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February 04, 2026, 09:26:09 AM |
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Definition: Cryptocurrency is a digital or virtual money secured by cryptography, operating on a decentralized network (Blockchain) rather than a central bank, allowing for secure, peer-to-peer transactions online.
NEGATIVE EFFECTS
- Volatility: Cryptocurrency prices can be highly volatile, making it challenging for businesses and individual to use a store of value.
- Regulatory Challenges: Nigeria's regulatory environment has been unclear, leading to confusion and potential risks for investors.
- Security Risks: cryptocurrency exchanges and wallets are vulnerable to hacking and other security threats.
Overall, cryptocurrency has brought negative effect on Nigeria economy, this means that the same people who invented the currency has the power to control the economy of any given country that their wishes to control.
I am asking you that is reading, what role do you see crypto playing in Nigeria's economy?
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