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 NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.
During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.
Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.
As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.
During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Dipo Olowookere
The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.
The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.
The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.
Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.
Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.
The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.
Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.
Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.
By Adedapo Adesanya
The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.
However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.
At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.
The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the market settling into a balance.
Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.
Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.
Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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