Economy
The Social Impact Of Cryptocurrency Adoption
In recent years, cryptocurrency adoption has significantly increased, disrupting established banking institutions and influencing society. This stemmed from the decentralized feature of cryptocurrency that made it a viable tool or wealth creation.
People can make money from cryptocurrency through various means in Nigeria. Notable of which is crypto trading, where you can convert cryptocurrencies like Bitcoin to naira at a wide profit margin.
In the foregoing, this article highlights the various ways in which cryptocurrency adoption is transforming society and empowering individuals all across the world.
What Is Cryptocurrency Adoption?
Cryptocurrency adoption is the process through which cryptocurrencies are widely accepted, integrated, and used in various societal contexts as a legitimate form of digital currency. It includes everyone who accepts cryptocurrency as payment, investment vehicles, and technological advancement.
For people to accept cryptocurrencies as a legitimate substitute for fiat currencies, they must use them for personal transactions like paying for goods and services or transferring money. Furthermore, companies and e-commerce platforms may accept cryptocurrencies as a payment method to enhance customer options and foster a more open global financial environment.
Cryptocurrency adoption involves investments in which individual and institutional investors actively trade, hold, or diversify their portfolios using cryptocurrencies. This reflects that more people are beginning to see cryptocurrencies as a class of assets with the potential for long-term development and wealth creation.
Forms Of Cryptocurrency Adoption
1. Trading And Investment In Cryptocurrencies
Individuals and institutional investors buy and hold cryptocurrencies as investments. They use cryptocurrency exchanges or platforms to purchase, sell, and trade digital assets. This is peculiar to the Nigerian crypto landscape, where investors trade different crypto assets.
Some of the most-traded cryptocurrencies in Nigeria are Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Litecoin (LTC). Therefore you can buy and sell your cryptocurrencies at crypto exchanges or other digital trading platforms – notably Prestmit.
2. Businesses Accepting Cryptocurrencies As Payment
Cryptocurrencies are a form of payment that some physical and online businesses have adopted to accept for their products and services. They could incorporate payment processors or digital wallets to make crypto transactions easier.
3. Individuals Using Cryptocurrencies For Private Transactions
Individuals use cryptocurrencies to make purchases, transfer payments, or engage in financial activities such as paying for products and services, transferring money to others, or investing in digital assets. This means that you can share your cryptocurrency from your wallet to another crypto wallet, just as you transfer funds from your bank account to another bank account.
For instance, if you have a Bitcoin wallet on Prestmit, you can quickly transfer your BTC from the wallet to a Bitcoin address with a glitch. This is also peculiar to other wallets such as the Dogecoin wallet, Litecoin wallet, and USDT wallet.
In addition, you can use cryptocurrency to buy products these days. In this instance, it is familiar and easy to use crypto assets like your Bitcoin to purchase gift cards, just as you can convert gift cards to Bitcoin.
Social Impact Of Cryptocurrency Adoption
1. Job Creation And Economic Growth
Cryptocurrency adoption has boosted the emerging industry, offering countless job possibilities and encouraging economic growth. From cryptocurrency exchanges and wallet providers to blockchain engineers and cybersecurity specialists, the crypto space has created avenues for creative enterprises and competent workers.
Moreover, blockchain technology can potentially optimize supply chains, improve efficiency, and reduce costs across numerous industries to promote economic development.
2. Democratizing Investments
The introduction of cryptocurrencies and blockchain technology has democratized investment options. Traditional investment opportunities have frequently been restricted to the rich or well-connected.
However, cryptocurrency markets have lowered entry barriers. It allows anyone with internet access to invest in a wide range of digital assets to reduce wealth inequalities. Another popular digital asset is gift cards, in which gift card trading is one of the viable ways to make money online. Therefore, you can buy and sell gift cards for naira on digital trading platforms like Prestmit.
In this light, these enable individuals from diverse backgrounds to participate in wealth creation and benefit from the growth of decentralized financial ecosystems.
3. Disintermediation
The elimination of third parties, such as banks and payment processors, has positioned cryptocurrencies as a threat to the old financial system. Blockchain-powered peer-to-peer (P2P) transactions reduce fees, boost transaction speed, and offer users ultimate ownership over their financial holdings.
This disintermediation can undermine old power systems, redistribute wealth, and provide citizens universal monetary sovereignty.
4. Financial Inclusion
Cryptocurrencies can revolutionize financial inclusion through their ability to enable participation in cross-border financial transactions for those with limited access to traditional banking services.
Peer-to-peer (P2P) transactions, safe money storage, and direct access to critical financial services are all possible for people in underserved areas with just an internet connection and a smartphone. It can improve whole communities and spur economic growth by empowering the unbanked populace.
