If you visit the investment section of Niaraland regularly you must have come across a trend explaining what cryptocurrency is all about; with a theme focusing on persuading you to invest. To be more precise you must have read about BITCOIN.

Bitcoin is the most successful cryptocurrency among all the hundreds of different brand of cryptocurrencies which is currently in existence. Though as of late there are cryptocurrencies such as ETHEREUM which offers services beyond just a medium of payment and exchange of value; but The fundamental purpose of Bitcoin and over hundreds of other cryptocurrency is to serve as an alternative method to transfer monetary values in a decentralized system other than the fiat centralized system we already have.

THE SIMPLE IDENTITY OF BITCOIN & CRYPTOCURRENCIES

A lot of people have found it difficult to understand what Bitcoin and cryptocurrencies is, this is mainly because of the many grammatical vocabularies associated with it's explanation. But if you could give the grammars a break; Bitcoin and cryptocurrencies is just series of numbers created electronically on a computer system. In the case of Bitcoin the numbers ranges from 1 to 21 million or if you are counting in its lesser units called Satoshi it ranges from 1 to 2.1 quadrillion. Basically in every 1Bitcoin there are 100,000,000 Satoshi likewise with other cryptocurrencies with there specific units and range of numbers.

The range of numbers created is determined by the creator of the cryptocurrency. The value of cryptocurrencies is not influenced by any legitimate substance but by just DEMAND & SPECULATION.

So basically the value of Bitcoin and other cryptocurrency is simply based on the actions of individuals and organizations who decided to see those series of electronic numbers created as a thing of value and began to trade with it among themselves.

The process of transferring bitcoin and other cryptocurrencies is simply sending the electronic numbers in your computer to someone's else computer without duplication; just like if you transfer your airtime to someone it's gone from your sim card and you cannot get it back unless the person transfers it back to you.

One important part of cryptocrrencies is The Blockchain which is just a tool that records all the transaction history and shows transactions as it happens. Think about some ponzi scheme sites which displays latest PH & GH on the dashboard that's just it, only this time you can always track any transaction at anytime regardless when it happened using the transaction ID called hash in cryptocurrency language.

CRYPTOCURRENCIES A MONEY BASED ON MUTUAL CONSENT

As previously stated the value of Bitcoin is not influenced by any legitimate substance like Gold or Oil or any other commodity it's just speculation and demand. Just because a group of people and organizations agreed to trade with the electronic numbers someone created, it became valuable and because the numbers has a fix range which cannot be exceeded the more people demand to use this electronic created numbers in an ordinary sense it creates scarcity which ultimately increases the price or cost of acquiring the said numbers. Just like when fuel is scarce in Nigeria it becomes more expensive to purchase.

If people decides not to use the electronic created numbers for trading anymore it becomes worthless. When the cryptocurrency movement started it can be said to be a rebellion towards the system which the government has implemented for us to exchange values, but ultimately the government can not take away the freedom of individuals because it will be a breach of human right. Therefore because the people agreed among themselves it became a thing of value among them which no one can stop or control except them, thus it is said to be decentralized because it is not controlled by the policies of the government.

NIGERIA A MYOPIC NATION OF OVER 180 MILLION SKEPTICS

Nigeria is a country with extreme poverty among the people with high inflation rate and a rapidly decaying currency which has completely neutralized the purchasing power of its citizens and further increase hunger and abject poverty among the people. Most of this struggles if not all is directly blamed on the government and their corruption system of leadership which favours no one but themselves.

The moral lessons from the existence of cryptocurrencies is that mutual agreement is so powerful is so much that it can result in the creation of a decentralized economy where the power is taken away from the government and given to the people. An economy can be created out of nothing, values can be created out of nothing, we don't need the oil from the Niger delta, we don't need the other numerous resources from other parts of the country, in the beginning the heavens and earth was completely void the bible recorded, everything we now see or have come to accept after God's creation was made by man and it became a thing because people agreed to make use of it which ultimately made it valuable.

Sadly Nigerians are people full of skepticism, fear unwillingness to try something new, people who are comfortable with limiting source of income to the known, a country with civil unrest overcomed by tribal hatred and selfishness, a country which views anything made by a Nigerian as inferior or scammy.

Until we begin to believe more in ourselves we cannot overcome poverty, we will remain in the captive chain of governmental policies which favours no one but themselves, we will continue to be viewed as inferior and a 3rd world country by other nation, we will continue to remain 180 MILLION SKEPTICS.

