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Beginners Guide To Understanding and Investing In Cryptocurrencies

Beginners Guide To Understanding and Investing In Cryptocurrencies

how to make money with cryptocurrency

Introduction.

Do you know what you have to go through most times before sending money from somewhere in Africa to Europe?

For example, you have to visit a bank, make a request via Western Union, and finally wait for more than 48 hours before your transaction is processed.

It’s no news that this world’s current financial system is not favourable in terms of global monetary standards; some parts of the world seem to enjoy it more than others.

Finally, the issue of transparency, imagine leaving your money to the US federal reserve to make a mess of it by printing unlimited FIAT cash without control; you know how that has messed the global economy.

This is why cryptocurrencies were created to solve the issues with this present financial system.

You are also talking about Blockchain, the technology behind cryptocurrencies. Do you know that every transaction you make appears in your financial statement in your traditional bank? The problem is that these data can be altered at any time.

Blockchain was created to solve these issues of duplication and fraud. A blockchain is a database that cannot be tampered with when data is entered.

Putting all together, cryptocurrency solves two main issues number one is remittances, and the second is data safety.

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This article has been created to help answer the above questions with clarity. Make sure to stick to the end to get a comprehensive understanding.

What is CryptoCurrency?

A cryptocurrency is a digital currency utterly decentralised from any form of government or bank control. Meaning it is a global tender used for transactions without the government or bank’s influence and approval.

In layman’s terms, Cryptocurrencies can be simply called internet money. Each cryptocurrency’s decentralised control works through distributed ledger technology, called a blockchain. A blockchain serves merely as a public financial transaction database.

Cryptocurrency Stats You Should Know.

Have you ever wondered about the current state and future of cryptocurrencies? These statistics should guide you.

1. A post about Cryptocurrency surfaces every 3 seconds on social media.

2. The price of Bitcoin skyrocketed by 2,000% in 2017.

3. The market cap for cryptocurrencies was over $209.2 billion in 2018.

4. There are over 65 million bitcoin wallet addresses in total.

5. There are 2k + cryptocurrencies in the world.

6. Bitcoin accounts for over $7 billion in transactions daily.

7. There are over 5k+ Bitcoin ATMs available worldwide.

8. Turkey is the only country with the highest approval of cryptocurrency.

9. Ecuador became the first country to launch its cryptocurrency in 2015.

10. The U.S Dollar is the most traded national currency for Bitcoin.

Benefits Of Cryptocurrency.

Cryptocurrencies were created to abstract all the dangerous and volatile features of fiat currencies held and controlled by the federal reserve and government reserve of any country worldwide. Here are some fantastic benefits you enjoy when you intend to start trading cryptocurrency to expand your knowledge.

1. Transactions.

There’s paperwork, brokerage fees, commissions, and any number of other special conditions which may apply when dealing with a traditional transaction using our banking systems.

But not in cryptocurrency, Cryptocurrency is free to use and does not require a middle man. All transaction costs are free and do not attract any commission.

2. Easier International Trade.

By their very nature, cryptocurrencies are not subject to exchange rates, interest rates, transaction fees or other charges imposed by a particular country.

And using blockchain technology’s peer-to-peer mechanism, cross-border transfers and transactions can be done without complications over currency exchange fluctuations and the like.

3. Strong Security.

Once a transfer of crypto-currency is authorised, it can not be reversed, as in the case of “charge-back” transaction fees allowed by credit card companies.

Dangers Of Cryptocurrencies

There are ups and down’s to every business; cryptocurrencies are not left out, and there are very few dangers associated with the cryptocurrency business.

1. Cryptocurrency can easily be used for money laundering.

There are no official bodies and organisations associated with monitoring cryptocurrency transactions, so therefore money can be easily laundered using this platform without anyone knowing. In times past, millions of dollars have been laundered via Crypto Currencies.

2. Cryptocurrencies are volatile.

Cryptocurrencies are still struggling to enter the limelight as most governments have not entirely accepted them into their legal systems. As a result of this, cryptocurrencies are volatile; they can fall and rise.

