Did you know that crypto means hidden/concealed? or that the best crypto coins have strong technologies that keep transactions anonymous and safe.
This makes the ever-advancing cryptocurrency and crypto coin mean a concealed currency and coin.
This definition may not be entirely true, but you would agree with me that this technological trend in the finance industry is somewhat concealed; how on earth do you pay for a pizza with a coin that only exists as lines of codes?
Yet this piece of technology has advanced so much that it is now completely a part of our lives (or at least a major part of it).
What is cryptocurrency and crypto coin?
But briefly, I’ll summarize what cryptocurrency is about.
PS Bitcoin is a type of cryptocurrency. They should never be used interchangeably.
Cryptocurrency and crypto coin is the future of digital finance. It opens a new world to trade and business. Cryptocurrency is not far fetched. Simply put it is digital money.
Now when you spend actual money, transactions are being kept in a ledger as these currencies are owned by a specific body or government.
However, with the advent of technology, expert developers have been able to create a chain where all transactions of the coin are linked in the form of blocks in that coin; this is called a Blockchain.
Because of this, crypto coins are not owned by a specific body rather, the blockchain validates them.
With this being said, Cryptocurrency is a digital currency that uses an online ledger with a strong ability to write and decipher codes to secure online transactions and accounts.
Crypto coins allow individuals to transact with a cryptocurrency. They are what cryptocurrencies are dominated in. Just like the Nigerian Naira has several naira notes, a cryptocurrency such as bitcoin has its own crypto coin called BTC. These coins represent denominations that are tradeable and can be used to make payments.
As a newbie, you might want to get familiar with terms like cryptography, fiat, altcoins, mining, blockchain, etc to get a good understanding of cryptocurrency.
I have put together a list of the 10 best crypto coins in Nigeria so you can easily decide which you want to invest in. You will be able to decide what you want based on your preferences. Don’t forget to carry out further research to have a clear view of what works for you.
10 Best Crypto Coins in Nigeria.
It has been over 10 years since Satoshi Nakamoto created Bitcoin. Since then, it has been and still is the most popular crypto coin there is. Despite its fame, it is not the final stop to the crypto market. Thanks to imitators and innovators, there are over 7000 cryptocurrencies on the market.
While bitcoin remains the market leader, crypto coins including Bitcoin cash, ethereum ether, Litecoin, Ripple XRP, Polkadot DOT, and Tether, all could challenge the future as demands for them are rising and their technology is constantly improving.
Nonetheless, knowing which crypto coin to invest in has a lot to do with your familiarity with digital assets and risk tolerance. Below are the 10 best coins to invest in Nigeria in 2021.
Bitcoin is the first and most popular cryptocurrency with BTC as its crypto coin. It is one that is commonly traded all over the world even in Nigeria.
It was launched in 2009 by a group under the pseudonym Satoshi Nakamoto and after three years of major ups and downs, it stands as the largest cryptocurrency in the world and most promising crypto coin yet. You could even call it the best crypto coin.
Bitcoin prices climbed to more than $60000 in April 2021 for a market capitalization of more than $1 trillion, more than 45% of the crypto market.
This cryptocurrency is the best solution for people who hope for a small long-term ROI and want to play safely in the crypto industry. As of the time of writing this post, Bitcoin(BTC) is worth $39,797.01.
- Available across all exchanges in Nigeria.
- Most popular cryptocurrency.
- Slow transaction speed.
- Require specialist mining.
Litecoin has outstanding market potential despite it not being as expensive as Bitcoin and ethereum. Often referred to as the digital silver to Bitcoin’s gold, it shares many similarities with Bitcoin and is among the oldest assets in the market that still exist in the top 10 best crypto coins by market capitalization.
It was founded by computer scientist Charlie Lee, who shares in the glory of Satoshi Nakamoto of bitcoin and Vitalik Buterin of ethereum.
