What is cryptocurrency?

  • A cryptocurrency is any digital asset that exist digitally or virtually and has no physical form 
  • It is a digital payment system that does not rely on banks to verify any transactions. It is a peer – to –peer system that only allows the person sending and receiving the money to see the transaction details
  • Most cryptocurrencies use a technology know as blockchain, a system that makes it extremely difficult to; hack, duplicate, forge etc cryptocurrencies
  • Cryptos are not issued by any authority, this means that they are immune to government interference and so it is not a legal tender in most countries
  • There are many different cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, etc
  • Cryptocurrencies are stored in something called a digital wallet, it is an electronic device that secures a user’s payment information, and money

Why should I invest in cryptocurrency?

  • Has the potential of earning extremely high profits if its price increases
  • Helps you grow your wealth quicker and significantly if its price increases
  • Cryptocurrency is one of the most riskiest assets; you have no idea if its price will increase or decrease
  • There is no central authority to regulate the price according to the people’s opinion
  • In a way, cryptocurrency is more like gambling and relying on luck on whether it will go up or down

Pros and Cons of Cryptocurrency


  • Huge Profits: cryptocurrency has the potential of earning you high profits if its price increase
  • No Tax: since crypto – currency is unregulated by any central authority, there are not tax regulations in place; so any profit you make does not go into paying tax
  • Buying and Selling: it is easy and efficient to buy and sell cryptocurrency, regardless of the amount or destination; it can also be sold in portions too. This very useful during an emergency situation


  • Risk: it is a high – risk asset, and you have a potential of making huge losses. Since it is also digital, corruption of your digital wallet, or device can make your coins unrecoverable and gone forever
  • Fraud: hacking into digital wallets is very common, and also its blockchain technology can make them very difficult to catch them


  • You should select a good crypto exchange platform; one that cannot get hacked or suddenly vanish
  • Decide which cryptocurrency to invest in; depending on its popularity, price, etc 
  • Always monitor the prices of cryptocurrency on a daily basis; as its prices can change in minutes
  • Always sell a small portion of cryptocurrency if its price has increases
  • Ensure that you store your cryptocurrency in a good digital wallet: one that cannot be hacked