COPYRIGHT INFORMATION All rights reserved. No part of this book may be reproduced, distributed or transmitted in any form or by any means, including photocopying, recording or any other form of electronic or mechanical methods without the prior permission of the author. This book does not come with a resale or redistribution right. You are not permitted to sell, redistribute or giveaway all or any part of this report. DISCLAIMER The advice provided in this publication is general advice only. It has been prepared without taking into account your objectives, financial situation or business needs. Before acting on this advice you should consider the appropriateness of the advice having regard to your objectives, financial situation, the maximum extent permitted by and business needs. To the law, the author and publisher disclaim all responsibility and liability to any person arising directly or indirectly from any person taking or not taking action based on all information in this publication. INTRODUCTION To begin with, I want to say a big thank you to God Almighty for this project and to you also for your trust and most importantly for investing in me to help you get results and values. Spending money is quite easy, getting it differs depending on the level of your source of income, values distribution or feasible solutions discovered and applied. Without vision and purpose for a need, you are likely to be short-sighted and then miss target. However, with a clear-cut vision, you stand a chance to hit target regardless of the risk involved such that even when you fail, you have something to hold on to which builds patience and focus within you over a long period of time. In this book, we would be looking at the BASICS of cryptocurrency and processes involved for its operation i.e. the technical know-how likewise the terminologies and phrases used in crypto. Take your time to study bit by bit perhaps one chapter for each day and as you study, do well to practice also. What you are likely to get out of this material would save you much stress when practicing. Tighten your seatbelt and get ready to be INFORMED!? CHAPTER ONE What is CRYPTOCURRENCY? Cryptocurrency is simply a digital money (e-money) that does not require a bank or financial institution to verify transactions and can be used for purchases or as an investment. Transactions are then verified and recorded on a blockchain (an unchangeable ledger that tracks and records assets and trades). It is also a digital payment platform that eliminates the need to carry physical money i.e. it exists only in a digital form. Although people mainly use it for online transactions, you can also make some physical purchases with it. Unlike traditional money printed only by the government, several companies also sell cryptocurrency. Furthermore, cryptocurrencies are FUNGIBLE i.e. the value remains the same when bought, sold, or traded. It’s not the same as non-fungible tokens (NFTs) with variable values. For example, one dollar ($1) in crypto will always be one dollar ($1), whereas the value of one NFT dollar ($) depends on the digital asset it is attached to. Cryptocurrency received its name because it uses encryption (the process of keeping information with the use of code or numeric characters) to verify transactions. Cryptocurrency vs Traditional Currency The government of a nation or country like Nigeria produces traditional currency in paper bills and coins so you can carry with you or put in a bank. You can either use it for purchasing an item or make transactions that require cash. The Nigeria government backs up traditional currency legally (#50, #100, #200, #500) while cryptocurrency has no governmental backup, bank or financial institution controls. While you can hold traditional currency in a bank or financial institution, you store cryptocurrencies in a digital wallet. Banks insure money kept in bank accounts against loss while crypto has no recourse in the event of a loss. ADVANTAGES OF CRYPTOCURRENCY ? Funds transferred between two parties is easily done without the need of third parties such as credit/debit cards or banks. ? It is a cheaper alternative compared to other online transactions. ? Payments are safe and secured and offer an unprecedented level of anonymity. ? Modern cryptocurrency systems come with a user “wallet” or account address which is accessible only by a public key and private key. The private key is only know to the owner of the wallet. ? Funds transfer are completed with minimal processing fees. DISADVANTAGES OF CRYPTOCURRENCY ? The almost hidden nature of cryptocurrency transactions makes it easy to be the focus of illegal activities such as money laundering, tax-evasion and possibly even terror-financing. Payments are not irreversible. ? Cryptocurrencies are not accepted everywhere and have limited value elsewhere. ? There is concern that cryptocurrencies like Bitcoin are not rooted in any material goods. Some research however, has identified that the cost of producing a Bitcoin which requires an increasingly large amount of energy is directly related to its market price.