Some many noise about different cryptocurrencies today in Nigeria. The fact remains that cryptocurrency is the future of money but how do you identify which is genuine and which is fake currency!
There are two types of cryptocurrency namely:
CENTRALIZED and DECENTRALIZED
CENTRALIZED and DECENTRALIZED
Centralized currency is the one controlled or governed by any company or a person which is a property of any company or a person.
They don't have any acceptance, you cannot use the currency to buy things from merchants or companies.
You can only use it within the community or groups of people who own it. It is not a public currency so it cannot be converted into Bitcoin or any other cryptocurrency and is not listed on any other trading platform.
The currency cannot be mined publicly, it can only be done by the company which owns it. It is not an open source currency.
If these factors are present in a particular cryptocurrency, then it is not a genuine one.
A genuine cryptocurrency is DECENTRALIZED, and can be mined publicly. It should be open source, and can be converted into Bitcoin or other cryptocurrency and can be traded on public platforms.
So be careful in choosing the right cryptocurrency and invest in it.
GET INFORMED, GET CONNECTED, GET REWARD.
Written By Innocent Ogbeide