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I would ask the person to start small.

Theoretically, there is no minimum amount that you need to invest in any cryptocurrency. Quidax Exchange will allow you to purchase fractional amounts of crypto while also allowing you to deposit as little as N500 at a time.

Meanwhile, not everyone kicks off their cryptocurrency journey with a capital as little as $1; some get their first capital from mining (cloud), airdrops, referral programs, and other niches such as crypto content creation, community moderators, and many more.

There are over 20 other ways to earn from cryptocurrency and then invest your proceeds for more future returns.

You can get up to 5% per year if you save USD on some exchange platforms that support USD savings. Quidax offers up to 7% or 10% on their USD savings, depending on whether you select flexible or fixed. You can simply convert your USDT or any other cryptocurrency, such as BTC or ETH, to USD to get started. This is a safer option to make money during a dip or for a low-risk investor.

During the coronavirus pandemic between 2019 and 2020, some countries' fiat currencies lost more than 50% against the US dollar. The Nigerian Naira, for example, rose from N360 to N800 in 2022, indicating a more than 100% depreciation against the USD. Any trader or investor at the time would have been able to hedge perfectly against this inflation and still earn interest on savings.

This is an obvious reason to make money with the USDT and/or save in US dollars.

Crypto loans let you borrow fiat currency, like US dollars, against your crypto holdings. You can use these proceeds to buy more crypto, purchase a car or home, or anything else you like. Crypto assets put up as collateral are still owned by the borrower, so you continue to benefit if the price of the collateral appreciates.

Many people are currently filled with FUD thoughts, especially since crypto OGs won’t stop yelling "Buy the dip!" I probably won't be willing to spare my crypto at the moment. Even big crypto lending platforms such as 3AC, Celsius, and a few others collapsed or filed for bankruptcy due to their bogus yield offerings.

The only perfect strategy right now would be to:

- Choose a highly secure centralized exchange with no prior issues.
- Start buying as much dip as you can afford.
- Do not borrow funds to buy a dip; don't even think about it.
- Do not use funds meant for urgency or important tasks to stack up dips.

I hope this information helps you make an informed decision.

newwise1:
Crypto is dead know this to have a peace to found some thing meaningful to do with your life unless you're one of those who chop on some one lose like SBF

May I ask when you joined crypto investing or trading?

Small transactions do not necessarily need to be recorded on the blockchain, which is the main idea behind the lightning network. Therefore, off-chain payment channels, which connect users, act as a second layer for conducting transactions.

For instance, if you want to exchange Bitcoins with a friend, you would open a payment channel by putting down a security deposit that is at least as much as the total transaction amount. Both parties are free to send money back and forth once the channel is open without affecting the main chain. The payment channel can be closed after you and your friend are finished using it and broadcast to the main network for validation.

Only two transactions, one for opening and one for closing the payment channel, are recorded on the blockchain when using the lightning network. Instantaneous payments, independence from miners, support for micropayments and multiple signatures, a reduction in blockchain load, shorter wait times, and assistance with scalability are some additional advantages of the lightning network.

For those just getting started with cryptocurrencies, visit https://blog.quidax.com/quidax-academy-beginner-crypto-course/.

A miner fee is charged for each and every transaction. The remaining 20,000 cryptocurrencies operate in a similar manner.

If you buy bitcoin and send it to a recipient who also uses the same exchange, you will not be charged a transaction fee.

Most exchanges don't charge you to send Bitcoin using a user's username or email to another user of the same exchange.

Apart from the popular catchphrase “not your keys, not your coins" associated with centralized exchanges, let’s examine the benefits. These benefits, however, would make me choose CEX to keep my funds over DEX no matter what the outcome.

1. CEX offers an easy-to-use interface especially for beginners and investors.
2. Easy conversion of fiats into crypto and vice-versa.
3. Generally complies with financial regulations except you're not a law-abiding citizen.
4. CEX helps you access your account if you forget your login information or lose your 2-factor authentication.
5. Could have insurance to protect your crypto from hacks, which all DEXs lack.
6. Cheap fees for performing transactions such as buying Bitcoin. Some exchanges even charge 0 fee for Bitcoin trade.
7. 24/7 customer support if you're faced with any difficulty which DEX won't be able to render.
8. Lastly, access to liquidity and ability to perform an over-the-counter deal for big purchases.

DEX has several advantages too, especially if you want to continue exploring the world of cryptos, including smart contracts that are not available on CEXs, but the decentralized exchange we all revere so much has many more woes than meets the eye. Its advocates know this for a fact, but they choose to remain manipulative instead.

Yes, transactions are irreversible. If you send Bitcoin to someone by mistake, the only thing to do is to ask him politely to send it back. If you know to whom you sent the bitcoin, which is not a given.

