Modern societies are constantly evolving, with conventional methods of running businesses and trading gradually being replaced by newer technological innovations. In the same light, trading cryptocurrencies has proven to be another viable source of income for those who know how to trade.
This is one of the reasons more people are developing an interest in understanding the due process because, if done properly and consistently with some investments, the returns would be worth it.
Choosing which cryptocurrencies are the most reliable to trade often becomes a concern. This article will discuss the five most popular cryptocurrencies you can safely invest in as a Nigerian in 2024. However, we are not by any means saying that they are the best or most reliable. But because of their popularity, it is perceived that a lot of people trust them, and you might want to give them a try. Below are the five most popular cryptocurrencies to invest in as a Nigerian in 2024:
- Bitcoin (BTC)
Bitcoin is a highly valued decentralized digital currency operated on a blockchain, a tamper-resistant ledger, which aids in the elimination of the need for intermediaries like banks. It has a limited supply of 21 million coins and assures its investors and traders of safe and secure, transparent, and pseudonymous transactions offering financial inclusivity. Over the years, Bitcoin has gained acceptance as a store of value and a hedge against inflation by millions of people. The technology behind it, blockchain, has inspired innovations across industries, even as governments, investors, and businesses are increasingly acknowledging its impact, making it a key player in the evolving world of finance.
- Ethereum (ETH)
Ethereum was launched in 2015 by Vitalik Buterin. It is a decentralized blockchain platform that enables smart contracts and decentralized applications (DApps). Its native cryptocurrency, Ether (ETH), facilitates transactions and computational services within the network. One distinguishing factor about Ethereum is that it has a Turing-complete scripting language, which enables the creation of versatile applications beyond simple transactions. Its smart contract also helps to enhance efficiency and trust in various industries while extending its impact on decentralized finance (DeFi), non-fungible tokens (NFTs), and more, positioning Ethereum as a fundamental player in the broader blockchain ecosystem.
- Tether (USDT)
Tether (USDT) is a stablecoin pegged to the US dollar. As a stable asset, USDT provides a hedge against the volatility commonly associated with other cryptocurrencies. It serves as a reliable store of value, enabling quick conversion from volatile cryptocurrencies to a stable form during market fluctuations. Additionally, USDT facilitates seamless and swift transfers between different cryptocurrency exchanges, allowing investors to capitalize on arbitrage opportunities. Its stable value and widespread acceptance make Tether a preferred choice for traders seeking stability while maintaining exposure to the broader cryptocurrency market.
- Litecoin (LTC)
Often considered the “silver to Bitcoin’s gold,” Litecoin serves as a peer-to-peer cryptocurrency with its relatively low transaction fees and widespread acceptance, which contribute immensely to its appeal, making it a noteworthy player in the digital currency space. Created by Charlie Lee in 2011, Litecoin gained popularity for its faster block generation time and a modified hashing algorithm compared to Bitcoin. Its trading value is largely influenced by market demand and adoption trends.
- Ripple (XRP)
Ripple operates as both a digital payment protocol and a cryptocurrency (XRP). Unlike traditional blockchain systems, Ripple employs a unique consensus algorithm to validate transactions, known as the Ripple Protocol Consensus Algorithm (RPCA). Ripple’s network consists of independent validating servers that constantly compare transaction records. Through this consensus, a supermajority of servers must agree on the validity of a transaction before it is confirmed. XRP serves as a bridge currency for cross-border transactions, enabling fast and low-cost transfers while aiming to primarily facilitate efficient, secure, and near-instant global transactions, particularly in the realm of international banking and remittances.
From our findings, these are some of the most popular cryptocurrencies that people trade and which you can also invest in as a Nigerian in 2024. Even though we do not guarantee they are the best, their popularity gives them credence before us.
