Nine Frequently Asked Questions About Crypto In Nigeria

Josephine Inika -

In August this year, a study by price tracker CoinGecko declared Nigeria the most crypto-curious country in the world.

Nigeria scored 371 in the Google Trends data study conducted by CoinGecko. It was followed by the United Arab Emirates in second place and Singapore in third place.

Google Search Stats from Coin Gecko Crypto Search Report

Being a company dedicated to crypto education, we scoured the internet to find the questions Nigerians were asking about Crypto.

Here are nine frequently asked questions about cryptocurrency in Nigeria and their answers.

1. Why is Crypto popular in Nigeria?

Cryptocurrency is popular in Nigeria because it gives Nigerians an easily accessible alternative to dealing with the hassles of fiat banking.

It also offers a hedge against inflation and the current state of the Nigerian economy. Anyone can open a crypto wallet and begin receiving or sending cryptocurrency across the country and the world.

2. How Many Nigerians Use Crypto?

As of April 2022, it was reported that 33.4 million Nigerians trade or own cryptocurrencies.

3. How do I fund my crypto wallet in Nigeria?

Funding your crypto wallet depends on which cryptocurrency, such as BTC, ETH, or USDT, you wish to use.

On Obiex, you can fund your wallet with over ten cryptocurrencies, including USDT, USDC, BUSD, BTC, ETH, SOL, ADA, BNB, and XRP.

4. How to buy Crypto in Nigeria?

To start your journey into trading crypto, you need to have a crypto wallet or an account on a crypto exchange platform like Obiex.

Once you create an account, you automatically have a wallet. To know more about creating an Obiex account or how to buy Crypto, read this article.

5. Which crypto coins should I buy?

There are over 5000 cryptocurrencies available on the market. However, not all of them are viable or valuable. Here’s a simple guide to investing in cryptocurrency and what you need to look out for as a beginner to ease your entry into the market.

6. Who invented cryptocurrency?

Bitcoin, the first mainstream Crypto, was invented by Satoshi Nakamoto. However, other cryptocurrencies, such as ETH, USDT, and SOL, were created by different people.

For instance, Vitalik Buterin and his co-creators—Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin—invented ETH. Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge, and Raj Goka created SOL.

7. Are Blockchain and cryptocurrency the same?

No, they are not the same. A cryptocurrency is a digital currency that runs on blockchain mechanisms to generate new units and verify transactions.

A blockchain is a unique database that stores data for verifying crypto financial transactions and building decentralised applications like OpenSea.

8. What is the difference between Crypto and Bitcoin?

Crypto is an umbrella term for different types of cryptocurrencies, such as ETH, BTC, USDT, SOL, etc. Bitcoin is just one type of Cryptocurrency.

9. How do I start crypto trading in Nigeria?

As with any other investment prospect, knowing precisely where your money is going is essential.

Thankfully, cryptocurrency has been around for over a decade, so potential investors like you have access to a wealth of information.

We have these simple guides to get you started.

Disclaimer: This article was written to provide guidance and understanding. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.