New technology and development bring about new business opportunities for people to take advantage of.
In our current digital world, one of the burgeoning money-making opportunities that are available thanks to the advancement in technology is cryptocurrency.
Cryptocurrency is a virtual currency that exists only in an electronic form. It is secured through cryptography which makes it virtually impossible to duplicate (counterfeit) or double spend.
Since its mainstream acceptance, you can use cryptocurrency to buy products and services. Elon Musk recently allowed customers to buy Tesla with Bitcoin, which is a type of cryptocurrency.
Just as government-backed currencies such as the Ghana Cedis, US Dollar, British Pound, South Africa’s Rand, Nigeria’s Nira and others, there are over 1,000 types of cryptocurrencies.
The most popular one is Bitcoin, other well-known cryptocurrencies are Litecoin, Ethereum, Ripple, Stellar among many others.
However, just us the normal currencies we are familiar with, the various types of cryptocurrencies also have different market values that are virtually driven by marketplace variables such as demand and supply and sometimes favourable or unfavourable news reports.
Now, besides people using cryptocurrency to send money and buy products and services, others are also seeing it as an investment vehicle where they acquire digital currencies and hope to sell at a higher price than they bought it.
That is how a lot of people who are in the cryptocurrency space are engaging with it.
In our traditional sense, it’s like you exchanging your Ghana cedis for US dollar bills and holding on to them only to exchange it for Ghana cedis at a high price.
For instance, you use GHS 10 to buy $ 2 last week and today based on changes in the exchange rate, you can change your $ 2 for GHS 15. That means you have gained GHS 5 more than you originally had.
However, just as you can gain more, you can equally lose money (some or all of it) if you don’t trade wisely.
That is why when you are getting to a space like this, you are advised to only invest the amount of money you can afford to lose.
With that being said, you can either own a cryptocurrency by mining it, which you need to be super educated in computer coding. If you are not, just like most of us, your best bet is to purchase these currencies.
There are various exchange platforms, such as Yellow Card, that allow their users to buy, sell and transfer their cryptocurrencies.
You must sign up to these platforms from there you purchase any amount of the cryptocurrency you want via your bank account or in the case of Yellow Card, your mobile money wallet as well.
As of the time of filing this report, 1 bitcoin is valued at $45,952 about GHS 275K.
However, you do not need GHS 275K to own bitcoin or any of the other cryptocurrencies.
With any amount, you can own start buying some amount of bitcoin.
The primary focus here is that you must find a credible exchange platform to buy your currency from. There are a number of scams out there, so the deal here is to make sure you’re on a credible platform.
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