₦airaland Forum

TangoAlpha:
Farm is in Ibaragun Town close to Ijoko,close to Sango, Close to Agbado Crossing. Under Ifo Local Government, Ogun State. I paid NGN5,000 per acre per annum

That's a very fair one. Land in the West may eventually force me to relocate. A property agent told me 700k/annum for a fenced plot down South South.

@op, I am interested in knowing how much you leased your land and location. Thanks.

dominique:
I doubt if Nigerians can get this daring. The highest we'll probably go is body tattoo and multiple piercings

There's what they called "early adopters" in business. If the process becomes largely successful and most celebrities hopped on the train, be sure that some Nigerians will do same.

It's unfortunate she had to pray the price for being daring.

Okay guys. I apologize for not updating this thread in the last few weeks. Even though I had my post ready, I kept getting ban by the antispam bots and this killed my morale. Work and travels have also held me down.

Note: Please pardon my errors. I am typing this on my mobile phone and the details are primary as they come to my head.

Now, I am supposed to talk about mining cryptocurrencies. Here we go.

Some weeks ago, a Nairalander created a thread on how someone tried to scam him of #8,000 under the guise of selling him one Tas miner that has the capacity of raking in $100 daily. Do the maths and in 1 month, this person should be earning 900k without working.

This is the foundation of my post today. Any promise of ridiculous and mouth-watering earnings from mining bitcoin or whatever coin is a pure scam - it doesn't matter which company is promoting it. Now let's dive in.

There are two ways to make money or rather earn Cryptos from mining. First is could mining and the second is local hardware mining. I will focus on the former because I am actively involved in it i.e. cloud mining. But first let's quickly give a rundown of what hardware mining is all about.

Just like mining for gold and other precious metals, you need certain tools when mining Cryptos. The tools of your trade will consist of a mining rig, a mining pool, and a mining program. In layman's terms, you are coming together with a group of people to solve complex algorithms. The higher you go, the more difficult it becomes (okay that's not so layman, haha). You can decide to go solo mining but be ready to invest $5000, which you may not recoup in 18-24 months. NEPA and crappy systems puts Nigerians at a great disadvantage when it comes to hardware mining.

Take this from me, it is impossible for an average Nigerian to mine "Bitcoin" profitably in Nigeria. If you want to mine, please focus on other coins. Let me put this in perspective.

I have 2 fairly decent laptops. A Dell Core i7, 8gb Ram, 500 SDD and an HP 255 with similar specs; Quad core though. In addition to this, I have almost 24 hours of power supply, thanks to Ceejay80.

I have tried joining a mining pool and running both systems plus my phone for 48 hours. I didn't get up to $1. So please and please anybody promising you quick BITCOIN with little investment is a fraud.

Ant router miner R1 mining eight is around $40 and you won't make up to $1 in a month. Antminer S9 is $2000. And I am certain you can't risk that much. I will however set up a mining rig for alt coins one of these days.

Niko hand done dey pain me. I will update this and talk about cloud mining in my next post.

@Op. Social Media Manager was never really a profession in Nigeria. Nigerians business people are typically trying to bootstrap and go lean; they want to do everything by themselves - design logo, handle copy writing, build their website, design and print fliers, etc. At the end of the day, they burn out.

From experience it is easy to handle SMM for foreigners than Nigeria. And even the big telcos often employ expatriates.

Juliana7:
Nice thread, keep d info coming sir. I need d info seriously becos i what to start crypto stuff. Thanks

Nice to have you around Juliana.

giftedhands101:
@justcryptos, where can I buy bitcoin at a fair price? Nairaex price is too high

You can buy from local exchangers on Nairaland. I have tried Justi4jesu in the past and I trust her; she should be able to link you up. At the moment, I buy from friends and colleagues.

Ebi4life:
how will one know that at such a such time the price of that cruptocurrency will rise or fall

Analysis of the trends, crypto market, follow the news. Nonetheless, the market is still volatile. I will get to this in detail later on this thread.

