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5 Cryptocurrencies Nigerians should Invest in Today and Profit Tomorrow

5 Cryptocurrencies Nigerians should Invest in Today and Profit Tomorrow

Despite the fact that the cryptocurrency market is relatively new, during these last 11 years, various professions have been generated around this sector.

One of these most exciting professions is trading cryptocurrencies. One of the most important movements is focused on the good choice of crypto assets so that they can bring better rewards in the short, medium, or long term. It should be noted that thousands of Nigerians have already made cryptocurrency trading their main profession, obtaining great results.

And how do they trade to choose the cryptocurrencies with the best returns?

Learn about Cryptocurrency Trading: Beginner’s Guide & Basic Strategies

This is usually a relatively individual decision of each professional trader. Not only does the strategic factor play an important role but also the ideological and moral philosophical value of each individual.

Some prefer to invest only in bitcoin and ether, and others prefer to break conventional schemes and invest in smaller cryptocurrencies since, with these, the rewards can be greater.

Find out how to buy and sell cryptocurrencies in Nigeria instantly with Naira

Most of the traders do coincide in using tools to make their previous analyzes, more specifically through technical analysis and fundamental analysis.

Technical Analysis

It is a tool that professional traders use to study the historical behavior of a certain cryptocurrency through tables and graphs. Later, based on these results, these professionals make projections and calculations that allow them to obtain future profits, whether in a short, medium, or long term.

We cannot deny that technical analysis is a beneficial tool for studying, especially market history. However, it works much better as a measurement record than as an accurate prediction tool as most people claim it works. This is basically because crypto assets increase or decrease their value according to the actions or inactions of different qualitative, technical, and social facts, capable of affecting the value of these. This phenomenon makes the crypto assets difficult to predict.

Fundamental Analysis

It is a tool through which professional trader makes their studies regarding a certain cryptocurrency project, analyzing qualities, technical, theoretical, and social characteristics, in such a way that substantial analysis investment strategies can be formulated that bring me the best economic returns.

An example of fundamental analysis is studying the type of use case that a given project has. It involves answering questions such as: what is its target? What is the technological capacity of the project? Is it decentralized or centralized? Mission and vision, in other aspects.

Thanks to the compilation of all this information, professional traders will be able to formulate their investment strategies and obtain the best results.

While fundamental analysis is also not an absolute guarantee of return on investment success, it seems like a more effective and coherent strategy. It allows us to make decisions regarding the crypto assets we are going to choose to invest than the exclusive use of technical analysis.

It should be noted that the joint work of the technical analysis and fundamental analysis may work much better when making a decision or formulating investment strategies for the trader Nigerians.

In this article, we will use the fundamental analysis to formulate criteria that allow us to project that the following five cryptocurrencies are worthy investments.

This article by Remitano will interest you: 5 Altcoins you should Know about in 2020

Monero (XMR)

It is no secret to anyone that this blockchain-based cryptocurrency was born with the mission of anonymity. The anonymity is achieved through a unique key for each transaction, through the cryptonote protocol. The key will then be destroyed in order always to preserve absolute privacy and confidentiality.

The official Monero portal says about your privacy:

“Each transaction in Monero, by default, hides the addresses of the sender and the recipient and the quantities sent. This always-on privacy technology means that all activity by every user on the Monero network ensures the privacy of all other users, unlike selectively transparent cryptocurrencies”.
This feature has earned Monero a sea of criticism. The frequent opposing argument is that this high level of anonymity encourages money laundering from criminal and illicit activities in the world. However, This only creates a bad reputation for Monero; it also does it for the entire crypto-cosmo, something that is counterproductive for a market that is trying to protect users from the fiat world.
There is a concrete fact about Monero. It has several cogent and well-defined targets. The first of these is the strong sector of the crypto-community that wants to take decentralization to the next level. This group of people is known as “crypto-anarchists.”

