Basic information about Cryptocurrency


What is a Cryptocurrency?

The best definition of cryptocurrency is that it’s a digital currency. It can be used as a means of payment and even as an investment. It’s simply money without any

physical representation.

Today, there are over 10,000 cryptocurrencies in the market. Many of these coins serve specific purposes, which

encourage people to invest in or buy them.

The most popular cryptocurrency is Bitcoin. It was the first to be

created, going live in 2009. But, Bitcoin’s popularity led more people and companies to createtheir own cryptocurrencies.

Some cryptocurrencies help people make payments online, while others can focus on things

like privacy, gaming, and app development. There are even stablecoins like USDT, which act as digital forms of a fiat currency.


Bitcoin is the most popular and most valuable cryptocurrency. It was the very first cryptocurrency to be created, and it has existed since 2009. Bitcoin’s popularity led to the rise of other cryptocurrencies.

Bitcoin’s focus is to help people send money and make transactions quickly and easily. It is less expensive than other

payment methods, and works in any location.

Bitcoin is also decentralized, meaning that no single entity controls it. All Bitcoin transactions are verified through a process known as “mining,” a fancy name for ‘accounting’.

No one actually knows who created Bitcoin.


Ethereum is one of the oldest cryptocurrencies in the world. It is also the leading ‘altcoin’. Many

people fondly call it the silver to Bitcoin’s gold.

Ethereum’s value mostly comes from the popular Ethereum blockchain which helps developers who want to build

decentralized applications.

Ether or ETH is the currency that powers the Ethereum blockchain. So, as more people use the blockchain, Ethereum’s

value rises.

Ethereum was founded in 2015 by several blockchain experts, including Joseph Lubin, Charles Hoskinson, and Vitalik Buterin. Their goal was to build a strong

network that could run on its own and allow app creators to build freely.


Blockchain is the technology behind most cryptocurrencies. It can be described as a container for recording information securely.

Cryptocurrency transactions and data are added to a “block.”

Multiple blocks chained together make up the blockchain.

Blockchains and their data are duplicated across many computers on the network. So, hacking a blockchain is almost


Once transactions fill a block, it has to be mined and added to the blockchain. Mining involves verifying all the block’s transactions, and it’s done by a computer on the network. After the process, the computer’s owner gets coins as a


Cryptocurrency Trading

Cryptocurrency trading means buying and selling cryptocurrencies for profit.

Cryptocurrencies are especially profitable because their prices move very quickly. Unlike stocks, you can see a cryptocurrency double in price in a day. But, this also means that cryptocurrencies can be very risky.

There are different crypto trading strategies. Some people are day traders, so they enter and exit

positions in just a few hours. Others could hold their

positions for weeks or even


Crypto wallets

Crypto wallets are like bank accounts for crypto. They help you hold and store your

cryptocurrencies. Crypto wallets are always connected to a

cryptocurrency’s blockchain. So, when you send or receive money in that wallet, its balance is immediately updated.

Wallets have public and private keys. The public key is what you send to someone who wants to

send you money – like a bank account number. But, you use the private key to confirm outgoing transactions – like the

password on your bank app.

About Quidax

Quidax is a Cryptocurrency trading platform for buying and selling cryptos. Just go to or you can download theri app on Google play and apple store. You can use as low as 2000 naira or 3$ to start trading.

You can use this quidax referral code when signing up, you will get a reward: Qolusola79

Adsense for Youtube

Youtube has now separated YouTube payment from the normal adsense payments. 

YouTube payments are what you make from your YouTube channels and normal Adsense payments is what you make from your websites. Up until now both type of payments were consolidated as one payment but now they have been separated.

What this means is that the amount of money you make from adsense on your website will no longer be added to that made from your YouTube channel and issued as a single payment.

Recall that  the minimum payout for Adsense is $100 (including tax). Now that the accounts have been separated, each adsense payment account must reach the minimum $100 before payment is issued.

For more information see the official page

Simple Business Maths, Profit and Loss

In any business that you are doing, what should matter to you is whether you are making a profit or loss overall.You can know if your business is making a profit or loss with this simple formula.

Selling Price – Cost Price = Profit / Loss.

A positive answer leads to profit and a negative answer gives a loss.The cost price means the amount you purchased the goods while the selling price is the amount you sold the goods

Profit / loss Example

Lets say you brought a cartoon of milk for $5000, and you sold it for $5250, then; Cost price = $5000,

Selling price= $5250. Selling price – Cost Price = $5250 – $5000 = $250.

So you have made a profit of $250.If however, the cost price was $5000, and the selling price was $4750 then you have made a loss of $250.i.e $4750 – $5000 = -$250

Net Profit / Loss.

It is not always possible to make profit on each and every good sold. A business will survive if total profits made are significantly greater than total losses made. So,

Total profits – Total losses = Net Profit / Loss.

If the answer from the above formula gives a positive value, then you have made a profit overall, otherwise, you have made a loss overall.It’s a good sign if your business experiences regular cash flow, but is this cash flow leading to an overall profit, or loss within a specified period? Always be ready to do the maths as these will determine if the business will survive and grow or if it will struggle and then die.

Capital & operational cost.

Capital cost

This is the cost of setting up your business. For instance if you were going to set up a shoe selling business, then your capital cost may include the cost of setting up the shoe shop and the cost of purchasing the shoes at wholesale prices.

Operational cost:

Refers to day to day cost of running your business. i.e. transportation, fuel, electricity, internet, feeding etc. Over time if you are making significant profit from your business, you should be able to not only pay off daily operational cost, but also the capital cost within the specified period.

