A thread for cryptocurrency beginners?
Okay, this took off quite fast. So, before I start please know I'm a beginner myself, thus input and corrections from experts are very welcomed. I will also try to make this as simple as possible.
Cryptocurrencies are basically digital currencies, used in making transactions as against the traditional money. They can also be used as a store of value.

The most common one is Bitcoin, closely followed by Ethereum. There are many others.
Now for you to have these currencies, you need a digital wallet; look at it like it’s a bank account. You can have what is called a “cold wallet” or you can patronize exchange platforms (like i do). Exchange platforms enable you to buy and sell crypto after you sign up.
The most common exchange platforms in use here are; Binance and Luno. Binance may look difficult to navigate but the charges are cheaper. Luno is very easy to navigate but the charges can be quite expensive.

There's also the matter of the new CBN policy...
So I strongly suggest Binance...where you can be matched to verified dealers for buying and selling.

Now how do you make money with this?

Most people buy crypto then wait till it appreciates and then sell.

Now this can be tricky...
Cryptocurrencies can be very volatile, they can fluctuate rapidly. I personally try to buy when the value of the coin is going down so that once it comes up, I make profit.

You also need a lot of patience and resolve not to make rash decisions.

Lastly, use your..
Use your spare money. I won't call it "money you can afford to lose" but "money you can afford not to need in a long time".

Also make enquiries, ask people who are into it before you buy any coin.

I personally like Bitcoin, Ethereum, BCH, BNB, LTC.
Going further might be information overload. Let's stop here.

If you have any questions, drop it under this thread.

END
Let me add that I personally look at the news..trends. BTC for instance was projected to hit 50k USD and 100K USD and then it was 33k USD. News came up of Musk buying billions of dollars worth BTC and his company accepting it as payment.

That was my cue to investing more.
Some common terminologies in the cryptocurrency space and their meanings.

ATH= All Time High

Bull/Bull run= Upward trend (meaning the value of the coin is appreciating)

Bear/Bear run= Downward trend (the value of the coin is depreciating)
Alt coin= Any other cryptocurrency except Bitcoin

HODL= Basically means hold your coins even when it's dropping in value.

Pump and Dump= This is where a group buys a huge amount of the crypto and it increases in value, then they sell to make profit and the price crashes.
Cold wallet: This is the best way to store your coins if you're in for the very long haul. It is not connected directly to the internet and you need certain "keys" to open it. If however, you lose these keys, say goodbye to your coins. Best to write it down in a safe space.
I didn't add that the cryptos are subject to the laws of demand and supply. If the demand is higher than the supply, the price will rise. If supply is higher, prices will drop.

That's why it's also helpful to know WHY a coin is projected to rise before investing.
You can follow @trending_medic.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled:
Those who think consciousness raising & movement building are disconnected, or even a distraction from electoral politics have not paid attention to the history of social change.In this thread, we
Read more
The 2020s will be known as the Remote Work decadeA few predictions of what is likely to emerge[ a thread ] Third Space: Office and Working from Home will
Read more
1/29: Have you ever had a concept explained to you that helps frame complex issues you’ve been wrestling with and opens your eyes to new possibilities? A concept that I
Read more
By continuing to use the site, you are consenting to the use of cookies as explained in our Cookie Policy to improve your experience.