Another risk you face when using cryptocurrency is a lack of acceptance. Some businesses are scared of cryptocurrencies because of the value increases it has undergone. This makes them reluctant to accept it as a form of payment.

If you try to pay strictly with cryptocurrency for purchases, you could end up with some businesses out of luck.

3. Cryptocurrencies are accessible to Loose.

Cryptocurrencies are stored in ledgers called Wallets. Wallets are online services that allow you to store, accept and send any form of Cryptocurrency of your choice.

As sweet and exciting as this solution might be, you can quickly lose your cryptocurrencies if you forget the login details to your Wallet. So choose one Crypto-wallet broker.

4. Cryptocurrency transactions cannot be reversed.

Cryptocurrencies are powered by blockchain technology which is the safest and most secure. However, transactions carried out cannot be undone, so be careful when sending out cryptocurrencies; make sure you verify the hash very well because once it is done.

It is registered on the blockchain server, and it only requires you to locate the person you mistakenly made the transaction with and convince them to send the crypto back to you, and in most cases, you might not find such a person again.

How Does a Cryptocurrency Appreciate In Value?

Cryptocurrencies are digital assets and have no central control, like traditional currencies regulated by banks and the government of a particular country.

For example, the value of the US dollar is determined solely by the government and the federal reserve of the United States of America, putting the decision of how the currency should run under the control of some individual somewhere in the government.

This individual controls the value and circulation of the money-making it easy to be manipulated. Potential investors worldwide continue to doubt the legitimacy of cryptocurrency just because it has no physical appearance and thereby cannot be controlled by any third party, including the government.

When I heard about cryptocurrency for the first time, I was lost, and I always wondered how such technology could be converted into money. One of the questions that kept popping up was how such an unseen asset could appreciate.

There has been a lot of talk about how to price Bitcoin and other cryptocurrencies. We set out here to explore what the cryptocurrency’s price might look like if it achieves further widespread adoption.

In this section, I will explain further how the prices of cryptocurrencies are determined.

1. Node Count.

Node count is an immeasurable indicator of the value of a cryptocurrency. Node count is a measurement of how many active wallets on the network exist, which can be searched on the internet or the homepage of a currency.

To analyse whether or not a currency has a fair price, one can search for the node count and the entire market capitalisation of the cryptocurrency and then connect those two indicators with other cryptocurrencies. Naturally, the higher the node count, the more valuable it becomes.

2. Rising Demand.

Supply and demand are significant factors determining the value of anything that can be purchased, including all digital currencies in the market.

For example, if more people try to buy bitcoins while others are willing to trade them, the price will go up and vice versa.

And since the supply of several cryptocurrencies is short, the increased popularity has been driving up prices.

Thanks to this rise in popularity and adoption of Cryptocurrencies by many companies and individuals, more and more governments and countries are trying to find out how they can implement them.

These reasons have been critical drivers for the price hike in cryptocurrencies worldwide.

3. Mass Adoption.

If a currency gains mass adoption, its value can explode. This is because the total number of most cryptocurrencies is short, and an increase in demand leads to an immediate rise in price.

4. Inflation of fiat currencies.

If the price of a fiat currency decreases, then the price of Bitcoin would go up concerning that currency.

This is because you will be able to get more of that currency with your Bitcoins.

It remains paramount to buy cryptocurrencies because your fiat money is meant to depreciate every time it stays in the bank.

Getting Started With Cryptocurrencies as a Beginner

There are 5 Cryptocurrency business opportunities that you can use to make money with bitcoin in Nigeria, Africa, or anywhere around the world, and they are

1. Trade-In Cryptocurrencies.

Millions of people want to trade their cryptocurrency for physical cash. This is the most common way to make money with cryptocurrency; it involves selling your preferred cryptocurrency for physical currency or other cryptocurrency or vice versa, just like the modern Foreign exchange business.

Another form of Cryptocurrency trading is speculating on cryptocurrency price movements via a CFD trading account. There are two methods involved in crypto trading, as defined earlier.

