By Yinka Taiwo
Nigerians traded $9.3 million last week on peer 2 peer bitcoin sites. While a lot of people are still sitting on the fence claiming that bitcoin is not real, cryptocurrency investors in Nigeria’s trading volume last week was $9.3 million. They traded 400% more than South Africa, their closest competitor.
Local Bitcoins and Paxful are the preferable choices of Nigerians when it comes to bitcoin exchange. The paramount reason is that they think it reduces commissions and they prefer dealing directly with other costumers. But to me, the markup by the traders is too high sometimes.
In Africa, Nigeria’s volume of cryptocurrency trade is higher than the rest. “Naija no dey carry last”
A total turnover of 1.718 billion shares worth N18.849 billion in 26,367 deals were traded last week by investors on the floor of the Nigeria Stock Exchange, while heavy commissions go into the hands of brokers, Localbitcions charge little commission and you trade with the customer that his/her prices are acceptable to you.
The purpose of this article is to let you know that Bitcoin is here to stay and Nigerians are leading Africa in trading. It is high time investors created their cryptocurrency portfolios. The good thing is you can do it on your own if you know how to.
My advice to people is not to trade but to be a holder.
To be a holder is when you buy to keep. Be always warned that it is volatile. See it as planting cash crops. If you plant cocoa today, don’t expect to harvest next year. You will need to be patient, nurture it and keep from pest and diseases. Pest will attack them, and you get rid of the pest. Similarly, the price will go down due to news and government policies, but from my six years of cryptocurrency holding, it always bounces back.
Disclaimer; I am not your financial adviser but a cryptocurrency enthusiast.