CRYPTOCURRENCY FOR BEGINNERS
Man-Among Digital Assets 1.0 - CRYPTOCURRENCY FOR BEGINNERS
USING NUMERICAL PATTERNS TO EXPLAIN EVERYTHING ABOUT CRYPTO
1. Cryptocurrency: A virtual digital decentralized currency built on the blockchain network. The most well-known cryptocurrency is *Bitcoin*, but there are now thousands of different cryptocurrencies in existence, each with its own unique features and capabilities.
Cryptocurrencies can be used for a variety of purposes, including as a medium of exchange for goods and services, as a store of value, or as an investment asset.
Cryptocurrencies offer several benefits over traditional fiat currencies, including lower transaction fees, faster processing times, and increased privacy and security. However, they are also subject to volatility and regulatory uncertainty, which can make them risky investments.
2. Blockchain: Blockchain is a digital ledger technology that allows data to be recorded in a secure and transparent manner. It is essentially a database that is distributed across a network of computers, where each computer maintains a copy of the ledger.
The ledger contains a record of all transactions that have taken place on the network, and each transaction is verified and recorded by multiple computers in the network. This creates a high level of security, as it would be very difficult for someone to modify or tamper with the ledger without being detected.
Blockchain technology is most commonly associated with cryptocurrencies, but it has a wide range of potential applications beyond finance, including supply chain management, identity verification, and voting systems. Overall, blockchain is a powerful tool for creating trust and transparency in a digital world.
One of the key features of a blockchain is its transparency. Because the ledger is shared across a network of computers, everyone on the network can see and verify all of the transactions that have taken place. This means that it is very difficult for someone to manipulate or falsify the data on the blockchain without being detected.
This transparency is particularly important in areas where trust is crucial, such as finance, supply chain management, and voting systems. By using a blockchain, these systems can be made more secure and transparent, as all participants can see and verify the data on the ledger.
3. Decentralization: The principle of distributing power away from a central point. Blockchains are traditionally decentralized because they require majority approval from all users to operate and make changes, rather than a central authority.
Decentralization is a key characteristic of most cryptocurrencies. Unlike traditional currencies, which are typically controlled by governments or financial institutions, cryptocurrencies are not controlled by any central authority. Instead, they rely on a network of users and computers to validate transactions and maintain the integrity of the currency.
4. *Bitcoin (BTC):* The first cryptocurrency. Founded by Satoshi Nakamoto (Pseudonym for its founder/s) – Launched January 3rd 2009. Bitcoin is referred to as the Granddaddy of all cryptocurrencies and it’s rated as the number 1 cryptocurrency according to market cap.
Unlike traditional currencies, which are physical and can be held in your hand, Bitcoin exists only in digital form. It can be used to buy goods and services, and it can also be traded on various cryptocurrency exchanges like a stock or commodity.
5. Ethereum (ETH): Ethereum is a blockchain-based platform that was launched in 2015. It was created by a developer named Vitalik Buterin as a way to build decentralized applications (dapps) on top of a blockchain.
Like Bitcoin, Ethereum uses a decentralized network of users and computers to validate transactions and maintain the integrity of the blockchain. However, Ethereum is designed to be much more than just a cryptocurrency. It allows developers to create and deploy smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.
6. Smart Contracts: Programs stored on a blockchain that run when predetermined conditions are met. A smart contract is like a computer program that can automatically execute an agreement between two parties. It is a way to make sure that both parties follow through on their promises without needing a middleman like a lawyer or a bank.
For example, let's say you want to buy a car from a friend. You both agree on a price, but you want to make sure your friend actually sends you the toy before you send them the money. With a smart contract, you could set up the terms of the agreement in code, such as "When the car is delivered, send the money." Once the car is delivered, the smart contract automatically sends the money to your friend.
Smart contracts are often used in blockchain-based applications to create trust and transparency in a decentralized way. Smart contracts have many potential applications in areas such as supply chain management, finance, real estate, and more.
They offer a way to automate complex processes, reduce the need for intermediaries, and increase transparency and accountability in agreements between parties.
7. ADDRESS: An address is a string of characters that functions as a place where individuals can receive, store, or send cryptocurrency. Like a telephone number or zip code, every crypto address is unique.
There are two types of address in the Crypto space: Contract address and wallet address.
Contract address is abbreviated using CA,
So what's the difference between the two?
Contract address is created from an account address, which then becomes the “master” of the contract.
Or
This refers to the address location of the actual token contract that manages the logic for the tokens.
While
Wallet address refers to the address that holds your own personal tokens.
Addresses are used to identify cryptocurrency coins on the blockchain. No coin can be stored without an address, and the blockchain cannot confirm or verify its presence. An address is a code used to send, store, and receive cryptocurrency units in the cryptocurrency industry.
