Topic: About cryptocurrency (Read 344 times)

Honestly, there is no doubt that Bitcoin is the best coin that someone can invest in without having too many worries. Bitcoin has proven to be the best coin in the cryptocurrency industry in many different ways and different times, so as for me, I don't even think some will seek my advice about which coin they should invest in, and I will mention any coin rather than Bitcoin. Anyone who has knowledge of cryptocurrency doesn't need anyone's advice before investing in bitcoin. I am not saying there are not some coins that others are doing well, but the truth is that none of them can be used to compare Bitcoin, which is why I will give advice to invest in Bitcoin.

These are some of the things that many newbies don't take seriously when they want to start their cryptocurrency investments. I have met many newbies who don't bother much about their security, especially when it comes not leaving their funds in exchanges. Nowadays, many people believe in leaving their funds in exchanges despite knowing that if the exchange collapses, they will lose their funds. I don't really understand why that is, but what I think is causing all this is their laziness to learn.

Nice analysis. But while you mentioned type of crypto currencies, maybe before then, you should had brief about the origin of crypto currencies by giving bitcoin that respectable privilege as the first developed cryptocurrency and then differentiate it from others to be alternative cryptocurrencies.
It'd help beginners to follow up the historical originations and co. founding of cryptocurrencies in regards to how they can also believe the fact prompted the initiation of digital currencies and not just about how they could earn from it.
It'll really be too exhobitant for a bitcoin enthusiast to state all varieties surrounding bitcoin otherwise, I was also expecting that you'd had also discussed on the coins differences based on possessions as potentials but yet, you did well Op.

Cryptocurrency and the ecosystem na wide place for knowledge through your dedication and consistency of action, you op fit sabi all these things wey you list so and advise us many ways and still got no coin in your wallet or leaving the way you are explaining as an example if you never put into work and actions.

You can keep hearing all these advices of choosing the best coins, choosing the best airdrop, stay away from scam projects blah blah..and you never put into action what you mean you'll never gets to top.

No successful trader and investor had ever escaped from getting scammed, loosing their assets depreciated, wallet getting hacked, getting into wrong projects at first journey, they must have passed through all these before realising themselves how to probably redirect their perspective on choosing the best project.

Tl:dl; Allow yourself to get into the cryptocurrency and Blockchain space learning consistently, allow yourself to get scammed and don't be afraid of loosing assets and getting into wrong projects, you'll learn and experience more than just advices from people.

Normally nah this kind thing the forum was made for , so post like this dey nice e go still help those wey newly join this forum . Many of our Broda and sister for this our contri still dey find am difficult to understand some of those big big language so using pidgin to break the stuff down go still make some people easily get the gist . This why most time dey like to dey talk this thing well well sey if you wan grow your account for this forum, you need to focus on quality, like better post wey go impact on others . Like when I first register for this forum it took me time before knowing how things tey dey work for here . So aslong sey you dey learn new new things for here , as time goes on you go see the way your account go tey grow so normally. nah to focus on learning more so that you can also impact on others.


Normally I don't even recommend altcoins to anyone because I knew what I pass through back then when I was still dealing on them . Well ETH ain't bad but still is better to have some portion of bitcoin stash in your portfolio. Than finding which altcoins to invest on . Because all other digital currency apart from Bitcoin are altcoins, and most time they normally follow their boss movement (bitcoin).

Cryptocurrency is a decentralized currency dat is be control by supply and demand, U can use cryptocurrency to buy goods and services in your country if d cryptocurrency is legalized in your country,  U have mentioned some of the types of cryptocurrency, but  bitcoin is d  king among all d cryptocurrency in d market and people prefer bitcoin investment than any other cryptocurrencies investment, because it has potential teams make bitcoin to remain stronger, and if u want to invest in altcoins, make sure u make Ethereum your choice so dat u can have opportunity to win big income in d future, which is d desire of every investors in d community.

Information is power in cryptocurrency and it is better that we learn that taking the learning opportunity for granted, when we have a good understanding of what crypto is and their various types, we will not be taking one for the other or invest on shitcoins when our target is to remain safe and focus on what will be profitable on us like bitcoin, and as the rate of crypto adoption increases the more people are getting informed about them and know what to do in other to avoid scam or other fake crypto projects, then we can achieve success in cryptocurrency by doing thee needful.

Bro u Dom try to compose ur own post e no easy for person to sit down jeje use im time take write to educate others no be easy thing at all. And u get more credit as a newbie sometimes post like this fit motivate other newbie like when I been come this forum new if I carry my eyes see newbie compose this kind post e dey boost my motivation and I dey also take am as challenge so bro u Dom do ur part u try very well even as u come carry our local language murder this one e good well well.

Better talk my brother, for me, advice someone to invest in any other cryptocurrency is not a good idea for me because we all know that they are more risky than bitcoin, to advice a newbie into cryptocurrency is better you advice them to invest in bitcoin because bitcoin is more operative than other cryptocurrencies, as you talk am say if the person want to invest in any cryptocurrency aside bitcoin you will advise the person to invest 5% of his capital or any amount he fit afford to lose, you are right about that but for me sef I no fit advise am for the 5% because some people no get sense even if you explain everything for them they will still find a way to blame you.