This is why it’s recommended for traders to trade Bitcoin on the same exchange that prioritizes users first, except in the cases where the recipient is a friend you can easily reach out to; if not, then it’s usually not reversible.

This is a strength or a weakness, depending on your point of view.

Theoretically, Bitcoin and other crypto networks are very decentralized. But practically, they tend to become more centralized over time for many reasons. Bitcoin was designed so that anyone in the world could use their computer to start mining it. As Satoshi Nakamoto said, “Proof-of-work is essentially one-CPU-one-vote.”

This would have made the network very decentralized. But, today, without ASIC machines, Bitcoin mining is not possible. Standard computers can’t mine Bitcoin today because of the high mining difficulty.

1. Bitcoin

Despite the problem of mining centralization described above, Bitcoin remains the most practically decentralized network in the world. Even large mining pools wouldn’t be able to exercise control over the Bitcoin network. The main reasons are economic incentives and network size. It’s still by far the largest network in the world, with a large number of miners, including cloud miners that simply mine with their smartphones, either after buying Bitcoin or browsing the web.

2. Ethereum

Ethereum is another highly decentralized network. In fact, some studies even suggest that Ethereum is even more decentralized than Bitcoin. Such a suggestion is based on a principle that, if put quite simply, proclaims that the more nodes the network has, the more decentralized it is.

What other decentralized networks do you know apart from these two?

In 2014, the Ethereum Initial Coin Offering (ICO) only cost about $0.3. More than 7 million ETH tokens were sold, and $2.2 million was raised within the first 12 hours. Ethereum is currently trading at a percentage change of over 400,000%. Anyone who purchased during the ICO would be extremely rich by now.

One of my friends invested about $3,000 in an assortment of crappy altcoins. Stellar, Antshares (which changed its name to NEO), Omisego, and a few others. His $3,000 is now worth roughly $100,000.

Those are life-changing figures. That is why people buy lottery tickets for the moon, which is crypto. And altcoins have much better odds at doing this than even Bitcoin itself.

If you are new to crypto, stick to the top five coins by market cap. Exchange coins such as BNB, DYDX, QDX, etc. are also more reliable than buying just any random coin.

Smaller caps can easily dump you at a 95% loss, so proceed with caution. Tales of 1000X are correct, but that happened in a fairly intense bull market. It’s not a day to day thing!

This is strictly not financial advice.

Trading without a stop loss: The capacity to absorb a loss and move on to the next deal is the most important talent that a trader must have. Failure to do so is the primary cause of trading losses.

Failure to maintain balance: Rebalancing can be difficult because it may require selling your best-performing asset class and increasing your investment in your worst-performing asset class. For many inexperienced investors, this type of contrarian move is quite tough.

Revenge Trading: When we lose money on investments, our natural tendency is to try to recover it. Sometimes the desire becomes so strong that we act irrationally.

Here is a link to some of the tools for cryptocurrency traders and investors. There are also five common mistakes made by beginning traders that you should avoid at all costs.

- Trading with borrowed funds.
- Trading without a stop loss
- Failing to maintain balance
- Adding to a losing trade
- Failing to keep a trading journal

Crypto is going through a transition right now that is similar to how many people in the 1990s felt that the internet was unnecessary, expensive, and not that significant. Some believe that cryptocurrency is too risky for their personalities, so they do not want anything to do with it. While some think it’s just a bubble that will soon crash, the stock market has crashed many times and rebounded again.

While some are of the opinion that it’s a young currency with too much volatility because it can easily be manipulated by big money movers, Nocoiners all have one thing in common, which is all about the profit or return they could make for themselves by not losing a dime and not doing any hard stuff.

The benefits that cryptocurrency and its technology have come to offer are so much more than just price alone. Ethereum is a prime example, being the leader of smart contracts. With big tech startups and institutional investors adopting these technologies, this is enough proof why everybody needs to invest in them to be part of the future that crypto has brought but has yet to unlock.

I find more peace investing in cryptocurrencies, knowing fully well I’m in it for the long term and not caring about the little market movements. I can easily earn high returns while supporting the future of technology. Also, after doing proper research on the type of crypto I’ll be putting my funds on, I worry less about the risk.

The many ways you can feel more comfortable investing in cryptocurrencies are as follows:
1. Do your own research before you buy or join a crypto project or whatever, including NFTs.
2. Invest what you can afford to overlook for a long period of time.
3. Don’t be greedy and take profit if the target hits.
4. Join crypto communities to stay informed about the market and to share experiences.
5. Stay away from Ponzi and crypto doubling schemes.

