Basically, you have come to this page because you are in Nigeria and want to find out about Cryptocurrency.
What is Crypto-currency?
A Crypto-currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
In lay man terms, it means digital assets or tokens with identified value which can be used as a medium of exchange.
Some Popular Crypto-currencies
Bitcoin currently happens to be the most popular crypto-currency and as at the time of writing this post 1 Bitcoin was equal to $2,200.
Other crypto-currencies are Litecoin, Ripples, Monero, Dash, ZCash, Ethereum to mention a few.
How Can I Get Crypto-currencies in Nigeria
You can get Crypto-currencies in Nigeria with the following methods:
1. By Mining the Cryptocurrency, this for most crypto-currencies may require investing in specialized hardware
2. Buying the Cryptocurrency on an exchange
3. Offering cryptocurrency payment options for your online goods and services.
Beware of Crypto-currency scams
Unfortunately, there are many out there looking to rip people off and make away with your hard-earned money. Be careful not to fall victims of the following scams
1. Crypto-currency Ponzis: There are quite a lot of scams out there masquerading as investments in Crypto-currencies. Many of these scams will require that you pay an amount of money in order to get invited into an investment or trading club and then subsequently, you will be asked to invite a specific number of people into the scheme in order to get commissions or upgrades on your initial entry level.
Beware of such a system as it is in most cases clearly a scam.
2. Investing in Unknown Cryptocurrencies: Knowing that cryptocurrencies are quite a rave for now, some scammers have opened shop to get unwary individuals to invest in strange cryptocurrencies that are not real. The popular Bitcoins for instance is abbreviated as BTC, so scammers could offer you opportunities to invest in non-existent coins from initials which they may be trying to pass off as the proper Bitcoin.
ALWAYS, be very careful and research PROPERLY into whatever coin you are being asked to invest in.
We always advise that the best way to get cryptocurrency is to get knowledge and then either mine the currency yourself or purchase directly from a credible and reliable exchange.