Cryptocurrency

What’s cryptocurrency ?

Crypto-currency or crypto, is any form of currency that exits digitally or virtually uses 

cryptocurrency to secure transactions. Cryptocurrency don’t have a central issuing or regulating 

authority. Instead using a decentralized system to record transactions and issue new units. 

Cryptocurrency received its name because it uses encryption to verify transactions. This means 

advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to 

public ledgers. The aim of encryption is to provide security and safety. 

The first cryptocurrency was Bitcoin, which was founded in 2009 and remains the best know today. 

Bitcoin was developed by Satoshi Nakamoto. Some other powerful examples for cryptocurrency are 

Ethereum, Litecoin, and Ripple. 

How to buy cryptocurrency ?

It’s just three step process.

➢ As the 1st step: Choose platform

• Traditional broker: the online broker who offer ways to buy and sell cryptocurrency, 

as well as other financial assets like stocks, bonds, and ETFs. These platforms tend to 

offer lower trading cost but fewer crypto features. 

• Cryptocurrency exchanges: these are many cryptocurrency exchanges to choose 

from, each offering different cryptography, wallet storage, interest-bearing account 

options, and more. Many exchanges charge asset-based fees. 

• 2nd step: Begin trading 

Most crypto exchanges allow users to purchase crypto using fiat currencies such as the US Dollar, the British Pound, or Euro using their debit or credit cards. Crypto purchases with credit cards are considered risky , and some credit cards companies 

don’t allow crypto transactions either. This is because cryptocurrency is highly volatile, and it is not advisable to risk going into debt – or potentially paying high credit card transaction fees – for certain

assets. 

• 3rd step: Placing an order

You can place an order via your broker’s or exchange’s web or mobile platform. If you are planning to cryptocurrency, you can do so by selecting “buy”. Choosing the order type, entering the amount of cryptocurrency you want to purchase and confirming the order.

There are also other ways to invest in crypto such as,

• Bitcoin trust

• Bitcoin mutual funds

• Blockchain stocks or ETFs

Cryptocurrency Scams !!!

• Fake websites: bogus sites which featured fake testimonials and crypto jargon.

• Virtual Ponzi schemes: cryptocurrency criminals provide and promote non-existent

opportunities to invest in digital currencies and create the illusion of huge returns by paying off old investors with new investors’ money.

• Romance scams: the FBI warns of a trend in online dating scams, where trickers 

persuade people, they meet on dating apps or social media to invest or trade in virtual

currencies. There are 1800+ reports of crypto-forced romance scams in the 1st seven moths of 2021, with losses reaching $133 million.

Cryptocurrency investments is a capital investment, and which comes with great risks. So.It’s up to you to safeguard your money. Think wisely and invest wisely.