Nice write-up , the best time to invest in crypto currencies was yesterday.

We are already late but Skeptics will be forced to embrace it much later in the future. By then, they will be fraught with regrets of how much money and opportunities their skepticism have made them miss.

easyflex:
Nice write-up , [s]the best time to invest in crypto currencies was yesterday[/s]

We are already late but Skeptics will be forced to embrace it much later in the future. By then, they will be fraught with regrets of how much money and opportunities their skepticism have made them miss.

Says who?

Good write up.... Every knowledge is a blessing.

Well said, Nigerians are so used to one particular way of life that dey find it difficult to adapt to change. Any change or new stuff initiated is always questionable in this beautiful country of ours, only few Nigerians dabble into something new, well too bad, imagine this past days that most coins were down, sharp peeps have actually made tons of cash within this few days, e.g eth was as low as $220 just 2-3days back now is upto $300+ with profit without breaking too much sweat i myself was a bit confuse with the sudden decrease in price but now am beginning to learn how the crypto wrld works.

easyflex:
Nice write-up , the best time to invest in crypto currencies was yesterday.

We are already late but Skeptics will be forced to embrace it much later in the future. By then, they will be fraught with regrets of how much money and opportunities their skepticism have made them miss.

Some People gave up on their token too easily due to the slight drop experienced skepticism has cost them some $$$$$

Najwal:
Well said, Nigerians are so used to one particular way of life that dey find it difficult to adapt to change. Any change or new stuff initiated is always questionable in this beautiful country of ours, only few Nigerians dabble into something new, well too bad, imagine this past days that most coins were down, sharp peeps have actually made tons of cash within this few days, e.g eth was as low as $220 just 2-3days back now is upto $300+ with profit without breaking too much sweat i myself was a bit confuse with the sudden decrease in price but now am beginning to learn how the crypto wrld works.

If the market doesn't fluctuate the traders won't gain, imagine buying a token for $0.4 selling off at $0.5 buying again at $0.3

That's what you do with BITFINEX, POLONIEX and co, trade with limit. Set limit when to sell set limit when to buy by just clicking on your mobile phone. You can be making over $300 weekly.

Yards:



If the market doesn't fluctuate the traders won't gain, imagine buying a token for $0.4 selling off at $0.5 buying again at $0.3

That's what you do with BITFINEX, POLONIEX and co, trade with limit. Set limit when to sell set limit when to buy by just clicking on your mobile phone. You can be making over $300 weekly.

You are right, just a little understanding

Yards:


Some People gave up on their token too easily due to the slight drop experienced skepticism has cost them some $$$$$

I was also guilty of what you just said. I remember having about 7 BTC, I sold off most of them when BTC hit $800+ because there was a sharp decline in prices then. I really was feeling like a smart business man at the time not knowing I was being plain silly. Fast foward 1 month later, bitcoin hit $1800. I just hated myself. That time I wasn't even looking at ALT coins

I have learned my lessons tho, any Cryptocurrency I buy now is for the long term. I'd reassess my position every 6 months to 1 year.
Trading can be exhausting for me so I check whenever I can to see new viable coins I can hedge on.

easyflex:


I was also guilty of what you just said. I remember having about 7 BTC, I sold off most of them when BTC hit $800+ because there was a sharp decline in prices then. I really was feeling like a smart business man at the time not knowing I was being plain silly. Fast foward 1 month later, bitcoin hit $1800. I just hated myself. That time I wasn't even looking at ALT coins

I have learned my lessons tho, any Cryptocurrency I buy now is for the long term. I'd reassess my position every 6 months to 1 year.
Trading can be exhausting for me so I check whenever I can to see new viable coins I can hedge on.

One of the best way to trade is using limits on exchange. For example you can set a sell limit that you want to sell your btc at $3000 per coin. That order is created, at any moment btc touches $3000 you coin will be auto sold. Likewise you want to buy you set a buy limit of whatever price you wish to purchase, the moment btc drops to that price your order will be auto activated.

It's a cool way to trade without worries.

Yards:


One of the best way to trade is using limits on exchange. For example you can set a sell limit that you want to sell your btc at $3000 per coin. That order is created, at any moment btc touches $3000 you coin will be auto sold. Likewise you want to buy you set a buy limit of whatever price you wish to purchase, the moment btc drops to that price your order will be auto activated.

It's a cool way to trade without worries.

I totally understand what you are suggesting but my investment is actually borne out of a well thought out strategy. To buttress this point, let me list out the most common investment strategies:

(1.) Buy and hold, without caring about day-to-day (or even month-month) fluctuations.This I consider to be an investment.