1. Buying cryptocurrencies via an exchange.

You might decide to buy a cryptocurrency, which means that you take ownership of a portion of the digital currency outright, to hold it in a digital wallet and profit if it increases in value.

Before you can start, you need to open a cryptocurrency wallet and an account with a cryptocurrency exchange. This is a long-term option when it comes to crypto trading.

For example, the very few people who repurchased Bitcoin in the early days and held it in their wallets have seen their wealth increase over time than the money they initially bought the coin.

Buying Bitcoin now for new investors will not be a good idea because it is already at its highest and will continue to go up.

The best strategy for people seeking to invest in the long term via cryptocurrency is to look out for an altcoin. That has a massive potential of becoming the next bitcoin in the next five years.

There are many altcoins out there; new ones join the market every day. Therefore, you should take time to read each coin’s white paper that you intend to invest in.

To begin investing in cryptocurrencies for a long time, you need a crypto exchange platform.

Crypto exchange is a platform where people signup up to buy and sell any cryptocurrency of their choice to each other.

The cryptocurrency exchange may collect a commission on every transaction or may even charge a monthly subscription fee to use their platform.

Here are a few crypto exchange platforms to get started with.

1. Binance.

Beginners Guide To Understanding and Investing With Cryptocurrencies

Binance is a Hong Kong-based cryptocurrency exchange launched by developer Changpeng Zhao (aka CZ) in July 2017.

Binance is a crypto trading platform that offers one of the most competitive rates. So whether you’re a beginner or a seasoned trader looking to trade crypto, this is probably the easiest and cheapest way.

The platform accepts users worldwide and has received favourable reviews from the crypto community.

Zhao’s company Beijie Technology created the exchange after a successful ICO raised $15 million. Binance has continued to maintain its place as a significant player in cryptocurrency circulation globally.

There are over 100 million people who now use Binance, and more are still adopting it because of the education platform provided by Binance.

Binance comes with dozens of features that make it stand out amongst all other major crypto exchanges grouped into two, such as the Binance Trading and Binance exchanger services. Putting this all together, Binance has brought many different benefits into its platform, such as.

1. Peer-To-Peer Trading.
2. Credit/Debit card.
3. SEPA/Wire transfers
4. Spot Trading.
5. Margin Trading.
6. Savings.
7. Staking.
8. Crypto loans and many others.

The company is registered in Malta, the heaven of crypts, and offers a fast blazing exchange. It has grown tremendously since its ICO and is now positioned in the world’s top 10 cryptocurrency exchanges. It now has over 190 altcoins listed on it.

TRY IT NOW- BINANCE.COM

2. Coinbase.

Beginners Guide To Understanding and Investing With Cryptocurrencies

Coinbase is a U.S.  crypto-based exchange that serves the global public. They are suitable for beginners and offer tremendous speed and reliability. You can buy cryptocurrencies quickly and trade at the same time using CoinBase.

They have an app for both iOS and Android which gives you the comfort of cryptocurrencies being traded from anywhere.

The security standard of CoinBase is high, and they have been around for many years. 

TRY IT NOW- COINBASE.COM

3. Change Now.

Beginners Guide To Understanding and Investing With Cryptocurrencies

ChangeNow has an established track record of bringing consistently successful products out in the crypto-space.

It currently supports over 200 cryptocurrencies and fiat pairs like USD / EUR. Crypto exchanges are one of the best and easiest to use out there.

When you use ChangeNow to swap cryptocurrency, the matching engine connects to some of the biggest and busiest cryptocurrency exchanges in real-time to get you the highest price.

TRY IT NOW- CHANGENOW.IO

4. Kraken.

Beginners Guide To Understanding and Investing With Cryptocurrencies

Kraken is a crypto exchange that is meant for severe individuals and businesses. 

Apart from an Individual account, it also offers an institutional arrangement idle for crypto businesses. 

Kraken supports multiple digital assets, and numerous traditional currencies allow you to fund your account. Kraken also provides a high-volume crypto exchange Bitcoin OTC desk.