On the other hand, it is evident that within this blockchain, there are people who want to launder their capital from illegal activities. These are criminals that make their living with Monero. This means that Monero has these two groups; the crypto-anarchists are the majority and the criminals who are the minority. In any case, these market segments will give Monero a solid base, and without a doubt, will increasingly boost the market of this controversial asset on the rise.
All this will cause Monero to rise in value and obtain substantial long-term profits for the Nigerian traders. If you feel privacy and anonymity is your topmost priority, then Monero is your best option.

Bitcoin Cash (BCH)

In this article, we do not question the potential of Bitcoin. Still, there is also a concrete reality about bitcoin, which has yet to solve its scalability problems. Hence, an important segment of the crypto-community seeks alternatives. Let’s face the fact. The name Bitcoin is very powerful for advertising, and Bitcoin Cash has been capitalizing on the discontent of many users. Something obvious when we see the position that Bitcoin Cash occupies in the crypto-market. At the time of writing this article, Bitcoin Cash has a market capitalization of $ 4,574,030,951 and a unit value of $ 247.14, occupying the fifth position in the most valuable cryptocurrencies in the world.
Bitcoin Cash was born just out of discontent with improving Bitcoin’s scalability. While Bitcoin Cash has a long way to go, it is achieving interesting growth. This trend will most likely continue in the future, earning profits for its Nigerians Investors, especially those who are beginning to be unhappy with Bitcoin’s scalability, that’s the Bitcoin Cash target.

Learn about Bitcoin Cash (BCH) Analysis – 2020 as written by Remitano.

Basic Attention Token (BAT)

Beyond being a simple cryptocurrency, Basic Attention Token represents a phenomenon that is becoming a trend with each passing day. Its mission is to support both advertising-consuming users, publishers, and even advertisers.

Facebook and Google control approximately three-quarters of digital advertising on the Internet worldwide, a rather unfavorable and disadvantageous situation for all parties in the digital world.

Based on this, the explorer Brave was born, with a decentralizing vision that seeks to overturn the monopoly of advertising intermediaries. BAT is the cryptocurrency developed in the Ethereum infrastructure under the Token ERC-20 model, created to be the vehicle currency within this platform.

According to the Brave portal, the Brave protocol currently has 15.4 million monthly active users, and 5.3 million daily active users.

Additionally, privately-designed Brave Ads has brought 1,530 campaigns since its launch last year (a 255% increase from the 400 campaigns reported in October 2019), and sponsored images delivered 25 campaigns since its launch in February 2020.

Recent campaigns included brands like Verizon, Newegg, Chipotle, and PayPal / Honey, in addition to previous campaigns by Amazon, Harry’s Razors, Intel, CBS, KIND snacks, Logitech, Lenovo, Grubhub, Belkin, Quickbooks, and Evernote.

Brave since its inception, has only grown, a growth of 50% since the launch of Brave 1.0 last November, and 125% last year. This trend will surely continue to rise, which translates into a positive and promising future for the brave explorer and BAT token.

But this does not end here, since this cryptocurrency is not only a vehicle currency for Brave. Its use has spread to other prestigious platforms such as Twitter, so the content creators of this social network receive tips through this token.

To finish, according to a recent investigation carried out by the blockchain analysis company Flipside Crypto, BAT became the most used ERC-20 token in the decentralized finance sector between June 19 and July 2. According to Dapp.com; “A transaction volume of $ 931 million was generated from the BAT token, higher than the combined volume between Ether and Dai”.

All the data exposed above shows that BAT promises to bring substantial returns on investment in the future, which no Nigerian trader should miss.

IOTA (MIOTA)

This cryptocurrency is not at the top number one of this list because it needs massive adoption and proves that its use case is 100% achievable.

MIOTA, from IOTA, seems to come from the future with “Tangle,” a technology far superior to the blockchain. It is a technology that not only solves the current scalability problems of the Bitcoin blockchain and other cryptocurrencies but also proposes a host of improvements superior among which stand out:

1. Completely free transactions.

2. Infinite scalability.

3. Instant transactions.

4. 500 transactions per second TPS.

