Comprehensive Crypto Class For Beginners

 For further assistance, contact SPICEYMAN directly via https://bit.ly/SPICEYMAN or  wa.me/2347068316274

What Is Cryptocurrency?*

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, *rendering them theoretically immune to government interference or manipulation.*

*~KEYWORDS TAKEAWAYS~*

A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the *Control of governments and central authorities.*

The word “cryptocurrency” is derived from the encryption techniques which are used to secure the network.

Blockchains, which are organizational methods for ensuring the integrity of transactional data, are an essential component of many cryptocurrencies.

Many experts believe that blockchain and related technology will disrupt many industries, including finance and law.

Cryptocurrencies face criticism for a number of reasons, including their use for illegal activities, exchange rate volatility, and vulnerabilities of the infrastructure underlying them. However, they also have been praised for their portability, divisibility, inflation resistance, and transparency.

Topic: BASIC CRYPTO TERMS

In every industry, there are special languages or terms to make communication easy and efficient, those abbreviation have a great impact on the industry, and this topic is to help you understand what those terms are. There exist basic crypto terminologies you must be conversant with before you kick start an investing journey as a beginner in the crypto market. You hear words like HODL, DApp, Alts, etc... These are not words from a newly-discovered alien language. They’re among the many new and key terms in the language of cryptocurrency.

Understanding Cryptocurrencies*

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Cryptocurrencies are systems that allow for secure payments online which are denominated in terms of virtual "tokens," which are represented by ledger entries internal to the system. "Crypto" refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.

Here are some of the terms and phrases that will help beginners better understand the world of crypto investing & trading.

It will come in both fully in text

(1) Bear (price decrease) Bear Market- A market in which prices are declining.

(2) Bull (price increase) Bull Market - A market in which prices are rising.

(3) CMP - current market price

Cryptocurrency isn’t just a novel investment option, in many ways it represents a different world altogether compared to traditional stocks & bonds.

Between unfamiliar acronyms, emerging technologies & keeping up with memes & tweets, just learning the basics takes time and it’s a continues process, even for a seasoned and well-rounded investors and traders, myself included. As with any investment, it’s important to understand exactly what you’re investing in before you start. That’s especially true when it comes to a speculative — and still evolving — asset like crypto.

(4) Altcoins - Any coin that’s not Bitcoin. Altcoins can be anything from the second-most popular coin, Ethereum, to any of the thousands of coins with very minimal market value. (5) Blockchain - A digital form of record keeping, and the underlying technology behind cryptocurrencies.

(6) Airdrop - In the cryptocurrency and Blockchain ecosystem, the term “Airdrop” refers to the distribution of digital assets to the public, either by virtue of holding a certain other token or simply by virtue of being an active wallet address on a particular Blockchain.

(7) Breakout - In technical analysis (TA), a breakout refers to the price of an asset moving above a resistance area, or below a support area. A breakout may indicate that the price of the asset will start trending in the direction of the breakout.

(8) Dollar Cost Averaging (DCA) - Dollar cost averaging refers to the practice of investing fixed amounts at regular intervals (for instance, $20 every week). This is a strategy used by investors that wish to reduce the influence of volatility over their investment and, therefore, reduce their risk exposure.

(9) Circulating Supply - The term circulating supply refers to the number of cryptocurrency coins or tokens that are publicly available and circulating in the market.

(10) Support & Resistance - On the most fundamental level, support and resistance are simple concepts. The price finds a level that it’s unable to break through, with this level acting as a barrier of some sort. In the case of support, price finds a “floor,” while in the case of resistance, it finds a “ceiling.” Basically, you could think of support as a zone of demand and resistance as a zone of supply.

ALTCOIN = Any crypto currency other than bitcoin. 

ASHDRAKED = A situation where you lost all your money. 

BAGHOLDER = A person who buys and hold coins in large quantity hoping to make good profits in the future. 

BEAR/BEARISH = Negative price movement

BTFD = Buy The Fucking Dip (an indication to buy a coin when it has dumped so hard) 

OTC = Over The Counter 

PUMP = Upward price movement 

SAJ CANDLE = Huge green candle 

SHITCOIN = A coin with no potential value ywty

SHORT = Margin bear position

SWING = Zig zag price movement (Upwards and downwards) 

TA = Technical Analysis 

REKT = When you have a bad loss 

REVERSE INDICATOR = Someone who is  wrong predicting price movements. 

