You should be taking this technology as seriously as you should have been taking the development of the Internet in the early 1990’s – Blythe Masters
What is cryptocurrency?
Cryptocurrency is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. It is decentralized digital money based on blockchain technology.
What is blockchain?
A blockchain is essentially a digital ledger of transactions duplicated and distributed across the entire network of computer systems on the blockchain.
Cryptocurrency experts say Nigerians are hedging against the drop in value of our currency, the naira, by trading more dollar-denominated digital assets.
Nigeria scored 371 in the study that looked at Google Trends data for six searches, such as buy crypto or invest in crypto. This study provides insight into which countries remain most interested in cryptocurrency despite market pullbacks. Nigeria had the highest search on google.
It proves many Nigerians are interested in learning about cryptocurrency.
The most traded cryptocurrency is Bitcoin/Naira, and other cryptocurrencies popular in Nigeria include Dash, Ripple (XRP) and TrueUSD. According to a survey conducted in 2020, over 32% of participating Nigerians used cryptocurrencies.
Cryptocurrency has various advantages and benefits. Unfortunately, cryptocurrency crime is on the rise. Without proper education on cryptocurrency, you can be in for a risky loss. The desperation for Nigerians and people globally to make money has brought about several fake websites and Ponzi schemes luring people with cryptocurrency.
However, taking classes in cryptocurrency will open your eyes to how the system works to minimize your exposure to risks and scams. Every investment opportunity has its risks, but the power of knowledge in a subject can go a long way to helping your choices.
Are you in Oyo State and interested in taking cryptocurrency lessons? Here are some of the ways you can learn about cryptocurrency. Let us take you on a journey of learning crypto.
The Fundamentals In Cryptocurrency
Cryptocurrencies are increasingly popular alternatives for online payments. Before cryptocurrencies, many attempts at creating a digital currency have taken place. However, Bitcoin is the first cryptocurrency before the others that followed.
Satoshi Nakamoto published a white paper called Bitcoin: A Peer-to-Peer Electronic Cash System, describing the functionality of the Bitcoin blockchain network. Months later, Satoshi Nakamoto mined the first block of the Bitcoin network, effectively piloting the blockchain technology.
You store cryptocurrency in digital wallets.
Crypto, from the Greek word kryptos, means hidden or secret
Cryptocurrency received its name because it uses encryption to verify transactions. Encryption aims to provide security and safety. It means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and public ledgers.
We understand cryptocurrency as a digital currency. The first thing to know about these currencies is that there are three different types: digital, virtual, and crypto.
Digital currency represents all digital money-like assets. These assets may be exchanged via the internet or stored on a computer. The Scottish Reserve Bank holds its reserves in digital form; so do the Central Banks of other countries. These digital assets are regulated.
Virtual currency is also a digital currency; the primary difference is that virtual currency is unregulated. Virtual currencies are used within specific virtual communities and managed by their developers, not government or finance officials.
Cryptocurrencies are digital and virtual, but they have unique characteristics that set them apart from the two designations. Cryptocurrencies are decentralized, meaning that no authority governs their activity.
The future of currency lies with cryptocurrency. As of 2018, more than 1,600 cryptocurrencies were available; some popular ones are Bitcoin, Litecoin, Ethereum, and Zcash. And a new cryptocurrency crops up every single day.
How Cryptocurrency Works
Crypto in cryptocurrencies refers to complicated cryptography that allows for creating and processing digital currencies and their transactions across decentralized systems. Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders.
A blockchain is essentially a digital ledger made up of expanding blocks of data. Blockchain technology prevents double spending or manipulation of cryptocurrency code to allow the same currency units to be duplicated and sent to multiple recipients.
How cryptocurrency works depends on what you want to do with it. But the most common use for cryptocurrencies is as investments.
If you own cryptocurrency, you do not own anything tangible. What you own is a key that allows you to move a record or a unit of measure from one person to another without a trusted third party.
Many retailers are adapting their systems to accept cryptocurrencies. You may use your crypto for purchases. For these transactions, a QR code takes the place of the standard debit or credit card. You will flash your code at the code reader, and the funds will be moved automatically from your crypto wallet to the merchant.
If you want to get in on a lucrative investment opportunity, direct yourself to a cryptocurrency exchange, open an account, choose how you will fund that account and, once approved, you can start buying. Once you invest, let it ride the market fluctuations until you are ready to cash in on your investment.
Trading cryptocurrencies is one of the answers to how to make money with cryptocurrency. Everyone gets into the cryptocurrency field to make money, but not all end up doing that. Some people either give up along the way or lose money because they do not understand how to make money with cryptocurrency.
Now, this takes us to the discussion of learning crypto currency. Where and how you can learn about cryptocurrency in Oyo State.
How To Learn Cryptocurrency In Oyo
When you get proper training in cryptocurrency, you will learn the pros, cons, benefits and how the market works. You can take classes with a crypto training centre or a private tutor and courses online that will expose you to the do's and don't of other people's experiences and real-life situations.
As cryptocurrency is a digital affair, several classes are online. However, you can learn on-site with some training centres.
Unichrone's certification training offers industry-standard training and certification in Blockchain Technology. They involve their training with case studies and will guide students through the various types of Blockchain currencies like Bitcoin and Ethereum.
You can take an on-site, online self-paced or instructor-led course with this school in Ibadan.
You can also take a free online course on the website called Alison. You can visit the website to view their free diploma in cryptocurrency. The free online cryptocurrency course introduces you to the world of cryptocurrency, its origins and its technology.
Whether your interest in cryptocurrency is in mining, developing, investing and trading, or using digital currencies as a secure form of payment, this course at Alison will arm you with the knowledge you need to begin your journey in cryptocurrency.
To complete this Diploma course and become an Alison graduate, you need to achieve 80% or higher in each course assessment in this free course.
The site Learning Crypto also offers a free course for those interested in learning about Bitcoin and Altcoins - the name for all cryptocurrencies besides Bitcoin. Their syllabus includes in-depth looks at the theory behind Bitcoin and how wallets work. They also have a lesson dedicated to investing safely.
If you want to learn with a private tutor in Ibadan or anywhere in Oyo State, you can get one of the best cryptocurrency tutors on Superprof. You can choose from any of the cryptocurrency tutors available in your location.
You can get cryptocurrency tutors to give you online or home lessons.
The tutors will open your mind to new investment opportunities and teach you about new technology, new paths of thought and new ways of making a return on your investments. Most of the tutors offer the first hour of lessons free. A great thing about Superprof is that you can get tutors for as low as 1000 NGN per hour.
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