Crypto is big in Nigeria. People are saving in it, investing, or using it to send money. But there's also plenty of myths and confusion that stop people from getting the real value.
This post discuses some of the most common myths in Nigeria.
What Is Cryptocurrency?
- It’s digital money you can use online.
- It’s powered by tech called blockchain — no banks, no printing press.
- Everything is recorded publicly.
Myth 1: Crypto Is for Criminals
What people say:“Only scammers and fraudsters use Bitcoin.”
The truth:
- People use crypto to send money, pay online, or save value.
- Registered exchanges in Nigeria follow real KYC and security rules.
Crypto is used by normal people solving real problems, just like you.
Myth 2: The Price Is Too Volatile
What people say:“Crypto crashes too much. You can’t trust it.”
The truth:
- Smart investors plan for this. They don’t panic every time it dips.
- Stop-loss orders helps traders manage risk.
Crypto isn’t for gamblers. But it rewards people who learn how it works.
Myth 3: Crypto Has No Value
What people say:“It’s not backed by gold or government. So it’s worthless.”
The truth:
- Bitcoin is limited, only 21 million will ever exist. Scarcity builds value.
- People use crypto to avoid inflation or send cross-border payments faster and cheaper.
- Its tech (blockchain) gives transparency, security, and control.
Crypto is valuable because people use and trust it. That’s what gives it power.
Myth 4: Crypto Is Just a Trend
What people say:“This whole thing will die soon.”
The truth:
- Bitcoin has lasted since 2009.
- Millions use crypto daily, in Nigeria and beyond.
- Crypto keeps evolving from payments to smart apps and digital IDs.
Crypto is the future of money — and it’s already happening.
Myth 5: Crypto Is a Scam
What people say:“All crypto projects are fake. Just Ponzi schemes.”
The truth:
- Real crypto runs on open networks. No single person controls it.
- All transactions are public. That’s more transparency than most banks offer.
- Yes, scams exist. But they exist in every industry. Know what you’re doing.
Crypto isn’t the problem. Blindly following hype without research is.
Here’s What to Remember
- Crypto is real and regular people use it every day.
- It moves fast, but smart strategies can keep you safe.
- Its value comes from usage and trust, not government backing.
- It’s not going anywhere.
- If you learn the basics, you’ll avoid the traps.
Don’t let fake stories or bad headlines block the truth.
Stay smart. Stay curious. And always double-check before you put your money anywhere.