This coin is set to grow exponentially as it has technical preconditions to become a global transaction network. For all business-minded individuals, Litecoin could be a huge opportunity. As of the time of writing this post, 1 litecoin is worth $208.99.
- Transactions are much faster than bitcoin.
- Lower fees than other crypto coins.
- Long-standing reputation in the crypto market top 10.
- Assets halving don’t have the same impact as bitcoin.
- Founder’s asset sale tarnished reputation with early investors.
Ether by Ethereum(ETH)
The ethereum software derives its power from a popular dApp processing platform. Ether is a crypto coin exchanged on the ethereum software platform also based on blockchain technology.
Founded by the popular Vitalik Buterin, this crypto coin has grown considerably over the years and stands as the second-largest cryptocurrency in the world making it one of the best crypto coin to buy.
Ethereum made nearly 500% gains this year from technologies that use its blockchain like Defi and non-fungible tokens. As of the time of writing this post, 1 ethereum is worth $2,712.07.
- It is the second-largest cryptocurrency after bitcoin.
- It has a reasonable cost per coin.
- Ownership distribution is a problem.
- It is not well known compared to bitcoin.
Bitcoin Cash (BCH)
Bitcoin cash stands as the 7th largest cryptocurrency in the world. It is worth $799 as of the time of writing this post.
Founded by Craigs Wright, this crypto coin was born as an offshoot of Bitcoin, out of the discontent with improving Bitcoin’s scalability.
It has a maximum block size of 8MB compared to Bitcoin’s 1MB allowing for efficient transactions and lowers fees. While it still has a long way to go, it has interesting growth potential.
- Lower transaction fees compared to bitcoin.
- Greater scalability compared to bitcoin.
- Lower adoption.
- Lower price.
“The best cryptocurrency to focus on right now is Polkadot,” says Greg King, a certified financial analyst. DOT’s speed, security and governance are all states of the art. Created by Peter Czaban, Robert Habermeier and Gavin Wood, blockchain on its platform can immediately scale at a global level.
It had risen to be the 8th largest cryptocurrency at the beginning of 2021, however, its price dropped drastically due to the activities of hackers coupled with the recent general fall in the crypto market. As of the time of writing this post, 1 Polkadot(DOT) is worth $28.19.
- Allow developers to launch chain and applications leveraging on a shared security tool.
- Can use bridges to connect with external networks like bitcoin and ethereum using parachains.
- Top 10 best crypto coins by market capitalization.
- Hackers have exploited code vulnerabilities twice.
- A limited number of parachains are available.
- Many competitors and rivalries.
If you are planning to invest in tether, then 2021 is the best year to do so as it is expected to rise and cross the USD coin value. This crypto coin was created by Brock Pierce, Craig Stellars and Reeve Collins in June 2014 and provides stability which makes exchange smooth and easy. As of the time of writing this post, 1 Tether is worth $1.
- Stable course in the exchange rate.
- Prevalence in popularity.
- Can be traded on almost all exchange platforms.
- Possible market manipulation.
- Hiding important information.
- Lack of normal and regular audits.
Unlike Bitcoin and Ethereum, Cardano uses the Proof of Stake (PoS) model to mine new blocks in the chain and verify transactions. As of May 2021, Cardano stood as the fifth-biggest cryptocurrency by market capitalization with its native token worth about $1.80.
Charles Hoskinson, the founder of Cardano, is also looking to create global economic accessibility aside from its impressive sustainability feature. As of the time of writing this post, 1 Cardano(ADA) is worth $1.84.
- Reputable team.
- Substance over hype.
- Not memeable.
- Competitors in the same space.
- Ambitious Scope of work.
Binance Coin (BNB)
The popular Binance exchange founded by Changpeng Zhao offers the most significant trading platform in the world and as a result, it developed its native crypto coin.