It really depends, but a few of the reasons why cryptocurrency (Bitcoin) was created were to fast-track cross-border transactions, lessen inflation, if not cure it all, and store value over a long period of time. I mean, we all can wait for many years for stocks and other low-risk investments to mature before making a profit, so why are we always concerned about every little price movement of cryptocurrencies when we know they’re highly volatile, especially the strong ones like Bitcoin and Ethereum, knowing that they will grow massively but not just to our projected timing?

Investing in cryptocurrency can be done safely when you cut your coat according to your size. It’s good to take risks so you can enjoy big profits in the long run, but always avoid investing with funds that are meant for basic and urgent needs.

Another safe choice is to invest in stable coins with high yields. There are a lot of platforms that allow you to earn up to 10% per year on your USD or USDT. If you’re in a country where inflation has risen above normal, then you may want to consider investing in USD. A good example is the Nigerian naira, which has lost more than 40% against the dollar over the last six months.

The most obvious reason why you should invest in cryptocurrencies is the success of Bitcoin. You should buy bitcoin because it’s a long-term store of value just like gold, but more available and financially inclusive than gold.

Other great reasons to invest in a cryptocurrency are as follows:

1. For diversification of risk
2. To be part of the future
3. To protect your wealth against inflation
4. For higher return
5. For freedom, no third party
6. and many others

There is some risk involved no matter how you decide to invest your money. The greater the promise of riches, the riskier the investment, or it does not exist at all. This doesn't change the fact that a low-risk or small-return investment promise may also be unsafe.

Phishing scams should be avoided, lucrative investment deals with which you are unfamiliar should be avoided, and you should research the investments you are making, and take your time rather than rushing.

Top 10 red flags to spot a ponzi scheme that looks like a legitimate investment - https://blog.quidax.com/how-to-spot-a-crypto-ponzi-scheme/

Ethereum has always been a long-term investment, being the most highly regarded and widely used blockchain platform.

The industry’s second-largest cryptocurrency transition from PoW to PoS was successfully completed. Even though enthusiasm before and shortly after the merge, as the transition is otherwise called, pushed Ethereum to $1,643, the momentum was quite short-lived, with prices plummeting fast below the $1,600 mark again. One specific chart suggests that investors may have anticipated the drop in prices following the merge, preparing to dump their holdings.

Ethereum remains the closest diversification to Bitcoin because of its trading volume, readily available for trade on every exchange, and the possibility of it surpassing in market cap, after reaching 100,000TPS like majority believed.

Learn what cryptocurrency is all about first by joining a community of enthusiasts and professionals.

2. Start small, so you don’t have to regret or get tired when you’re just starting to lose money.

3. Do not hesitate to ask questions about any terms or strategies in crypto investment that you do not understand

4. Don’t forget to always do your own research, no matter how good the investment appears, and lastly keep away from scammers.

I must admit, if you were to conduct a search on Google right now, it would probably reveal that BitForex is the most active and quick based on SEO ranking. However, users' preferences should be taken into account when choosing the fastest cryptocurrency exchange.

Majority would argue it to be Binance, because it controls the largest share of the daily trading volume and is the most populous exchange.

In Africa, many would insist on Quidax because it allows them to quickly deposit and withdraw fiat using p2p, buy and sell on the spot, all within 5 minutes. Hence, it's a matter of personal choice.

You can use the same Bitcoin wallet address from a particular exchange more than once, except in cases whereby the exchange wallet announces a wallet update service and asks you to discontinue the old wallet address.

This update is usually performed by centralized exchanges (such as Binance, Quidax, etc.) in the event of any compromises or hosting provider issues.

DEX wallets like Trust Wallet won’t ever require you to change your wallet address because you’re responsible for your own safety, so yes, you can use the wallet address for as long as you like.

It's none other than MyEtherWallet, followed by Trust Wallet. It could have been MetaMask, but it strictly supports tokens and cryptocurrencies built on Ethereum's blockchain. On the other hand, Trust Wallet and MyEtherWallet features support storage and interaction with assets on multiple blockchains apart from Ethereum, making them the most versatile options of the three.

I started using Trust Wallet because of its amazing new UI on Android that resembles that of an iOS device. Unlike MEW, which allows you to access different ICO offerings, Trust Wallet allows me to interact smoothly with PancakeSwap after transferring Smart Chain from my CEX wallet to it.

Most experts confirm that cryptocurrencies should make up no more than 5% of your overall portfolio, adjusted based on your financial situation, in order to manage your portfolio successfully and profitably.

You can hodl as many cryptocurrencies as you like in your exchange wallet during this time. With over 600 assets listed on some exchanges, you can choose from a wide range of options, while other exchanges only list under 30, allowing you to manage your risk effectively because it's not always a good idea to put all of your eggs in one basket.

I personally hold 15 altcoins and continuously allocate 5% of my monthly earnings to these alts.