The second one about secured our investment, like having a good wallet that is very safe and no matter how e be if not be the owner give out is his wallet seed phrase nothing go affect the investment, that one also Dey because person no fit just go talk say he or she wan invest without asking for a better wallet that he fit put him coin, you have to find a good wallet that is very secure that your investment fit Dey inside more than 4 to 5 years.

I wasn't talking about USDT  I was actually  emphasising on USDC ....
Besides there's difference between  what you said investment( it comes with a bigger view even to the stock market), although you can take it as a form of investment if you're talking about naira to dollar rate but that's because our currency is not  good due to our economy bur its more like just holding another currency which some how sucks to be a good investment in the first place because  while you holding  too naira could appreciate , why not  just invest in Bitcoin  and hold...
Also, the debate here now is USDC not USDT there's difference but they're both more like a stable  coin , there's even another one FUSDT , they are  all different from each other so take not USDC is different from USDT

A very important point that OP and other users should keep remembering. Just take a look at this thread here https://bitcointalksearch.org/topic/--5499864, where the OP complained of withdrawal restrictions in his Binance account when he's still got some coins in it. This shows how things might just go against someone one day just be storing coins on exchanges. And also, using cold wallet is suitable for a long term hodling of our Bitcoin for adequate security, as they are barely connected to the internet.


Investments that sounds too good to be true.

If you are to calculate the value and notice different base on the usd (united state dollar), you are absolutely right that it's just a stable coin, but if we are to look at it on the exchange rate network it and our local currency, I can say that buying and storing the USDT can also be seen as an investment as the value has proven to be worth it over time. Those who exchange a few of their fiat to USDT can be bold to say that they make some profit by just holding it due to the unstable nature of our local currency (Naira). 

And in addition to what you just said above, I will suggest that the best way to securing your Bitcoin Is by storing it in a non custodial wallet such as Electrum and Bluewallat, which have proven beyond doubt to be the most reliable over time, far better than keeping your funds in exchange wallet where you do not have control over it's private key and likely to go bankrupt if there is an issue of mismanagement.

And one of those ways to be careful here is by avoiding to fall for investments that promises you a return of investment too good to be true.

Better still, I will advise you invest in Bitcoin, as it is one coin that have proven to withstand the market volatility over time and yet still skyrocketing in a long run.

Op I really commend you for this piece of writting, I must tell you that if you continue like this without deviating you will go far, you made a very good research with good outcome that's highly commendable, cryptocurrency is very complex thats why it requires basic knowledge to start the journey and learn in the system, with my little knowledge about cryptocurrency, Bitcoin surpass other coin in everything and that why most crypto enthusiast don't think about going into any other cryptocurrency aside  Bitcoin that they are already holding, despite how promising some new project might look from the onset I wouldn't advise anyone to put all there mind in it, I will always say trade with caution, Bitcoin is public figure let me use that word and it has proven to be the best coin money can buy so what next, I think we should embrace it to the fullest and invest little in other pronounced  projects if want, everything you pointed out is important for this journey to be a successful one.

I noticed  you mentioned USDC[US Dollar coin]... the coin is more like a stable coin just like USDT [US Dollar  token], although  it pumps some times but its  pump haven't pass 3 unit Dollar for a very long time so it advisable  to take it as a way of storing your Coin in a stable form for just a short period of time... and not really investing

If you  want to invest you can invest in BITCOIN ad it was first on your list so no doubt you  haven't deal with it before, invest in Bitcoin and become a holder (which means you will be holding for a long period of time ) taking it as a long investment  plan

I can see someone did his home work, and op I'm happy do see that a newbie came up with this thread. The thread actually dey very educative especially to people wey just join the forum. E give me better joy as I see say Na pidgin Naim you take compose this thread because, Na for only this board Naim you fit write with pidgin, out this local board Na English dem dey use, learning to express your thoughts through pidgin writing Na good way to communicate amongst ourselves wey some outsiders no go fit code.

Amongst all the coin wey dey this life, Na Bitcoin be the most reputable one and e no get second, because the rest coin are all called alts, and the gap wey Bitcoin give dem, no be here oo. And I go advice say make you start with bitcoin before you think of other coins, because Bitcoin go give you the basic idea of how all these things dey work while e still dey less risky compare to other coins.

OP, you really do well to put up this post so that our people go see am. I know say this write up take the you time to do research before you come up with am. I believe say this post go dey very helpful to newbies wey just join us at the moment because when them see and read am, them go understand and this go further help them do research and findings as e please them.
Nevertheless, I go put mouth for the security matters added to your own wey you don already yan.

1 As a Crypto enthusiast, no make mistake to click link wey dem send you if you no know who send am. Quickly delete or block the contact wey send you the link. Sometimes phishing links are sent to people and when they click it, the Scammer steals your details through the link you have clicked.

