CryptoCurrency Nigeria

Discussion in 'CryptoCurrency' started by Michael, Aug 19, 2017.


  1. Michael

    Michael Staff Member Administrator UF Member

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    Cryptocurrency.jpg
    Discussion thread for all Nigeria Crypto traders, investors and enthusiastic.

    Blockchain: A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.
    infographics0517-01.png
    The diagram explains blockchain technology for beginners.
    Learn about Blochchain, click > What is Blockchain Technology?

    What is cryptocurrency?

    Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous.

    It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers.

    The first cryptocurrency was bitcoin, which was created in 2009 and is still the best known. There has been a proliferation of cryptocurrencies in the past decade and there are now more than 900 available on the internet.

    How do cryptocurrencies work?

    Cryptocurrencies use decentralised technology to let users make secure payments and store money without the need to use their name or go through a bank. They run on a distributed public ledger called blockchain, which is a record of all transactions updated and held by currency holders.

    Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated maths problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.

    Cryptocurrencies and applications of blockchain technology are still nascent in financial terms and more uses should be expected. Transactions including bonds, stocks and other financial assets could eventually be traded using the technology.

    What are the most common cryptocurrencies?

    * Bitcoin: Bitcoin was the first and is the most commonly traded cryptocurrency to date. The currency was developed by Satoshi Nakamoto in 2009, a mysterious figure who developed its blockchain. It has a market capitalisation of around $45 billion as of July 2017.

    * Ethereum: Developed in 2015, ethereum is the currency token used in the ethereum blockchain, the second most popular and valuable cryptocurrency. Ethereum has a market capitalisation of around $18bn as of July 2017. However, ethereum has had a turbulent journey. After a major hack in 2016 it split into two currencies, while its value has in recent months reached as high as $400 but crashed briefly to as low as 10 cents.

    * Ripple: Ripple is another distributed ledger system that was founded in 2012. Ripple can be used to track more kinds of transactions, not just of the cryptocurrency. It has been used by banks including Santander and UBS and has a market capitalisation of around $6.3 billion.

    * Litecoin: This currency is most similar in form to bitcoin, but has moved more quickly to develop new innovations, including faster payments and processes to allow many more transactions. The total value of all Litecoin is around $2.1 billion.

    Why would you use a cryptocurrency?

    Cryptocurrencies are known for being secure and providing a level of anonymity. Transactions in them cannot be faked or reversed and there tend to be low fees, making it more reliable than conventional currency. Their decentralised nature means they are available to everyone, where banks can be exclusive in who they will let open accounts.

    As a new form of cash, the cryptocurrency markets have been known to take off meaning a small investment can become a large sum over night.

    But the same works the other way. People look to invest in cryptocurrencies should be aware of the volatility of the market and the risks they take when buying.

    Because of the level of anonymity they offer, cryptocurrencies are often associated with illegal actvity, particularly on the dark web. Users should be careful about the connotations when choosing to buy the currencies.

    Source


    What is Cryptocurrency: Everything You Need To Know [Ultimate Guide]
     

    You might also like:

  2. Michael

    Michael Staff Member Administrator UF Member

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    CryptoCurrency prices last year 14 August 2016

    It's not too late to invest in cryptocurrency.
    IMG-20170819-WA0000.jpg
     
  3. Michael

    Michael Staff Member Administrator UF Member

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  4. Michael

    Michael Staff Member Administrator UF Member

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    Notice: Avoid this new coin called AbjCoin.
    Their website is abjcoin.org

    Many things about this coin is wrong starting from their FB page to their website. All I see is scam, be careful not be among the pigs that will get slaughtered.
     
  5. Michael

    Michael Staff Member Administrator UF Member

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    Yearly bitcoin price.
    Bitcoin price by year.jpg

    It's not too late to invest in bitcoin.
     
  6. Michael

    Michael Staff Member Administrator UF Member

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    "The more people use Bitcoin, the more valuable it will become, that's the only metric we can use." -

    - John McAfee
    CEO of MGT Capital Investments Inc
     
  7. Michael

    Michael Staff Member Administrator UF Member

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    Bitcoin Explained in 30 seconds.
    Bitcoin-In-30-seconds.jpg
     
  8. Michael

    Michael Staff Member Administrator UF Member

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    I have been using Electrum bitcoin wallet for weeks now and it became crystal clear that banking system is pathetic.

    Imagine the joy of having 100% control of your money, spend it when you like, use it anytime unlike our usual "usable to dispense cash" ATM machine error message that always pop up when you need your hard earned money which you entrusted to an institution (Ponzi Scheme).

    Truly we need banking system but not banks.

    We all just act like zombies to these fat and big belly folks, they control our money, do business with it and give us nothing in return, instead of giving us, they collect from us.

    With your decentralised bitcoin wallet, you're your own bank. No third party interference, faster transaction, safest means of holding your money and a solid investment.


