Top 3 high potential Cryptocurrencies Nigerians should buy in 2022
Mastercard accepting crypto as a form of payment, Shiba Inu going crazy, and Bitcoin passing its all-time high shows it's been a crazy couple of weeks in the crypto community, to say the least. In fact, Shiba Inu legit crashed Coinbase, with the crypto market also picking some incredible steam. Is this the start of the new crypto bull run, as lots of coins are beginning to hit new ATH's?
Now for the biggest question on everyone's mind – What crypto do I buy to take advantage of everything that's going? As it's no longer news that it's been a whirlwind year for cryptocurrencies, as major players in the industry like Bitcoin and Ethereum reach records high yet again.
Welcome to HotNaija, and today we're going to take a look at the Top 3 Crypto Nigerians should buy in 2022. And trust us when we say November will be a crazy month for crypto because, historically, November is always a bullish month for crypto. We're seeing a lot of hype come back into the community, so you better hang on tight.
(1). Polkadot (DOT)
Now, this is a coin you've probably heard of, as it's been around for a while. This coin was released back in 2016. It has solid potential and is even making people go as far as saying it's the next version of Ethereum. Although Polkadot is pretty confusing to understand, we'll try to make it as simple as possible for you to understand.
So you have each coin right, with its own blockchain. Just like Cardano has its own network and blockchain, and Ethereum also has its network and blockchain. The thing is, everything happens in isolation from one another. There's no way for these blockchains to talk to each other (sharing data, making transactions, or exchanging value). Well, that's what Polkadot aims to do.
It plans on connecting these networks. So Cardano's blockchain can communicate with Ethereum's blockchain, and it's not just these coins. It plans on doing this with every coin and DApp out there in the crypto market. It pretty much allows everything to work together harmoniously under the Polkadot network.
And because of that, people call Polkadot the internet of blockchains due to its exclusivity to connect everyone. Now, all that alone is already changing the industry's technology, but it gets better, which is why we've been slowly picking up more Polkadot here on HotNaija.
It has to do with something called "Parachains", which will go up for auction this November 11th. So what does all this mean? It pretty much means that these Parachains on Polkadot's network are for sale and can be purchased by other crypto projects. But to win these slots on the Parachain, these projects have to win the auction, and the only way to win that auction is by 'Paying the most in Polkadot's native token'.
But these projects don't have that type of money, so they need money to get a slot on the Parachain. This money is received from people who own DOT in the form of crowd loans. But the thing is, once these projects buy the slot on the Parachain, with the DOT tokens that we gave them, those tokens are locked up for a couple of years.
So to make up for the loss that we got, the project will provide a constant stream of the project's native token as a form of appreciation to the people who participated. And because these Parachains slots need to be won with the most considerable amount of DOT or the most funding, that means slots will go to serious projects that would indeed have an impact.
So what are some of these projects that plan on taking a slice? Well, there's "Moonbeam", "Polkaswap", "Phala Network", "Cresk Network", "Kylin Network", and many more where that came from. We're not going to dive deep into those projects in order not to waste too much of your time, as many just want to see the list of coins to buy for November, but for the average user reading this, Polkadot can see a rise in its price with the auction of Parachains.
But if you're interested in taking it one step further and being at the forefront of these projects, the coins we just talked about are great places you should start with.
CoinGecko
Polkadot (DOT) current price – $53.75
Rank – #7
Market Cap – $56,571,551,644
(2). Algorand (ALGO)
Now I know the word "Ethereum Killer" gets tossed around a lot because pretty much every coin is better than Ethereum at this point, but trust us when we say Algorand is a legit contender for an "Ethereum killer".
The thing is, it's super similar to Ethereum, but the key difference is that Algorand has;
• Faster transaction time
• Better security and it's
• Fully decentralized
With all that, you should be able to know that Algorand's transaction speed is less than 5 seconds, and they pretty much cost nothing.
The unique thing about Algorand is that it has 2 layers for its smart contracts.
Layer 1 is used for simple, smart contracts, swaps, things that don't require much time, and things that won't block up the blockchain.
Note: Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They are typically used to automate the execution of an agreement so that all participants can be immediately sure of the outcome without an intermediary's involvement or time loss. They can also automate a workflow, triggering the subsequent action when conditions are met.
But for complex smart contracts that require longer execution times, that's where "Layer 2" comes in. These contracts are executed "off" chain, so the actual block speed doesn't get affected. Also, if you remember, a couple of months ago, a country – "El Salvador" adopted Bitcoin as its currency. The news pretty much broke all headlines, which even made the price of Bitcoin pump a little bit. But the unique thing is that they are building their own blockchain infrastructure on top of Algorand's network, which is massive news for the coin.
But the really cool thing is that Algorand recently launched "Algorand Virtual Machine", also known as AVM for short. This is like an upgrade that helps developers and third-party, scale decentralized apps, also known as 'DApps'. This is because Algorand has a lot of DApps on its network, and more importantly, AVM will also give developers the necessary tools to write smart contracts.
Now we know this might sound like 'whatever, and you might not entirely understand what this means, but this is huge news because it allows Algorand to dabble into the NFT market, which would be insane for its price.
CoinGecko
Algorand (ALGO) current price – $1.85
Rank – #20
Market Cap – $11,499,889,826
(3). STELLAR (XLM)
We know what you're thinking – 'Seriously? This coin?' Yes! It's a super old coin that everyone and even old people know of, but we see some solid potential in its price. This is a coin that has barely even moved compared to its other competitors or any other coin in general. Still, the thing is, Stellar is miles and miles ahead of these other new projects that are getting into the space and not to mention, it's an OG coin in the crypto space and the team, along with its community, is constantly innovating and continually growing.
A couple of weeks ago, "MoneyGram" – one of the largest payment providers in the world where you can send money to people, pay bills and do pretty much anything that has to do with money, disclosed its latest partnership with Stellar. And they're doing that to create a bridge between digital assets and regular currencies.
With the use of Stellar's technology and MoneyGram's large customer base, it aims to enable real-time settlements using blockchain technology and stable coins.
But Stellar doesn't stop there either. It announced another partnership with "Flutterwave" – a global payments technology company. All this just shows how much Stellar is constantly innovating, doing new things, and always coming up with partnerships. But for some reason, the price just never moves.
We believe that's going to change shortly. People will see the real Potential of Stellar, and we're going to see some crazy price movements in Stellar's price since we haven't seen it in the past couple of months or even years.
CoinGecko
Stellar (XLM) current price – $0.369977
Rank – #25
Market Cap – $8,950,491,509
Well, that's it for today. These were our top 3 coins with huge potential to grow before the year runs out, and hopefully, there's a 15× return.
1. Polkadot
2. Algorand
3. Stellar
Note: This is NOT financial advice; they're just opinions, and we urge everyone to do more deep personal research before investing in any coin that would require their time and money.
Make sure you check out our other blog posts for more information about the crypto market and trending entertainment headlines. Thanks for reading!
Runner Ups:
Shiba Inu
Safemoon
Kishu Inu
Mononoke Inu
Ryoshi
Saitama Inu
Cardano (ADA)
Binance (BNB)
BitMart Coin
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