Here's my advice. Buy a few and keep, hopefully they increase in value.

Ebi4life:
how is the trading done in poloniex

The basic idea is to buy an alt coin (Litecoin, Ethereum, Peer, Ox, Dash, Doge, etc.) when the price is low and sell when it is higher.

bemagnify:
can I transfer my funds from Poloniex to other bitcoin wallet like bitcoin, Coinbase, paxful, luno etc without trading with dem?

Yes, you can. And they have very low fees too and quick confirmation rate.

bemagnify:
ok but wch wallet do u prefer?

I have a couple I use but my favorite is Poloniex. This is because I trade on the platform.

Manutd19:
Following. Nice one op

You are welcome.

bemagnify:
I have coin in paxful wallet but anytime I check my coin da reduce... Please what should I do?

I am not very familiar with Paxful wallet. I tried buying Bitcoin on the platform and didn't like the entire feel. So if you can, transfer your funds to Blockchain. Blockchain has so much external investors that I don't see it crashing anytime soon or playing with your money.

heryeendey:
I have BTC in my blockchain and I want to move it so that I can trade with it,which site do you prefer and how much am I con be charge for moving it?

I personally use Poloniex for trading because of their low rates. They charge 10,000 Satoshis (less than $1) in fees if you are transferring out.

I sometimes use Bittrex because they have more alt coins. I think they charge 100,000 Satoshis in fees.

elsavanur:
Awesome post bro. +1

I also have practiced moving my earnings from Paxful to my own Bitcoin wallet and have my own private keys.

Great. The peace of mind that comes with having a level of security on your earnings is simply amazing. Which wallet are you using?

Nochious123:
can u please email me on officialnochious@gmail.com,abg i need money like kilode

Hahaha... No rush ooo. Take your time on it. Follow this my thread, I will be dissecting my journeys on Cryptocurrencies. https://www.nairaland.com/4033678/cryptocurrency-dummies-101

Like I said before, it is not a get-rich-quick scheme. I am in it for future investment, not temporary gain. But I will shoot you an email.

Before delving to talk about Buying, Storing, and Selling of Cryptocurrencies, I must sound this note of warning. Cryptos or Bitcoin is not a get-rich-quick scheme. I have seen a lot of people portray it as such here on Nairaland; with topics like “Earn 50k Satoshi daily, Make $100,000 in 3 months”, and so on. Most of these titles are simply ‘click baits’ which will require you to drop your email or phone number. As my friend Dominique will always say – do not drop your contact on Nairaland. It may interest you to know that I recently lost several Bitcoins (Satoshis) to one ‘Don Wale’ because I let my guard down. Now to the topic.

Buying Cryptos
For the purpose of this section, I will stick to Bitcoin, because it is the cornerstone of the crypto market and can easily be bought. However, some Nigerian exchangers like 24/7 Xchanger sell Ethereum (I have never bought altcoins from any Nigerian exchanger).
As a Nigerian, there are two major options to buying Bitcoin. You can either buy from established and registered companies such as Nairaex (I have used them a couple of times), Topupgold, etc. Or you can do it the black-market way; buy from local and unregistered exchangers. Typically, the later have better rates. But then, there is an added degree of risk and uncertainty.
When dealing with companies, you will typically do a transfer to their account first before they credit your BTC wallet. However, with exchangers you can use an escrow service or work based on trust.

Storing Cryptos
Yes, I know, this is supposed to come before buying cryptos but take am as you see am. Now before you buy Bitcoin or any other altcoins (Lite, Ethereum, Ripple, Doge, Peer, etc), you need a place to store these coins. And just like your bank account, what you need is a WALLET.

A wallet is simply a “private key” + a “<Bitcoin> address”. Similar to your bank account plus your 4-digit pin.

There are two broad available options to storing your cryptos – online or offline. I have tried both options and I prefer storing online because I am always on the move. Under online storage, you have options such as using an exchanger or an online wallet. A software wallet, on a hardware, or paper wallet are all examples of offline storage. I will focus on online storage since this is what I use more often.