Each user's address is special and can be anywhere between 26 and 35 characters long. This address is a combination of letters and numbers that each user on the network uses to create a unique address.
I hope this is clear
8. GAS FEE
Gas fees are the transaction fees that users pay to miners on a blockchain protocol to have their transaction included in the block. The system works on a standard supply and demand mechanism.
Gas fees on bep20 (Binance block chain) is quite low*
Gas fees on Erc20(ethereum block chain is high). Take note✅✅
In Ethereum block chain (ERC20), you could buy ethereum worth #200,000 and pay GAS fee of #40,000 which is very high.
But on Binance blockchain(BEP20), You could buy a coin worth #200,000 and pay GAS fee of about #5,000.
9) HODL OR HOLD
HODL means “hold,” but some people claim it's also an acronym. HODL as an acronym stands for “hold on for dear life.” Bitcoin historically dips over 80% in bear markets before returning past its all-time highs, and this is why many crypto investors simply HODL.😊😊
10) MARKET CAP
Market cap—or market capitalization—refers to the total value of all a company's shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares. For example, a company with 20 million shares selling at $50 a share would have a market cap of $1 billion.
You can do the mathematics yourself for different coin
Market cap= price of coin x total number of coin in circulation
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11) TO THE MOON or MOONING
Quite simply, 'going to the moon' in cryptocurrency terms means that the price of a particular coin is rising off the charts. ... This can be used by would-be investors to try and determine the best time to sell their currency, in order to get the best possible price for it.
To the Moon is an exclamation used when cryptocurrency prices are rising off the charts. By the same token, when a coin's price is "mooning," that means that the price has hit a peak.
To the moon is mostly accompanied with rocket emoji🚀🚀🚀
12) DECENTRALIZED
In cryptocurrency, decentralization means that there is no central point of the network. Instead, it is spread over a series of users (nodes).
13) CENTRALIZED
The opposite of decentralized, centralized means that there is a central point.
This is often disliked in cryptocurrency as it may mean that the central point holds a lot of power and can also mean it is more vulnerable to attack.
14) DApp
Pronounced as D-App
Stands for decentralized application.
These are applications that are not centralized and work on top of the blockchain.
15) PROOF OF WORK(PoW)
One of the most common algorithms in cryptocurrency. It requires miners to mine blocks to validate transactions.(An example is Bitcoin)
16) PROOF OF STAKE (PoS)
Another highly common algorithm that requires users to stake some of their cryptocurrency to validate transactions.
Some believe that this algorithm is much more efficient than Proof of Work.
17) IMMUTABLE
This is a word that is often used to describe the distributed ledger. It means that it cannot be changed. Once information or a transaction is added, you cannot remove it.
18) FUNGIBLE (OR FUNGIBILITY)
This refers to the ability for something to be interchanged with another. In cryptocurrency, if a coin is fungible it should have the same value everywhere.
19) ALTCOIN
This cryptocurrency term is short for Alternative coin, this is any cryptocurrency that is not Bitcoin.
20) HARDWARE WALLET
A wallet that usually takes the form of a small physical device. Hardware wallets are perhaps the safest way to store your cryptocurrency.
21) ICO
Stands for Initial Coin Offering’, which is where a new cryptocurrency will give away some coins at a discounted rate in return for another cryptocurrency, such as Bitcoin, BNB etc
This is usually done to finance the project.(just like a fundraising)
22) IEO
Stands for Initial Exchange Offering. It is a fundraising event for a cryptocurrency exchange, where users purchase coins that can be used on an exchange.
23) DAO
Stands for Decentralised Autonomous Organisation’. This is an organization, usually made up of developers and shareholders who vote on how the blockchain should develop.
24) KNOW YOUR CUSTOMER (KYC)
KYC is a compliance term. It will probably come up if you take a more mainstream approach to purchasing crypto. KYC refers to knowing your customer.
25) SEED
The seed is the foundation of your wallet’s digital existence. A Recovery seed is a series of twelve, sometimes sixteen words that can be used to access your wallet if something goes wrong and you lose it.
Your recovery seed is the equivalent of asking twelve security questions for a forgotten password.
Your 12 recovery seed is given to you when you are creating a new wallet and you must not share it with anyone.q
26) AIRDROP
A marketing campaign that distributes a specific cryptocurrency or token to an audience.
27) ALL-TIME-LOW (ATL)
The lowest point (in price, in market capitalization) that a cryptocurrency has been in history.
(It simply means lowest price ever
28) ALL-TIME-HIGH(ATH)
It simply means the highest price ever that a coin has reached.
29) BAG
Crypto slang for a large quantity of a specific crypto coin.
30)BOTS
Automated software that can carry out tasks such as cryptocurrency trades.
31) BURN
Cryptocurrency tokens or coins are considered “burned” when they have been purposely and permanently removed from circulation.
(Burning a coin leads to scarcity of that coin and this could increase the price of that coin).
