A recent study by Investing Reviews has shown that the world’s most googled investment question is “How do I invest in cryptocurrency?”.

According to the study, the question “How do I invest in cryptocurrency?” is searched an average of 150,400 times every month around the world.

Coming after the most Googled investment question is “How can I start investing?”. Investment Reviews revealed that this second most searched investment question gets an estimated 137,000 average monthly searches online.

IS CRYPTOCURRENCY A GOOD INVESTMENT?

Also known as crypto, cryptocurrency is refers to any digital currency that serves as a medium of exchange through a computer network. It does not depend on central authorities like governments and banks for maintenance.

Crypto is a volatile investment, i.e., it experiences frequent and large upward or downward movement in value. However, it could be a great investment with massive returns overnight.

Last year November, the price of bitcoin, which is the most popular cryptocurrency, dropped below $16,000. It reached a record high of $69,000 in 2021. At the moment, one bitcoin is worth around $23,000.

To understand the nature of cryptocurrency, FIJ spoke with a crypto trader who does not wish to be named. He told FIJ that investing in cryptocurrency is good, but the e-currency is often influenced by financial goals and risk tolerance.

According to the source, many people around the world are now saving in crypto to hedge their funds. This means crypto protects investors against bad government policies and inflation.

“If you are willing to take the risk to invest in crypto, you must take calculative risks,” said the source. “You can invest with as low as a N1000.”

The source told FIJ that the digital currency world has something akin to physical banks, called exchangers. One of such exchangers is Binance.

“One has to register with them online. An investor is required to tender a government-issued means of identification like international passport or driver’s license. They do this to prevent illegal activities such as money laundering and fraud,” he said.

“After registration, every transaction carried out on the exchanger could be tracked and monitored. After registration, you will be given a wallet. It is like an account number where crypto is saved. If you are buying Bitcoin, for instance, you will have a wallet for that. And if it is Ethereum, there will be another wallet for that.”

The source advised that potential investors first understand the risks involved by doing independent research to know what is good for them.