Cryptocurrency traders, investors and entrepreneurs have trained Nigerians on how to engage in profitable trading and understanding the blockchain technology.

Speaking at a summit held at the Civic Centre in Ikoyi, Lagos, on Wednesday, Ian Balina, an acclaimed global cryptocurrency investor, alongside other traders and investors, said the crypto business is a profitable venture if enthusiasts educate themselves about its workings.

Faith Titus, Co-founder of Blockchain Nigeria User Group, said for the Blockchain and Cryptocurrency to be profitable, one needs to be educated.

“Before one can be able to trade well, you need to be educated because if you are not educated, you won’t know how it’s being done," she said. "You can make a wrong deal and find yourself falling into scam. That it why is it very important to be educated. Education is not just for the enthusiasts alone, but also the investors."

Titus also explained that blockchain technology can be deplored in different sectors for ease of financial transactions and security.  

Blockchain has various applications that can be used to process transactions in whatever business engagement.

Also, to identify legit digital trading platforms, Titus said one needs to be certain that the “company has a credible used case".

"The project must be solving a financial problem in Nigeria. For example, sometimes, when making bank transactions like sending money from point A to point B, it takes a while for the money to deliver; this is a challenge. Now, if a cryptocurrency platform tells you to invest in their project, that they have a solution for that challenge, you need to find out that those things they are talking about will actually solve the problem they have identified," she added.

Toyosi Abolarin, the Lead Project Manager at Venture Garden Group, who also spoke at the summit, said there is now a process in place by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to have the cryptocurrency space regulated. He noted that such initiative by the government agencies is a step in the right direction.

The CBN has regularly warned Nigerians to be wary of investing in cryptocurrency, as it is a virtual currency that cannot be tendered for any kind of trade in Nigeria.

In one of its newsletters, the apex bank warned that dealers and investors in any kind of cryptocurrency in Nigeria are not protected by law, and as such, may be unable to seek legal redress in the event of failure of the exchangers or collapse of the business.

Giant digital platforms such as Google and Facebook have also placed embargoes on cryptocurrency advertisement on their platforms.

Scott Spencer, Director of Sustainable Ads in Google, said during an interview with CNBC that the platform is unclear about the future of cryptocurrency, but it is placing a ban on its advert because it has seen many get hurt and would like to militate against similar occurrences in the future.

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