Conclusion
Cryptocurrency adoption is a revolutionary force with broad societal impacts. It provides people with more freedom by promoting financial inclusion, democratizing investments, and increasing transparency. It also encourages economic expansion and job development, opening doors for creative firms and new employment possibilities.
However, it is important to address the difficulties in cryptocurrency adoption, such as security issues, legal frameworks, and environmental sustainability.
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, yesterday clarified that the federal government is not increasing taxes but making efforts to raise the tax net.
Mr Oyedele made this remark on Thursday while receiving a delegation from the Chartered Institute of Taxation of Nigeria (CITN) at his office in Abuja.
He hailed the institute for introducing a National Tax Awareness Day and for supporting the current tax reforms of the federal government.
The minister charged the institute to double its effort in public enlightenment, stressing that many Nigerians still view taxation as a means for the government to take money from citizens.
He reiterated that the priority of the government is not to increase tax rates but to broaden the tax base by ensuring that all eligible taxpayers meet their obligations.
“We are still not getting enough revenue from taxes.
“It is not about increasing taxes but making sure that those who are supposed to pay taxes. We want to promote fairness in tax administration,” he said.
Nigeria is challenged by the inability to generate adequate revenue from taxation despite ongoing reforms, stressing that a significant number of eligible taxpayers have yet to fulfil their civic obligations.
He said the challenge facing the country was not necessarily about raising tax rates but ensuring that individuals and businesses that ought to pay taxes do so in a fair and transparent system.
The minister also commended the institute for supporting the federal government’s tax reform agenda and promoting public understanding of taxation, but urged it to intensify its advocacy efforts, noting that many Nigerians still harbour misconceptions about taxation.
According to him, many citizens continue to view taxation merely as a tool for the government to take money from the people rather than as a critical instrument for national development.
“We are still not getting enough revenue from taxes. It is not about increasing taxes, but making sure that those who are supposed to pay taxes. We want to promote fairness in tax administration,” he added.
Mr Oyedele stressed that if Nigeria succeeds in building an efficient and equitable tax system, the impact on infrastructure, public services and economic development would be transformative, challenging the institute to introduce annual awards for the country’s most tax-compliant individuals and organisations as a means of encouraging voluntary compliance and recognising responsible taxpayers.
By Modupe Gbadeyanka
Nigeria’s First Lady, Mrs Oluremi Tinubu, has given Nigerians business advice that may not involve a lot of money to start.
Speaking with newsmen recently, the wife of President Bola Tinubu said businesses like akara (fried bean cake), kulikuli (a crunchy snack from roasted peanuts or groundnuts) and roasted corn can be set up without breaking the bank.
She disclosed that to support her husband’s Renewed Hope agenda, she has provided funding packages to traders and others to the tune of N3.5 billion.
“To start akara business doesn’t take a lot of money. To start roasting corn and kuli-kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant,” she stated.
She further said, “We’ve encouraged Nigerians as best as we could, what is within our hands, I have given, and I keep giving. Those are the things we’ve done.”
“I remember giving for TB (tuberculosis) when I heard of many TB cases; I gave N2 billion, to breast cancer, I gave N1 billion, and to [tackle] malnutrition, I gave N500 million.
“These are the things we’ve been doing to assist the government. So, we’ve had impact in agriculture, social investment, education (as scholarship and ICT training) and others. We are still open to doing more,” she disclosed.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.70 per cent on Thursday, June 25, after three price gainers overpowered the two price losers recorded at the close of business.
Consequently, the market capitalisation of the trading platform increased by N43.79 billion to N2.618 trillion from N2.574 trillion, and the NASD Security Index (NSI) improved by 72.96 points to close at 4,362.32 points, in contrast to Wednesday’s 4,289.36 points.
Yesterday, the price advancers were led by Nipco Plc, which chalked up N31.79 to close at N349.76 per unit versus the preceding day’s N317.97 per unit. Okitipupa Plc gained N18.00 to end at N298.00 per share versus the previous session’s N280.00 per share, and Central Securities Clearing System (CSCS) Plc went up by N7.11 to N86.79 per unit from N79.68 per unit.
On the flip side, Nitrox Industrial Gases Plc crumbled by 32 Kobo to close at N21.09 per share compared with the N21.41 per share it closed at midweek, and Food Concepts Plc depreciated by 25 Kobo to N2.51 per unit from N2.76 per unit.
During the session, the value of securities traded by investors went down by 86.7 per cent to N10.9 million from the preceding session’s N82.9 million, and the volume of securities dropped 84.9 per cent to 10.9 million units from the previous 82.9 million, while the number of deals grew by 84.2 per cent to 35 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.4 million units exchanged for N4.7 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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