Every time science comes up with something we are either too far to get it or it is not our business but cryptocurrency has come knocking.
Cryptocurrency has been around since the 80s. However, bitcoin was only launched in 2009 by Satoshi Nakamoto. Bitcoin is a decentralized cryptocurrency.
What are the Features of Bitcoin?
– Not controlled by any bank or government rather it is controlled by the market participants, that is, you and I. We control bitcoin.
– Limited supply. There are only 21 million bitcoins in existence.
Money is divisible, durable and verifiable which is why it can serve as a means of exchange for goods and services. The same applies to bitcoin. Thus, it is safe to say bitcoin is money.
Advantages of Bitcoin.
1. Makes money transfer from country to country easy without the usual hassles of exchange fees and forex expenses.
2. It is decentralized that is everyone and no one is in charge of it, just like the internet.
3. It has a limited supply thus it can not be inflated.
4. It is transparent and any suspicious moves can be easily detected.
6. Trusted, it has been used over years and vetted by different people. It is also quite difficult and expensive to hack.
Other examples of cryptocurrencies: ethereum litecoin and monero but bitcoin is the major cryptocurrency.
How to be a Part of Cryptocurrency.
*First you need to get started by downloading an application. For example, Luno which is a mobile app. It is able to convert naira to bitcoin and vice versa.
*You have to join an exchange platform. These are avenues where you can exchange your cryptocurrencies.
*Trade with other cryptocurrencies; this should not be hastily jumped into. It requires a lot of wisdom and tact.
*Lend your cryptocurrency; if you do not want to be directly involved in trading, you can lend your cryptocurrency to traders who will then give you a percentage return. Lending platforms for cryptocurrency include bitconnect (https://bitconnect.co/?ref=Aetel1), hextracoin (https://hextracoin.co/register?referrer=Aetel1hextracoin) and altcoi.com.
*Staking: which is just leaving the cryptocurrency in your wallet and allowing it to grow interest just like we do with money in banks.
Like virtually every other thing, trading is risky. Although the returns are worthwhile, do not invest with money you’re not willing to part with.
About the Guest
Elijah Atulomah. He is a “banker” who has worked in Skye bank and now Wema Bank. He develops apps and was part of the team that developed the Famous Alat app (www.alat.ng). His knowledge in the e-banking (e-business) sector drove him into crypto-currencies.
“Tomorrow (in the future) we wont talk of e-business without crypto”
– Elijah Atulomah