I have used Kraken, and one feedback that I got about this platform is that it is not well diversified enough.

TRY IT NOW – KRAKEN.COM

5. BuyCoins.Africa.

Beginners Guide To Understanding and Investing With Cryptocurrencies

BuyCoins is a service provided by Bitkoin Africa which allows users to trade cryptocurrency instantly with no wait time.

Users can buy/sell cryptocurrency directly from the BuyCoins app without searching out traders to buy or sell to.

BuyCoins is headquartered in Lagos, Nigeria.

If you are seeking to start your crypto business without the hassle of submitting documents, you can get started with Buy coins. Africa.

TRY IT NOW –  BUY COINS.AFRICA

6. Luno.

Beginners Guide To Understanding and Investing With Cryptocurrencies

Luno is a bitcoin exchange and payment service running in 40 countries worldwide. With a devoted mission to teach the world about cryptocurrencies and how to trade them.

If all you seek is an exchange to purchase cryptocurrency pairs across dozens of cryptos, Luno is not the best option.

Luno is only limited to exchange offers to trade in bitcoin, ethereum, bitcoin cash and Litecoin, the four most significant coins by market capitalisation, across fiat currencies worldwide.

The Luno wallet and payment app make it easier to send, receive and spend your crypto and fiat.
Education is granted through the Luno Learning Portal and blog for beginners who do not know about cryptocurrencies.

Luno makes using crypto in the real world easy. You can change your crypto into your local currency at any time and spend it.

TRY IT NOW – LUNO.COM

2. Day Trade Cryptocurrencies.

The cryptocurrency market can be daunting for beginners and seasoned traders alike due to the vast jargon and processes involved. So we’ve broken it down into six simple steps to help you better understand the cryptocurrency market and how to trade it.

Another way to get started as a crypto trader is to predict its value to go up or down. This works more like Forex Trading; the only difference lies in the fact that you are trading and predicting digital assets.

This is the quickest way of making money as a crypto trader; though it is risky and comes with consequences, arming yourself with the correct information will help you get started.

You need a (CFD) contract for the difference to get started. A contract for differences (CFD) is an arrangement made in financial derivatives trading where the differences in the settlement between the open and closing trade prices are cash-settled.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 53.00%-89.00% of retail investor accounts lose money when trading CFDs. Therefore, you should consider whether you understand how CFDs work and can afford to take the high risk of losing your money.

You can speculate on crypto with a regulated broker that offers various trading products like forex.

Picking a CFD broker can be difficult, but you should first ensure that the broker is regulated. They must comply with high security and ethical standards to ensure that deposited money is safe. In addition, they must abide by laws designed to protect traders.

Bringing it all to a wrap, when it comes to trading cryptocurrencies via a CFD, you risk the market price rather than taking ownership of the cryptocurrency.

I wrote a comprehensive guide on how you can get started with day-trading cryptocurrencies; follow the link to the article below.

2. Invest In Emerging Cryptocurrencies.

This involves buying any cryptocurrency of your choice to make a profit in the nearest future. For example, those that bought Bitcoin 10 years ago at $1,000 experienced massive gain as the price of Bitcoin skyrocketed ten years later.

There are over 1,000 cryptocurrencies in existence, and more are being created. These cryptocurrencies are called Altcoin (alternate coins).

Bitcoin happened to be the first cryptocurrency, and its existence gave rise to other cryptocurrencies such as Litecoin, Ethereum, Bitcash and many more.

Bitcoin is so high in value because it has a large community than the other cryptocurrencies. However, to be honest with you, when deciding to invest in cryptocurrencies, you should seek out emerging coins to invest in.

Investing in Bitcoin would not be a wise option now because it is at its peak unless you are somebody like Elon Musk, Jeff Bezos, who is transferring their companies wealth into cryptocurrencies; these people are likely to gain profit instantly because they are buying in a larger quantity than you are if you intend starting very small.

