Our normal Banking system has a lot of drawback one that has caused the economy of the world to continue to fluctuate and most times destroy so many investments.
There various types of Cryptocurrencies all over the world the most famous of all is Bitcoin, others are Ethereum, Litecoin, Zcash, Ripple and much more are being created and mined every minute.
Cryptocurrencies have to be a major boost in the finance industry with little or very few people ready to tap and fully understand the benefits.
What is CryptoCurrency?
A cryptocurrency is a digital currency that is completely decentralized from any form of government or bank control. Meaning it is a global tender that is used for transactions without the government or bank’s influence and approval.
In a lay man’s Term, Cryptocurrencies can be simply called internet money. Each cryptocurrency’s decentralized control works through distributed ledger technology, called a blockchain. A blockchain simply serves as a public financial transaction database
History of CryptoCurrency.
In 1983, the American cryptographer David Chaum invented an anonymous cryptographic electronic money called ecash.
Later, in 1995, he performed it through Digicash, an early form of cryptographic electronic payments which needed user software to withdraw notes from a bank and allocate specific encrypted keys before it can be sent to a recipient.
This authorised the digital currency to be stored to the issuing bank, the government, or any third party. In 1998, Wei Dai wrote a description of “b-money”, characterized as an unknown, distributed electronic cash system.
Shortly thereafter, Nick Szabo described bit gold. Like bitcoin and other cryptocurrencies that would follow, bit gold was defined as an electronic currency system (not to be confused with the later gold-based exchange, BitGold)
Required users to complete a proof of work function with solutions being put together and published cryptographically. Hal Finney, who followed the work of Dai and Szabo, later developed a currency structure based on a reusable proof of work.
In 2009, anonymous developer Satoshi Nakamoto created the first decentralized cryptocurrency, bitcoin. It utilized SHA-256 as its proof-of-work scheme, a cryptographic hash function.
Namecoin was conceived in April 2011 as an effort to form a decentralized DNS which would make censorship on the Internet very challenging. Soon after, in October 2011, Litecoin was published.
Cryptocurrency Stats You Should Know.
Have you ever wondered the current state and future of cryptocurrencies? this 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 is over 27 million bitcoin wallet address 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 ATM’s 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 the Bitcoin.
Benefits Of Cryptocurrency.
Just to expand your knowledge, here are some amazing benefits you enjoy when you intend to start trading cryptocurrency.
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 transactions 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 the 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 authorized, it can not be reversed as in the case of “charge-back” transactions fees allowed by credit card companies.
Dangers Of cryptocurrencies
There are ups and down’s to every business, cryptocurrencies are not left out, here are some very few dangers associated with cryptocurrency business.
1. Cryptocurrency can easily be used for money laundering.
There are no official body and organization associated with monitoring cryptocurrency transaction, so therefore money can be easily laundered using this platform without anyone knowing.
how to make money buying and selling cryptocurrency
In time 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 fully accepted it into their legal systems as a result of this cryptocurrencies are highly unstable, it can fall and rise at any time.
Another risk you face when using cryptocurrency is a lack of acceptance. Some businesses are scared of cryptocurrencies because of the increases in value 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 easy 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 interesting as this solution might be, you can easily lose your cryptocurrencies of 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 secured for now.
Transaction 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 and convince him/her to send the crypto back to you and in most case you might not find such person again.
How to make money from cryptocurrencies.
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. Crypto Trading.
There are millions of people who want to trade their cryptocurrency for physical cash.
This is the most common way to make money with cryptocurrency, it involves trading your preferred cryptocurrency for physical cash or other cryptocurrency or vice versa, it just like the modern Foreign exchange business.
Crypto exchange is platforms that people signup on to buy and sell any cryptocurrency of their choice to each other.
The cryptocurrency exchange may collect a commission on every transaction that happens or may even charge a monthly subscription fee to use their platform.
Here are a few crypto exchange platforms to get started with.
Binance is a fast-growing exchange which closed its ICO on 21 July 2017 and raised USD 15,000,000.
The company is registered in Malta which is the heaven of crypts and offers a fast blazing exchange. It has grown tremendously since its ICO to date 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
Coinbase is a U.S. crypto-based exchange serves the global public. They are suitable for beginners and offer great 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.
ChangeNow has an established track record of bringing consistently successful products out in the crypto-space.
It currently supports over 200 cryptocurrencies, along with 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 on the market in real-time to get you the biggest price.
TRY IT NOW- CHANGENOW.IO
Kraken is a crypto exchange which is meant for serious individual and businesses.
Apart from an Individual account, it also offers an institutional account which is idle for crypto businesses.
Kraken supports multiple digital assets, and multiple traditional currencies allow you to fund your account.
Kraken also provides a high-volume crypto exchange Bitcoin OTC desk.
TRY IT NOW – KRAKEN.COM
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 the hassle of searching out traders to buy or sell to.
BuyCoins is headquartered in Lagos, Nigeria.
Just in case you are seeking to start your crypto business without the hassle of submitting documents then you can get started with Buy coins.Africa.