(2.) Buy and hold a core position and add on them during the major dips in prices; this is considered a very powerful strategy.

(3.) Buy a certain amount every week or month, and even-out your entry price, without the hassle of timing the market.

(4.) Try to catch major turning points to reduce and “re-boost” your position.

(5.) Trade short-term movements with stop-losses, targets, and strict risk management (this is trading not investing)”


My interest in cryptocurrencies is largely as an investment using approach 1 and 2 listed above. But if I understood you well, you are asking me to do No.5 which is more of trading and does not align with my interest at the moment.

Thanks for your suggestions anyways, it's always welcome and appreciated.

easyflex:


I was also guilty of what you just said. I remember having about 7 BTC, I sold off most of them when BTC hit $800+ because there was a sharp decline in prices then. I really was feeling like a smart business man at the time not knowing I was being plain silly. Fast foward 1 month later, bitcoin hit $1800. I just hated myself. That time I wasn't even looking at ALT coins

I have learned my lessons tho, any Cryptocurrency I buy now is for the long term. I'd reassess my position every 6 months to 1 year.
Trading can be exhausting for me so I check whenever I can to see new viable coins I can hedge on.

You are right, it just happen to me yesterday, I sold all my LTC for 47$ thinking I am smart, but this morning, it is $50+

Yards:


One of the best way to trade is using limits on exchange. For example you can set a sell limit that you want to sell your btc at $3000 per coin. That order is created, at any moment btc touches $3000 you coin will be auto sold. Likewise you want to buy you set a buy limit of whatever price you wish to purchase, the moment btc drops to that price your order will be auto activated.

It's a cool way to trade without worries.

Yards, which site do you recommend for trading? and how can you set the limits

easyflex:


I totally understand what you are suggesting but my investment is actually borne out of a well thought out strategy. To buttress this point, let me list out the most common investment strategies:

(1.) Buy and hold, without caring about day-to-day (or even month-month) fluctuations.This I consider to be an investment.

(2.) Buy and hold a core position and add on them during the major dips in prices; this is considered a very powerful strategy.

(3.) Buy a certain amount every week or month, and even-out your entry price, without the hassle of timing the market.

(4.) Try to catch major turning points to reduce and “re-boost” your position.

(5.) Trade short-term movements with stop-losses, targets, and strict risk management (this is trading not investing)”


My interest in cryptocurrencies is largely as an investment using approach 1 and 2 listed above. But if I understood you well, you are asking me to do No.5 which is more of trading and does not align with my interest at the moment.

Thanks for your suggestions anyways, it's always welcome and appreciated.

There are some crypto you hold for long term, there are some you trade using limit because of volatility.

Limit trading is the best form of trading for quick high return.

I hold other coins for long term too.

I hold Bitcoin, Ethereum, Iota, Stratis, Waves, & Ripple which I use for limit trading.

owunabastard:

Yards, which site do you recommend for trading? and how can you set the limits

I use Bitfinex

Yes

Yards:


I use Bitfinex

And how do you set the limit? I mean the procedures. I will appreciate if you can screenshot how to do it.

owunabastard:

And how do you set the limit? I mean the procedures. I will appreciate if you can screenshot how to do it.

If you have a Bitfinex account, Login your account and goto TRADING, select the currencies you wish to trade. For example BTC/IOTA. once you are at the trading section.

From the image attached below:

The one labeled number 1: Is the order type, there are different options but put it in limit.

The one labeled number 2: is the price you wish to purchase at, so kindly set the price you wish to purchase at.

The one labeled number 3: is the amount of coins you wish to purchase, for example 10, 20 or 100 etc.

After setting all that click buy. Your order has been created, once the coin reaches your preferred price, the order will be automatically executed.

Same procedures in selling.

NB: You must have the coin you wish to purchase with in your bitfinex wallet before creating this order.

Sorry for replying late, I got busy.

Yards:


If you have a Bitfinex account, Login your account and goto TRADING, select the currencies you wish to trade. For example BTC/IOTA. once you are at the trading section.

From the image attached below:

The one labeled number 1: Is the order type, there are different options but put it in limit.

The one labeled number 2: is the price you wish to purchase at, so kindly set the price you wish to purchase at.

The one labeled number 3: is the amount of coins you wish to purchase, for example 10, 20 or 100 etc.

After setting all that click buy. Your order has been created, once the coin reaches your preferred price, the order will be automatically executed.

