3 Important Use Cases For Nigerian Blockchain/Crypto Enthusiasts
Blockchain technology is quickly settling in as the next revolutionary technology of the last decade. The growth of the cryptocurrency market and the value it represents have drawn the attention of traditional investors to this ground-breaking technology. Blockchain, though, may be used for much more than merely storing cryptocurrency.
The decentralized ledger on which it is based offers several benefits to citizens of nations with failing economies like Nigeria. By reading this article, you will gain insights into three of these use cases and how they can help you thrive in the harsh Nigerian economic climate. That said, let’s get into it.
What Is Blockchain?
A blockchain is essentially a digital, continuously expanding list of data recordings. Such a list is made up of numerous data blocks that are arranged chronologically and connected and protected by cryptographic proofs. The original version of a blockchain may be traced back to the early 1990s when physicist W. Scott Stornetta and computer scientist Stuart Haber used a chain of blocks to protect digital documents against data theft using cryptographic techniques.
Even though it predates Bitcoin, blockchain technology is a fundamental part of the majority of cryptocurrency networks. It serves as a decentralized, distributed, and open digital ledger that is in charge of maintaining a permanent record (chain of blocks) of all previously confirmed transactions. Read more about the blockchain here.
1. Crypto As A Hedge Against Nigeria’s Failing Currency
Needless to say, the Naira is in free fall. Between September 14, 2021, and July 29, 2022, the Naira lost 30.9% of its value as it plunged from N550/$ last September to N720/$. For many Nigerians, this represents a serious erosion of their savings and a corresponding decline in their purchasing powers. Through stablecoins, cryptocurrencies offer Nigerians a means to hedge against the Naira. Stablecoins such as USDT, USDC, and BUSD that are pegged to the dollar offer every Nigerian the ability to save their money in a much more stable currency (USD), without having to deal with cumbersome banks and/or Bureau de Change processes.
What’s more, when the Naira depreciates, people who have their monies in stablecoins get a commensurate increase in the Naira equivalent of their funds. For instance, if Jay buys 1,000 USDT at N550/$, he spends N550,000 to purchase the USDT. If the Naira falls to N720/$, he gets to exchange his USDT for N720,000, reflecting a commensurate increase in the value of his money in Naira. To save your money against Naira’s depreciation, simply sign up on a crypto exchange and purchase any stablecoin pegged to the dollar. The tutorial below explains the process of buying and selling stablecoins using Binance P2P:
2. Crypto As Investment Options
The allure of high returns on cryptocurrencies is unrivaled by any other asset class. In the last 10 years, Bitcoin has outperformed every asset, rising from a mere $9.55 to as high as $23,000 this month. In the last 4 years, the tale has been consistent across the board, with Ethereum gaining 300%, while Binance Coin has risen over 4,000% in that time. With crypto, there are always options to make disproportionate returns from.
P.S: As enticing as the returns from crypto are, there is a significant risk of you losing all your money. Thus, you need to do your research before investing in a cryptocurrency.
3. Blockchain-Associated Technologies As An Avenue For Securing Jobs
Across Crypto, Decentralized Finance (DeFi), and web3–all technologies that find their footing on the blockchain–there are thousands of jobs to be gotten. Don’t go too far: the article you are reading was written by a writer, edited by an editor, on a website built by a developer, designed by a designer, and maintained by a webmaster. That is 5 jobs already.
Zooming out to the blockchain-associated technologies, here are ways in which the blockchain creates jobs for Nigerians:
Crypto And DeFi
Across Crypto and DeFi, there are several thousands of jobs to be gotten by you as a Nigerian. From crypto exchanges like Binance to DeFi protocols like PancakeSwap, the opportunities for jobs in crypto are limitless. From product designers to developers, content and technical writers to marketers, HR Specialists to social media managers and moderators, job openings are never scarce in crypto and DeFi.
How then can you position yourself to benefit from the millions of job opportunities in crypto and DeFi?
Getting Job-ready For Crypto And DeFi: 3 Steps To Get You Going
To get ready to land the biggest jobs in crypto and DeFi, follow these steps:
- Decide what kind of crypto job you want to do.
- Learn the skill that lets you work in the role you want to. It could be marketing, computer programming, product design, or social media community management.
- Start applying for jobs.
Here are some options for finding work as a crypto community manager:
- Crypto project websites: Visit the project’s website and inquire about a position with the community management. Before you apply, make sure you read the white paper thoroughly.
- Upwork is a major online marketplace that connects freelancers and employers.
- Websites dedicated to cryptocurrencies, such as crypto.jobs, cryptocurrencyjobs.com, and BitcoinTalk, might help you find jobs in the blockchain industry.
Over the years, crypto has proven extremely useful for Nigerians. Little wonder the youthful population is driving crypto adoption, making Nigeria the most crypto-obsessed nation in the world, according to Paxful. With millions of jobs, a hedge against the failing Naira, and amazing returns on investments that crypto offers, it is easy to see why crypto is useful for Nigerians and why it has come to stay.