Sites like Coinbase, Poloniex, and Bittrex are called exchanges. By this, I mean you can trade cryptos on these sites. The basic idea is to buy low and sell high, just like Forex. These sites don’t give you access to private keys (a very secure shield for your account). Instead they provide what is known as 2FA – 2 factor authentications. This is just like your OTP when using your ATM card online. The risk here however, is that hackers can hit these sites and steal your money. But this is less likely to happen. Personally, I have used both Poloniex and Bittrex and I have a preference for Poloniex because of their lower rates. However, Bittrex have more coin options.
Now sites that offer just storage capacity without an option to trade or exchange are called online wallets, with the largest of all being Blockchain. Other options include Coinomi (this is mobile based and I use it because it supports multiple coins), Cryptonator, etc. Ideally, there is a wallet for each coin you decide to buy. But I like having all my coins in one place.

As a note of warning:
Write down your private key in your diary or somewhere you will remember. Never ever give out your private key to anybody.
A quick one on hardware wallets. There are wallets like Trezor, Keepkey, and Ledger. They are not free but it is worth the investment if you need that added security. You can get a good hardware wallet for $100.

Selling Cryptos
There was a time TBC – the billion coin was reigning. Hahahaha! Kai, Nigerians no go kill us. They claim 1TBC is over 1 million Naira but you will see people selling it for 500 Naira. That’s a sign of wrong investment and the worthlessness of the coin – it has no basis. Na God save me, I for follow buy. Now, it is no use buying Bitcoins or other altcoins without being able to sell them when you need cash urgently. Fortunately, it is very very easy to sell your genuine altcoins.

Bitcoin currently seems to be the portal if you want to sell. What this means is that you have to exchange all your coins into Bitcoin before you sell (on the side note, I can buy your coins directly without exchanging).
Now once you have your coins in Bitcoin, proceed to the nearest exchanger. Any of the options explained in step on. You can use Nairaex. I think they currently buy at 310 and sell at 375 – see the margin. Or you can risk it and use an exchanger here on Nairaland. Typically, you can get deals between 340 and 360. It all depends on your negotiating ability, and volume of sales.
That will be all for today. My next post will be on mining cryptocurrencies.

Feel free to ask any questions you have. I believe there are people here who can answer you, if I am not able to. <<JustCryptos>>

Flawlessangel:
How much is the minimum

$30. I recommend you watch several YouTube videos. If you like the idea, you can sign up using my link.

Flawlessangel:
Very correct

Bro u emailed me... Any p?

No, no p. I wanted to up sell Genesis Mining to you since it's something I am already into. I get referral bonuses when people register using my link. You can learn about it on YouTube.

I will take you through my Cryptocurrency Journeys on this and subsequent threads.

No doubt there is a craze for Bitcoin and the advent of schemes like MMM increased the popularity of Bitcoin (BTC) in Nigeria. But it may surprise you to know that there are still millions of people who do not know jack about Bitcoin, talk less of altcoins like Ethereum, Litecoin, Doge, etc. How do I know this?
I have been a top freelancer for several years and recently I started seeking ways to bypass the 20% and 10% fees charged by Fiverr and Freelancer, respectively. The benefits are quite obvious – I get better exchange rates (I can exchange BTC for 350-365 ₦/$ but I will be lucky to sell my Payoneer funds at 345). Unfortunately, most of my clients didn’t have a clue on what cryptocurrencies are. And these are supposed to be Americans and champions of the course. If you fall into this category, there’s no need to worry. My postings are all targeting at educating you on what cryptocurrencies are and why you should invest in then now (particularly targeted at the Nigerian audience and not the generic stuff out there). So, let’s dive in.