Same procedures in selling.

NB: You must have the coin you wish to purchase with in your bitfinex wallet before creating this order.

Sorry for replying late, I got busy.

Thank you very much, God bless you

no p bro don't wanna argue 2 much as i keep a low profile here. generally am very skeptical about online transaction, how viable is this crypto biz? hw much will it cost to invest? and lastly can you put me through? though i work but can have this on the side i can send you my whatsapp number so we discuss if you can put me through thnks.

Mup4life:
no p bro don't wanna argue 2 much as i keep a low profile here. generally am very skeptical about online transaction, how viable is this crypto biz? hw much will it cost to invest? and lastly can you put me through? though i work but can have this on the side i can send you my whatsapp number so we discuss if you can put me through thnks.

Crypto currencies are down now a very good time to buy because we are approaching quarter 3 in most road maps before December a very good return is sure if you invest in the top coins.

I.e ethereum is currently priced at a little over $250 per coin, it can easily appreciate by $100 to cost Over $350 towards quarter 4.

So there's a huge potential of a $100 profit on each ether you purchase before the year runs out.

There are other coins too which are low priced.

Like Iota, wave & stratis. Ethereum classic also has dropped in price.

You need a lot of patience to win in this market.

Those with patients always win.

Yards:


Crypto currencies are down now a very good time to buy because we are approaching quarter 3 in most road maps before December a very good return is sure if you invest in the top coins.

I.e ethereum is currently priced at a little over $250 per coin, it can easily appreciate by $100 to cost Over $350 towards quarter 4.

So there's a huge potential of a $100 profit on each ether you purchase before the year runs out.

There are other coins too which are low priced.

Like Iota, wave & stratis. Ethereum classic also has dropped in price.

You need a lot of patience to win in this market.

Those with patients always win.

Hi, been trying to purchase Stratis for a while now but just don't understand how or where to get it. Can I help out please

t33why:

Hi, been trying to purchase Stratis for a while now but just don't understand how or where to get it. Can I help out please

You can Buy stratis from Polonix.
You can store them in coinomi wallet

Yards:


If you have a Bitfinex account, Login your account and goto TRADING, select the currencies you wish to trade. For example BTC/IOTA. once you are at the trading section.

From the image attached below:

The one labeled number 1: Is the order type, there are different options but put it in limit.


The one labeled number 2: is the price you wish to purchase at, so kindly set the price you wish to purchase at.

The one labeled number 3: is the amount of coins you wish to purchase, for example 10, 20 or 100 etc.

After setting all that click buy. Your order has been created, once the coin reaches your preferred price, the order will be automatically executed.

Same procedures in selling.

NB: You must have the coin you wish to purchase with in your bitfinex wallet before creating this order.

Sorry for replying late, I got busy.

.

Yards:


Crypto currencies are down now a very good time to buy because we are approaching quarter 3 in most road maps before December a very good return is sure if you invest in the top coins.

I.e ethereum is currently priced at a little over $250 per coin, it can easily appreciate by $100 to cost Over $350 towards quarter 4.

So there's a huge potential of a $100 profit on each ether you purchase before the year runs out.

There are other coins too which are low priced.

Like Iota, wave & stratis. Ethereum classic also has dropped in price.

You need a lot of patience to win in this market.

Those with patients always win.

thnk you, unfortunately i don't know much about this crypto and how to know the viable ones. wish you could put me through and tell me what amount i can invest in them so dat i can smile come december pls would like to get a reply from you and how to go about this in the best possible way as to avoid losses. thnk you very much

Mup4life:
thnk you, unfortunately i don't know much about this crypto and how to know the viable ones. wish you could put me through and tell me what amount i can invest in them so dat i can smile come december pls would like to get a reply from you and how to go about this in the best possible way as to avoid losses. thnk you very much

Your budget determines the coin to go into; if you have a good budget you go into the top coin profit is for sure by December.

Yards:


Your budget determines the coin to go into; if you have a good budget you go into the top coin profit is for sure by December.

i want you to give me an idea of what a good budget is for investing in ctypto so i know how to go about it. i.e what will be d ideal $$$ to invest to get a significant profit. thnk you sorry for border.

and also what will 500 to 1k dollars get me?

Mup4life:
and also what will 500 to 1k dollars get me?

$500 investment then we are looking at a long time investment

so for the here and now how much is ideal? please just be specific based on your experience. hw much do i need to start and also make something substantial on the short term? thnk you.