Hello I guess you must be new to the crypto world and you want to get to know the terms, meaning to words you have heard. This posts will give you information on everything you need to know I made this post short but very educative so you don't get bored along the way If you are ready let's get started What is crypto currency and related terms Crypto currency is a type of currency that is dependent on the blockchain this leads us to what is a blockchain Blockchain is a record of transactions. the currency depends on. To further explain this it is like a register of inflow and outflow of the crypto currency, just like Banks have a particular system or book where all transactions are being recorded by systems or humans that is what the blockchain is to crypto currency and is dependent on no one and cant be changed, hacked or tampered with. Wallet is a place where you store your coins. There are two types of wallets Hot and cold wallets Hot wallets are wallets that depend on internet connection to get access to it this are the wallets given to you by the exchange you register with Cold Wallets are wallets that are not connected to the internet, they are in forma of flash drives they store your bitcoin keys and make them accessible anytime you need it Note hot wallets can be prone to attack it is risky to leave money in a your exchange Wallet or else you want to trade with it There are 3 major types of cold wallets and numerous amounts of hot wallets The 3 major types of cold wallets are: Trezor Waller, Keepkey and Ledger wallet Hot wallets are numerous as said above some of them are: Edge, metamask and Jaxx etc Types of cryptocurrencies There are more than hundreds of cryptocurrencies but we would be listing the top ten in this article 1. Bitcoin: The first ever successful crypto currency was bitcoin which was found in 2009 by satoshi Nakamoto. Till now he still remains Anonymous and hasn't yet been discovered he discovered the code on which the blockchain operates on, and also the whitelist(a white list tell you almost everything you need to know about the function, code and team behind a particular coin) Bitcoin is known as the Daddy of cryptocurrencies. We won't go into details about other currencies but you can click and read more about them. Etheruem Ripple Bitcoin Cash Chain link Litecoin Dash Z Cash Stellar Binance coin. This coins are on the list of top ten as at the time of writing this article Getting Access to crypto You have known what crypto currencies are and the types we have, In this section we would talk about how you can get access to crypto There are three major ways you can get bitcoin 1: Mining is a process where crypto Currency miners get to solve mathematical puzzles the first to solve the puzzle gets rewarded with a certain amount of bitcoin Mining process consumes a lot of Electricity and is not advisable in countries with high cost of electricity and no stable Electricity since little or no profits may be gained after cost calculations Mining mostly takes place in countries with cheaper Electricity like China, Singapore etc. It also requires certain hardware and software Click here to read more about mining. 2: Buying with fiat( local currencies) Fiat is simply the currency used in a particular country like Naira is to Nigeria and US Dollars to United States etc. There are multiple exchanges in Nigeria that accept fiat for crypto we would discuss the list of the exchanges and also give reviews about them later in this article 3: selling Items for crypto: The first transaction with crypto was with bitcoin where two boxes of pizza was sold for 10000 bitcoin!! !!! It's not a typing error it's true, you can guess how rich the pizza Seller would be if he held onto his crypto. Yes you can sell your products and get paid in crypto you just need a Waller to receive the payment. Having said that the easiest way to get access to crypto in is by exchanging a Fiat currency with the cryptocurenncy of your choice. This leads us to a list of crypto exchanges in Nigeria List of crypto Currency exchanges in Nigeria in this section I will list the major and the ones I advise you pick. 1. Luno: is one of the leading in Nigeria easy to access not much required for registration 2. Localbitcoin is another place to get bitcoin but here you the seller has to meet the buyer and make the deal Stories have been heard about sellers holding weapons to steal from buyers So better go with two or more of your friends and the deal should be made in a public place of possible a place that has doors that don't allow the entry of weapons 3. Binance is also a good place to exchange fiat for cryptocurenncy you also have to undergo kyc It is advisable to go with luno or other safe exchanges but I strongly recommend luno for beginners it is simple, low fees and other things read the review to get to know more Thanks for your time, get to tell me what you think about this article and also ask questions you will like to know more about and get them reviewed thanks for your time again hope you enjoyed it. Don't forget to bookmark this site and get multiple info to get you started and also many more news about bitcoin and other cryptocurrencies. There are many more articles we have for you. Related Articles