5 Real Use Cases of Cryptocurrency – Business Post Nigeria

Cryptocurrency and blockchain technology is one of the major advancements witnessed in recent times. Digital currency is almost taking the place of physical money due to its advantages.
Today, the crypto market is worth over a trillion US dollars. Crypto has gained mass adoption while its popularity has increased despite its ups and downs. The number one cryptocurrency, Bitcoin, has become a legal tender in El Salvador (2021) and the Central African Republic (2022). The volume of Cryptocurrency holders continues to grow because, unlike fiat cash, it’s accessible to everyone. Taking Bitcoin as an example, you can easily buy bitcoin with gift cards.
Although Bitcoin, Ethereum, and other cryptocurrencies have enjoyed huge success, many still don’t know about cryptocurrency.
In this post, we’ll learn about cryptocurrencies and their real use cases. Those who have been in the dark will see the opportunities that abound in cryptocurrency.
What is Cryptocurrency?
Cryptocurrency is a digitally encrypted, decentralized currency that is not linked to or regulated by any government or central bank.
It is based on blockchain technology, which is a distributed ledger framework. Bitcoin is the first cryptocurrency created which has led to the creation of others alike known as altcoins. It was created by an individual with the pseudonym Satoshi Nakamoto as a solution to the global financial crisis of 2008.
Cryptos are categorized as virtual or digital currencies. They were originally developed to provide an alternative mode of payment for online transactions.
Cryptocurrencies are highly volatile which makes it very risky to invest. This is one of the reasons many nations of the world are yet to adopt it.
5 Use Cases of Cryptocurrency
Here are the major reasons many people today own cryptocurrency. If your question has been about what you can do with cryptocurrency, then you need to read this.
One of the biggest advantages of bitcoin is that, compared to other electronic payment systems, it has a very low transaction cost. Bitcoin’s transaction fee is not nearly as costly as the fees on money transfers brokered by banks, credit cards, and commercial software.
Bitcoin is used by immigrants to send money home to their loved ones at a low cost. This is one of the main reasons countries like El Salvador & the Central African Republic turned to Bitcoin for their citizens. BTC allows immigrants to send cheap, practically-instant remissions.
Cryptocurrencies such as bitcoin can be used as a store of wealth just like your physical money. Cryptocurrencies are stored in wallets that cannot be accessed by anyone else.
While your bank accounts and assets could be frozen, that cannot be said of crypto in your wallet because only the individual with the private keys to the digital wallet can have access to it.
You can buy crypto assets to hold for a short or long-term basis. If you decide to trade your crypto asset then you’ll need a place that meets your requirement.
Prestmit Cryptocurrency1
Prestmit is one of the best digital exchange platform to trade cryptocurrency
Many prefer to make transactions today with cryptocurrency as it cannot be traced by anyone. Cryptocurrency enables users to make anonymous financial transactions.
That means individuals can make money transfers without having to explain to a bank why they are sending a large sum of money, what the sources of the funds are, and to whom they are sending it, which can delay the transaction and involve unnecessary bureaucratic processes.
Cryptocurrency has grown since it was officially launched in 2009. Digital currencies are accepted as payment for travel. Top travel agents accept Bitcoin as a payment method to book flights, car rentals, and hotels.
The growth of the bitcoin ATM market also means travellers are now able to convert their cryptocurrency into local currency in most major cities around the world. If you’re not the type that doesn’t want to move around with physical money, then this should be a good option for you.
Crypto assets such as BTC, DOGE, ETH, and so on are available all over the world. You can sell Bitcoin in Nigeria and other top crypto assets on your visit. This is how far crypto has really grown.
Bitcoin and other crypto assets like dogecoin are being used for payment of goods and services both online and physically. Tesla, NBA’s Mavericks, and many other companies now accept dogecoin for goods & services.
With bitcoin, you can buy luxurious cars like Lamborghini while Elon Musk’s Tesla will soon accept BTC for its electric-driven rides. You can also buy a range of other luxury goods such as art, fine wines, and real estate with cryptocurrency.
You’ll need to get the latest bitcoin news in Nigeria if you really want to make use of cryptocurrency. Crypto traders whether beginners or veterans need to be updated so as not to miss out on these enormous opportunities.
Cryptocurrency has several real-world use cases that make it one to own by many people in the world today. Its real-world use cases are also the reason it is seen as the future of money.
Cryptocurrency investment is the riskiest form of investment. If you must invest in it, make sure you put what you can afford to lose as return on investment is not guaranteed. Also, note that this article is not for financial advice but for educational purposes.
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By Aduragbemi Omiyale
Dangote Sugar Refinery Plc is planning to create employment for over 30,000 youths through the reduction of sugar import into Nigeria by 40 per cent.
Speaking with newsmen recently, the president of Dangote Group, Mr Aliko Dangote, stated that this would be achieved through the Phase II of the company’s sugar project.
The integrated sugar complex to be located in Tunga, Awe Local Government Area of Nasarawa State, comprises a 60,000ha sugar plantation and two sugar factories with the capacity to produce 430,000 tonnes of refined white sugar per annum.
Mr Dangote stated that this project will also help the nation save scarce foreign exchange (forex).
Meanwhile, the shipping data of the Nigerian Ports Authority (NPA) revealed that Auarius Honor and Ocean Crown would be at Greenview Development Nigeria Limited (GDNL), a subsidiary of Dangote Group to offload 45,850 tonnes and 46,750 tonnes respectively.
Following high demand in the food and drinks sector, GDNL took delivery of 187,000 tonnes from four vessels in May this year.