One of the greatest and underhyped investment strategies remains DYOR - Doing Your Own Research. I mean, a lot of people do talk about this, but when a supposed professional investor or trader says to dive in, they no longer take an interest in DYOR.

The perspective above is based on the fact that 90% of traders are losing money. Not because they're not learned, but because they keep changing strategy, or they lack capital to further DCA - dollar cost averaging.

TL:DR
1. DYOR
2. DCA
3. You can read more on these 8 crypto trading strategies that work.

It depends on what you’re looking for, in terms of security, fees, or user-friendliness:

1. I use Binance for margin trading. Even though the interface isn’t newbie friendly, it has cheap fees.

2. Coinbase is good for trading cryptos that have good future prospects and are available to US customers.

3. Quidax is user friendly if you need to perform uncomplicated trading and USD savings and interest for profit in a bear market.

All are KYC compliant and highly secure.

MrBrownJay1:
smartest con on earth!

You can say that again when you start the using e-Naira, or 10 years from now.

The simplest definition of cryptocurrency is “digital money.” It’s not printed (like the Dollar), and it’s not minted (like the penny or cent). It exists purely on the internet. They use different technologies to make sure that:

* No single person controls a cryptocurrency.
* You are in charge of your cryptocurrency.
* All records of that currency are properly kept and in most cases cannot be changed.
* There is continuous supply and demand for that cryptocurrency.

Useful links:
https://blog.quidax.com/lesson-1-what-is-a-cryptocurrency/

https://www.youtube.com/watch?v=YFJJnfsgE-Q

Yes, nothing is for free but there are more than five methods to earn free cryptocurrencies in 2022, ranging from paid to free:

1. Staking: All crypto protocols that support the proof-of-stake algorithm such as Tron, Solana, BNB, QDX token, allow their holders to stake all or a minimum of their tokens to earn free token per annum usually paid daily e.g. Tron, or quarterly e.g. QDX token.

2. Stablecoin interests: If you’re not a lover of high volatility that accompanies crypto trading, then you can stick to stable coins such as the USDT/USD to earn up to 5% per annum. A platform that I personally use offers 7% (on flexible savings), and up to 10% (on fixed savings) depending on how you want it. Learn more on how it works here.

3. Airdrop: If you have little or no capital, then you can hunt for free airdrop from the latest projects that are launching soon that may require you or not to buy first.

4. NFT: Non-fungible token projects too now offer free WL (whitelist) to their first users upon launch.

5. Mining: You can do research on legitimate trading platforms that offer cloud mining for free too.

So choose any of the options and start earning free cryptos.

If losing private keys results in the loss of bitcoins, any losses incurred as a result of investment fraud or mining scams are also beyond repair.

An opportunity to catch a scammer would be to follow the money trail through blockchain explorers and trace your lost funds, especially if the scammer’s address is from a centralized exchange. Then you may be lucky, but it all boils down to meeting a legitimate authority willing to help with recovery and the fact that these exchanges are willing to cooperate.

An estimated 20% of all Bitcoins have been lost forever. The total number of BTC supposedly lost as a result of the loss of private keys. These bitcoins are lost forever because the private keys used to access them have been misplaced.

We can anticipate a potential boom in the near future if the history of Bitcoin is any indication. Bitcoin increased from $1,000 to $20,000 in 2017. It dropped to $12,000 in 2020, increased to $63,000, and then decreased to $30,000 all in the same year. Then, in 2021, the price of BTC reached $69,000. Given these price trends (upward and downward), it is safe to say that Bitcoin will rise again, ideally very soon.

Small investors who rushed into the market in the hopes of quickly turning a profit drove each of Bitcoin's previous booms. Regulators, the general market, or bitcoin holders cashing out due to worries about the risks in the industry caused its subsequent crashes.

Critics claim that there is nothing but risk in trading cryptocurrency, but is there really anything in this world that isn't a risk? These patterns seem to be holding steady. However, there is hope that a practical system can be developed for investors, consumers, cryptocurrency businesses, and conventional banks if highly knowledgeable individuals set the tone for future regulations. Cryptocurrencies are therefore the currency of the future.

Read more on 17 Facts About Bitcoin That’ll Impress Your Friends.

Not all predictions come true, but the price of bitcoin will inevitably rise over time because the cryptocurrency will become more scarce as its demand increases. Experts believe Bitcoin's price may reach $100,000 or higher in the foreseeable future.

BTC is currently trading at $19,611, which is a far distance from the $70,000 mark. And this is why it's unbelievable that it will rise that much this year.

But with an all-time high of $60,000, it's easy to see why experts believe Bitcoin will rise again. So, I recommend you continue buying Bitcoin using the dollar cost average strategy until the markets get bullish again.