Trending Cryptocurrencies and Bitcoin in Nigeria

Bitcoin is the first digital currency, with its invention in 2009 bitcoin till date still
remains dominant over other cryptocurrencies in general referred to as altcoins. With
the ever rising demand of digital currencies, we have seen a drastic rise in the
popularity of cryptocurrencies from 2017. The amazing part is that these currencies
are still growing exponentially even in the current year. A newbie might find it quite
confusing on which crypto currency to invest in owing to numerous cryptocurrency
available on the market. Hence, before you invest in any cryptocurrency especially
bitcoin, in Nigeria it is pertinent you avail yourself with much information on cryptocurrencies.

Ethereum

Ethereum is a network which uses Ether as its digital currency. It holds second place
in the world of cryptocurrencies and it’s seriously gaining popularity. Ether can be
used to transact and can be sent to people in any part of the world. Unlike most of
the block chains we have in existence, Ether can be used for many things, such as
making payments, investments in digital assets or even borrowing and lending
through enabling applications etc. The price of Ethereum kept growing in value over
the course of February 2021, at one point nearly reaching 685,890.00 Naira.

Litecoin (LTC)

On the surface, Bitcoin and Litecoin have a lot in common, they are both
decentralized cryptocurrencies. Meaning they both rely only on the cryptographic
integrity of the network itself. Whereas fiat currencies such as the Naira and dollars
rely on the backing of central banks for value, circulation control, and legitimacy,
cryptocurrencies are not subject to a centralized authority. Litecoin was launched
two years after bitcoin came into existence by former Google engineer Charlie Lee,
who announced the debut of the “lite version of Bitcoin” via a posted message on a
popular bitcoin forum. From its founding, Litecoin was seen as being created in
reaction to bitcoin, adopting many of the features of bitcoin to create a silver “lite
version” of bitcoin’s gold.

Bitcoin Cash (BCH)

Bitcoin Cash is a variant of the original bitcoin, it came into existence in 2017, it is
one of the most successful hard folk of the original bitcoin. The average price of one Bitcoin Cash briefly reached approximately 228,000.00 Naira in January. Bitcoin
Cash was supported a few high profile early bitcoin investors like Roger Ver who
claimed that Bitcoin’s one megabyte block size limit would inhibit its ability to scale
and accrue value as more investors and users adopt cryptocurrency. Bitcoin Cash
sparked a trend of creating new cryptocurrencies by forking the Bitcoin blockchain.
Measured by market capitalization and active users, Bitcoin Cash is the largest
bitcoin fork.

Ripple (XRP)

The next on this list is Ripple, which is as popular as Bitcoin and Ethereum. It was
first introduced in 2012. Ripple was conceived by Jed McCaleb and created by
Arthur Britto and David Schwartz. Ripple has over one billion dollars worth of
cryptocurrency on its network and it is an open-source decentralized system that
promotes a seamless transfer of money in any form, (yen, dollars, or Bitcoin). The
advantage of ripple is that Ripple uses a group of servers to confirm transactions. Ripple transactions use less energy than Bitcoin, and it takes seconds for transactions to be confirmed. Its confirmation costs very little, compared to its counterpart, Bitcoin and Ethereum, which is costly and takes minutes or a longer time to be confirmed.

There are so many cryptocurrencies in existence today other than bitcoin, these
cryptocurrencies are continually increasing in number, and the next great digital
token may be released tomorrow, though bitcoin remains the pioneer in the world of
cryptocurrencies. For a guide on how to buy bitcoin in Nigeria visit these exchange platforms Nairadirect and Exchangeindeed