Cryptocurrency has been a trending topic on social media lately. From Elon Musk buying up several million dollars worth of bitcoin, to Jack Dorsey donating to the End Sars protest through Feminist Coalition via bitcoin, cryptocurrency has come to stay as an acceptable tender.
Is it legal though? Many countries have come to accept this electronic currency as legal tender. In Nigeria however, the Central Bank in a daring statement outlawed cryptocurrency and sought to close down accounts of any who dealt in it. Their stand recently is still unclear but they have been reported to ease the restrictions.
How does understanding and owning a few coins benefit you though?
Cryptocurrencies like most currencies are volatile. It could appreciate or depreciate depending heavily on market forces. These forces usually surround the sale and purchase of this coin. Some investors have taken up a career in buying and selling cryptocurrency.
One of the most recent coin gainers as these cryptocurrencies are called is the BNB – the Binance Coin.
The Binance coin was created by the crypto exchanger Binance, and backed by its platform. This means that the coin can be used to buy other coins platform-wide. In the last 7 days, it has grown over 35%.
Why is this article talking about the Binance Coin above DogeCoin that has seen a growth of over 100% in the last 7 days? This is because of the importance and usefulness of owning a Binance Coin.
Since the Binance coin is acceptable platform-wide on Binance, it means it can give you early access buying rights to new coins breaking. What this means in plain language is, if there are new coins entering the market, they might not be available to everyone else. But as a BNB Coin holder, you have an exclusive right to snag up these coins once they are available on Binance.
Your processing fees are also reduced compared to others, and of course, the juicy part, when you purchase the coin and leave it over some period of time, you get profit from selling at a higher value.
So while we watch regulations closely on the legality of trading cryptocurrency in Nigeria, it would always be helpful to keep a close watch on new coins and trading trends.
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You can tell us in the comment sections if there are any other coins you think we should be closely monitoring.