More cryptocurrencies are emerging every day, and this is an excellent opportunity to invest and get back a considerable amount of profit. However, it takes time for a new coin to appreciate depending on the community behind it.

For example, emerging altcoins like Dogecoin, Tron, and many more are just a list of cryptocurrencies. So you can invest your money and be rest assured that you will get back your back in just about a year and a half investment because of the massive community behind it.

3. Mine Cryptocurrencies.

Cryptocurrency Mining is a validation of transactions; miners are rewarded with cryptocurrencies after these transactions. Cryptocurrencies are mined but digitally. To mine any kind of cryptocurrency, specific tools are needed to perform the talk.

Cryptocurrency mining can be very hectic and require serious cash and equipment; If you have the financial capacity to invest in bitcoin mining tools, you could start a bitcoin mine and grow from zero to hero.

The Bitcoin reward that miners receive is an inspiration that urges people to assist in the primary purpose of mining, to legitimise and monitor Bitcoin transactions, ensuring their validity.

Because these duties are spread among many users worldwide, Bitcoin is a “decentralised” cryptocurrency or one that does not rely on any principal authority like a central bank or government to oversee its regulation.

Miners are getting paid for their work as auditors. They are doing the work of verifying the legitimacy of Bitcoin transactions.

This convention is meant to keep Bitcoin users reliable and was conceived by bitcoin’s founder, Satoshi Nakamoto. By validating transactions, miners are helping to stop the double-spending problem.

4. Create Your Cryptocurrency.

Are you a Cryptocurrency lover and want to create your custom currency? Do you have a problem that you intend to solve? Then this is the way to go around it. The First thing to understand before pressing forward to create your cryptocurrency is the difference between coins and tokens.

Both are cryptocurrencies, just that a coin is designed to operate its blockchain, see blockchain like a server, while a token life is designed to work on an existing blockchain platform like Ethereum and Neo.

A blockchain is simply a record of transactions made on and secured by a network, just in case you are curious about it. So while coins have their independent transaction ledgers, tokens rely on already designed technology to verify and secure transactions and ownership.

Coins are used to transfer wealth, while a token is often released through a crowd sale known as an initial coin offering (ICO) in exchange for existing coins, which fund all kinds of projects such as gaming and any type of innovation.

The simplicity behind the creation of a token has made many people abuse the opportunity and forced Securities and Exchange Commission to crack down on ICOs and move to treat tokens as securities that must be regulated.

Ethereum analytics has more than 71,000 token contracts in its archive, but not everything makes it to the exchange.

Coins exist on their blockchains; this makes it very tough to create; in doing so, you have to either create a blockchain from scratch or take an existing one and modify it for your new coin.

Alternatively, you can fork an existing blockchain by taking the open-source code found on Github; so many famous coins that you see today started this way, including Bitcoin cash and many more.

After fully developing your coin or token, the next thing is to go public via ICO (The initial coin offering).

ICOs are how blockchain-savvy companies raise capital for their crypto projects. But instead of the investors purchasing shares, they earn “tokens”.

This is the centre of your project! It would help if you thought about how your dApp will help your target industry. For example, are you planning to remove a current intermediary (like a bank or a broker)? Are you looking to solve real-world problems (such as poverty or lack of education)?

If your project has no real benefit, why will anyone want to invest or use it? If you’re going to create value, you must add value.

You need to think about a real problem and how blockchain technology can solve it. The last and final thing that you need to understand when building your cryptocurrency is the need for a white paper.

A whitepaper is what investors will use to assess your project. Therefore, all whitepapers should be in PDF format – PDF white papers are available on different systems and browsers without bothering about format/structure and layout problems.

There are so many people interested in doing cryptocurrency business, but you need a way to reach out to them, educate them and convert them into business customers. Note that you need a community to be able to drive the value of your newly created Cryptocurrency.

Here are a few strategies that can help you out.

1. Use a Website.

This is one strategy I see most crypto traders use; all they need to do is to create a website that describes what they do, then adds a link to your crypto address and start doing business from there.

If you run a blog where you write about cryptocurrencies, you can start writing excellent content coupled with affiliate marketing to help you make money.