RSI = Relative Strength Index 

WHALE = Very Wealthy trader/Market mover 

BULL/BULLISH = Positive price movement 

DILDO = Long green red candles 

DUMP = To Sell off a coin 

DUMPING = Downward price movement 

DYOR = Do Your Own Research 

FA = Fundamental Analysis 

JOMO = Joy Of Missing Out

LONG = Margin bull position

MCAP = Market Capitalization 

MOON = Continuous upward movement of price

FOMO = Fear Of Missing Out (A coin is pumping and you get the feeling it's gonna pump more, so you buy high) 

FUD = Fear Uncertainty & Doubt 

HODL = Hold/Hold a position

Topic: GETTING STARTED WITH CRYPTO CURRENCY AS A BEGINNER

If you’re new to trading & investment in crypto, experts says Bitcoin or Ethereum are probably the best crypto to start with because it’s mostly deemed reliable and have passed the test of time.

Aside Bitcoin and Ethereum, there still exist other altcoins that are still reliable and value worthy to invest in, more importantly is the need to understand what makes a coin valuable which I will discuss going forward.

I'm very certain that you are so eager to start your crypto investing and Trading journey especially if you have been seeing the TESTIMONIES of people around you, here on my status and the heart breaking testimonies of Shiba Inu millionaires.

I also know you have heard about the Instant Bitcoin millionaires, COVID-19 Crypto millionaires, EndSARS Crypto millionaires and even of recent, 2021 January to March Crypto millionaires and most importantly, I'm sure you might as well have heard about CryptoHood millionaires.

As exciting as crypto sounds, it is pertinent you know the very important things there is to know about the journey you are about to embark on.

First, cryptocurrencies are very volatile and therefore can be profitable and also cause you losses without the right investment strategies, training & mentorship.

Be more vested in learning or pay to be under a well-rounded crypto investor who you can leverage on his knowledge, expertise and experiences while you go about your daily business.

The more reason CryptoHood is here to ensure your losses are minimized to the barest minimum as long as you diligently follow our directives, truth is, it's almost impossible to lose money following CryptoHood.

Secondly, Crypto Currency will test your patience; this is not a get rich quick scheme. Like CZ the owner of Binance said; “If you can’t hold, you can’t be rich” As a crypto investor, only when you invest in a Cryptocurrency backed by solid development that you stand a chance to gain profits as the value of the coins appreciate over time.

Do not come into cryptocurrency with a short term gain mentality as a newbie. 

There’s a tendency with such mentality you won’t listen to guidance and therefore eventually get burnt or make huge losses.

This is where a lot of people run into issues. Let me reiterate; Cryptocurrency is not a get rich quick scheme. If you are coming with the MMM, your Networking market mentality and the likes, kindly reset your thinking, because crypto will disappoint you badly.

Truth is, making money through crypto trading and investing is not easy. We make it seem easy in CryptoHood because we have a solid and well-grounded team that spend countless of hours, days, and weeks of sleepless nights researching and studying the market to come up with high profitable and low risk investment, assets or coins that are 90% gurrenteed to profit you.

That doesn’t mean it’s easy, if it were, you would have seen lots of Crypto lords or communities out there helping people with the rate of success CryptoHood proffer and for free. More so, every Nigerian would have been rich by now

In the crypto market, whales leverage on the naivety of new investors to dump coins on them. Because naive investors buy when the market is bullish or green and panic sell when the market is undergoing correction. In like manner, there are people who leverage the greed of others to scam them.

The same way there is fake Naira notes. People can create coins that does not fit the ideology of Cryptocurrency and use it to scam people. As such, don’t give people money to trade Crypto on your behalf. Less than 0.1% delivers. It is always best for you to learn Cryptocurrency trading on your own...

Learning on your own is the more reason I'm organizing this class. If you don't have time to learn trading & Investing. Find good Crypto like Bitcoin, Ethereum, ADA, SOL, MATIC, BNB, ONE, etc... that has a great use case and buy for Long term hold while you go about your work or daily activities.

Cryptocurrency prices fluctuate a lot on the short term, so sometimes it would seem like you are losing money, but when you hold on for a long time, you would always be in profit. This is why it is important to have a long term mentality.

