The Challenges of Navigating Crypto Activities in Nigeria
Having been in cryptocurrency for some years now, I have seen the potential it has in improving economic growth. Improving my town's economy through initiatives like the use of HBD would be amazing but one that I don't think can actualize because of my country's stance on cryptocurrency activities.
The privilege on Hive for users to blog and earn HBD is an amazing way to empower users to use these earned HBDs to invest in something that would promote economic growth in different walks of life. I have also heard of LeoDex from a friend but haven't tried it yet, but I know it's a place where users can make extra money, which also helps increase the wealth of a nation.
What annoys the most is when the government can't help the masses in any way, why deprive them of opportunities for financial freedom, which in turn would not just benefit them alone but the economy as well. I'm still waiting to see what the government's restriction on crypto has done to the economy. The claim is the rapid rise in the Dollar that is the cause of the Naira depreciation and high prices of commodities doesn't seems to click as things became worst with or without Dollar rapid increase.
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But with the ban, things are still getting worse on a daily basis, a clear proof that the federal government needs to rework the regulations and come out of the ban and support crypto innovations. For me, with the federal government's tireless efforts to put an end to all forms of crypto activities, navigating crypto earning has been something I trade with fear of uncertainty.
To me, earning through crypto investment used to be my way of making more money before the ban occurred. Even before the federal government restriction, I also embraced Web3 as a means of earning tokens. Understanding the volatility of the market, diversifying my portfolio in my different investments is one way to manage risk and that's better than leaving my eggs in one basket.
Crypto investment isn't a get-rich-quick scheme or is it a place to just trade and win, and it continues. Using Hive blockchain as an example, coming with the mindset of only making a profit won't help the platform in any way but by active participation in different initiatives and projects would help grow the ecosystem. By doing so, we do not only earn, we also learn, and all these help our economic growth as well in all levels.
It's worrisome when many Nigerians are deprived of the promising potential of cryptocurrencies. The restrictions imposed by the federal government have been a challenging factor for so many crypto investors. The fear of the unknown has made lots of users not harness the good sides of cryptocurrencies. Regardless, some Nigerians still engage in crypto trading activities. Hive is one platform where lots of users find their financial independence. Blogging and earning in crypto is an empowerment that even the Nigerian government can't offer a quarter of its citizens.
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