Crypto is at the moment the safest, easiest and has the potential to become the most universally accepted way to exchange value. Potentially, any two people in the world, regardless of location can exchange money directly without the involvement of a financial institution or government. This would mean that people without access to traditional forms of money like banks and credit cards can also send and receive value. With cryptocurrency, we see a great reduction in the transaction fees usually charged by traditional financial institutions. Additionally, blockchain technology which powers cryptocurrency has a whole catalogue of usage which includes: verification of identity, validation of ownership, management of healthcare records and also the advancement of medical research.

The value of a cryptocurrency is determined by the basic laws of supply and demand. The higher the demand for the cryptocurrency, the higher the price, and the lower the demand is, the lower the price will be. Also, the higher the supply, the lower the price, and the lower the supply, the lower the price.

Due to the extreme volatility of crypto and increasing transaction fees, some outlets that were very enthusiastic about accepting it as payment very early on have discontinued this. Nevertheless, there is still a variety of stores (online and offline) where you can spend your crypto most especially Bitcoin. Crypto allows for fast and easy cross-border transactions. Some gift card platforms accept bitcoin as payment. These include eGifter and Gyft. The gift cards can then be used to buy at any of the merchant locations worldwide (depending on the gift card chosen). You can also donate to your favorite causes as some of them now accept crypto payments. Microsoft app store also accepts bitcoin for downloading games, movies and other app-related services.You can use your crypto to buy gold, furnish your home, buy pizza or even pay your school fees.

SOFTWARE WALLETS:
This is easily installed on your computer and helps you secure your private keys. It is usually free and has an easy-to-use interface. The downside to this is that if the computer is stolen or irreparably damaged, and your private keys are not stored elsewhere, then your crypto will be lost forever. It is advised to backup your software wallet on more than one device. If your computer is hacked and the hacker gets hold of your wallet and private keys, they can steal your crypto. Hence software wallets require a greater security precaution. Some common examples of software wallets are: Electrum, Exodus and Jaxx.
ONLINE WALLETS:
Online wallets are cloud-based and are usually more convenient to use than software wallets. You can access your private keys from any device so long as you know your password so there’s no need to have backups. They usually have desktop and mobile apps which allow for ease of access to send or receive crypto. The disadvantage of this is the lower security as you have to rely on the security protocol of the host and trust that they won’t close down or abscond with your crypto. Most online wallets are usually attached to exchanges and icrypt is one of such. If your computer is hacked and the hacker gets hold of your wallet and private keys, they can steal your crypto. Hence software wallets require a greater security precaution. Some common examples of software wallets are: Electrum, Exodus and Jaxx. Some exchanges also offer offline storage options.
HARDWARE WALLETS:
A hardware wallet is a small device on which your private keys are stored. It is very secure as it is generally offline (only connects to the internet to enable transactions) and therefore not hackable. However, due to its small size, it is very easy to lose or can be stolen. If this happens the private keys along with the crypto it contains will be lost forever. Some people with large crypto investments store their hardware wallets in bank vaults for safe keeping.

Now you know what cryptocurrency is! Excited? Well, the next step is to discover how to obtain some for yourself. You can either buy crypto directly from other people who already have some or from an exchange. Paying for the crypto is very easy as you can pay cash or with your debit or credit card. Wiring the money to the seller is also an option or better still pay with other cryptocurrencies. Of course, all these options depend on your geographical location and where you are buying the crypto from. Now that we know how to buy cryptocurrency, it is equally important to know how to store the cryptocurrency you are about to purchase. The first step is to set up a wallet. A crypto wallet is just like your bank account where you can buy, sell, store and send your cryptocurrency to another wallet account. A wallet could be online: as part of a crypto exchange, or an independent wallet service provider, or offline: usually a hardware device or paper wallet. An offline wallet is more widely known as cloud storage. There are several wallet services to choose from and you should do some research to know the right type of wallet for your crypto as not all wallets support every cryptocurrency in circulation. Now, you can decide whether you want to buy from an exchange like Busha or from another individual. Exchanges usually require some form of identification when you are setting up an account. This is as a result of KYC (know-your-client) regulations meant to curb fraudulent activities and keep everyone safe. Most exchanges usually charge fees when you buy or sell bitcoin on their platform. These fees are negligible when compared with the fees banks and other traditional financial institutions charge for transactions. These transactions are usually completed in minutes or sometimes even hours depending on the network.

In recent times, the crypto community has come under more intense scrutiny by governments and governing financial bodies. Notwithstanding all the price movements and the rapid emergence of new tokens, there is a burgeoning interest in cryptocurrencies in several circles. As a result, new regulations are being passed to oversee the use and trade of digital currencies. However, very few countries have gone as far to outrightly declare trading in crypto illegal within their borders, although its status as a commodity differs from country to country. Countries which consider trade in cryptocurrency as illegal include: Algeria, Egypt, Morocco, Bolivia, Colombia, Ecuador, Saudi Arabia, Iran, Bangladesh, Pakistan, Nepal, China, Taiwan, Cambodia, and Indonesia. Other countries and financial bodies have urged their citizens and the general public to exercise extreme caution in trading and/or investing in crypto. In Nigeria, banks are prohibited from all bitcoin and other virtual currency transactions. A committee has been set up by the Central Bank to look into the adoption of blockchain technology.