Topic: 5 keys to wealth creation in the crypto space (Read 392 times)

Op, all these things wey you yan like this for here na the koko. Anybody wey wan grow for crypto and en come forget or en no put all these things for mind e go worry the person well well ooo because if you no sabi save e no go easy oo. But some times ehn even when you get all these things for mind some kind things fit still sup wey go worry person growth na waiting make ehn, me I believe so much on grace because so many people things no dey go well for no be say they no dey try ooo but because they lack grace.

The major reason why many people in our country (including other countries) are seeing it like a very difficult thing to make it through crypto currencies is because they don't have a proper knowledge about crypto currency, one first mistakes many fellows make in the crypto space is when they take Bitcoin to be the same as shitcoins. Ones a person don't have a good knowledge of Bitcoin and while crypto currency they always made a lot of mistakes, and sometimes they send coins to the wrong address and wrong network, some waste coin on fees.

Na dis financial literacy part na him catch my attention the most. This na because say if we achieve all our goals, invest or start business then money start to they enter. Without the knowledge of how to use or spend money person fit go back to square one again. Ah done see am happen to people so many people and also me ah done be victim of this kind of situation. Na why ah wan take this part serious and also advise us make we no play with this advice. Affliction no suppose catch person the second times e good make we learn from experience and allow that thing repeat itself again for our life.

Op well done, I like the subheadings dem wey you create because, Na dem be the main Koko for person wey wan really start to invest for Bitcoin. the one wey I like pass Naim the education and continuous learning. dem say learning never ends and that Na true fact, even at old age we can still learn.

Saving & investing dey important for a new turn around financially.Some people get the belief say na only huge amount of money dem dey save but notwithstanding oyibo man say there is nothing too big and there is nothing too small,from your income just commot like 10% for saving like the Op said and investing it is always said in the crypto space to invest on reliable coins like Bitcoin.

Dis one sef na important key to wealth in the crypto space.Everyday we dey learn new things for this forum on crypto most especially we the newbies.Continous learning go help well well to enhance our knowledge on crypto.

From the start crypto space need proper learning make you dey sure wetin you dey do or wetin you don arrange your mind to investment, investment no too require stress unlike trade but as op talk am money go definitely dey in order to archive the goal. Aside investment person need work wey fit sustain the investment for long term, from my opinion the most valuable advice I pick out na Knowledge. Knowledge is important cause when you know wetin you dey do person no fit deceive you like the crypto scam we hear, people can decide to fall cause when they hear money things don change so money and knowledge dey work together. Sometimes if you ask for reasons why someone will fall into the hands of scammers you go see say na money cause am, planning and goal setting, everyone wey dey into crypto get target with planning terms. The advice dey valid

Thanks allot for the wonderful insights you shared, your preference to the 5 keys i outlined is valid, I never thought of it in this manner. Like they say "knowledge is power", so education is very very important, though some people are of the opinion that one can actually make wealth without education and I think it could be possible, but will be limited to your level of knowledge,  because what ever wealth one could have accumulated is as a result of what the person have learned.

Nicely outlined, all these listed are primarily the actual concept to follow, as we likely know life adheres to certain processes that should not be skipped unless we face repercussions. If I am to outline these 5 keys accordingly to preference, I would put Education and continuous learning as the first, as long no man is a bag of knowledge, we ought to crave to learning new things along the line it may be of good help, no knowledge learned is a waste.

Secondly, Financial literacy, when knowledge is acquired not just on educational sectors but in diverse aspects it helps eradicate wrong decisions making and mismanagement.

Thirdly, Strategic planning and goal setting, I believe this terms has been commonly used, he who fails to plan has already plan to fail. One thing is to plan and the other is to strictly adhere to the stated planning to achieve the actual goal.

These are the actual and most important before any follows, it is best we follow these patterns listed for a better outcome.