At the terminal, Common Galaxy came with 48,800 tonnes; Bonny Island, 47,200 tonnes; Chayanee Naree, 46,000 tonnes, and Karteria Bluesrar, 45,000 tonnes. Also, in April, the terminal took delivery of 91,600 tonnes when Unity Bluestar offloaded 47,200 tonnes and Ecoatlantic, 44,400 tonnes.
The NPA shipping data also noted that 67,000 tonnes of sugar were offloaded at ENL Consortium and GDNL, noting that the ENL terminal took delivery of 20,000 tonnes from Doro, while Baltic Mantis discharged 47,000 tonnes at GDNL.
It added that Genco Picardy arrived with 46,500 tonnes in February, while two vessels offloaded 101,422 tonnes in January, stressing that Desert Calm berthed with 55,352 tonnes and Pauline, 46,070 tonnes. Finding from Index Mundi, a trade portal revealed that the country has already imported 965,000 metric tonnes of raw this year.
Also, the country imported $1.82 billion in beet sugar, sugar syrups, and other sugar confectionery in the last two years. Sugar is currently on the list of commodities on the foreign exchange restriction list of the Central Bank of Nigeria (CBN). Also, statistics from Trade Data Monitor (TDM) based on the Brazilian Foreign Trade explained that Brazil’s exports rose from $458.9 million in 2019 to $702.8 million in 2020.
According to TDM, Brazil’s cumulative raw sugar exports to Nigeria in the 2020/21 season were 1.62 million tonnes, while domestic cane sugar production has slumped from 75,000  tonnes to 70,000 tonnes, about a 6.7 per cent decline within one year. The country had projected to meet the 800,000 tonnes target of raw sugar production by 2022 as demand by the food and drink manufacturing and retail markets is on the increase.
However, Nigeria could not meet up to five per cent target as data from the National Sugar Development Council (NSDC) revealed that in 2016, local production of refined sugar was 25,000 tonnes; 2017, 20,184 tonnes; 2018, 14,918 tonnes and in 2019, 28,597 tonnes; 2020, 75,000 tonnes and 2021, 75,000 tonnes.
By Adedapo Adesanya
The Group Managing Director/Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has pointed fingers at government officials, religious leaders, security agencies, and even some staff of the nation’s crude oil theft.
Speaking during the 49th session of the weekly ministerial briefly at the State House in Abuja, the NNPC chief maintained that the menace involves every member of the society.
He said that despite Nigeria being a highly religious country, most of the stolen crude products are found in churches and mosques, adding that there has been a network of vandals working in collaboration with these institutions.
“When a fire outbreak happened in one of our pipelines, we discovered that some of the pipelines were actually connected to individuals’ homes. And not only that, and with all sensitivity to our religious beliefs, you know, some of the pipelines and some of the products that we found, are actually in churches and in mosques,” Mr Kyari said.
“That means that everybody is involved. There is no way you will take products, bring them in trucks in populated neighbourhoods, load them, and leave without everybody else knowing about it. Everybody includes members of the community, members of the religious leaders and also and most likely government officials of all natures, including security agencies personnel.
“They are everywhere. And I’ve seen this even in the Niger Delta. There’s no way you would deliver a volume and lose up to 30 per cent and you will continue to put those products in this line.”
For this reason, the NNPC boss disclosed that the entire network of pipelines for petroleum products distribution in the country has been shut down, as a result of the activities of vandals.
To further address the menace, the Group CEO announced that a national reserve company will be established to manage the pipelines on a commercial basis to efficiently put them to use for the distribution of products across the country.
According to him, crude oil theft which has resulted in the discovery of 295 illegal connections making it difficult for oil companies to operate efficiently has been very difficult to manage but they are not helpless.
He guaranteed that fully embracing the gas infrastructure will resolve the nation’s energy poverty.
By Aduragbemi Omiyale
On Wednesday, August 31, 2022, stakeholders in the Nigerian capital market gather for a virtual event organised by the Nigerian Exchange (NGX) Limited to educate participants on steps being taken to guard against sharp market fluctuations.
In 2016, the NGX Index Circuit Breaker was introduced and on November 12, 2020, it was triggered for the first time when the All-Share Index (ASI) surged beyond the 5 per cent threshold.
Circuit breakers are trading halts used by exchanges to guard against sharp fluctuations in the market and are designed to give the market an opportunity to take a break and adjust to all available information before re-opening the market.
Once a circuit breaker is applied, no order can be placed until the trading resumes. However, existing orders can be withdrawn or cancelled but cannot be modified. Trading halts will not affect the clearing, settlement and depository operations for matched trades, which will function as normal.
Tomorrow’s webinar will serve as a platform for receiving information on certain procedures to follow after the first and second trigger of the Circuit Breakers.
The programme, which is themed Role and Impact of Index Circuit Breakers in the Capital Market, will feature leading capital markets experts across the globe including the Vice President of Research at CBOE Holdings Inc, Chicago, William Speth, Financial Economist, World Federation of Exchanges (WFE), Kaitao Lin, and Jude Chiemeka, Divisional Head, Capital Markets, NGX.
It is positioned to bring together Market Operators, Asset Managers, Pension Funds Administrators, banks, retail investors and regulators, with registration required via https://bit.ly/ngx-circuit-breaker-webinar.
The NGX Circuit Breaker webinar is consistent with the exchange’s commitment to providing avenues for engagement on its various products and services, with the aim to enhance stakeholders’ knowledge and deepen capital market activities.
Capital markets continue to be impacted by economic headwinds; leading to volatility that if not checked could adversely affect the market. Accordingly, Circuit Breakers are designed to ease any unusual volatility in the market that may cause investors to panic.
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