Here is an article I wrote to help you own a website.

Before diving deep into the basics and hardcore part of owning a website or running a blog, allow me to assume that you at least have a basic knowledge of how an entire website or a blog should run, so it’s time to stop talking start doing.

I decided to drop a dedicated article on how you can own a perfect domain name and a cheap web host with BlueHost, and I recommend that you study and do what is advised in the article below.
Afterwards, you may return to fully digest the part you need to get started and stay on top of your game.

Here is a link to the recommended article.

2. Search engine Optimization.

Search engine optimisation is increasing the position and number of website traffic by enhancing the visibility of a website or a web page via search engines such as Google, Bing and Yahoo.

One thing about SEO is that it takes time, but when it comes into effect, you will get views like crazy.

Here is an article to help you get started on Search Engine optimisation.

3. Social Media.

Social media platforms like Facebook, Twitter, and LinkedIn can serve as a source of traffic and draw a lot of attention to your blog post.

If you have a lot of Facebook friends or a Facebook business page or, better still, huge followership on Instagram and Twitter, then you can go on to tell them about your new business.
Be sure to get a lot of attraction from them.

Here is an article I recommend you read to set up a business on Facebook and Instagram.

4. Use Email Marketing.

Email marketing is sending out messages in the form of advertising using email, typically to a group of people.

If you have a massive email marketing list, that is another added advantage.

Just go ahead and spread the good news about your crypto business.

Are you new to email marketing or need to brush up on your knowledge? Then, here is an article I recommend that you read.

Just before consuming the above-recommended content on email marketing, I usually like to ease the stress of my reader to allow them to benefit as quickly as possible, and one way that I typically make this happen is by introducing the best way of doing things to them.

It is my custom and tradition always to conduct a full forensic investigation on any online program and give my users feedback; this is more reason why I am recommending GeResponse as your official email marketing software.

I have used GetResponse, and I must tell you that it is indeed a fantastic company that constantly innovates and builds great products.

I highly recommend reading this article below to learn more about how you can benefit from this fantastic product and scale your email marketing campaigns to success.

5. Post On Medium.

Medium is another platform to share your article, the whole idea behind Medium is to replace the idea of owning a personal blog, but you can still make use of it. All you need do is to copy and paste the article on your blog on Medium, and that is it; just in case you don’t want to start a blog, you can leverage the power of Medium.

There are many Crypto-based articles on Medium; you can look up some of them and write.

I wrote an article on how you can maximise the use of Medium click below to read.

6. Word Of Mouth.

This is the slowest means but highly effective; let’s say you meet someone or you find yourself in a large gathering, then you can give them reasons why they should invest in your newly created cryptocurrency. This is the best way of pitching things to someone, especially if they hear about the business for the first time.

5. Accept It As A Payment Option On Your platform.

I have seen so many online platforms use this, and I must say that it is one legit way to make money with cryptocurrencies. All you need to do is to integrate it alongside your website.

6. Join Cryptocurrency Affiliate Programs.

This is another way to make money with cryptocurrencies, all you need do is refer a friend, and when they subscribe, you stand a chance of making money. Here is an article I recommend you read to help you get started with affiliate marketing.

7. Gambling With Cryptocurrencies.

This is not an advisable way to make money with cryptocurrencies, especially if you don’t understand basic gambling concepts. But, like any form of gambling, you can make money and lose money.

8. Write About Cryptocurrencies.

Cryptocurrencies, in general, are a new niche with a scarcity of writers who understand their concepts. Most times, all you generally see is spam content that tries to amuse you into investing in cryptocurrencies without the appropriate knowledge.

If you are interested in this topic, you can start a blog dedicated to this cause or even guest posts for other writers that will pay you for writing.

Here is an article to help you get started with your blog.

If you don’t have the strength and the technical know-how to start a blog, you can create a medium publication.

Here is an article to help you get started.

How Cryptocurrency Will Change The World.

