Economy
5 Real Use Cases of Cryptocurrency
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 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.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further depreciated by 0.84 per cent on Monday as a result of sell-offs in PZ Cussons, BUA Cement and others.
During the session, apart from the consumer goods index, which closed higher by 0.59 per cent, every other index closed lower, with the industrial goods sector the heaviest loser after shedding 3.28 per cent. The insurance space declined by 2.18 per cent, the banking sector depleted by 1.44 per cent, and the energy segment shrank by 0.09 per cent.
Consequently, the All-Share Index (ASI) retreated by 2,049.65 points to 241,749.11 points from 243,798.76 points, and the market capitalisation contracted by 1.315 trillion to N155.130 trillion from N156.445 trillion.
The market was under selling pressure yesterday, as reflected in the market breadth index, which was negative after closing with 48 price losers and 22 price gainers, indicating weak investor sentiment.
PZ Cussons was the worst-performing stock after shedding 10.00 per cent to finish at N81.00, BUA Cement lost 9.99 per cent to settle at N306.20, Red Star Express declined by 9.98 per cent to N22.10, RT Briscoe depreciated by 9.70 per cent to N12.10, and C&I Leasing dropped 9.38 per cent to trade at N28.12.
The best-performing equity for the day was International Breweries, which chalked up 9.77 per cent to quote at N14.60, NAHCO improved by 8.36 per cent to N177.00, UAC Nigeria expanded by 8.11 per cent to N199.95, DAAR Communication grew by 6.67 per cent to N1.76, and Vitafoam Nigeria gained 5.87 per cent to close at N194.80.
During the session, investors bought and sold 523.5 million shares worth N22.3 billion in 59,945 deals compared with the 441.3 million shares valued at N19.4 billion traded in 44,938 deals last Friday, indicating an increase in the trading volume, value, and number of deals by 18.63 per cent, 14.95 per cent, and 33.40 per cent, respectively.
FCMB closed the day as the most traded stock, with 102.2 million units valued at N1.0 billion. International Breweries sold 26.8 million units worth N387.2 million, Access Holdings exchanged 24.8 million units for N618.2 million, McNichols traded 20.3 million units worth N95.0 million, and Stanbic IBTC transacted 18.4 million units valued at N2.9 billion.
By Adedapo Adesanya
Nigeria met its production quota set by the Organisation of Petroleum Exporting Countries (OPEC) as crude oil and condensate production soared to an average of 1,735,398 barrels per day in June 2026, representing positive growth for a fourth consecutive month.
This is according to a statement released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and signed by its Head of Media and Corporate Communications, Mr Eniola Akinkuotu, on Sunday.
The regulator noted that in June, crude oil production hit 1.56 million barrels per day while 0.18 million barrels per day of condensates were produced. The commission revealed that Nigeria met 104 per cent of the 1.5 million barrels per day crude oil production quota set by OPEC.
Business Post reports that OPEC quota doesn’t account for condensates in its count.
In strict crude oil terms (excluding condensates), the 1.56 million daily average production Nigeria witnessed in June is the highest that Africa’s biggest oil producer has recorded since April 2020, thus representing a 74-month high.
In June, NUPRC noted that the peak combined crude oil and condensate production was 1.89 million barrels per day, reflecting Nigeria’s potential to reach 2 million barrels per day in the near term. However, the lowest production was 1.57 million barrels per day for the period in review.
According to the upstream regulator, the improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.
This enhanced operational stability supported improved production uptime and crude evacuation efficiency.
Nigeria, which is Africa’s biggest oil producer, has not been able to top its record-high production of 2.5 million barrels per day recorded in 2025 due to challenges ranging from underinvestment to oil theft.
By Dipo Olowookere
On the Nigerian Exchange (NGX) Limited last week, investors transacted 3.648 billion shares worth N220.568 billion in 251,861 deals compared with the 3.821 billion shares valued at N154.393 billion traded in 258,567 deals a week earlier.
Analysis showed that financial stocks led the activity chart with 2.899 billion units sold for N147.360 billion in 106,603 deals, accounting for 79.48 per cent and 66.81 per cent of the total trading volume and value, respectively.
Services equities recorded a turnover of 164.914 million units valued at N3.615 billion in 16,375 deals, and the consumer goods shares exchanged 157.451 million units worth N7.777 billion in 27,950 deals.
First Holdco, Zenith Bank, and Fidelity Bank were the busiest stocks for the five-day trading week, trading 1.745 billion units valued at N121.828 billion in 31,053 deals, contributing 47.85 per cent and 55.23 per cent to the total trading volume and value, respectively.
Business Post reports that 60 equities appreciated during the week versus 22 equities in the previous week, 28 shares depreciated versus 57 shares of the preceding week, and 58 stocks closed flat versus 67 stocks of the previous week.
International Breweries gained 40.00 per cent to trade at N13.30, RT Briscoe expanded by 32.02 per cent to N13.40, Livestock Feeds improved by 28.47 per cent to N9.25, First Holdco chalked up 25.82 per cent to close at N69.20, and Abbey Bank rose by 23.65 per cent to N9.15.
On the flip side, McNichols lost 28.57 per cent to finish at N5.00, Thomas Wyatt gave up 11.64 per cent to quote at N2.43, Geregu Power declined by 10.00 per cent to N825.70, CAP shed 9.99 per cent to settle at N157.60, and Guinness Nigeria also slipped by 9.99 per cent to N329.00.
Customs Street was under buying pressure last week, making the All-Share Index (ASI) and the market capitalisation close higher by 6.35 per cent to 243,798.76 points and N156.445 trillion, respectively.
In the same vein, all other indices finished higher apart from the growth and sovereign bond indices, which depreciated by 7.43 per cent and 0.02 per cent, respectively.
