The BIG4 Legit Ways to Financial Freedom:

• US Treasury Bonds
• Gold ETF
• US Bank Stocks
• Cryptocurrencies

Unit 1: Let's Start with Cryptocurrency

The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software. While Bitcoin may have been the first major cryptocurrency to hit the market – it debuted in 2009 – many others have become highly popular, even if not quite as large as the original.

Bitcoin is derived from a compilation of satoshi and it was the first major coin to be listed/valued in the crypto market. Initially, it was mined at an affordable rate until its value rose to a point where mining became very expensive. Today, the only option for many is to invest by outright purchase.

We now have hundreds of cryptocurrencies such as Ethereum, Ripple, Litecoin, Dogecoin, USDC, etc. These crypto coins vary in value due to investor demand (volatility). Various cryptocurrencies are still rising in value, competing with Bitcoin, the highest counterpart.

Platforms like Binance have developed tokens (BNB) to enable smart chain swaps on various platforms. Binance Coin, issued by Binance (one of the largest crypto exchanges globally), was originally created as a token to pay for discounted trades. Now, Binance Coin can be used for payments and purchasing various goods and services.

Cryptocurrency has been known to skyrocket over 1000x in a short period, a level of interest that traditional currency exchange can never match. Crypto is the currency of this generation and the next, evident from the rising number of users and its acceptance across various online platforms for trade and transactions.

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Another Perspective to Cryptocurrency

What is cryptocurrency?

A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet. These wallets can be software that is a cloud-based service or stored on your computer or mobile device. The wallets store your encryption keys that confirm your identity and link to your cryptocurrency.

Types of Cryptocurrencies and Their Values

Coin	Price
BTC (Bitcoin)	$39,609.70
ETH (Ethereum)	$2,957.79
USDT (Tether)	$1.00
BNB	$403.93
USDC (USD Coin)	$0.9999
XRP	$0.7133
SOL (Solana)	$101.12
LUNA (Terra)	$93.18
ADA (Cardano)	$0.8948
AVAX (Avalanche)	$74.06
DOT (Polkadot)	$18.137
UST (Terra USD)	$1.00
DOGE (Dogecoin)	$0.1347
BUSD (Binance USD)	$0.9996

How do Cryptocurrency Transactions Work?

Cryptocurrency transactions occur through electronic messages sent to the entire network with instructions about the transaction. The instructions include information such as the electronic addresses of the parties involved, the quantity of currency to be traded, and a timestamp.

For example, if Mimi wants to transfer one unit of cryptocurrency to Abraham, she starts the transaction by sending an electronic message with her instructions to the network, where all users can see the message. Mimi's transaction is one of a number of transactions that have recently been sent. Since the system is not instantaneous, the transaction sits with a group of other recent transactions waiting to be compiled into a block. The information from the block is turned into a cryptographic code, and miners compete to solve the code to add the new block of transactions to the blockchain.

Once a miner successfully solves the code, other users of the network check the solution and reach an agreement that it is valid. The new block of transactions is added to the end of the blockchain, and Mimi's transaction is confirmed. (This confirmation is not instant, as it takes time for six blocks of transactions to be processed so that users can be certain that their transaction has been successful.)

Risks of Using Cryptocurrency

Cryptocurrencies are still relatively new, and the market for these digital currencies is very volatile. Since cryptocurrencies don't require banks or any other third party to regulate them, they tend to be uninsured and are hard to convert into a tangible currency like US dollars or euros. Additionally, since cryptocurrencies are technology-based intangible assets, they can be hacked like any other intangible technology asset. Finally, since you store your cryptocurrencies in a digital wallet, if you lose your wallet (or access to it or to wallet backups), you lose your entire cryptocurrency investment.

Public Policy Implications

Some of the technology behind cryptocurrencies raises several considerations for public policymakers. Given the anonymity provided by cryptocurrency systems and their worldwide reach, there are questions about how to limit the use of digital currencies for criminal activities. Additionally, the current fascination with cryptocurrencies has potentially added to the speculative nature of these markets, raising concerns around consumer protection. If cryptocurrencies were to be more widely adopted, they could present challenges for the banking sector and raise additional financial stability concerns in a crisis. Furthermore, the vast amounts of electricity used in cryptocurrency mining raise concerns about the allocation of resources and environmental consequences of these payment systems.

Spot Trading and Future Trading

Spot Trading involves buying coins and holding them (referred to as "hodling" in crypto jargon). For instance, if you buy $50 worth of Bitcoin and keep it for a long period, the coin's value may rise and fall, but you still make money. Spot trading is more suited for unprofessionals.

Future Trading, on the other hand, is where the "big boys" trade—those with enough money and knowledge to read and predict the market. In future trading, you don't hodl coins; you buy and trade instantly. This type of trading is risky and difficult for new learners to understand. You can make millions in a minute and also lose millions in 30 seconds.

Where am I driving at?

Basically, if you want to invest in cryptocurrency, my advice is to start with spot trading so you don’t end up losing money. Keep your coins and hodl.

Apps to Use

Binance is the best app for trading. However, you must go through a verification process (using your NIN or any valid ID card) to trade. Binance has very tight security, and you can check coins that are hot in the market, as well as coins that are depreciating. You can buy coins directly from Binance and also sell to them. Additionally, you can buy and sell NFTs on Binance.

Trust Wallet is also okay, but it only allows you to receive and send cryptocurrency.

You can also buy from vendors, just as you buy recharge cards from people. People also sell cryptocurrency, especially the local vendors, through various platforms. It's crucial to ensure the vendor is trustworthy and reliable before making a purchase. Some popular peer-to-peer (P2P) platforms include Binance P2P, LocalBitcoins, and Paxful. These platforms allow users to trade cryptocurrencies directly with one another without the need for a middleman, making transactions quicker and often with better rates.

Before trading with vendors, always check their transaction history, reviews, and the number of trades they have completed. It's also advisable to use platforms that offer escrow services, where the cryptocurrency is held in a secure account until both parties confirm the trade, minimizing the risk of fraud.

Conclusion

In summary, while cryptocurrency offers an exciting and potentially lucrative investment opportunity, it comes with significant risks. It's essential to educate yourself, start with smaller investments, and choose your trading methods and platforms carefully. Whether you decide to hold, trade, or even mine cryptocurrency, staying informed about the market trends and the underlying technology will help you make better decisions.

Remember, the key to success in cryptocurrency is patience, research, and a little bit of luck. As with any investment, never invest more than you can afford to lose, and always be prepared for the volatility that comes with this innovative financial frontier.

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