@cryptopreneurBrainBoss na true you dey talk, na the way the OP take put the headline and the body of the message dey confuse most people. The financial Ideas on how to create wealth and diversify your source of income, na general method to create and sustain wealth. However most people dey say for inside cryptocurrency, methods dey for ground way you fit apply to help you create wealth, which some persons too don list them out like, staking, mining, day to day buying and selling of cryptocurrency etc, which is all encapsulated in the crypto space, way most people expect say him go also include to help elaborate him idea.

Financial literacy na good aspects, but most times e dey come with so much sacrifice, you go need to deprive yourself of so much distractions in a pursuit of a goal, na this aspect gongon dey hard for a lot of people to implement, because it's not well talked about.

The good thing be say anyhow wey you dey take create wealth before for the real world, you fit still use am create wealth for the crypto industry because say crypto na just another currency like fiats too but e come get better advantage pass fiats dem because of some features wey Bitcoin carry. Saving and investing na one of the OG ways of raising capital to take invest and with crypto you no need dey do two things again, you fit just dey save for Bitcoin and already you dun dey invest be dat. As you dey commot your percentages from saving, just put am for Bitcoin and you're set for life because na you go benefit am at the end of the day.


U no really need financial literacy to make am for this industry but you need am if you wan get a head start ahead of your peers because no form of education is a waste/scam as people dey talk. A time will come when that education that you got go help you. This industry na new industry so no too dey believe person wey dey tell you say him be expert for here because na try your luck many people dey do here. That person wey dey tell you say him fit tell you coin wey go do well or not from his knowledge, if you put head for ground you go fit make money pass am. The education that are helpful here are those gotten from the general financial literacy wey you dey get for other businesses or investment. Just understanding how to buy, sell and store your Bitcoin for your non constodial wallet dun dey enough to make am for the industry.

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As you talk am, na so the matter just be so, everything na risk management oo, nine be the only thing way go fit help person survive for this industry, thanks allot for the wonderful insight you shared.

Yeà that's true, thanks allot for the wonderful insight you shared, especially regarding the illustration of the importance of Continuous learning to the journey of a trader. That's very very important to maintain relevance in the game.

Thanks allot for the correction,  I really appreciate. I will
make adjustments withh immediate effect.
And also thanks for the wonderful insights you shared into the aspect of risk management, which is by far the most important aspect of investing.

You have mentioned some basic with a difficult articulation as it would be difficult for everyone to comprehend and yeah out of the 5 points you have mentioned I would say the most important would be the first point because if you don't invest by saving something for crypto then there is no point of the following points so one must ensure to upgrade their job and skill to earn more in order to invest more and then they can follow the remaining pointers.

As you take risk, one must learn how to manage the risk. Risk management skills is very essential in life. Taking risk is important and managing your risk is more important as well. I've seen cases of people quitting crypto affect taking a life risk to invest and investment went wrong. Nothing is too sure, so we must learn to manage our risk so we won't be so disappointed at anything that happens.

You don try write out some keys to success but no be the 5 key things to create wealth for crypto space because the points na general points wey for people to make am for life especially for financial freedom.
If person dey follow up all this strategies for any business wey them dey do you go see say gradually them go make big progress, especially if them come dedicate their time to learning new things. Because for life if you want grow you go must learn new new things wey dey for your business line so that e enable you catch more client.

For the crypto world for person to dey success for them go need do some kind thing like serious research. Wey go make them know the kind thingvwey dem want go buy. And to dey security conscious na big deal because even if you make billions from crypto and no better security the money fit go in a blink of an eye.

   Wealth creation in Bitcoin is very technical,any slightest mistake everything, that is your wealth will be gone ,and so there are other necessary measures to take to secure and create your crypto wealth .

* Long-term investment-; Engaging yourself in a long-term investment is very ideal,by  buying little by little and accumulating it for about 5 years -10 years using a DCA strategy method as a long term plan that will not affect your monthly expenses when pulled out using this method has the ability of capitalizing on future growth..