TRY IT NOW – BUYCOINS.AFRICA
Luno is a bitcoin exchange and payment service running in 40 countries across the world. 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 various 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 largest coins by market capitalization, across fiat currencies, all over the world.
The Luno wallet and payment app make it easier than ever to send, receive and spend your crypto and fiat.
Education is granted through the Luno Learning Portal and blog for the beginner who does 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. Crypto Investment.
This involves buying any cryptocurrency of your choice with the sole aim of making a profit in the nearest future.
Those that bought Bitcoin 10 years ago at $1,000 experienced huge profit as the price of Bitcoin skyrocketed in 10 years later.
If you want to invest in a profitable business, cryptocurrency may not be a bad idea at all.
3. crypto mining.
Crypto Mining is a validation of transactions, miners are thereby rewarded with cryptocurrencies after these transactions.
Cryptocurrencies are mined, but digitally. To mine any kind of cryptocurrency, there are certain tools needed to perform the talk.
crypto mining can be very hectic and require heavy 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
4. Create Your Own 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 own cryptocurrency is the difference, between coins and tokens.
Both are cryptocurrencies, just that a coin is designed to operate its own blockchain, see blockchain like a server while a token life is designed to work on an existing blockchain platform like Etherum and Neo.
A blockchain is, simply a record of transactions made on and secured by a network, just in case you are curious about what it actually means.
So while coins have their own 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 in turn fund all kinds of projects such as gaming and any kind of innovation.
The simplicity behind the creation of a token has made a lot of people to abuse the opportunity and forced Securities and Exchange Commission to crack down on ICOs and moving 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 own blockchains, this makes it very tough to create, in doing to so you have to either create a blockchain from scratch or take an existent 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 and most of them includes, Bitcoin cash and many more.
Just after fully developing your own coin or token the next thing is to go public via a process called ICO (The initial coin offering).
ICOs are how blockchain-savvy companies raise capitals for their crypto projects. But instead of the investors purchasing shares, they earn “tokens”.
This is the centre of your project! You need to think about how your dApp will help in the industry you’re targeting. Are you planning to remove a current middleman (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, then why will anyone want to invest or use it? If you want 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 the final thing that you need to understand when building your own cryptocurrency is the need for a white paper.
A whitepaper is what investors will use to assess your project. All whitepapers should be in PDF format – PDF white papers are available on different systems and browsers without bothering about format/structure and layout problem.
5. Accept It As A Payment Option On Your platform.
I have seen so many online platforms make use of this, and I must say that it is one legit way to make money with cryptocurrencies.
All you need do is to integrate it alongside your website.
6. Join Crypto Affiliate Programs.
This is another way to make money with cryptocurrencies, all you need do is to 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, most especially if you don’t understand basic gambling concepts.
Just like any form of gambling, you can make money and lose money.
8. Write About Cryptocurrencies.
Cryptocurrencies, in general, is a new niche with the scarcity of writers who understands it’s concepts, most times all you generally see is spam contents that try to amuse you to invest in cryptocurrencies without the appropriate knowledge.
If you have an interest in this topic, you can start a blog that is dedicated to this cause, or even guest post for other writers that will pay you for writing.
Here is an article to help you get started with your own blog for free.
Just in case you don’t have the strength and the technical know-how to start a blog, then you can start a medium publication.
Here is an article to help you get started.
You can also find jobs on other freelance websites like Fiverr and Upwork.
How To Promote Your CryptoCurrency Business.
There are so many people interested in doing cryptocurrency business but you need a way to reach out them, educate them and convert them into business customers.
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 do is to create a website that describes what they do, then adds a link to your crypto address and starts doing business from there.
If you run a blog where you write about cryptocurrencies then you can start writing amazing contents coupled with affiliate marketing to help you make money.
Here is an article I wrote to help you get started with owning a website.
Just 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 a full website or a blog should run, so therefore it’s time to stop talking and start doing.
I decided to drop a dedicated article on how you can own an awesome 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 optimization is the process of 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 optimization.
3. Social Media.
Social media platforms like Facebook, Twitter, 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 get started with setting up a business on Facebook and Instagram.
4. Use Email Marketing.
Email marketing is the act of sending out messages in the form of advertising using email, typically to a group of people.
If you have a huge email marketing list then that is another added advantage to you.
Just go ahead and spread the good news about your crypto-business.
Are you new to email marketing or need to brush up your knowledge here is an article I recommend that you read.
Just before going to consume 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 usually make this happen is by introducing the best way of doing things to them.
It is my custom and tradition to always 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 an amazing company that is constantly innovating and building great products.
I highly recommend that you read this article below to learn more about how you can also benefit from this amazing 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 so many Crypto- based article on Medium, you can look up some of them and write.
I wrote an article on how you can maximize the use of Medium click below to read.
6. Word Of Mouth.
This is the slowest means but highly effective, lets say you meet someone or you find yourself in a large gathering then you can give them reasons why they should invest in cryptocurrencies.
This is the best way of pitching things to someone, most especially if they are hearing about the business for the first time.
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 to “Buy Low” and “Sell High”. Cryptocurrency is still very much in its infancy so it is very wise to buy now and hope for better updates ahead.