Cryptocurrency is the new currency we spend in the world now, the term Cryptocurrency may seem like rocket science to many who do not know much about it.
Cryptocurrency is electronic money widely acceptable among the governments of the world because it can’t be restricted, this has made it be the source of payment for goods and services bought online and it can be traded for a profit.
Many who may like to know how to start cryptocurrency for Beginners in Nigeria should read this article to know everything about what cryptocurrency is all about, how to buy it and how to protect yourself to evade dangers.
What Is Cryptocurrency?
A Cryptocurrency popularly known as crypto is a digital currency used for making payment online for goods and services.
All records of transactions are distributed through a public ledger known as the blockchain and this makes it secure for transactions.
Cryptocurrency work as a medium of exchange where everyone can own a coin and all ownerships records are stored in an online ledger with strong cryptography to secure online transactions.
Cryptocurrencies use decentralized technology which makes all payments secured and help store money without the use of the bank.
Many Crypto companies have sprung up over the years and in recent times, more are still getting introduced as digital currency becomes the face of the world future currency, which leaves money on the table for everyone interested to make money.
Many are interested in how they can profit from digital currency and this brought people trying to learn how they can start investing in Cryptocurrencies.
Why Cryptocurrencies Are So Popular?
I can say Cryptocurrencies are popular because many believed it is the currency of the future; also people love it because it is not controlled by any governments, no central banks of the world is managing the affair of the digital currency.
They are popular because people like the technology behind them, which is the blockchain, likewise, they are popular because they increase in value.
These are some of the notable reasons why Cryptocurrencies are popular around the world right now.
How many cryptocurrencies do we have?
According to CoinMarketCap.com we have more than 6,700 different cryptocurrencies on the market traded publicly, and the number will keep increasing over time based on the research by the company.
If you want to invest in digital currencies you have lots of choices to make but the most popular among all is bitcoin.
How to start Cryptocurrency And The Most Traded ones World
The best cryptocurrencies by market capitalization are highlighted below.
Should You Consider Investing In Cryptocurrency?
Investing in cryptocurrencies is assumed to be a “high-risk” investment, as the prices volatile; this means the investment can go wrong and you can profit from it, it all depends.
If you are considering investing in Cryptocurrency know that it is a high-risk investment just like any other investment around. It decides to make money the rom high-risk investment. You either gain or lose your money.
Many are reaching profitability with cryptocurrency as more businesses and individuals are accepting crypto, this is evidence that Cryptocurrency is here to stay.
Cryptocurrencies are gaining momentum but it is considered a high-risk investment.
How can you buy cryptocurrency?
If you want to buy cryptocurrencies, there is something called a wallet, you will need it, this is where your coin comes to, in Nigeria, they are many online brokers you can create your account with, once you have the wallet, you can transfer your real money from your local banks to the wallet then convert it to coin or buy directly from online dealers.
Luno is one of the most popular cryptocurrency trading and exchange platform in Nigeria, you can have a cryptocurrency wallet with Luno, buy or sell Bitcoin likewise other cryptocurrencies like Cardona, Dogecoin, Litecoin can be traded on the site.
Should you buy cryptocurrency?
Cryptocurrency investment is a risk than investing in real estate or stock because it deals with speculative and volatile buy, but if you know the right way around it you can profit by investing in cryptocurrencies such as Bitcoin Ethereum, Ripple and others.
Best way to protect yourself in Cryptocurrency?
Before you buy any cryptocurrency in an ICO, you need to put a lot of things to check; all this are information that will help you decide on what to do.
Check who owns the company, if the owner is identifiable and well-known in the world, It is giving you a positive sign.
Know who are the major investors that are investing in the digital currency, you want to buy if you can find well-known investors longing for a piece of the currency then it is a good signal.
Decide what you want with the company, do you just want to have a stake in the company or just currency or tokens, when you own a stake it means you’re an owner, when you buy tokens it means you’re entitled to use them.
Know if the currency is already developed, or maybe the company is just looking to raise money for the development.
The more information you have and detailed they are will give you the better chance to know if it is a legit currency but that doesn’t mean the currency will be successful or you cant be scammed even when you know its legitimacy.
You should also know that your coins can be hi-jacked by hackers that penetrate the computer networks that maintain your assets.
Cryptocurrencies online brokers we know in Nigeria?
Online brokerages and cryptocurrency exchanges that we know in Nigeria right now are listed below;