What is Cryptocurrency?
Well, I won’t bore you with long stories and history. Cryptocurrency can be referred to as digital money or virtual currency. Just as you have your Naira, Pounds, Dollars, Yen, and other fiat currencies, cryptocurrency is a digital alternative and you have hundreds of them, each promising specific value. Cryptocurrencies have garnered remarkable traction because of its decentralized nature. I’ll explain this in a bit.
By “decentralized”, it means that no government controls cryptocurrencies. Although several governments are trying to checkmate the activities of cryptocurrencies, they have discovered that cryptos are here to stay. Central Bank of Nigeria for example recently had a meeting with plans to start taxing Bitcoin transactions (they are jokers). Cryptocurrencies will continue to garner traction because other G7 countries don’t want the US Dollars as the globally accepted medium of payment and cryptos are a great alternative.
It may shock you to know that top brands like Microsoft, Shopify, Intuit, Virgin Galactic, and even Badoo now accept Bitcoin payments, and bitcoin has reason by over 900% in the last 2 years? Now the next question to ask is how to get into the crypto market.

Note: If you are observant, you will notice that I have limited my mention of Bitcoin and prefer using cryptos, because it is a large world out there.

Advantages and Disadvantages of Crytocurrencies/Deals
We commonly say that everything that has advantages must have disadvantages, and the same is true for cryptos. Before anybody sells you in on the benefits of cryptocurrencies (particularly Bitcoin), and how it is the next big thing, be sure to consider the pros and cons.

Pros
1. Freedom of Payment: You can send payments to anywhere in the world with cryptos. I recently had to receive funds from clients in the US and they were offering me options like PayPal, Venmo, and direct transfer; all of which are not available in Nigeria. The only option available to me was obviously Bitcoin.

2. Security & Control: Ever had your bank account closed for silly reasons? This is less likely to happen with cryptocurrencies. There is no EFCC to watch you. You can store you funds in cold storage.

3. Transparent Transactions: I had to do a transfer to a client some time last year and had some transfer errors in the process. My bank insisted that these clients have received their funds. Client insisted they didn't. Oya send me your statement of account, they refused - proving a shady deal. With cryptos, you can easily confirm within minutes if funds have been transferred and watch the progress.

4. No Reversals: My brothers who deal on PayPal will totally agree on this. With PayPal, your account can be closed if you are involved in shady deals (whether you sabi or not). A customer can also do a charge back and leave you at loss. However, with cryptos, once the money go, e don go oooo. As a note of warning, be sure of the address and terms of deal before doing a transfer.

Cons
1. Volatility: One of the reasons why cryptos are not widely accepted is because of their volatile nature. Bitcoin for example has dropped by over $400 in the last 1 week. So, imaging buying losing up to 10+% of your funds in 24 hours. You can gain quickly and also loss very quickly.

2. Lack of Awareness: Yes, Bitcoin may be the in-thing but a lot of people still do not know jack about it. The few who know about it, may not be willing to invest, especially in Nigeria.

I will stop here for now and allow this sink in. The next topic will be: Buying, Storing, and Selling Cryptocurrencies.

I will be glad to answer all your questions. <<JustCrytpos>>

Flawlessangel:
Wow just wow

It's today I know God loves me. So I called that same dude last month promoting the so called tas miner. He told me to pay to one bank account like that and seriously convinced me.

Glory be to jah

You are very lucky. One truth I have come to learn the hard way is that there is no rush in life. Anyone trying to make you rush or unsettle your calm is most likely a scam. There's nothing like quick money. Why should I sell something that fetches me $100 daily for 8k? These are all indicators. One day I will share my story here.

If you want to go into Bitcoin mining, purchase hash power from a cloud-mining company, a good rig is very expensive and trust me when I say you cannot meet up.

Even face to face, please do not deal. It is a scam. A solid mining rig will cost you about $3000 and you need constant light (cheap electricity), and a cooling system. You can do GPU mining for other coins and join a mining poll but you won't get much.

You can also invest in cloud mining. The likes of genesis mining, hash flare, etc.

There are several aspects of making money from cryptocurrencies.