchange.
  6. Most Altcoins tend to lose their incentive after some time: When you choose to enter an Altcoin exchange for the medium or longer term, you have to ensure that you are completely mindful that Altcoins tend to lose all their incentive over the long run.
  7. Merchants with no weight: Don’t begin exchanging unless you have the ideal conditions to settle on the choice to begin an exchange and know when and how to receive in return. This often makes losing exchanges. Sit tight for the following open door; you will arrive.
  8. Defining objectives and submitting offer requests: constantly set your objectives by putting offer requests. You don’t know when a whale will draw your coin up to get your charge (and pay a lessened expense on the “creator” side.)

 

These tips about Bitcoins and Altcoins are more like guidelines that will ease your way up. The market is a profitable one if you do things right.

Best Cryptocoins apart from Bitcoins to invest in 2017 and why.

In this article, we are going to talk about seven best altcoins to invest in 2017 and the reason why you should invest in it.

1. The Basic Attention Token. (BAT)

The Basic Attention Token has been conceptualized as a method for enhancing the productivity of computerized promoting by making another token which can be traded between distributors, sponsors, and clients on the blockchain. He maker of JavaScript and fellow benefactor of Mozilla and Firefox, the ICO for their web-program, Brave, brought USD 35 Million up in 30 seconds level.

2. BitShares (BTS)

BitShares (BTS) is an open-source programming that can be utilised to dispatch Decentralized Autonomous Companies (DAC) which issue shares, deliver benefits and disseminate benefits to investors. BitShares offers a pile of budgetary administrations like trade and counts on a blockchain and BitAssets, the money of BitShares, are advanced resource tokens that have disposed of the weight of cost volatile.

3. FirstBlood

FirstBlood is an up and coming eSports gaming stage that will enable people to test their aptitude and contend in internet recreations by utilising savvy contracts and prophets on the Ethereum blockchain. Not at all like existing stages, the majority of FirstBlood’s exchanges are openly undeniable.

4. WAVES

WAVES is an adaptable 2.0 stage that enables clients to exchange tokens of significant worth on a completely decentralised system. This takes into account utilising of speed, security, and straightforwardness of the blockchain with the dependability and selection of setting up monetary standards – fiat monetary standards or computerised money, and the WAVES token is the fuel of this stage. The group trusts that mass selection of blockchain has been a fizzled wander up until now and plans to address the issue with WAVES.

5. Golem

Golem is building blockchain controlled super processing infra, This task is stunning and Well valued by group individuals. It’s setting down deep roots long; It gave tremendously comes back to speculators in last quarter, appears to develop more in future. Can go 3x by the end of this current year.

6. Binance

Binance is one of the best digital currency trades in China. Binance does not give fiat (e.g. US dollars) to cryptographic money trade, rather concentrates absolutely on crypto-to-crypto trade. It underlines security, speed, and client benefit to the exclusion of everything else. Binance is known for its low exchanging charges (0.1%) and also its quick exchange preparing. The Binance innovation is equipped for preparing 1.4 million requests each second, making it a world pioneer in potential trade volume. The BNB token is the local cash of the trade, and proprietors of these tokens are being offered substantial advantages.

7. Cofound

It is a conveyed worldwide stage that interfaces uncommon new businesses, specialists and financial specialists around the world. It will initially be worked by the blockchain group for the blockchain group — and afterwards for the entire world. It is where the best ICO ventures are chosen, assisted by master mentors, given limited time assets and exhibited to the speculator group. The key though is that the conveyed economy can sidestep businesses like managing an account, as well as the VC business

These are the best cryptocurrencies you can invest your money into in 2017 and they will provide a good value for your investment.

 

 

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