In cryptocurrency, Nigeria remains one of the fastest growing and most profitable markets for cryptocurrency traders and global investors.
Data recovered from a file Chainalysis The report ranked Nigeria eighth (out of 154 countries) in its 2019-2020 global adoption index. The largest African economy ranks first among other African countries in peer-to-peer payments (moving $ 139 million in the past year).
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The increased use by many educated Nigerians is often attributed to the high bureaucratic processes by many commercial banks for transfers, not forgetting the strict control of cash mechanisms set by the Nigerian power plant bank in cash flow control. Crypto provides low cost remittances and an alternative way to preserve and grow wealth.
Nairametrics decided to ask the opinions of cryptocurrency experts on which cryptocurrencies they would consider investing in, apart from from known flagship crypto Bitcoin. Their responses were as insightful as they were varied, variable popularly altcoin notes a some new.
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Clemente Hugbo – Founder and CEO of Crevatal Technologies
“As volatile and unpredictable as cryptocurrencies are, they are still one of the best investments to start with and it’s never too late.
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The 5 cryptocurrencies I will recommend investing in right now are:
- Binancecoin, BNB
- Ethereum, ETH
- Token bundle (coming soon)
- PhoenixDAO, PHNX
- Uniswap, UNI.
I chose these tokens because not only do they have working infrastructure and products to support their assets, but they play deeply within the DeFi ecosystem that is currently the future of money.
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While Binance is the largest cryptocurrency exchange in the world and has multiple use cases for its token, it recently launched its own Smart chain, leading DeFi possibility and flexibility for multiple developers and communities. The package token will be that of Africa Binance coin as its use cases are different, being a partnership project with Binance. PhoenixDAO has several products such as staking dApps, DAO, events and much more, with brands using its product development protocols.
Ethereum, being the mother of smart contracts and tokenization, it has several use cases of devs and communities in the ecosystem.
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Finally, Uniswap is the mother of DeFi is decentralization, allowing operators to transact in a file without authorization e decentralized platform, completely excluding their parts.
My choices are based on the consistent use cases of these tokens and their relevance for building lasting solutions in Blockchain ecosystem.”
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Henry Muna – Founder and CEO, Muna Wallet
“USDN (Neutrino USD) is an algorithm stablecoin softly anchored to the US dollar and guaranteed by WAVES.
The stable exchange rate is maintained using an advanced stability algorithm.
USDN offers 10-15% annual percentage returns without liquidation risk.
Leverage the Waves e. Monetary policy staking reward system LPoS consent algorithm. Staking rewards are distributed based on your contribution to the network with additional USDN.
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His resource is available on Waves and Ethereum blockchain, with stakeout services available on Muna, Waves.exchange, Kucoinand any Etheruem wallet.
1 USDN = 1 USD; allows traders to protect themselves from market volatility.
USDN staking is regulated by a smart contract, not a central authority.
The resilience of Neutrino’s smart contracts is verified by Beosin (Chengdu LianAn) Technology Co. Ltd. “
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David Effiiong (Davizoe) – National Community Director at Bitfxt Technology
Ethereum: It’s a blockchain which allows you to build decentralized applications.
Dapps they are decentralized uncensored apps that give people freedom. People are building games and social media platforms on it due to its scalability.
On ethereum, smart contracts are also built; acts as an intermediary.
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EOS: EOS is a blockchain network that is more scalable and allows Dappsand smart contracts to build. The transaction on this blockchain is less than 5 seconds and turns on Eos.io you can build several blockchain on it.
The recent eye-popping announcement is Google’s partnership with EOS; this shows its scalability.
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BitDeFi (BFi): It is decentralized finance (DeFi) token that the banking system carries on the blockchain.
BFi it is only 200,000 maximum stocks and 50% will be burned because it uses a combustion mechanism which makes it a deflationary token. I can boldly say it is 100k in maximum supply due to 50% burning.
BitDeFi allows you to perform all banking use cases like savings, investments, loans, capital returns and many more.
20,000 of BFi it will be available for the next 5-10 years and is a community token that allows banks to be decentralized. “
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Charles Okaformbah – Blockchain Solutions Architect
“Apart from Ethereum, from a protocol pov, and the value that DAO tokens seem to reap in the long run, I would recommend traders to watch Polka dots POINT.
It currently sits in the top 10 of coinmarketcap, with one of his own founders be Gavin Wood (co-founders of Ethereum), is a cross-chain protocol that connects multiple chains together in a single network, allowing them to process transactions in parallel and exchange data between chains with security guarantees.
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It has been in development for years now and the DOT token is mainly used as a governance token.
Another project from a utility pov would be Kittiefight’s KTY (full disclosure, I’m a team member). Online bets generate huge tons of revenue for its stakeholders.
What if that revenue were shared with a community of users who participate in funding each game’s jackpot via a DeFi supported algorithm? Not only that, KTY acts as a utility token for gaming activities. Currently, Kittiefight is ranked 8 in the Top 10 DeFi loan platform of coinmarketcap. “
It is fair to say that the cryptographic experts interviewed they weren’t short of selecting several altcoins that serve as alternatives to Bitcoin.
That said, cryptocurrency pundits are also taking advantage of altcoins and their prevalence for high price swings. As the old financial saying goes, volatility is king, based on that volatility provides a great way to increase your holdings and potentially make good profits.