Topic: How can one buy Cryptocurrency?

There are different ways to buy Crypto  

Peer To Peer: this involves paying someone in Cash and then receiving a Crypto transfer to your wallet. There are currently numerous Crypto Wallet platforms being used all over the world. Exchanges: You can also buy from exchanges. There are wallet platforms that also provides exchange services, they are called decentralized exchanges. Example, Trustwallet, Metamask, TronLink Wallet, etc. Binance, Kucoin, CoinBase, Gateio are examples of centralized exchanges.

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This would have been the most preferable one by many, bkos it save them stress and save them risk of loosing funds, so, u pay crypto experts, den you get your crypto deposited to your wallets respectively

I do believe you have made up your mind to invest in crypto, the next step is to decide on which exchange you want to use. I will be discussing Exchanges today but buying through *Spiceyman* p2p will be discussed or explained in DM for whosoever is interested to get them....

WHAT ARE CRYPTO EXCHANGES?

These are business entities that allows you as a customer to trade crypto currencies for other assets e.g FIAT currency. This is what makes it possible for you as a Nigerian holding naira to easily exchange it for crypto currency of your choice and vice versa.

It’s important to note that in Crypto, we stick mainly to Binance exchange and trust  wallet except otherwise stated in rare cases; reason being that they are trustworthy and have stood the test of time. Also they have most of the coins that are listed on their exchange and also widely accepted by Nigerians.

Now here is something you shouldn’t do; do not go with an exchange because they offer the best deal in prices, but because they have a good reputation. The reason is that if you do and anything goes wrong there’s really no one you can report to in order to get back your money.

SAFETY comes first before profits when investing in crypto. *SPICEYMAN* do not want you losing your hard earned money.

Now after you have chosen an exchange, considering why you’re investing will guide you on what kind of investment to make; like are you going for long, short or mid-term?

Though like I previously said, I always advice newbies to go for long term or at least midterm. If you have to go for short term just ensure it isn’t money you will be needing soon.

A quick notice.... Pls, when making bank transaction, never make any crypto related words as the description or naration of the transaction, it's for your own good, you rather write your name there or leave it blank.... Thanks

Crypto Newbies Key Note

First, get familiar with the process first while investing for long term.

Because getting into short term so early can burn you and this is why so many newbies even after we have warned them to desist from jumping from coin to coin they end up doing same and then losing part of their capital.

BE PATIENT WITH THE PROCESS. If not “IT CAN TAKE YOUR MONEY FOR VANISHING”

A strong value coin is one that has a large community, experienced and we'll known developers as well as practical & value proposition.

There must be something backing it, so if the team behind a coin doesn’t have concrete plans to build platforms that would use their coins as a medium of exchange then you are better off saving your money.

The above mentioned value perimeter is what that attracts investors, partnerships and HOLDLERS into investing or buying the coin for a HODL.

The next step is to of course start building your portfolio by buying coins. Now note that all of these processes will be broken down in later lectures; how to open a Binance or trust account, how to get coins in there, etc...

For now just familiarize yourself with the processes involved in getting started. When I say building your portfolio, it’s important you note that it doesn’t end with buying coins once it’s a lifetime thing. You’re either topping up, trimming your portfolio or adding new projects (coins).

Don't buy any coin just because they say you would make money from it.

Look for what is backing that coin. The stronger the ecosystem that backs a Cryptocurrency the more valuable it will become.

For example Cardano was created by Charles Hoskinson and they are creating a whole lot of platform and products that would ensure that the value of Cardano (ADA) appreciates with time like Bitcoin. The same goes with Ethereum and Solana.

Remember, what makes a currency valuable is use case.

For example, if everyone stops accepting Naira, the value will drop to zero. So before investing in any Cryptocurrency, ask for the use case so that you can be sure of what you are investing in. No coin can magically increase in value with time.

There must be something backing it, a product, and means of payment or transaction, people buying it or trading it as an asset. So, if the team behind a coin doesn’t have concrete plans to build platforms, products or services that would use their coins as a medium of exchange then you are better off saving your money.

Place an order: This differs by exchange, but you’ll essentially trade the dollars in your exchange account for the cryptocurrency you want.

Practice safe storage: Decide whether you want to keep your coins within your exchange account or move them into your own hot or cold wallet.