    #CryptoCurrency
    #Awarenes
     
  9. Michael

    Michael Staff Member Administrator UF Member

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    You cannot plant cocoyam and harvest yam even though the names have something in common.

    Ending of last year, we saw a lot of drama which made some billionaires and millionaires, at the same time made many people poorer.

    Too many Ponzi Schemes and Pyramid schemes were flying up and down last year and the greedy ones invested their money, some used their live savings, some got their money back while many didn't. Even to the extend of people entrusting thousands and millions of Naira into an individual for an investment without a business plan and without proper documentation.

    Last year should serve as a warning to greedy homo sapiens (Ego Mbute) who wants to reap where they didn't sow.

    Starting from tomorrow many Ponzi Scheme will emerge with mouth watering offer and their one kobo ideology. They will make you believe their system using various proofs. Don't allow yourself to be brainwashed by those who claim to be smart, but have no human conscience.

    Be careful with ICOs this period, there will be many promising you heaven on earth.

    You know the funniest aspect?

    The gullible ones will still fall for it, but if you're seeing this message and later fall for the scam, then you need medical attention.

    A bird in the hand is worth two in the bush.

    My people shine your eyes like a fish in the water.
     
  10. Michael

    Michael Staff Member Administrator UF Member

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    Too many initial coin offering (ICO) running Facebook Ad.

    The pigs will get slaughtered as usual.

    Be weary of them starting from Abjcoin.
     
  11. Michael

    Michael Staff Member Administrator UF Member

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    Initial coin offerings - or ICOs - are becoming increasingly important in today’s crypto scene but the founder of a coin which just rolled into the top 100 list on Coinmarketcap has proffered reasons why he thinks these crowdsale campaigns that aim to help startups lift their ideas from paper to reality are unnecessary.

    Basing his argument on the success of his coin thus far which now has about $40 mln market cap without an ICO, Ricardo Badoer of Aidos Kuneen (ADK) thinks most ICOs serve better to help developers fill their pockets fast. This view differs to those held by the schools of thought that ICO’s funding innovation helps draw the attention of many new users into the crypto fold, creates a reward for investors and contributes to making the ecosystem grow faster.

    Read https://cointelegraph.com/news/altcoin-founder-slams-need-for-icos-after-alternative-experiment
     
  12. Michael

    Michael Staff Member Administrator UF Member

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  13. labistar

    labistar UF Member

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    Please good morning bosses!!! Please how can I start crypto trading and how do I know a coin to purchase?? Thank you
     
  14. Michael

    Michael Staff Member Administrator UF Member

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    I recommend trading using Bittrex.com

    Purchasing a token can be via ICO and after ICO when they have been listed on exchange.

    The best way to know a coin to purchase is by studying the technology behind it, study the team members and their responses to the people.

    Watch this video
     
  15. Michael

    Michael Staff Member Administrator UF Member

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    Basic Attention Token (BAT) is a great project you should consider studying the technology behind it.
     
  16. Michael

    Michael Staff Member Administrator UF Member

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    Bitcoin is an innovative payment network and a new kind of money.

    Watch this video
     
  17. fasibor

    fasibor UF Member

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    Please how do I use Bittrex to trade on NEO coins? The system looks confusing
     
  18. Michael

    Michael Staff Member Administrator UF Member

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    Watch this short video

    Caution: Make sure you enable two factor authentication (2FA) on your account, failure to do this is a suicide mission.
     
  19. fasibor

    fasibor UF Member

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    Thanks. Apart from NEO, which other one is cool?
     
  20. Michael

    Michael Staff Member Administrator UF Member

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    Study these coins: STRAT, XEL, TenX & IOTA

    Hold on to NEO till this cold breeze from China is over.

    Note: You are the CEO of your portfolio.
     
  21. fasibor

    fasibor UF Member

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  22. fasibor

    fasibor UF Member

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    In studying coins, what should I look out for?
     
  23. Michael

    Michael Staff Member Administrator UF Member

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    To survive

    1: Never invest what you cannot afford to lose
    2: Time in the market is better than timing the market
    3: The best time to buy was yesterday, the second best time is now
    4: Nothing goes up forever, expect dips
    5: If you can't buy 10, buy 5; if you can't buy 5, buy 1
    6: Even small positions can have massive returns
    7: Never buy what you don't understand
    8: Be fearful when others are greedy and be greedy when others are fearful -Warren Buffet
    9: Someone will always make more than you, focus on relative, not absolute gains
    10: Sometimes you WILL lose money, refer to rules 1 and 2 to minimize loss.
    11: Don't panic when price goes down a bit!
    12: Don't put all eggs in the same basket.
     
  24. Michael

    Michael Staff Member Administrator UF Member

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    @fasibor watch this video.
     
  25. fasibor

    fasibor UF Member

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