5. Elimination of excessive energy expenditure.

6. Savings for mining equipment and electrical energy expenses.

7. Friendly to the environment.

8. Resistant to quantum computing, which makes it quicker in security, it prevents attacks of all kinds by Hackers.

9. Fully applicable for micro-payments in the IoT (Internet of Things environment), a technological phenomenon that is already a reality.

The following article by Remitano will interest you:
Blockchain Application Series: Internet of Things (IoT Blockchain Future)

It should be noted that IOTA is directed and developed by the foundation with its same name. But this decentralized project is not alone, as a host of other NGOs supports it. It is recognized by private companies such as Volkswagen and Fujitsu, and even governments, which give said project confidence and credibility.

All these benefits that IOTA offers seem to be the solution that the crypto-cosmo needs in all aspects. The only thing that is needed is mass adoption and that it be tested 100%, especially its security. One of IOTA’s philosophies is that the scalability works better and optimally if it is massively adopted.

Stellar (XLM)

Behind the investment in Stellar, there is a hidden strategy, since there are several factors that indicate that this platform and cryptocurrency will play a fundamental role in the future.

Let’s start by explaining that today Ripple XRP, occupies the fourth place in terms of the largest market capitalization on a global scale. This is basically because Ripple is a great solution focused on cross-border payments, at a little cost. Above all, with the best scalability of the crypto-market, proof of this is that you can carry out up to 1500 transactions per second TPS. You can also make this transaction from and to any existing currency, either a crypto or fiat currency.

You will wonder, “But what does Ripple have to do with Stellar? It turns out that although everything sounds perfect in theory and the practical in Ripple, there is a problem: this platform and cryptocurrency are not decentralized, since its protocol is controlled by the company Ripple Labs, something that is dreaded by crypto-anarchist.

So what is better than Ripple? Of course Stellar, and it is basically for many reasons, among which stand out:

● Stellar was born from a fork of Ripple, which means that it shares almost its same technology, and can technically do everything Ripple does, which, as we mentioned earlier, is wonderful.

● Stellar is much better than Ripple since it is not a controlled and centralized platform, as is the cryptocurrency Ripple. We are talking about a decentralized platform governed by a non-profit foundation fact that meets the expectations of the decentralization lovers.

● If Ripple’s transaction costs already seemed very low to you (almost free) hold on because Stellar’s are even lower at 0.00001 XML, which is equivalent to 0.0000009 USD.

● Ripple has a business focus, especially focused on finance companies around the world, as opposed to Stellar has its focus on the most disadvantaged people in the world, Stellar’s idea is to banks the poorest people in the world.

● Despite its social purpose, Stellar has almost the same number of partnerships with companies and financial institutions as Ripple. With the difference that the objectives are entirely different, Ripple is for-profit while Stellar does not. Examples of companies that support Stellar’s solidarity project are IBM, KlickEx, Deloitte, Parkway Projects and Tempo.

So in short Stellar offers the following:

1. Instant transactions (3 or 4 seconds).

2. 1000 transactions per second TPS.

3. Conversion in real-time from and to any currency, be it fiat, cryptocurrency, or other assets such as gold.

4. The lowest transaction fees in the market, even much more than Ripple.

5. The management of new projects through smart contracts in the Stellar software.

The 5th point leads us to think that Stellar will be one of the most influential platforms and cryptocurrencies of the future, especially because its target is focused on the most disadvantaged people in the world, those with the fewest resources, who, incidentally, are the largest bulk of the humanity.

These people will not only find an inexpensive platform, but very versatile thanks to its scalability, in fact, and probably the most versatile on the market, until IOTA’s capabilities are 100% tested.

Stellar, like Ripple, is essentially a real-time exchange, through which payments can be made or received from and to any currency, an excellent solution for an increasingly globalized world, even with the situation of the CoronaVirus that at some point it will stop being a problem.

Just like investors turned to look at the idea of Ripple, today it does and will continue to do so to the decentralized and improved version of Ripple that is Stellar; a real-time exchange focused on the poorest.

All these elements make Stellar the best bet for the future, which will translate into the best returns for the Nigerian traders since.