Economy

5 Real Use Cases of Cryptocurrency

Published

3 years ago

29/08/2022

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.

Low-Cost Money Transfers

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.

An Alternative Store of Wealth

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

Make Private Transactions

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.

Travel the World & Beyond

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.

Payment of Goods & Services

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.

Conclusion

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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Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

3 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

3 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

4 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.