The BNB platform seems promising. At present, the price of the Binance coin has skyrocketed and has experienced a temporary adjustment phase, but it is expected to continue to grow. As of the time of writing this post, 1 Binance coin(BNB) is worth $397.92. Experts believe its price can grow by up to 17.31% by 2022.
- Best utility token.
- Uses a unique burndown policy.
- Act as a discount coupon.
- Highly popular.
- Fast transactions and low fees.
- Discount continues to decrease.
- Regulations may affect BNB holding or trading.
- Just only recently allowed fiat deposit and withdrawals.
In Furo’s words, Cosmos has achieved what may be the most ambitious road map in the crypto space over the past 3 to 4 years. It was created by Jae Kwon and features the Inter Blockchain Communication (IBC), which allows for sovereign and independent blockchain to transfer assets and communicate with one another.
Interestingly, it is a highly sustainable crypto coin as it has fewer carbon footprints. As of the time of writing this article, 1 Cosmos(ATOM) is $15.51.
- Fully customizable platform.
- Easy creation and issuing of blockchain.
- Opportunity to store data as tokens programmatically.
- Stacked ATOMs are locked up and retrieval require a 3 weeks waiting period.
- A possible slash in the portion of individual stake following a validator’s misconduct.
Ripple is fast rising in Nigeria due to its affordability which has a high potential to reach an all-time high in the coming years.
You can buy a ripple with a credit card or debit card in Nigeria. It offers simple and efficient transactions.
Created by Chris Larsen and Jed McCaleb, Ripple has stood out as a blockchain platform for cross border transfers that are fast and affordable. XRP is a cryptocurrency exchange on the Ripple network.
XRP is the bridge between the Fiat and the digital world. As of the time of writing this post, 1 ripple XRP is worth $1.04. Ripple continues to grow in popularity as the user engagement in the network increased by 240% in January 2021.
- It’s affordable.
- It solves problems and creates opportunities.
- It has an impressive market cap of $60 billion.
- Ripple is more than a currency and more of a company.
- Remarkable backing by financial institutions.
- There won’t be any more new ripple(XRP).
- Overinflation of XRP due to the large holding of shares by few hands.
- Not decentralised.
- Strong rivalry.
So there you have it. An overview of the top 10 best crypto coins to buy in Nigeria.
You would notice that certain coins are worth lesser when compared to their fiat equivalent. This is because the crypto market is a very unstable market and only experts can predict the rise and fall of the various cryptocurrencies.
The title of the best crypto coin is not based entirely on how much a crypto coin is worth but how strong, safe and efficient their network is as well as the pace of their technological advancement.
That being said, the above crypto coins provide highly efficient transacting services for their customers. Nonetheless, carry out detailed research before investing in any cryptocurrency.
You would agree that the crypto market is filled with risk. Currently, all over the world, there has been a general drop in the prices of crypto coins, usually called the DIP by traders.
However, this unstable market is worth all the risk, especially if you are looking for long term investments. I used to be sceptical about investing in “an invisible currency” as I used to call it but after a few orientations and personal research, I came to see beyond the loss of physical monetary assets.
Despite the downsides to cryptocurrencies such as cybersecurity, volatile value, lack of inherent value and instability due to fast growth, there are a lot of perks attached to investing in crypto coins. These include but are not limited to;
- Direct control over your investments, which keeps all your transactions and personal details safe and anonymous.
- Easy access to a wide range of investment opportunities.
- Transparency as every transaction made is monitored and recorded in a public ledger known as the blockchain.
- 24/7 accessibility as all crypto networks work over the internet.
In conclusion, the value of cryptocurrencies has improved with time and will most likely continue to rise in the future. If you can invest in cryptocurrency today, you might realize that it was a smart investment in the future.
If you have a different view or you have a question, engage with me in the comment section and don’t forget to share this post with friends so they are informed on the latest in Nigeria’s cryptocurrency market.
Polkadot cryptocurrency token symbol, DOT coin icon in circle with pcb on gold background. Vector illustration in techno style for website or banner.