Zina, my 15-year-old orphan friend, ran a ghostwriting business that brought her around two-hundred thousand naira every week. However, at the end of the day, she was left with just thirty thousand naira — if she got lucky.

“Why?” you might ask. 

Well, her uncle, who was supposed to be her guardian, took the rest of her money.

“Why did she tell him about her business?”

“Why not keep her earnings a secret?”

The sad truth is that she had no choice. She was using a kid’s account, and her uncle was in charge of it. He knew exactly when and how much she was paid, and regardless of her earnings, wouldn’t give her more than thirty thousand naira.

Initially, she used platforms like Opay, Palmpay, and Kuda to receive money to pay her writers, but the restrictions made things difficult. 

She had to reject several jobs and let go of her best ghostwriters, all while connecting them with clients to ensure they still had work.

Her dream of going back to school seemed impossible so long as she remained tied to her parasitical uncle.

One day, she and I ran into each other at the market. While catching up, she told me about her struggles and I shared a secret with her that changed everything.

Would you like to know the secret, fren?

Come closer.

It’s called: 

CRYPTOCURRENCY.

TABLE OF CONTENT

  • WHAT IS CRYPTOCURRENCY?
  • CHARACTERISTICS OF CRYPTOCURRENCIES
  • ADVANTAGES OF CRYPTOCURRENCIES
  • DISADVANTAGES OF CRYPTOCURRENCIES
  • CONCLUSION

WHAT IS CRYPTOCURRENCY?

It is a digital or virtual asset that makes use of a decentralized technology called “Blockchain” to record transactions. It also makes use of “Cryptography” — a process that converts plain texts to codes — for extra security.

There are several cryptocurrencies in existence, each with its unique benefits, with the most popular being BITCOIN (BTC). There are others like: 

  • Ethereum
  • Litecoin
  • Ripple
  • Polkadot
  • BinanceCoin, et. c

Now that you know what it is, let’s look at a few of the characteristics of cryptocurrencies.

CHARACTERISTICS OF CRYPTOCURRENCIES.

  1. DECENTRALIZATION: This is one of its most attractive characteristics. Because of this, Zina no longer needed the bank or any intermediary like her uncle. She can carry out direct transactions with her clients and ghostwriters without unnecessary delays and restrictions — and can access her assets whenever.
  2. ACCESSIBILITY: Regardless of your location or background, you can access cryptocurrency so long as you have access to the internet. In simple words, it gives you digital freedom and opens Zina up to new opportunities for her to reach clients and writers from all over the world.
  3. SECURITY: Because it makes use of cryptography to secure transactions, it’s highly secure and resistant to fraud and counterfeiting. Now, Zina can be rest assured that her financial data is safe from unauthorised access.
  4. SPEED AND LOW FEES: Compared to traditional banking systems, cryptocurrency transactions are processed quickly and the transaction fees are generally lower. This helps Zina conduct her transactions without unnecessary delays or high fees.
  5. VOLATILITY: Cryptocurrencies are known for their price volatility and their values fluctuate significantly over a short period. This could lead to huge gains for users and investors of those cryptocurrencies, but at the same time, could lead to losses. This is why you should understand the market before investing in it and only invest what you can lose.

And those, frens, are a few of the characteristics of Cryptocurrencies.

Now, let’s move on to the advantages and disadvantages of cryptocurrencies.

ADVANTAGES OF CRYPTOCURRENCIES.

The use of cryptocurrencies could offer numerous benefits to you, just like it did with Zina. Let’s look at a few of them.

  1. Cryptocurrencies are secure because of their use of cryptography to secure transactions. This makes them resistant to fraud or counterfeiting.
  2. As I mentioned earlier, they are decentralized.
  3. They’re accessible to anyone with an internet connection.
  4. As a user of cryptocurrency, you have complete control and full ownership of your assets.
  5. Compared to traditional financial systems, cryptocurrency transactions often have lower transaction fees.

DISADVANTAGES OF CRYPTOCURRENCIES.

Just like most things with advantages, Cryptocurrencies which are very appealing at first glance also come with their disadvantages. so let’s go through a few of them:

  1. Contrary to popular belief, most cryptocurrencies aren’t completely anonymous, but pseudonymous, which means they leave a digital trail that can be traced back to you.
  2. Due to the volatility of the price of cryptocurrencies, it can be quite risky to invest in them.
  3. Although cryptocurrencies are secure when used correctly, they’re still prone to hacking, phishing attacks and wallet theft. Hence, you have to take extra precautions to secure your assets.
  4. Unlike traditional financial systems, cryptocurrencies often lack customer protection and transactions are irreversible, it could lead to loss of funds in case of error or scam.
  5. Cryptocurrencies can be quite complex to understand and use if you’re new to them. This could lead to a lack of widespread adoption, plus a lack of understanding could make you prone to attacks. This is why you should join communities like ours at Deevyn Trade Hub to help you get started.

Speaking of getting started, it’s really easy to get started with cryptocurrency. All you need to do is to create a digital wallet.

Digital wallets are software applications that enable you to store, manage and transact with your cryptocurrencies. There are different wallets, each with their different features and levels of security, some of which are:

  • Trust Wallet
  • MetaMask
  • MyEtherWallet (MEW)
  • Coinbase Wallet
  • Atomic Wallet
  • Electrum
  • Coinomi

We’ve finally come to the end, fren.

CONCLUSION 

Had it not been for Cryptocurrency, Zina would have had to give up her firm and dream of schooling; her assets would have still been in the hands of her uncle.

While Cryptocurrency isn’t perfect and comes with its risks, it has revolutionized the financial landscape by offering secure, decentralized transactions, and digital freedom.

And this, fren, is where we close the curtains.

In the meantime, leave your thoughts on cryptocurrencies in the comment below.

Till next time, fren 🩵✨

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