Cryptocurrency is becoming so popular throughout the world, and its evolution cannot be stopped. While so many stand against its revolution, it should also be known that the use of cryptocurrency can make the world a better place.

Cryptocurrency may seem like a technology of the future. It has, and will, transform the way we store money, pay for goods and services, and do business. But additionally, there are other ways that cryptocurrency will make the world a better place.

1. Reduce the risk of fraud.

Fraud is one of the biggest concerns about almost anything relating to money. But unfortunately, world banks, governments and politicians have continued to use the traditional cash to do a lot of evil.

The use and transfer of any Cryptocurrency are not affiliated with your bank account or cash funds and are conveyed electronically and securely with the blockchain recording all transactions; cryptocurrency will play a big part in decreasing fraud and offering peace of mind.

2. Increase crowdfunding.

In this article, I pointed out that the value of any cryptocurrency is directly proportional to the amount of community behind it. Cryptocurrency works just like crowdfunding.

Crowdfunding is a frequently popular way for entrepreneurs to raise money for their concepts and products. Investors can make small investments instead of a few investors making significant investments. Therefore, this decreases risk. Without the risk, more investors want to get involved.

Cryptocurrency will make the planet a better place as it continues to impact crowdfunding positively. Initial coin offerings (ICOs) are centred on cryptocurrency, which is used as the source of capital for a startup company’s venture.

3. Makes Money Transfer easy.

It can still take some wire transfers a week or longer to clear and be deposited, especially if the transfer is international, and worst of all, the bank charges are not easy to bear.

The cryptocurrency transfer does not require all of the same checks and balances means that banks do before funds can be transferred. Whether a national or international transfer, cryptocurrency transfers are prompt,  and they do not require any standard fees; of course, your crypto exchange platform takes very little on every exchange.

Transactions can be tracked and securely stored in the blockchain, which makes it free from central control and scam.

4. Fosters The growth of e-commerce.

The current trend in buying and selling has moved online, hence the need for a more reliable mode of payment. In recent times, everyone makes most of their purchases online, especially during The Holidays.

It has also become a primary concern that most online payment gateway fails during massive traffic, causing most payment verification to be delayed. The use of cryptocurrency can help reduce the risk of fraud, allowing vendors and sellers to become permanent, creating proof of payment that cannot be manipulated.

Cryptocurrency transactions are permanent in addition to the mitigation of risk. Using cryptocurrency creates more opportunities for worldwide business; it does not matter what location you desire to make a payment; with cryptocurrency, all your transactions are seamlessly handled.
I wrote a comprehensive guide on getting started with an e-Commerce business. Click the link below to get started.

5. Reduce Corruption and Keep individuals and organisations accountable.

One of the significant challenges facing developed and developing nations of the world is the issue of corruption. Looting of public funds and forging illegitimate records are problems that the use of cryptocurrency can help tackle.

Taking a company or individual’s word on their integrity based on what they write about themselves on paper is not a reliable way to determine the ethics of their actual practices. Cryptocurrency will make the world a better place by changing this process.

Blockchain technology, which is behind cryptocurrency, cannot be altered like traditional currency.

The technology behind the creation of cryptocurrency can help ensure that all corrupt practices are brought to the minimum. Using crypto and blockchain technologies keeps companies and individuals accountable.

6. Better Than unstable currencies.

One downside of fiat money lies in the fact that that country’s central bank can manipulate it. Have you wondered why a nation devalues its currency? one of the primary reasons is that such a nation has been borrowing funds from other countries.

Cryptocurrency is accepted worldwide and is not subject to exchange and interest rates. It would also provide more stability and certainty to those living in economically volatile countries.

Conclusion

Like any investment, make sure you do your research, invest wisely, and you could someday make a big hit from buying and selling cryptocurrencies.

The simple tip to making it big in Crypto Trading is “Buy Low” and “Sell High”. However, cryptocurrency is still very much in its infancy, so it is wise to buy now and hope for better updates.

What do you think?

Written by Udemezue John

I teach you how to make money online.

You can connect with me on Twitter Twitter.com/_udemezue

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