How Crypto Actually Works
(Simple Explanation for Nigerians)
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đź•’ 10:46 PM
đź“… May 02, 2025
✍️ By Balenkey
How Crypto Actually Works (Simple Explanation for Nigerians)
Give me two minutes of your time — most Nigerians don't know this.
When you hear “crypto,” don’t let it scare you.
Crypto simply means digital money — money you can send and receive without banks or middlemen.
Here’s how it works:
Download an app like Binance or Trust Wallet.
Create your own crypto wallet — it’s like opening a bank account, but faster and without wahala.
Inside that wallet, you can buy different coins like Bitcoin, USDT, Ethereum, Solana, Toncoin, etc.
Most Nigerians prefer USDT because it’s stable (it doesn’t jump up and down like Bitcoin).
Meaning: The price is steady. No drama.
Example:
You have ₦100,000 today and you want to protect it from naira wahala (devaluation).
You buy ₦100,000 worth of USDT.
Later, when you need the money, you sell the USDT back to naira — either through P2P on crypto apps or from trusted vendors.
Key things you must know:
USDT = Digital dollar.
Bitcoin = Volatile (price can rise or fall anytime).
Trust Wallet = Your personal bank (only you have control).
Binance = Crypto market where you can buy, sell, or trade easily.
Crypto is not Yahoo. Crypto is not Ponzi.
It’s just money in a better form.
If you can send money on Opay, PalmPay, or your bank app, you can use crypto too.
No big grammar, no rocket science.
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