Chapter 1: CryptoCurrency
What is CryptoCurrency >>
Bitcoin wallet is like a bank account while the wallet providers are the banks.
Bitcoin - Asset
Bitcoin wallet - Bank account
Bitcoin wallet address - Your bank account number
Wallet Provider - Bank
It's through your bitcoin wallet address which is a string of characters you will use to receive bitcoin.
No central authority. It is Decentralized.
Chapter 2: Wallet
Bitcoin wallets are categorized into three:
1) Centralised wallet (Luno, Paxful, localbitcoin, remitano, etc)
2) Semi Centralised Wallet (Blockchain.com etc)
3) Decentralised wallet (Electrum.org, Mycelium, etc)
1) Centralised wallet -:
Doesn't give you full control of your money. They act as a full banking system.
That's to say, they don't give access to your private keys which you can use to restore your Bitcoin just in case they have an issue or close down.
This Wallet is mainly used by people who care less about privacy and those who don't care to hand someone over their money. Just like we do hand over our fiat to the bank.
These guys can close your account at any time they want the same way banks do. Some of them perform KYC on you.
Web registration and login is required to use such wallet.
Not a good choice in this space.
2) Semi-decentralised wallet :
This guys gives you access to recovery phraseswhich you can use to restore your account in the case of loss of device or password. Web registration and login is required.
They don't normally perform KYC for receiving and sending of cryptocurrency.
If you forget your login and the recovery phrase, kiss your money bye-bye. You can't get it back.
Options to reset password is not normally given.
The recovery phrase will enable you to retrieve your money in the case of 2FA and login issues.
Example of semi-decentralized wallets: blockchain.com
3) Decentralised wallet :
This wallet doesn't have a web login or registration. You just download the wallet and get your either recovery phrase or private keys. If you forget your recovery phrase and private key, kiss your money bye-bye. It will be counted as lost bitcoin.
This wallet gives you 100% full control of your money.
Having this wallet is like having a full banking system. You can send and receive money anything anywhere. No restrictions.
Most recommended.
There's a popular saying in this space. If you don't have your private keys, you don't own the money.
Examples of decentralized wallets: Electrum.org, Mycelium (Google playstore) etc.
I personally use Electrum on both mobile and PC.
Note:Backup your recovery phrase or private key and keep it safe. Anyone who have access to it have access to 100% of the money.
Note: If you're using either a centralized wallet or a semi-decentralized wallet, ensure you set up 2FA using Authy, failure to do so, you will lose your money.
Chapter 3: Glossary
Cryptocurrency Trading terms and meaning
#ALTCOIN =Any crypto currency other than bitcoin.
#ASHDRAKED =A situation where you lost all your money.
#BAGHOLDER =A person who buys and holds 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)
#BULL/#BULLISH =Positive price movement
#DILDO =Long green or red candles
#DUMP =To Sell off a coin
#DUMPING = Downward price movement
#DYOR =Do Your Own Research
#FA = Fundamental Analysis
#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
#JOMO = Joy Of Missing Out
#LONG = Margin bull position
#MCAP =Market Capitalization
#MOON =Continuous upward movement of price
#OTC =Over The Counter
#PUMP = Upward price movement
#SAJ #CANDLE =Huge green candle
#SHITCOIN = A coin with no potential value or use
#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 always wrong predicting price movements.
#RSI =Relative Strength Index
#WHALE =Very Wealthy trader/Market mover
#PnD =Pump and dump
Chapter 4: Wallet Security
Go through the below links.
Security is very important in this space.
This is because you have control over your money. If anything happens to your money, no one to complain to. Only you can compromise. The systems are well secured. Hence you're using a semi-decentralized and decentralized wallet, you're your own bank. It's your full responsibility to secure your wallet from bad guys.
The two links above, go through them. There you will see ways to protect your wallet. No unable to dispense cash. No restrictions.
Within few seconds anyone can receive and send money across the world.
If you decide to move $50 Billion using bitcoin, only you and the receiver knows.
Bitcoin is still in the infant stage. Hence the Internet survived, bitcoin will survive. Before now, the internet needs its own banking system and bitcoin is occupying that.
Chapter 5: Understanding Bitcoin Digits
Please read to understand shortcut
Bitcoin uses 8 decimals (0.00000000)
When you hear or see 440 sats, it means 0.00000440
500 sats - 0.00000500
1200 sats - 0.00001200
2466 sats - 0.00002466
4750 sats - 0.00004750
80000 sats - 0.00080000
So, when placing the order, you do it in 8 decimal places as you have seen and done before.
IMPORTANT:
NOTE: this is not 100% risk-free, please if you’re looking for a Risk-free money machine don’t invest in any signal.
Chapter 6: Getting started with Trading
We will be usingBinance for reference on this place, please feel free to research on others like;
Phemex
Use the one friendly and ok for you. Now we move to downloading and installing Binance, then register and verify or leave your account like that.. it doesn’t matter.
But verification can give you access to use your card to fund your account or you’ll buy BTC or USDT from other platforms to funds your account.
After registration is done and verification is done also. We move to guide you straight on how funds your account and how to trade there.
They’re multiple types of trading:
1. Spot trading.
2. Margin trading.
3. Futures trading.
We will start with Spot trading.
As people get to master it.. we will move to margin trade...
I’m not going to teach y’all everything, I’ll drop some YouTube videos and you’ll go watch, learn and research the rest. if you have any questions I’ll be glad to answer and explain... on Wednesday I’ll be dropping signals.
Signal means; I’ll drop you what to buy and at which rate and which rate you should sell..
Also, those who already know all these can proceed on using the signal both in spot and margin trade.
I’ll be dropping future signal once or twice a day.