an introduction to cryptocurrency

An introduction to Cryptocurrency

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“Chima, how far? Wetin you dey do? Give me your phone let me transfer some of your new movie downloads to mine via Xender” Tunji said to Chima his friend as he sank into the couch in the room.

“No, I can’t give out my phone now, I am doing some spot market trading at the moment” Chima replied barely lifting his eyes from his phone’s screen

“Spot market what? What’s that?” Tunji inquired with raised eyebrows.

“It is cryptocurrency, I am buying some coins”

“Oh, you are also into this cryptocurrency thing eh? What is it all about? Are you sure it is not a scam?” Tunji questioned.

Chima laughed, “Nope, cryptocurrency is not a scam, it is a legitimate business”

“But one of my friends lost all his money in crypto, it’s not a real thing, I can’t put my money in something like that!” Tunji stated.

“You need to acquire comprehensive education that will make you enlightened about cryptocurrency”, Chima said shaking his head and continued, “You need to enrol in Coin University where you can learn everything about Cryptocurrency”

“I don’t want to learn anything, I like the way I am, I don’t want my money to get missing” Tunji countered.

“The world is leaving you behind. This is the age of digital assets where wealth is being created on blockchain technology. If you don’t plug in now, you will regret it later”

There was silence in the room for some seconds as Tunji brooded over Chima’s words. He then broke the silence.

“Please teach me, I am ready for an introduction to cryptocurrency”.


What is cryptocurrency?

“Before I take you to Coin university, let me explain what cryptocurrency is”, Chima said and continued, “A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.”

“Okay, I need to start taking notes, this looks like it is going to be a handful,” Tunji said with a puzzled look.

“Don’t worry, I am going to break down everything for you. When you are starting in crypto, it might appear difficult but as you continue to learn and practise, you will get the hang of it and start loving it”

“Thank you”

“Now let’s talk about how you can get Cryptocurrencies


Where can I buy Cryptocurrencies?

“Okay, how can I get a cryptocurrency?” Tunji inquired.

“Cryptocurrencies can be mined or purchased from cryptocurrency exchanges”

“What are the exchanges?”

“There are so many exchanges that you can buy cryptocurrencies on. Some of them include Binance, Coinbase, Gateio, Hotbit, Kucoin, Okex, etc. In fact, there’s a full lesson on the types of exchanges and their uses that you need to take.”

“I have heard many of my friends on social media talking about Binance!”

“Yeah, it is the biggest cryptocurrency exchange in the world! The last thing I want to tell you before I end this session is Bitcoin.”

What is Bitcoin?

“I have heard about Bitcoin many times, is it that important? Do people make money from it?” Tunji interrogated.

“I am glad you have heard about Bitcoin. Bitcoin is the most popular and valuable cryptocurrency. An anonymous person called Satoshi Nakamoto invented it and introduced it to the world via a white paper in 2008.”

“Interesting, so what is the value of bitcoin now?” Tunji inquired.

Before Chima could answer, the door swung open and a young lady ran into the room shouting excitedly, “Chimaaaaaaa! That coin you told me to buy has done 1000x! I am now a millionaire!!!”

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