* Short-term -; This has to do with Day trading by buying and selling  cryptocurrencies within the same day to make profit .
* Buying low and Sell high, and apply common sense.
* Arbitrage.
* Use safe storage , research and stick to the fundamentals.
* Stick to the major currencies

Bitcoin create wealth for people because of its value since it is able to be exchanged and used in replacement of Fiat currency .
 

Nothing comot for watin you talk. Anybody way want to grow in life must do more of investment and also engage himself in continuous learning. Another thing wey me fit just add na for us to learn how to take risk. Because person wey no dey take risk for life no fit grow for this industry.

All the 5 points you mentioned above are valid points as far as one's financial lifestyle is concerned. If we must grow our financial assets, then practicing all of the 5 points that you mentioned is paramount. For instance, if person does not have a good savings culture, he would hardly make progress or grow his financial assets over time. And he will only be faced with making money and spending money at the same time. Hence, becoming a circle in which he would be wandering on.

Secondly, the crypto space is all about education, it's all about enlightenment, about knowledge and understanding. Which means that if you do not have a foundational knowledge and a current knowledge and understanding of how the crypto world is working, you may not be able to take advantage of the opportunities that are bounded in it. And in any sphere of life, you need to tap from opportunities in the industry to be able to maximize the potential benefits in it. This makes financial literacy one of the key proponents of being in the cryptocurrency industry or space.

Thirdly, having a multiple stream of income is vital. The moment you start to make money or grow your assets in the crypto world, the next thing you want to do is to diversify. You want to open more doors for your crypto assets so that you can see them during the rough and tough days. This is why diversification in life generally is helpful. But whilst you diversify, ensure that you are grounded in the first stream before you can open up other streams. So that you don't end up having multiple streams of income but benefits from none.

You don try but to make money in this ecosystem e no dey hard like that and no fit need all those things wey you mentioned. I know say some people don tell you the things we need and I will also like to talk my own but I don talk am before and I want to talk am again. Di first thing you need to do first na to k ow how to invest. You need di basic knowledge about bitcoin or cryptocurrencies that you want to invest. Then you go open a wallet wey you want o use for the investment. All these processes na person wey Sabi do nai go direct you oh. Then you go fit buy the coin from someone wey you know say dey sell.

Then you go dey buy and hodle till the All Time High. But before you start your investment make sure say you dey do business so dat you no go touch your investment money.

Yea that's true, like what I discussed on the post, they are five keys , and I believe they should be applied in confluence not in bits.

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Ok boss, thanks for the observation, I go work on am now now.

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Yea exactly that's true, you are on point,These keys to wealth creation are not exclusive to crypto investments; they form the foundation for wealth creation and preservation across all areas.

When you said 5 keys to wealth creation, I don't know what I was expecting but this definitely wasn't it. Anyways, it doesn't change the fact that this is what and is most of what there is to wealth creation in this industry. Continuous learning, saving and investing, entrepreneurship, financial literacy. Others may be; hodl Bitcoin, trade altcoin. If you can, you can mine. A business that accepts cryptocurrencies would go farther than expected.

Anyways OP, your advice you be very much followed. Thank you.

Firstly I will start by saying almost all your points listed here are more of a gambling feature than it been an investment opportunity or tool.

1. It is not every cryptocurrency that you should buy and hold for long, in fact the only cryptocurrency that is worthy of holding for a long term is bitcoin, all Altcoins are risky to hold, when you have your money on them take profits when they increase.

2. This one is at least Better as you will earn a little by the profits you get.

3. Staking is risky because you need to entrust your funds into another entities custody. The exchange can easily get rugged and your funds will go with it. Also the APR with staking coins isn’t that good to risk your coins.

4. The only cryptocurrency mining that is certain of reward is bitcoin mining and that been run in Nigeria isn’t profitable anymore due to electricity or power consumption and the amount to purchase ASIC.

This keys wey you talk about so good to put into effective practices In order  acquire knowledge and wealth, but you for also talk about the strategies wey person fit use acquire the wealth make them no Apply the keys wrongly, well make I add some strategies too wey fit still help us acquire wealth on top crypto space,


1. Long-Term Investment: Hold on tight to cryptocurrencies for long time, make money from the possible growth wey fit happen later.

