Tron (TRX) is one of the most widely used open-source platforms for creating decentralized applications using blockchain technology and smart contracts.
This cryptocurrency and blockchain technology has sparked debate among analysts and professionals over the years. If you search for Tron on the search engine, you’ll most likely see questions like “Is Tron a bad investment?”, “How can I invest Tron?”, “How high can Tron go?”
Tron is the twenty-fourth most valuable digital asset in terms of market valuation. All transactions on the Tron blockchain are powered by Tronix, which is represented by the ticker symbol TRX. Tron began its life as an ERC-20 token in the crypto-financial world.
TRON gained publicity and more users on its platform as a result of the large mileage Ethereum provided at the time.
As a result, network congestion occurred, resulting in higher transaction costs. Smart contracts can be created with Tron. Smart contracts are a type of digital contract that is written in code. It allows users to create agreements and payments without the use of traditional banks, clearinghouses, or insurance firms as intermediaries.
What is Tron cryptocurrency?
Tron coin is another cryptocurrency that is widely used and traded online. TRON has performed exceptionally well in recent months, with its market capitalization increasing by a factor of ten. It was released in the middle of September of 2017. Tronix is Tron’s official cryptocurrency (TRX).
Tron was created with the intention of giving digital content creators complete ownership and control over their work. The firm is aiming towards the media and entertainment industry.
Users can use the Tron money to access a decentralized content distribution platform. The user has complete control over the data he or she publishes, stores, and owns.
The corporation is going after competitors like Google Play, Apple, and others who charge more for this service.
Tron coin is another extensively used and traded cryptocurrency on the internet. TRON’s market value has increased by a factor of 10 in recent months, indicating that it has fared very well.
In the middle of September of 2017, it was released. Tronix is the official cryptocurrency of Tron (TRX). It was designed to provide digital content creators complete ownership and control over their work.
Is Tron a bad investment?
Given the growth trajectory and future technology, investors may consider investing in Tron, but their risk appetite must be considered.
Investors and users should be warned that this digital currency carries a high amount of risk, since values can change dramatically, and they can rapidly lose the whole value of their investment.
Only 2% of the world’s population owns a cryptocurrency wallet. Many people have yet to embrace digital assets as legitimate transactional or investment currencies. TRON has kept free of any major regulatory agencies thus far.
Due to TRX’s function as a transactional currency and a new token that powers the TRON Network, strong opposition may eventually reduce the currency’s transaction volume.
Cryptocurrencies’ legal status varies from country to country and is still unclear. The majority of the cases have occurred when hackers have targeted online cryptocurrency.
However, given the volatile nature of Tron’s value and the fact that the cryptocurrency market is still in its infancy, it could be an extremely dangerous investment.
However, there are grounds to believe that Tron is a good investment. The platform’s decentralized nature appeals to users since it allows them more control over their information.
Many Facebook, YouTube, Instagram, and other social media users are dissatisfied with how their information is handled and are looking for alternatives.
As an alternative to Silicon Valley’s monopoly, they may join platforms like Tron. If this happens, Tron’s price could skyrocket much beyond its current levels.
Tron forecast- how high can Tron go?
TRON is a project that a lot of people dislike for various reasons. It does, however, have a vibrant and supportive community. TRX’s future is bright, and it may be brighter than imagined, based on core fundamentals.
The project’s future looks bright thanks to a planned roadmap and backing from the gaming and gambling industry.
TRX’s coverage area is constantly growing and has a lot of financial resources.
It’s difficult to predict how far TRON (TRX) may rise. You can create a judgment about TRON’s future based on the price estimates. One thing is certain: this cryptocurrency will continue to grow.
The TRON Foundation is investing in its growth by purchasing in-demand businesses. When you put it all together, it’s clear that interest in both the firm and the cryptocurrency is skyrocketing.
You could waste a lot of time attempting to assess the asset’s potential.
One thing is certain: Tron is a business that is actively investing in innovative ideas and technologies. The development of high-quality, next-generation products is overseen by a competent team.
How to Invest in Tron in Nigeria
- Open an Online Account
- Buy a Wallet
- Make Your Purchase
#1. Open an online account
Before you can buy cryptocurrencies, you need to open an online account with a broker or cryptocurrency exchange. Below are instructions on how to open an account with Coinbase, one of the world’s largest and most respected cryptocurrency exchanges, and eToro, a leading cryptocurrency broker and social trading website.
#2. Buy a wallet
After opening your account with an exchange or broker, you will need a crypto wallet to store your cryptocurrency. Some exchanges and brokers allow you to keep your coins in their wallets, although your investment may not be as safe as keeping your coins in your own wallet.
