Crypto-currency can be defined as a variant of an asset in digital format which operates on the basis of a network that is widespread across a vast number of systems. In other words, it is any form of digital currency which deploys cryptography to securely enable transactions. This transfer of activities or works of an organisation or company or firm to several authorities or other small companies enables them to prevail outside the government’s as well as the central authorities’ control. Since these cryptocurrencies are not distributed by any central offices, it enables them to be immune to any interference or tampering from the government’s side. Therefore, the use of cryptocurrency in Nigeria and other countries is escalating at a faster pace.
Understanding cryptocurrency in depth:
To understand crypto-currency better, it can be thought of as a virtual currency which is supported by cryptographic systems. The term crypto itself implies the multiple algorithms deployed to encrypt and the techniques associated with cryptography that protect the entries. These cryptocurrencies work based on blockchain technology. It with-holds the records of all the updated transactions and those that are held by the currency holders. Each unit in cryptocurrency is generated through mining. The probable transactions through this cryptocurrency included stocks, bonds and other financial assets that could be used in trading that involves technology.
Hence, it is a mode of trading. Trading can be defined as buying and selling stocks or exchanging goods on a routine basis that aims at timing the market. Trading benefits both parties with desirable profits mostly. This trading is a constant process; thus, its ultimate goal is to sow seeds for returns that would be big enough to outdo the buying and selling investment.
One such digital platform for trading is bitcoin. It is a cryptocurrency.
Given the rising demand for digital trading with the use of cryptocurrency, there are numerous other platforms that are emerging. And bitcoin is one among them.
How to access these platforms?
Once you decide to trade with cryptocurrency there are a plethora of websites and agents available on the digital platform to guide you. However, it is imperative that you don’t fall prey to bogus websites and be steered in the wrong direction. Agents like bit papa enable you to work in a safe environment and even aid in providing instructions to proceed with your trading.
How to trade bitcoin?
Step 1: Choose your cryptocurrency trading service
Step 2: Connecting your chosen exchange to your payment option
Step 3: Placing an order – following step 2, bitcoin can be purchased.
Step 4: Safe and secured storage
Once you decide to invest in bitcoin there are multiple ways to safely trade. One is to ensure that the website or platform you are enrolled in is thoroughly transparent and doesn’t involve any third parties. While choosing the platform or website itself, you can choose the one with abundant payment options so that doesn’t pose a hurdle while paying.