Going Into Cryptocurrency

image

There has been a lot of speculations around especially about cryptocurrency being a sham created by lazy people. Well in Nigeria, we usually believe almost everything is a scam, I believe this is because of the soar in fraud and the sudden hype about you it by both clean and unclean people (by unclean I mean scammers). What made if worse was the federal government and the CBN's further condemnation and even ban on banks operating it and this further intensified people's believe in it being a scam. The crypto space has indeed gained quite the game not because it is a scam but because it is indeed legit and many people are making genuine money from it.

It isn't a scam if you invest clean bills and go through the proper channel, the main people who have fallen to the tricks of fraudsters who use the russ of cryptocurrency are actually those who think cryptocurrency could make you rich overnight with little or no effort. Cryptocurrency is a decentralized system which isn't controlled like other currencies by the government or the economy. It isn't a get rich quick scheme like the MMM we saw years ago. It is a digital currency which can be available to anyone in your local currency.

The first cryptocurrency is actually bitcoin which started 2009, using a blockchain technology and others followed like ethereum. Although the crypto space can be confusing but not when you take your time to understand how it works. Scammers know few people are interested in the process of making money but the money itself, that's why they claim they can trade for you and all you have to do is pay a certain amount of money. They tell you the profit you will be gaining and you actually fall for it, no one controls the market except demand and supply of that coin , the market trends and so there's no certainty that you will gain a certain amount after a particular time.

While the market could trend upwards and you make a huge profit by spot trading, it could also trend downwards and you make a huge loss. The major difference with other investment is that even if it does trade downwards, your amount of coin will still be the same, the only difference is the value. The value of these coins could still rise in a couple of months or years if you hold them and so cryptocurrency really does require patience as well. Other investments need a broker or a middle man with exorbitant fees but in crypto that doesn't apply. All you need is the binance app as well as a good knowledge.

There is no better way to make profit than for you to trade yourself, even if you do loose you wouldn't loose the practice and experience you would have gained. So there is no loss in the crypto space, it just depends on the way you see it. By trading by yourself frequently you would be acquiring knowledge on when to buy and when to sell, what the market is saying and what coin will do better. It's advisable that when you do buy coins you go for bitcoin first, it has been around for a longer while and more stable, you can also convert into other coins like doge coin or ethereum and so it's easier. Either way it's important that you do your own research on any coin you intend to buy so you wouldn't be trading a loss.

Ultimately all businesses come with risks, you just have to choose your risk and stick with it.