For asset purchasers, this may not be the best time to buy as cryptocurrency prices are starting the new year with a green signal, indicating that prices are on the rise. Because cryptocurrency prices are unstable and fluctuate often, the rates we may provide here may not be accurate at the time you read this post.
In 2022, both Bitcoin and Ethereum saw declines that lasted virtually the entire year. However, 2023 is expected to be a very profitable year for Bitcoin, Ethereum, and other cryptocurrencies, according to experts and influencers in the industry.
Despite the Central Bank of Nigeria allegedly criminalizing cryptocurrency trading in the country, Nigerians continue to find the sector to be very lucrative and as a result, they are mining cryptocurrencies on both computers (nodes) and mobile devices.
In this article, we’ve drawn attention to the exchange rates for Bitcoin, Ethereum, Binance (BNB), and PiCoin (Pi Network). Note: the exchange rate used here is the one obtained from the parallel Market (black market) and as at the time this article was written, the rate was $1=N743.
1. Bitcoin ($19,267.89 ≈ N14,316,042.27)
Bitcoin (BTC) is a cryptocurrency that seeks to eliminates the need for a third party to be involved in financial transactions by acting as money and a means of payment independent of any one person, group, or entity. It is available for purchase on a number of exchanges and is given to blockchain miners as compensation for their efforts in verifying transactions.
2. Ethereum ($1417.19 ≈ N1,052,972.17)
Ethereum is a blockchain-based platform best known for its cryptocurrency, ether (ETH). The blockchain technology that powers Ethereum enables secure digital ledgers to be publicly created and maintained. Ethereum is the foundation for many emerging technological advances based on blockchain.
3. PiCoin (Pi Network) ($61.39 ≈ N45,612.77)
Pi Network was founded by Chengdiao Fan and Nicolas Kokkalis of Stanford University. To make digital money available to everyone, they began working on it in 2018. They created the Pi Network app and published a whitepaper on March 14, 2019.
The initiative makes environmental sustainability a priority, which can entice investors who are concerned about the environment. It may be particularly effective given that the crypto market has frequently received criticism for its high energy usage as a result of processes like proof-of-work (PoW), which harms the environment.
Users must press a button on their phone once every 24 hours to complete the mining process via the Pi Network app. Since no mining is happening, Pi mining isn’t actually cryptocurrency mining.
4. Binance (BNB) ($287.55 ≈ N213,649.65)
The Binance Exchange is a leading cryptocurrency exchange founded in 2017 in Hong Kong. It features a strong focus on altcoin trading.
Binance offers crypto-to-crypto trading in more than 600 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token Binance Coin (BNB).