Thanks for the opportunity to share my experience on cryptocurrency.
1. When and why did you become interested in cryptocurrencies?I new about cryptocurrency in 2018, and I became interested in cryptocurrency in 2019, during the lockdown because I was boring and needed to make use of my time to learn something new, so that i can also be part of the crypto space.
2. When and why did you buy your first bitcoin?I bought my first bitcoin 2020, but I had not gotten the the right knowledge then, so I bought at a high price and when bitcoin price went below my entry point, I panicked and sold because I borrowed the money and thought that I can make profit within a short period of time. I messed it up.
3. How did you get on the forum?I got here through a friend that I told about my zeal to learn more about how bitcoin works, and he directed me to this forum that he came accross it online, when he was making some reseach.
4.1. How do you consider whether 2-3 years of experience in cryptocurrency is enough to successfully invest or does an investor need to receive special education?Actually, from what I have learnt so far in the forum, I have come to understand that when one knows the basic concepts of bitcoin, which is how to buy bitcoin and which is the right wallet to use for the safety of your bitcoin, you can go ahead and start investing. This is because part of the basic concept of bitcoin is ro invest in a long term which can be from 4 -10yrs. And along the line as the person is continues with his accumulation, he can start learning the other part of it. This means that 2-3yrs is too long to learn before investing, because the earlier one invests in bitcoin, the better for him. Therefore, i will say that one month is cool, since you are only going to buy from an exchange and transfer it into your noncustodial wallet. Learning the rest can continue for as long as the person feels, he can.
4.2. What prevents mass adoption of cryptocurrencies?The government is the first thing that I will say can hinder the adoption of crypto, when they bring laws that is not crypto friendly, like banning bitcoin in the country. Secondly, lack of knowledge can also hinfer the mass adoption of crypto, when the people don't know the difference bitcoin altcoins and bitcoin, they might end up investing in altcoins and when it pumps and dump. Investirs will lose and this can make them scare from bitcoin, because they will think that all crptocurrency are the same.
4.3. What is the situation with cryptocurrencies in your country? Are there any problems when exchanging for fiat? Which city or place in your country is best suited for cryptocurrency holders?Cryptocurrency is restricted from banks but individuals have access to it.
Centralized exchanges has made the exchanfe of cryptocurrency (bitcoin) very easy to sell and have your fiat currency in your bank account through their P2P trade.
The Federal Capital Territory Abuja, will be a good place for cryptocurrency holders.
4.4. Are you using the Lightning network? If yes, for what purposes?Yes, I use LN for smaller transactions because it is cheaper.
4.5. Which secure cryptocurrency wallets are you currently using?I use electrum wallet currently due to some unique deatures that it has, like allowing double spending using RBF, CPFP ans coin control.
5. What do you think of the current Merit system and signature campaigns? Do they harm the forum?It is cool and I like the initiative because it will make one eager to learn and improve himself so that he can grow and start earning something for his contributions on the forum. This shows that every member of this forum has a compensation for contributing towards the forum growth. It may or may not harm the forum, because it depends on individuals how they will want to take things for granted.
6. The most useful forum topic? Most helpful users?JJG’s Outline of Bitcoin Investment IdeasHelpful users are JJG becacause I have learnt so much from him from our discussions on the best way to go about your bitcoininvestment with the best strategy for a newb ie like me which is regulat DCA. o_e_l_e_o is also someone that I have also learnt a lot from on wallet software.
7. 3 things you would implement on the forum?
8. Do you trade on exchanges or invest in projects?I don't trade on echanges because it is a risky practice and I don't want to take such risk, since my plans is to keep on stashing my bitcoin bag and hodli, i believe in investment because there will be a bigger return in the long run compared to trading.
9. Tell a story about your big profit or big loss?No big profit or loss yet because I haven't experience any bull run and I haven't sold any of my bitcoin after I started accumulating. The only time that I lost when when I sold out of panic because I don't understand much about bitcoin and this was in 2020.
10. What do you think about the DEFI ecosystem?
11. Is your anonymity a vital necessity or precaution?My anonymity is a vital neccessity for privacy sake.
12. The last cryptocurrency book you read?I haven't read any book yet on cryptocurrency but I have read so many articles on cryptocurrency.
13. Advise 3 cryptocurrencies/tokens for investment in the next 1-2 years?Bitcoin Bitcoin Bitcoin.. We can't trust those altcoins out there, because they are like gambling.
14. How much will Bitcoin cost at the end of 2023?I hope to see bitcoin price above $31k, since $31k is the highest price that bitcoin has reached in this current circle.