Feasibility studies.

It’s always a good idea to do some feasibility studies before embarking on a business journey. Things you should consider include:

The location you intend to put your business,

Capital and operational costs

Man power

Your own skills and abilities.


Risks involved etc.

Example: let’s say you what to expand your existing business to a new location, to rent a shop for the business will cost $5000 monthly, and feasibility studies have shown that you can make up to $200 profit daily, should you go ahead ?

Doing the maths you will see that in a month you should make around $200 x 30 = $6000, This means a net profit of around $1000 monthly ($6000 – $5000). This is worth trying out since there is always room for improvement.

Tips for being successful in business

Be disciplined in keeping record of all cash flow relating to the business, and do the profit/loss maths.

Don’t over borrow to finance your business.

Always be nice to all categories of your customers at all times.

Advertise your business.

Pay your tax regularly.

Properly register your business with the relevant agencies ( if necessary) and cooperate with the local people / unions.

Hire only people that will help your business.

Be long-suffering; starting up and growing a business takes time and dedication.

Save/ invest some of your profits.

Put your trust in God.

10 Fundamental Rights of Crypto Users

As the clamor for the regulation of Cryptocurrency gets louder, cryptocurrency giant, Binance, has listed 10 fundamental rights of a cryptocurrency trader. The CEO of Binance stated that these rights  will help create a fair regulation of cryptocurrency. 

The 10 fundamental rights of Cryptocurrency users by Changpeng Zhao, CEO of Binance .

  • Every human being should have access to financial tools, like crypto, that allow for greater economic independence.
  • Industry participants have a responsibility to work with regulators and policymakers to shape new standards for crypto assets. Smart regulation encourages innovation and helps keep users safe.
  • Responsible crypto platforms have an obligation to protect users from bad actors and implement Know Your Customer (KYC) processes to prevent financial crimes.
  • Privacy is a human right, and personally identifiable information (PII) data should be subject to strict levels of protection.
  • Crypto users have the right to access exchanges that keep their funds secure, in safe custody with comprehensive deposit insurance.
  • Healthy markets should maintain a robust level of liquidity to ensure a stable and frictionless trading environment.
  • Regulation and innovation are not mutually exclusive. Crypto users deserve safe access to emerging technologies and practices, including NFTs, stablecoins, staking, yield-farming, and more.
  • Closing the knowledge gap is essential when it comes to crypto. Users have the right to accurate information on crypto assets, without fear of falling victim to unfair or deceptive advertising
  • Marketplaces that offer derivative instruments should be subject to the appropriate regulations. This ensures all users meet eligibility requirements and that their transactions are fairly settled.
  • Crypto regulation is inevitable. Users have the right to share their voice on how the industry should evolve with their blockchain platform of choice.

How to Effectively Manage Your Income.

Managing one’s income; for most people is likened to the Biblical passage of, “The spirit is willing but the flesh is weak. It is not the aim of a breadwinner to run into debt, but eventually he will find himself in it. Once in debt, there is always the tendency to remain in it because you spend more to get out of debt.

So how can you effectively manage your income; here are six ways to help you.

  1. Spend less than you make:  Don’t spend more than your income! Know your NEEDS and your WANTS.  In simple terms, your needs are what is considered necessary such as food, electricity, clothing, transportation etc. Your wants are what you can do without ,such as, 4k TV, expensive clothing, videogame console, summer vacation etc.. This is an exercise of self-control.
  2. Pay yourself first: set a savings goal. Your savings can be used to build an emergency fund, 10% of your savings is a good way to start.
  3. Get out debt: Stay out of debt! Other than mortgage or other manageable business loans, stay out of debt. You are either paying interest when you are in debt, or earning interest, when you are out of debt.
  4. Get health insurance coverage:  take advantage of the government’s health insurance packages for you and your family. Don’t say you are healthily, and you don’t need health insurance, in case of an emergency, it could save you lot of huge spending and running into unplanned debt.
  5. Don’t be greedy:  Avoid get rich quick schemes. While what they tell you is true, it also comes with very high risk and equal possibility of losing all your investment.
  6. Use debt wisely: debt should finance true emergencies that you cannot pay out of your savings, e.g. a new roof, car, house. Don’t use debt to finance short term loans such as plasma Tv, new clothes, vacation etc., debt used this way is the enemy that can run you bankrupt.

Remember, how much you make, matters some, but how much you keep matters most.

Why keep a lot of cash at hand when you have a bank account

Hand held cash

The revolution in the Telecommunications industry have greatly improved the way banks operate. Gone are the days when you have to wait hours at the bank to send and receive payments. You can easily make payments using your debit/ credit cards and your mobile phone. Most business merchants have upgraded their system to receive payments electronically. The banks keep on improving their cashless policy schemes. So if you still keep a lot of cash at hand, here are reasons why you should not do so.

High risk: The risk of keeping lot of cash at hand is much higher than when kept at the bank as it could get lost or stolen.

Paying Utility Bills:  It is easier to pay utility bills by instructing your bank to debit your account electronically than going through the hassles of paying in cash.

Obtaining Loan or Mortgage: To obtain a loan or mortgage, you need a bank account to ensure steady automatic payments when due.

Handling large Payments: It is usually safer to handle large payment transactions electronically as the receiver won’t be able to deny in whole or part that payment was made.

Web Transactions:  when doing web transactions on the internet, it is impossible to use cash in hand, you will have to make use of your bank account to transfer and receive payment electronically.

You do need cash at hand, but carrying a lot of it around is unsafe and unnecessary.