It is still highly controversial to discuss cryptocurrency and blockchain. Cryptocurrencies are here to stay, and despite their volatility, they remain a prominent form of an investment asset. It is often called "evil", but because they facilitate criminal activities and provide safe havens for money launderers and criminals, many people embrace it.
There are many types of cryptocurrency, including bitcoin, ripple, USDT, Ethereum, and ripple. The blockchain is the technology that underlies all cryptocurrencies. This article will try to decode cryptocurrency and blockchain (its complicated underlying technology), and also address issues surrounding cryptocurrencies.
What is Cryptocurrency?
Cryptocurrencies can be described as digital currencies. However, unlike other digital currencies such as eNaira, cryptocurrencies are decentralized, secured by cryptography, and almost impossible to counterfeit. They can be used to exchange goods and services online, as well as an investment instrument. However, they don't have intrinsic value and cannot be traded for other commodities like gold.
Although cryptocurrencies do not have the backing of the government and are not issued by any central authority, they are still considered legal tender. However, a few countries are promoting the idea following the adoption of cryptocurrency as legal tender in El Salvador, which was the first country to use it as legal tender. Its decentralized nature has many advantages, including the fact that crypto holders have complete control over their money, not have to worry about losing it, as there is no single point of entry. This promotes transparency.
The convenience and speed of cryptocurrency transactions eliminate middlemen and reduce transaction costs. Cryptocurrencies don't require users to disclose their identities, which has led many to believe that they guarantee anonymity. However, law enforcement agencies can trace transactions back to the entity. Although it is difficult but not impossible to do so, it is possible. Cryptocurrency is actually pseudonymity that is almost an anonymous state.
There are many benefits to cryptocurrency and blockchain. Today, there are several exchange platforms that allow users to buy and trade cryptocurrency. We would like to take a look at the most reliable platforms where investors, traders, and enthusiasts can purchase and sell bitcoin and any other cryptocurrency they want.
Trustworthy Cryptocurrency Exchange Platforms
Today, there are many platforms that allow you to sell and buy cryptocurrency in Nigeria. The problem is how to buy or sell cryptocurrency on an exchange. An exchange platform that is reliable allows you to exchange cryptocurrencies such as Bitcoin, Ethereum, Lite Coin, Ripple, and many others. or exchanging cryptocurrency for fiat currency. We will be looking at trusted exchange platforms that allow you to buy and sell cryptocurrency.
1. Coinbase
Coinbase, a well-known cryptocurrency trading platform, makes it simple to trade, buy, and convert the cryptocurrency. Although Coinbase makes it easy to buy bitcoin, you should be aware of the high fees and poor customer support. Coinbase also provides a cryptocurrency trading platform and investing platform. Users can trade, buy, and exchange more than 100 tradable cryptocurrencies such as Bitcoin, Ethereum, and USDT.
2. Nairadirect
Nairadirect does more than just trade bitcoin. Their number one priority is a safe and secure environment for business transactions. All safety precautions have been taken to ensure that you don't lose any of your investment. Nairadirect's unique feature is that they will credit your account as soon as payment has been confirmed. Your transaction with Nairadirect is secure and timely.
3. Exchangeindeed
Nariadirect is not the only secured platform, but Exchangeindeed also offers a secure platform called Exchangeindeed. Although it is extremely secure for transactions, Exchangeindeed focuses only on the purchase and sale of bitcoin, Ethereum, USDT, and other popular cryptocurrencies. Exchangeindeed was founded in 2009 and has been operating for more than a decade.
4. BitPesa
BitPesa is another great exchange platform that allows you to keep your privacy private. Although it is free for individuals and institutions, there may be some fees when you make transactions. A safe platform is essential for buying and selling cryptocurrency in Nigeria. There are many platforms that allow you to trade cryptocurrency in Nigeria, Africa, and around the globe. Visit their website
What is a blockchain?
Despite all the hype, many people still have difficulty understanding the blockchain. The blockchain is simply a digital ledger that records transactions and is distributed over the entire network. The blockchain is a digital storage system that stores information and plays an important role in the existence of cryptocurrency. Although the blockchain makes it possible to record and distribute information, it cannot be edited, deleted, or destroyed. This makes it a fixed ledger.
How does Blockchain Work?
The blockchain works in a similar way to traditional databases, but the main difference is how the data is structured. These data are stored in blocks that have a storage capacity. When the block's storage capacity is exhausted, it is linked to another block. This is why the name "Blockchain" was given. Although blockchain was invented long before bitcoin and other cryptocurrencies, it gained widespread recognition due to its use in creating cryptocurrencies.
Blockchain and cryptocurrencies: What are the issues?
The blockchain and cryptocurrency offer privacy to their users, but there are still risks associated with them. The potential for increased activity on the dark web due to the blockchain's use in illegal activities comes with the confidentiality it offers.
The government regulations regarding cryptocurrencies/blockchain are another issue. These vary from one jurisdiction to the next, making it uncertain about the future of blockchain and cryptocurrencies. Many are worried that the government may make it illegal to possess cryptocurrencies or to participate in their networks. The significant cost of blockchain technology, even though it offers users a way to save money and pay fewer transaction fees, is also something to be concerned about.
Parting thoughts
Although the blockchain has been around for a while, cryptocurrencies that run on it are making it a household name. The many practical uses of the blockchain make it a great tool for government and business operations.
Amazon, Walmart, and other large companies are adopting cryptocurrency technology. This is reducing the need for regulations. Instead, it is now a question of when governments will accept that cryptocurrencies are here to stay. The exchange platforms have policies regarding customers' identities. This will help to reduce the risk of illegal activity. We all look forward to the next decade, which will be a significant period for blockchains.
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