2. Avoid airdrops wey no dey verified and also no dey link or permit authorisation to website to connect to your wallet as Scammers can hack your wallet through that measures.

3. Save your secret phrases manually. Do not use Google cloud in saving it because if your google account gets compromised, anybody who did that could gain access to your assets and funds which is not good. Save your details manually with either a book or a piece of paper. Write it down and keep where you alone can access when you need it.

4. When making transfer, do well to check receiving address properly before approving the transaction. Likewise you checking on your end as well because sometimes wallet apps are bugged with virus that changes wallet address without the notice of the owner. This is as a result of links clicked by the owner.

I believe this little points of mine could help a long way for members who have no idea to take note of.

A cryptocurrency is a very simple in terms of investing into it and it also a ways of success of income, that means if anyone that have interest in to the cryptocurrencies have a knowledge about and did some of the research about the cryptocurrencies before jump into it, because a person can not know just sit down in one place and take decision to introduce his self about what he didn't understand about, how can the person will progress it will never have a single benefits for himself. So in this case the way some people are talking about the cryptocurrencies that is very difficult to afford is not like that, accept those that are not ready to be the part of those that earned a huge amount of money in cryptocurrency that's there classified it that is not something that everybody can afford.

This thread they very important to be considered expecially for those newbies like you that are build there self into cryptocurrency investments without enough knowledge I think if they where across this your thread it will really help and even motivate them to do much research about the cryptocurrencies investment, and even when they come to invest in any coins they will invest the amount of money that they can able afford to lose, because their some newbies that once they just into the crypto they will go anywhere start with the kind of amount of money that they will not afford to handle which most of them easily fall in vistim of losing.

With watin you talk I understand but you suppose to dey specific with the kind of coins wey you dey refer as crypto currency, if nah Bitcoin wey you try talk, mention am so that we go understand you properly.

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Make I use the world Bitcoin.
Bitcoin nah better investment source because nah good store of value and no body fit control am as e dey decentralize. All investments get risk and e better make person invest for something wey no body fit dey control. And again, all those other coins wey you mention dey learn from where Bitcoin dey as bitcoin nah the top leading coins for the crypto space.

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To invest for Bitcoin you no really need much money, all you need nah the money wey you go fit afford. Bitcoin investment no require any specific amount for someone to get before em go invest for Bitcoin. Person fit start with as low amount like 5k naira sef but the important thing be say nah for the person to keep am up and make em no invest today then stop tomorrow.

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Wen we talk about security, that one nai be the most important thing for any bitcoiner, as you get Bitcoin for your wallet you need to protect am with everything possible because nah your asset be that. Still e no goo for anyone to keep Bitcoin for exchange for long period of time because exchange no be wallet and those exchanges them dey centralize.

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As investment dey so person need to know the kind of investment em won do and how em go take do the investment constantly and how long em go do am.
The person need to choose the coin wey em won invest in and the wallet em go use safe the coin and how much em go dey put inside the investment with how em won take dey buy, wether nah daily, weekly or monthly. If person no plan am like this em no go last for the investment because em no plan well. So these things sef nah also important things wey person need to know before em start.

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You get plenty errors for this your op thread but this one I gets quote am separate because e no aline with anything wey consern investment.
Trading and investment nah 2 different things (know am now), you can also visit this link to know the difference between trading and investment.

The first issue I have with the Information you're passing here is that you're mixing up Crypto and Bitcoin as though  they are the same thing and that has affected almost all the other points you've made including using the phrase, invest what you can afford to loose and also mistaking investments to mean same as mere holding on to a crypto asset and I guess  that's the reason you're suggesting that ones investment should be kept in a reputable exchange when in the real sense it's never advisable to keep your Bitcoin in an exchange if you'e not ready to remove it in less than no time.

You have to always create the difference between investing in Bitcoin and gambling with crypto or else you're going to make the likes of micro strategy and other big Bitcoin whales to look foolish for investing above an amount they would normally want to loose. Making such statement alone means that you're removing Bitcoin out of your statement because for us, no one really invest into Bitcoin with an amount he's ready to loose. If you're even serious with your investment, in the long run, you're going to be in a good profit region where you get tempted to sell when you've not reached your accumulation goal but with this kind of mentality, you will just sell it out at the slightest profit. Note that you can't even go about bitcoin investment the right way if you're ever considering that you're gambling with the funds you're putting into it.

Remove Bitcoin out of the list you provided as cryptos then 90% of what you've outlined here will be totally correct.

My brother you don talk well no doubt, but to be frank, if I be you, I no go ever advice anyone to invest in anything other than Bitcoin, unless the person dy too stubborn, and even if him or her just feels like gambling, and if him dy bent on doing so, make him invest like only 5% of him capital, or any amount him or her fit afford to lose,
 because investment in the crypto industry aside Bitcoin dy really dangerous.

Secondly, you no warn newbie investors make Dem no for any reason store their asset inside exchange, because if you do like that, anything wey happen to the exchange, your money go follow am go, and e dy very important to store ur Bitcoin in a self custodian wallet like electrum,  because in this industry we find ourselves, safety first before anything.