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Cryptocurrency; A crash course

- Ifeanyi Benny

Cryptocurrency is simply digital money. It is not a physical coin, thus it is stored in a digital wallet. They are bought for various reasons; be it quick transactions or investment.

Let’s have a quick crash course around cryptocurrency.

  1. Cryptocurrency is a cross between a currency and a digital asset.
  2. Bitcoin is the torchbearer for cryptocurrencies.
  3. Bitcoin and Ethereum are the two most common cryptocurrencies.
  4. Most Cryptocurrency is built on blockchain technology which is an organizational method for ensuring the integrity of transactional data.
  5. It is not backed by a government or a central bank. This thus get rids of third party regulations

How does it work?

Now, let us try to understand a bit about how the underlying technology behind it and why it is a game-changer.

Cryptocurrencies make use of decentralized systems. It is code-based on cryptography and controls the generation of units of currency and verification of transactions for the transfer of funds as the issuance of new coins. Then the distributed peer-2-peer node network executes the payments and places the coin’s ownership records on the blockchain.

What makes it a game-changer? Two great innovations were born in this industry: distributed ledgers, and smart contracts.

For a more detailed explanation, you should check out this trend here.

What are popular exchanges to buy cryptocurrencies with FIAT (government-regulated currencies) in Nigeria?

Currently, Nigeria is one of the top players in cryptocurrency. There are a few platforms that are well adapted and support the Nigerian market. These platforms act as digital wallets. These cryptocurrency wallets store the public and private keys which are used to send and receive various cryptocurrency. This is similar to your bank account. Here a few;

  • Luno was launched in 2013. It is the most popular and also easy-to-use crypto wallet in Nigeria. Currently, they support 6 cryptocurrencies; bitcoin, ethereum, bitcoin cash, ripple, litecoin, and USD coin.
  • Buycoins was launched in 2017 and pride itself in seamless payment methods. Currently, they support 5 cryptocurrencies; bitcoin, ethereum, litecoin, USD coin, and USD tether.
  • Quidax Launched in 2018. It is best for people who will like to trade and exchange cryptocurrencies. Thus, giving access to any crypto investor to interact in the crypto market. Currently; it supports 6 cryptocurrencies; bitcoin, ethereum, ripple, litecoin, dash, and tether.
  • Coinomi launched in 2014. Currently, they support over 125 cryptocurrencies and 382 ERC20 tokens.
  • Bitpay was established in 2011 and launched its wallet service in 2016. With bitpay, you can convert your cryptocurrencies to fiat and buy items with cryptocurrencies. It has a visa card system for Crypto ATM. Currently, they support bitcoin, ethereum, bitcoin cash, and 4 USD pegged stablecoin; (GUSD, USDC, PAX, and BUSD).
  • Binance  was launched in 2017 and with a low transaction fee. Currently, it supports 6 cryptocurrencies; bitcoin, ethereum, the graph, dogecoin, chainlink, and BNB.

Few tips before you buy and trade;

Cryptocurrency; A crash course

©2021 Ifeanyi Benny. All Rights Reserved.

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