₦airaland Forum

Intro to Cryptocurrency for Absolute Beginners

Hi all, due to so much people asking me questions about crypto, I decided to do this.

This thread is for total beginners who have no idea what cryptocurrency is and what blockchain is and how to get into crypto and want to learn more.

I will be posting beginners tutorials from my free ebook here on this thread and you can read along and learn.


WARNING: Beware of scams in crypto. There are a lot of scams especially from people you dont know who contact you first.

I don't send people messages without first asking them first in public so if you receive any message from "me" it most likely a scammer. The same for most instructors and influencers online. Be very careful!!!


Okay so let's begin:

Overview of Cryptocurrency

Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. Unlike traditional currencies, cryptocurrencies are decentralized, which means they are not controlled by any government or financial institution. The first and most well-known cryptocurrency is Bitcoin, which was created in 2009 by an unknown person using the pseudonym Satoshi Nakamoto.


History of Cryptocurrency

The idea of digital currency has been around since the early 1980s, but it wasn't until the invention of blockchain technology that cryptocurrencies became a reality. The first attempt at creating a digital currency was done in 1996 when a company called e-gold started offering a way to buy gold online. However, e-gold's centralized nature made it susceptible to fraud and money laundering, and it was eventually shut down by the US government in 2008.

In 2009, Bitcoin was introduced as the world's first decentralized cryptocurrency. It was created to be a peer-to-peer electronic cash system that would allow people to send value directly to each other without the need for an intermediary. Since then, thousands of other cryptocurrencies have been created, including Ethereum, Litecoin, and Ripple.

How Cryptocurrency Works

Cryptocurrencies work by using a distributed ledger technology called the blockchain. A blockchain is essentially a database of transactions that is maintained by a network of computers around the world, rather than a single centralized entity. Each block on the blockchain contains a record of several transactions, and once a block is added to the chain, it cannot be modified or deleted.

To transact with cryptocurrencies, users need a digital wallet, which is a software application that stores their private keys. Private keys are used to sign transactions and prove ownership of the cryptocurrency. When someone sends cryptocurrency to another person, they broadcast a transaction to the network. Miners on the network then validate the transaction and add it to a block on the blockchain. As a reward for their work, miners receive newly created units of the cryptocurrency.

Advantages and Disadvantages of Cryptocurrency

One of the main advantages of cryptocurrency is that it is decentralized, meaning that it is not controlled by any government or financial institution. This makes it resistant to censorship and manipulation. Additionally, cryptocurrencies are often faster and cheaper to transact with than traditional currencies, especially for cross-border transactions.

However, there are also disadvantages to using cryptocurrencies. One of the biggest concerns is the lack of regulation, which leaves investors vulnerable to fraud and scams. Cryptocurrencies are also highly volatile, with prices often fluctuating wildly in a short amount of time. Finally, the anonymous nature of cryptocurrencies makes them attractive to criminals, who use them for money laundering and other illegal activities.

diamondhands:
I actually bought some SHIB this morning which I hope to sell whenever it pumps.
.

And today, barely 10 days after I wrote this, SHIB just pumped a bit and hit times two so I just sold. That means within 10 days I doubled my money and I do this sort of thing ALL THE TIME.

Hmmm, I'm just laughing at those who are still saying crypto is bad or is a scam.

People are quietly making thousands of dollars in minutes and you all are here ranting ignorantly instead of you to settle down and learn this stuff.

Crypto has its bad sides but there are great opportunities for those who know.

There has never been any opportunity to make money like this ever in the history of the world and there may never be another opportunity like this.

People say crypto is not just a once-in-a lifetime opportunity, but once-in-a-species opportunity. Humankind may never see another opportunity like this and these are still early days.

Anybody who is wise will start learning this stuff now. Don't mind those hating, we will be here laughing at them in ten years time from our mansions in the Cayman Islands.

Every F*ing Time

HighQue007:
Thanks brother.
I am a forex trader but not much into crypto and I have been searching the net for this pieces of information. Thank you !!

I noticed you didn’t mention Shiba.. What is your take on that Shiba.

Yes you may add SHIB to the list. In fact I had to decide whether to add or drop SHIB while making the list but because I wanted to mention as few as possible, I had to drop SHIB but I would put SHIB and DOGE on the same level.

Also SHIB has a very large community and whenever it starts to pump, it can easily do 10X. But the reverse is also true, i.e, it can drop fast too. The trick with SHIB is to sell when it's pumping hard because it would likely drop fast after some time.

I actually bought some SHIB this morning which I hope to sell whenever it pumps. Meanwhile I already bought lots of it some months ago but for now those ones are locked away till thy kingdom come

.

HighQue007:
Hey bro.. got some $1000 to throw around.. what 2 project can I buy long term

I would advise to spread it to 4 or even 6: Pick any from below or better still PICK ALL and spread according to the suggested sums in front of them.

