Crypto 101- Earning From Crypto: Bitcoin, Altcoins – Investment
You might have heard allot about: Bitcoin, altcoins, tokens, ledgers, wallet, wallet address, dips, exchanges, ATH, block chain, paxful, binance.
My aim is to explain what all this means and how you can empower yourself to take advantage of this especially now that usual channels for trading for Nigerians have been blocked by FG.
Every resource here is 100% FREE and purely for educational purposes. This is not financial advice as the crypto market is very volatile.
3 Likes 1 Share
3 Likes 1 Share
jamace:
You are here already?
Yes
2 Likes
jamace:
Alright. Let’s wait for our teacher.
Okay 
Oga wa I dey greet o
3 Likes
Please I’m not responsible for any links posted here except by myself. Thread carefully and avoid clicking suspicious links especially if you have any value stored on you device.
1 Like
A currency that exists digitally or online ONLY
That is, it can not be touched or held physically like our usual currency(Fiat/cash).
example of a cryptocurrecy is Bitcoin(BTC), Ethereum(ETH), Dogecoin (DOGE) etc.
The letters in bracket are their acronyms.
Most digital currencies have VALUE(Price).
Usually this Based on current supply and demand and good news about the currency.
E.g : Dogecoin which grows in value when Elon musk posts a meme about it or Bitcoin which grows whenever an investor gets In.
These currencies are then stored on a ledger called [b] BLOCKCHAIN[/b]Blockchain. However When you buy a crypto currency from an exchange (paxful, binance, kraken), it is stored in a wallet which is on the BLOCKCHAIN.
4 Likes 1 Share
This is my wallet on paxful. With the dollar worth of Bitcoin in it.
2 Likes
souzadchef:
This is my wallet on paxful. With the dollar worth of Bitcoin in it.
Oya continue
number please?
I don’t understand
2 Likes
or whatsapp it’s important
Do you have a mail?
souzadchef:
What is crypto currency?A currency that exists digitally or online ONLY
That is, it can not be touched or held physically like our usual currency(Fiat/cash).
example of a cryptocurrecy is Bitcoin(BTC), Ethereum(ETH), Dogecoin (DOGE) etc.The letters in bracket are their acronyms.
Most digital currencies have VALUE(Price).
Usually this Based on current supply and demand and good news about the currency.
E.g : Dogecoin which grows in value when Elon musk posts a meme about it or Bitcoin which grows whenever an investor gets In.These currencies are then stored on a ledger called [b] BLOCKCHAIN[/b]Blockchain. However When you buy a crypto currency from an exchange (paxful, binance, kraken), it is stored in a wallet which is on the BLOCKCHAIN.
The best place for this lecture is on WhatsApp so as to avoid ban
lavylilly:
The best place for this lecture is on WhatsApp so as to avoid ban
That’s true o or telegram. Is there a way around it,our teacher?
3 Likes
or whatsapp it’s important
Kindly drop a mail I can reach you on.
That’s true o or telegram. Is there a way around it,our teacher?
Telegram is better
1 Like
Teacher, please continue here. This will benefit alot of unemployed youths out there.
2 Likes
souzadchef:
What is crypto currency?A currency that exists digitally or online ONLY
That is, it can not be touched or held physically like our usual currency(Fiat/cash).
example of a cryptocurrecy is Bitcoin(BTC), Ethereum(ETH), Dogecoin (DOGE) etc.The letters in bracket are their acronyms.
Most digital currencies have VALUE(Price).
Usually this Based on current supply and demand and good news about the currency.
E.g : Dogecoin which grows in value when Elon musk posts a meme about it or Bitcoin which grows whenever an investor gets In.These currencies are then stored on a ledger called BLOCKCHAIN.
However When you buy a crypto currency from an exchange (paxful, binance, kraken), it is stored in a wallet which is on the BLOCKCHAIN.
Each wallet has an address ( like your bank Account number). The address is your contact for receiving, sending and tracking transactions.
The wallet address is usually written in a long encoded format: 3MQJPnj9bQJQEdfwjr51u92nDxpG8s5tbT
To receive say Bitcoin from someone, they’ll need this wallet address or it’s barcode
1 Like
Now comes the big question,
How do you earn from Cryptocurrecies?
There are multiple ways to earn from Cryptocurrecies but the basic principle involved is ‘Buying Low and Selling High’
That is buying at a cost price and making sure you sell at a selling price higher than you bought in to make a [b]PROFIT.[/b]
PROFIT= SELLING PRICE – COST PRICE
E.G PIC1: Bought at 26787317 and sold at 26979689
1 Like 1 Share
That’s true o or telegram. Is there a way around it,our teacher?
I have alot on my plate currently and I know how crazy it is managing groups plus I want as many people as possible to gain from this info. Thank you
5 Likes 1 Share
‘Buying Low and Selling High’
I’ll be using Bitcoin as a case study; Bitcoin should be your standard. Bitcoin is the undisputable leader in the cryptocurrency world. Most trading is based on the performance of bitcoins.
For day to day trading, most folks use paxful and binance. However I use paxful because of personal preferences plus the network fees to block chain isn’t too high so I can sell offline to bulk buyers. Paxful is an online platform with inbuilt escrow, wallet and lots of Nigerians trading p2p every second. In my experience, You earn by VENDING, DAY TRADING and LONG TERM HODLING
To understand how you can earn with any trading strategy you choose, whether is long term trading(HODLING) or Short term trading ( Day Trading),
we need to understand how the price works.
Bitcoin is said to be[b]Speculative[/b] and Volatile because it’s price changes very[b]fast[/b]and rapidly too.
For instance, Bitcoin could be worth $55,500 at 12:00pm today and change to $54,800 at 12:59 same day within an hour interval.
However, this is what makes it possible to gain or lose quickly based on this price movements.
When bitcoin price goes up, it is called a GAIN or a bullish run, when it gains back to back.
When bitcoin price goes down, it is called a DIP/LOSS or a bearish run, when it loses back to back.
Usually, current Bitcoin Price is determine by volume being bought or sold and positive/negative news about the bitcoin market.
1 Like
2 Likes
souzadchef:
Now, that’s the most fundamental point in crypto trading.
‘Buying Low and Selling High’I’ll be using Bitcoin as a case study; Bitcoin should be your standard. Bitcoin is the undisputable leader in the cryptocurrency world. Most trading is based on the performance of bitcoins.
For day to day trading, most folks use paxful and binance. However I use paxful because of personal preferences plus the network fees to block chain isn’t too high so I can sell offline to bulk buyers. Paxful is an online platform with inbuilt escrow, wallet and lots of Nigerians trading p2p every second. In my experience, You earn by VENDING, DAY TRADING and LONG TERM HODLING
To understand how you can earn with any trading strategy you choose, whether is long term trading(HODLING) or Short term trading ( Day Trading),
we need to understand how the price works.Bitcoin is said to be[b]Speculative[/b] and Volatile because it’s price changes very[b]fast[/b]and rapidly too.
For instance, Bitcoin could be worth $55,500 at 12:00pm today and change to $54,800 at 12:59 same day within an hour interval.
However, this is what makes it possible to gain or lose quickly based on this price movements.
When bitcoin price goes up, it is called a GAIN or a bullish run, when it gains back to back.
When bitcoin price goes down, it is called a DIP/LOSS or a bearish run, when it loses back to back.Usually, current Bitcoin Price is determine by volume being bought or sold and positive/negative news about the bitcoin market.
is there any way to get bitcoin or eth without verification
2 Likes