2020 has not been a pleasant experience for the Global and Nigerians economy. It shattered the
traditional financial securities myths and banks and businesses that were thriving before this are facing existential threats. The global economy is turning on its head and now inclined even more towards technological adoption.
The hot topic at the World Economic Forum 2020 was the future of Blockchain and Cryptocurrencies. The authorities haven’t been able to curb its trading since the inception of Bitcoin in 2009. The evolution has been strengthened with the presence of platforms like bitcoin loophole platform that makes trading even more convenient and secure.
Nigerians now need to realize at a massive scale that the future lies in the digital economy. If we take a recent example in India, the Supreme Court of India directed the Reserve Bank of India to extend its services to cryptocurrency firms and passed the comment that India would be left out in case of a policy of non-reconciliation.
The importance of diverse income streams cannot be stressed enough during this crisis situation and each one of us understand its practical implications also. Let’s evaluate in brief what strategies Nigerians can adapt to in order to revert their financial stress.
Research and Verification is the key
The worst thing one could suffer is online scams. You certainly need to look upon the platforms and crypto exchanges where most of the trading would be taking place. Research the best possible options and engage with them in a completely secure manner.
Start With Small Investment Pool
Starting big with something you aren’t familiar with is not a good idea. Since you are looking for a bit exploration, start with minimum amounts that won’t hurt you at all in case of any type of loss. Once you know more, you can increase the investment amounts but still, the safe play is the rule to live by forever.
Never Miss On Analyses
If you are keen enough to make a living out of cryptocurrency trading, then you need to learn how to make analyses. Graphs and charts can be a bit complex to understand but you can’t miss out on analyzing those. Following trends is not recommended always but you gotta be aware of them to remain in the market.
Diversification can’t be forgotten
The famous quote never put your all eggs in one basket always fit in when you are talking about investment and trading. This sentence can’t be emphasized anymore and surely look to have a taste of different cryptocurrencies so you know which ones can bring more profits to the table.
No Scams This Time
Cryptocurrency trading is secure than ever with the advancement of secure trading platforms and escrow services. You need to remain aware of the possibility of the scam and avoid acting fool or trusting anyone online. This time act completely smart or you aren’t required to jump into this as preventive measures are too readily available.
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