Hi guys! Welcome to our first class, as I promised to start a crypto class for some newbies here. We are starting right from the basics and I believe we all going to enjoy the ride.
I'm sorry, I didn't start since. I had a little health issue and it was affecting my eyes, so I had to limit my level of concentration on the screen for a while, to rest my eyes.
To all newbies you are welcome to our class, it is expedient you take this course serious and follow it as we progress.
CRYPTOCURRENCY:
What is crypto currency?
Cryptocurrency is simply a digital currency or digital money.
Crypto currency is decentralized in nature and uses a well secured and transparent transaction system.
It is not controlled or governed by any central authority or financial institution.
Crypto currency came to solve the problem which physical fiat could not solve. It eliminates the need of carrying physical money about, it is 100% digital.
Unlike traditional money, crypto currency transactions are very swift and fast while sending to anyone from any part of the globe 🌎.
It doesn't require the presence of any currency exchange to send to any part of the world.
Crypto currency is built on a blockchain technology which makes it decentralized, secured and very transparent.
On the crypto space, there is no limit to how much you can have under your possession that is why it is decentralized.
Unlike some countries where the government investigates how much people have in their banks, no one can investigate or arrest one for owning a certain amount of money, this is why it doesn't have a central regulatory body.
ADVANTAGES OF OWNING CRYPTO CURRENCY
- It Is A Global Currency:
Crypto currencies are globally accepted, though some countries are still having some restrictions on their citizens owning crypto currency. But even in such countries, people still have access to crypto currency.
It is a globally accepted digital currency.
Decentralization:
Everyone has the right to access and own crypto currency, there is no regulatory body that would have to limit the rate at which people make or possess money on the crypto space.Well Secured Transaction On The Blockchain.
Transactions are permanently recorded on the blockchain and cannot be changed or manipulated no matter how long it stays.Privacy:
The identity of the Owners of the money on the blockchain doesn't need to be visible, for any transaction to be authenticated.
SOME CRYPTO TERMS AND THEIR MEANINGS
Blockchain:
This is a decentralized database for securely storing of transaction records on the crypto space.Mining:
Process of generating or creating crypto currencies.Decentralization
The absence of a regulatory body or authority in the system.HODL
Mis spelt "HOLD". It describes the strategy of holding unto your assets during price fluctuations.FOMO:
Fear Of Missing Out.
This is a basic problem of most persons on the crypto space, the fear of missing out in a project or a trade, then make a wrong decision.Stablecoin:
A crypto currency that maintains a stable price. These currencies' value are pegged to other assets like gold.AIRDROP:
This is a way of getting free tokens of a project before they go live in the market.
I am going to take us on a journey subsequently on how to engage in airdrops and be profitable in them.
If one doesn't have funds to invest in cryptos, I advice them to engage in airdrops, people are making massive money from airdrops, airdrops are real and they pay.
The main point is how to get good airdrop source, we will arrive there.
This is one of the easiest way to start your crypto journey as a newbie.
ICO:
Initial Coin Offering. Where projects offers their coins to early adopters and investors.Altcoins:
Crypto currency other than Bitcoin. Every other crypto currency in the market other than Bitcoin is termed Altcoins.ATH:
All Time High:
This is a process whereby a project has hit it's highest or peak market rate.ATL:
All Time Low. The lowest rate a project has touched.Bull Market:
A period where the market prices of Cryptos trends so high.Bear Market:
It is just the opposite of the bull run. It is a period where market prices of coins in the market goes so low on a downward trend.DYOR:
Do Your Own Research. This is a good advice for everyone joining the crypto space, always endeavor to do your own research before engaging on any project in this space.FUD:
Fear Uncertainty and Doubt.
This is also another problem of many, a lot doesn't believe in the future of crypto currencies because of fear of loosing, the uncertainty of the market and doubt of making something reasonable out of their investment.
As a result of this, a lot of persons don't invest in the crypto space, even though they have the money and at the end, they tend to regret it.
We will end the class for today right here, I hope you enjoyed the class 🥰.
See you in our next class