The Future of Cryptocurrency in Nigeria- Part 1

Cryptocurrency is a decentralized blockchain and a digitalized asset which is patterned to work as an exchange medium where the record of ownership of individual coins are stored in a database file with the use of standard cryptography to manage the establishment of additional coin, for transaction securement and the verification of coin transfer ownership. Cryptos are not like paper money which its existence is physical but they exist in a virtual form.

The transactions made with Cryptos are paid directly between the buyer and the seller, without the need for intermediaries. The record of transaction and the usage of Cryptos are managed on various blockchain platform.

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Bitcoin,Litecoin,Ripple,Ethereum,Dogecoin,Cardona and others are types of Cryptos.Currently ,we have nothing less then 9,826 types of Cryptos worldwide (according to Coinmarketcap). It should be noted that there is no central authority saddled with the authority of controlling cryptocurreny such as the Central bank or the government.

Factors that determine decentralization

(1). Desire to improve the communication channel of the organization:- if the communication provides for speedy and accurate transfer of information on which decisions are based then decentralization could be more effective.

(2). the competent level of the subordinate or lower level managers :- the authority decentralization can be more operational where subordinates are trained and experienced that will give management confidence of authority delegation.

(3). The size and complexity of the organization:- size is one of the determinant of authority system to be applied in the organization. Decentralization can be categorized as resources wasted under small organization but considered most suitable in a large and complex organization.

(4). The competence of the top level management:- the organization may decide to reduce the level of authority decentralized where the top level management are so competent which will guarantee excellent performance despite large and complexity of the organization.

(5). Location of target market:- if the customer of the organization are located geographically, decentralizing authority becomes necessary but it may not be necessary if the customers are within the organizational environment.

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