My Two to three year play for $1000 >

ETH = $150
FTM = $150
AVAX = $150

SOL = $100
DOT = $100
MATIC = $100
LUNA = $100

SAND = $ 50


The below ones are very long term (3+ years) = very promising but still early and very cheap (I've got loads of these and add more at any opportunity)

XRP = $ 50
ADA = $ 30
VET = $ 10
DOGE = $ 10


There are many others but the ones above should fetch you decent returns if you HOLD without selling for many years.

But there's so many great ones right now that are so cheap. Like bitcoin in the early days. I find it hard to select. If you can get them, GET THEM ALLLLLLLLLL. Most of them are on Binance.

As long as you're not expecting quick returns, you are good. The markets will always go down and go back up and people will always talk trash but those who know are just smiling and adding to their bags while HODLing strong with DIAMOND HANDS. Take some profits when the markets are very bullish and put the profits into other cheaper coins.

Also make sure you learn about securing your crypto and don't put all your coins in one wallet or exchange. Spread it around because a lot of crypto scams and hacks circulating.

Some "Unknown" and very Cheap coins now to hold for three to five years PLUS for mega millions:

VRA (on Kucoin)
NII (on Gate.io)
RACA (Binance smart chain => https://poocoin.app/tokens/0x12bb890508c125661e03b09ec06e404bc9289040 )

IOTA
IOTX
GALA

Not very very cheap but still relatively cheap
LINK
ATOM
COTI
MANA

Disclaimer: All of this is personal opinion, not financial advice. Do your own research on these projects and don't put in money you can't afford to lose.


We all Gonna Make it!

People fear what they don't understand.

A YouTube video is enough for the wise =>


https://www.youtube.com/watch?v=3f-7hID4frU

Thank me in ten years time!

Dreaming of the Cayman Islands. My retirement home...





Thank you God.

Thank you Crypto.

NFTs are next...



.

Olam09:
No mind the mumu guy.. Pi kho.. the website go soon crash, investors go soon pack

Yimu

tomgodspower9:
Where can I buy bitcoin I'm Abuja
Thanks

Many Nigerians I know buy through Binance P2P

LogicBomb8:
Yo How do you find out abovt these shit coins and contracts in their early stage? ...
I'll not mind having you as a neigbour on the islands you know...

It's been a loooong road and many info sources but in one sentence I will say "I find out through thousands of hours of watching youtube videos".

To speed things up for you, watch these guys regularly (subscribe to their channels if possible):

For great projects:
https://www.youtube.com/c/CryptoBanterGroup

https://www.youtube.com/channel/UCRukJuuBAdoHMTBIsFJAgvw

For yield farming:
https://www.youtube.com/user/TheTaikster

There are many more but these ones are among the best and should point you in the right direction.

Hope to see you on the Islands mate...

LOL

sotall:
FTM, DOT.

And SOL too if you have nuff money

Throw in some AVAX, LUNA and MATIC, maybe ETH and BNB and leave them for the next few months (sell a little whenever the price goes up).

I always keep aside some USDT and I dollar cost average so I buy to add to my bags whenever the market goes down like this.

This is just like Christmas all over again for me.

My philosophy is Buy good projects early and HODL, taking off some profit whenever the market is bullish.


I bought lots of FTM when it dipped below $2.0 some days ago. Sold some at $2.5 yesterday while the rest is cooling off in the yield farms on Opera earning me +100% yields in sweet BOO, SPIRIT and LQDR. LQDR did a 5X this month. Now I'm waiting for FTM to go back to $2.0 so that I can buy even more!

FACT: 90% of people commenting on this thread have no idea the meaning of what I just said.

Anyways in ten years time I will be back here laughing at all the ignorant comments on this thread from my mac mansion in the Cayman Islands (right before I drive to the beach in my red Lambo.)

Quote me.

Ajimusty2:
this one wan sell market.

Ignorance is...

At its core, a Non-Fungible Token (NFT) is a unique digital asset that represents ownership of a digital or physical item. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and interchangeable, NFTs are distinct and cannot be exchanged on a one-to-one basis. Each NFT is indivisible and holds its own value, making it one-of-a-kind.

One key feature of NFTs is their ability to leverage blockchain technology for secure ownership and provenance. Blockchain, a decentralized and immutable digital ledger, enables NFTs to be tracked, verified, and traded on various online marketplaces. This creates a transparent and tamper-proof record of ownership, which adds value and authenticity to NFTs.

Little Rabbit Token has been trending in the past few hours.

If you are looking for the contract address you can find it here: https://cryptomugu.com/little-rabbit-contract-address/

Remember to do your research!

Looking for DPET Contract address? Find it here: https://cryptomugu.com/dpet-contract-address/

Kitten crypto token has been trending these past few days however it has been uncovered to be a "honeypot" token scam which means you can buy it but can't sell so you all crypto people beware. You can see here for how to identify crypto honeypot scams: https://cryptomugu.com/kitten-token-contract-address/

Nigerians and poor planning. A nation of ...

This is inspiring. congrats to your family. But too many wereys for this thread.