2. Day Trading: Buy and sell cryptocurrencies often within one day to make money from small-small price changes.


3. Staking: Make money by joining blockchain networks come later help confirm transactions through staking.


4. Mining: Produce new cryptocurrencies by use computer power to confirm and write down transactions for blockchain.


5. Lending: Make money when you lend your cryptocurrencies to people through DeFi platforms and collect interest.

6. Arbitrage: Use price differences for different cryptocurrency markets you go make money when you buy cheap and sell expensively.

7. Airdrop: Airdrops give chance to get new cryptocurrencies without needing to put in money directly.

So in conclusion adding this to the keys wey OP talk go make you gain both knowledge and wealth from crypto space.

Op can you please give some space to each of these key areas you mentioned in order to make your post more readable. Also you can go through this guide [GUIDE] Bitcointalk forum etiquette.

In the education and continous learning, you have to also be learning how to keep your funds safe because you can't be saving for someone to steal later. Also you have to learn about the risk involved in any investment before going into it.

Well, I would say that these five keys you have listed are not only the key factors for creating wealth through crypto investment; they are all general important factors for wealth creation and preservation, and if practiced, one will not only be successful as a crypto investor but will also be successful in chasing their dreams towards achieving financial success. Like you have mentioned already, education and continuous learning are what I am more interested in because education is continuous, and for someone to become a better version of themselves, they must keep learning in whatever they are doing. For example, if a trader wants to become more professional and successful, he must keep learning. If an entrepreneur wants to be more successful than other entrepreneurs, learning is something they never stay away from. 

If you save money from your working place and look for a potential assets to invest the money, I guess it will make you wealthy if you will be able to follow all the procedures that will make your assets to bring out good profits in the future.

 Not everybody that is educated that is wealthy OP, some educated people that is wealthy in the community today is by luck and if you think is not truth, just go back to the school you attended before to see some of the teachers and lecturers that lecture you before if they are wealthy till now,  I know that goal setting can make you wealthy if you go with patience with you planning and goal setting, which is the easiest way to continue flying higher in wealth in your investment.

Well op, you have listed some vital points to know here. But your post isn't properly arranged as you were supposed to at list give spaces or highlights your points on your post, to make them identifiable by your readers. No stress you are still new I guess with time you will learn how to.

As for your points listed, yes they are all important for someone who is willing to take his wealth to a whole new level. As they say, one needs to diversify his income and also have more than one source of income in this current economy situation of the country. As an investor I'm the crypto space, you should learn to invest into more aspect that would yield you profits. Don't always be on the idea of spending and wasting money. There are some good business that you can indulge yourself in that would make good profits for you. You should be able to make good productive plans in life to help you attain wealth.

Good morning my fellow Nigerians, from my little experience for this industry I fit boldly tell you say if you no follow this principles e go hard you to make am for this industry. Nine make I say make i put down the  5 major keys way person need to make am for this  crypto space. The first one na

• saving and investing: many of us know this one but we no dey do am. This one na to keep small of your income aside for future use no be to chop all , and then investing na to put some of you income into some thing way go make that money increase value over time. save at least 10% of your income and invest like 20%, you go surely see changes, and then the second one na

• Education and continuous learning: this one dey very important because na this one go keep you up to date , this one na to dey continuously  gather knowledge and skills way go fit help you get more money.Then The third key na

 • entrepreneurship: Most of us  know This one too , this one na to start and run your own business , so that you fit get other streams of income. So you no go dey depend on only one. the  fourth key na  

• strategic planning and goal setting: This one na matter of setting clear financial goals and to create  plans way go fit help you  to achieve them. And the last one na

 • financial literacy: This one dey very important , make we tell ourselves the Truth, to get am clear for this industry, we really need to understand  how money dey work , how to make am, how to manage am, and how  to invest am. If you know this things e go really help your finance. And take you to the next level.