Business
What Is Cryptocurrency, How Do I Start As A Beginner? Imo Digital Economy Commissioner, Dr. Amadi Explains
The Imo State Commissioner for Digital Economy & E-Government, Dr. Chimezie Amadi, who is also the Pioneer/Coordinator of SkillUpImoProject, has again displayed via one of his social media handles on how to make money online through Cryptocurrency.
According to Dr. Amadi, “Cryptocurrency is digital money: It’s like regular money, but it’s online and operates independently of governments or banks. Instead of physical coins or bills, cryptocurrencies exist as computer code on a decentralized network called the blockchain”.
How to get started as a beginner:
- Learn the Basics: Understand key terms like blockchain, wallet, and exchange.
There are different websites and videos online that can help explain these concepts in simple terms.
- Choose a Wallet: Get a digital wallet to store your cryptocurrency. Wallets can be online, offline, or even hardware devices.
They keep your coins safe and let you make transactions. If you don’t know of any wallet to use, then I recommend you download the KOYN app(https://play.google.com/store/apps/details?id=com.app.koyn&referrer=utm_source%3Ddochase%26utm_medium%3Ddochmint%26utm_campaign%3Ddochodas) I’ve done my research and they are a good place to start.
- Pick a Cryptocurrency: Bitcoin and Ethereum are popular choices, but there are thousands of others. Research and choose one that fits your goals. (or stay on the lookout for my next posts)
- Buy Cryptocurrency: Use a cryptocurrency exchange to buy your chosen coins. Some popular exchanges include KOYN or Binance. Follow their step-by-step instructions to make your first purchase. Here is a short video to give you an idea of how to buy cryptocurrency: https://youtu.be/Yb6825iv0Vk?si=mHd-QEWSFpbnuwlj
- Practice Safe Keeping: Keep your wallet’s private key (like a password) safe and private. Be cautious of scams, and consider using hardware wallets for extra security.
Remember, start small, learn as you go, and only invest what you can afford to lose. Cryptocurrency is an exciting journey, but it’s essential to take it one step at a time.
Good luck!