The different types of cryptocurrency wallets are:
Hot wallets: This highly accessible type of wallet is generally used on devices that connect to the Internet, despite being the least secure. Tron Software Wallets are an example of this type of wallet that can be downloaded easily and for free.
Hosted wallets: With a hosted wallet, you can keep your digital currency on a third-party server, crypto broker, or exchange. With this type of wallet, the host retains control over the keys of your cryptocurrencies. Such wallets may have security vulnerabilities due to the threat of hacking.
Cold wallets: These consist of hardware wallets that keep your cryptocurrencies offline. This type of wallet offers the highest level of security because your coins are kept on a device that is not connected to the internet, although they can be physically lost if you lose the hardware.
Decentralized wallets.
This type of wallet allows you to send or receive cryptocurrencies in your wallet anywhere in the world. You eliminate the third-party risk associated with hosted portfolios.
Ideally, if you want to invest in Tronix, you want your wallet to support the Tron network.
You may want to keep control of your private keys and use security features such as a multi-signature or two-party authentication system and a PIN.
The wallet software should also have an intuitive and easy-to-use interface and provide access to customer support in case you encounter any problems using it.
#3. Make Your Purchase
Once you have opened and upgraded an account and received a compatible wallet, you can now make your first TRX purchase. You also need access to a trading platform that allows you to transact on your newly opened account.
Here you select the cryptocurrency you want to buy. After purchasing the desired amount of cryptocurrency, your coins can then be transferred from the wallet hosted on the platform to your chosen wallet.
Best Crypto Exchange and Broker for Tron In Nigeria
There are a few options when it comes to trading cryptocurrencies in Nigeria. One of the top and most reliable crypto exchanges in Nigeria is Bekonta.
Once you sign up on Bekonta, you will automatically get a free Tron online wallet.
You can use your Tron wallet to buy, sell, store, send (withdraw) and receive (deposit) TRX.
Bekonta offers a simple user interface and allows you to enjoy unbeatable exchange rates for buy and sell transactions.
Follow the guide below and sign up for Tron account:
- Download the Bekonta app on Google play store on your device.
- To get started, you need to register and sign up. This is very easy. Click the Sign Up button and input your registration details. These details majorly include your names, e-mail address, and password of your choice. This will automatically mandate a mail from the platform to the e-mail address you used, requesting you to complete your verification.
- Login to Bekonta. A message will pop up on your dashboard requesting you to complete your KYC verification and set up your transaction pin.
- Click on the message and set up your 4-digit pin.
- Just a step further, another e-mail will be sent to you that contains a six-digit one-time password (OTP).
- Copy the pin and paste it where it’s required and you have successfully completed your password verification.
- Furthermore, to carry out an effective transaction, you will undergo other KYC verifications. This is necessary to facilitate tight security checks and enhance effective transactions.
Bekonta requires you to verify your account to ensure that your account complies with legal requirements. Verification can take an hour to possibly a day or two.
What Makes TRON Unique?
TRON appears to be one of those currencies that is more concerned with infrastructure than with pure digital money usage. It aspires to create what it refers to as Web 4.0. That is, in a word, a decentralized entertainment ecosystem.
The primary beneficiaries of this entertainment ecosystem are digital media creators. TRON will ensure that creators own rights to their work, have a place to store it, distribute it, and even charge a subscription fee by utilizing smart contracts and the blockchain.
Creators of digital media will have complete control over how content is developed and distributed.
There is no middleman between the artist and the final consumer, hence there are no fees for the inventor. TRON will essentially act as a middleman.
TRON has also been pre-mined, therefore no mining is possible on the platform.
The TRON 20 token is one of TRON’s tokens. This token is not the same as TRONIX.
It enables content creators to design their own tokens. It enables digital media artists to build their own cryptocurrency in a sense.
The TRON 20 token isn’t yet available, but it will be a part of TRON’s bigger strategy.
Tron forecast — How high can Tron go?
The full potential of blockchain technology has yet to be reached or realized, but TRON is one of the few projects that has set its sights on its promise that it can deliver across the board, and this is impacting TRON’s projected growth.
The coming months and years will be devoted to partnering and building the TRON brand in the crypto and traditional technology sectors.
From then on, as the adoption of blockchain technology increases and the Tron potential is realized in the content creation space, TRON should really come into its own, and price predictions for the TRX coin should get bigger and bigger.
Determining if TRX is a good investment is dependent on how the project goes.
Bottom Line
Tron remains one of the most interesting cryptocurrency options available. This is especially true for Nigerians interested in entering the cryptocurrency market by purchasing an undervalued coin with enormous potential.
To take advantage of this potential growth in TRX coins in the coming years, sign up on Bekonta and get easy access to TRX and other cryptocurrencies.