32) DUMP Or DIP
Dump/Dip simply means the fall in price of a coin.
Different circumstances could cause the price of any cryptocurrency to dip.
Dump means a sudden sell-off of digital assets.
Dumping means collective market sell-off that occurs when large quantities of a particular cryptocurrency are sold in a short period of time.
However it is advisable to buy the dip(meaning that you should buy a coin at low price)
Some novices think dip is a coin
Because they have been hearing people say "buy the dip" 🤣🤣
33) BUY THE DIP
An enthusiastic exclamation by supporters of a cryptocurrency to buy while prices are at a low point. For example, when the price of BTC went as low as $16,000, I told some of my students to buy the dip.
42) DEAD COIN
A cryptocurrency that is no longer in existence.
43) DECENTRALIZED EXCHANGE (DEX)
A peer-to-peer exchange allowing users to trade cryptocurrency without the need for an intermediary.
44) SHITCOIN
A coin with no obvious potential value or usage.
45) GEMS
Gem is a term for relatively unknown low-cap coins that have immense potential or are grossly undervalued.
46) FUD
Fear Uncertainty and Doubt
47) FOMO
Fear of Missing out
48) ESCROW
A financial instrument where assets or cash are held by a third party while a buyer and a seller complete a deal.
49) YIELD FARMING
Yield farming involves earning interest by investing crypto in decentralized finance markets.
50) TRANSACTION (TX)
The act of exchanging cryptocurrencies on a blockchain.
51) WHALE
A term used to describe investors who have uncommonly large amounts of crypto, especially those with enough funds to manipulate the market.
52) BEARWHALE
A bearwhale is a person who has a high number of cryptocurrencies and uses their massive account to drive the price down and profit out of it.
53) PUMP AND DUMP (P&D) SCHEME
A form of fraud involving the artificial inflation of the price of a cryptocurrency with false and misleading positive statements.
54) NFA
NFA means "Not a Financial Advice".
When you recommend a coin for someone to buy, it is advisable to tell them that it isn't a financial advise, so that you don't get the blame if anything goes wrong
OTHER USEFUL TIPS:
*Have financial discipline*: Have financial discipline! Invest in coins only when you know it is the correct time and have potential (this is what the understanding of the market I will explain in the next chapter would help you know. Don't invest because you have some money or someone recommends it.
Don’t be like a tree; the wind blows to any direction it wishes, be disciplined! This is the hard truth, but I must say it, I want you to understand these things.
Don't Follow Blindly: Don't follow influencers or people with large followers either on youtube or twitter blindly.. Majority of them are paid promoters so you will not necessarily be getting unbiased updates as most are paid to promote projects on their platform and not all these influencers take the time out to verify these projects for their followers as they are mostly concerned about their pay..
So ensure you equip yourself with the ability to do your own research before you throw your money into any project that is recommended by anybody.
These 4 things are key things you must know before you even think of investing:
NUMBER 1:STUDY
Study the cryptocurrency market: Know this; To become an expert in crypto in a short time, you have to understand how to study the crypto market… this simply means, understanding what moves the price of crypto.
This singular knowledge has made me an expert in the crypto space and made me a lot of money.
With the knowledge of the market, you almost never lose money. And the funny thing is… It’s very easy to understand, but people don’t know it.
Crypto price is determined by how much interest there is on the market in buying them – that’s called demand – and how much is available to buy – that’s supply. The relationship between the two determines the price.
Do you understand? Read that again⬆
Number 2: THE PLAN
Create a plan: Start by assigning a budget for trading and sticking to it.
This is the first exercise I do with every one of my students. It’s compulsory for every one of my students to have a Trading Plan and so together we create a Watertight Trading Plan according to each person’s budget.
Anybody that claims to be an expert and doesn’t know how to create a plan… as a matter of fact, only a few people know how important this is. That is why you should be very careful when choosing a mentor
The cryptocurrency market is always fluctuating, that’s why it is important to stick to your plan.
⧫Cryptocurrency is a high-in-demand digital currency that works as an asset (your own property) with the potential of greater gains. And it’s not going anywhere. However, if you understand the basic know-how, work according to a plan and follow the above steps, you can become a Cryptocurrency expert in a short time.
NUMBER 3: THE COMMUNITY
Join a *Result Driven* Crypto Community
As a newbie, it is also important you join a crypto community, where everything they talk about is crypto. But you need the guidance of your mentor to direct you into the right community, so you don’t saturate your mind with the wrong information from a community of fake experts.
That’s how I climbed.
NUMBER 4: *The Mentorship*
Invest in a mentor who trades and invests.: The worst thing that can happen to a newbie is trying to gather information about crypto online. You would.
There is plenty of information on the internet that you would get so confused, your brain would cry for help. Different people with different tactics and formulas.
You need a mentor who doesn’t just teach, but trades and invests to hold your hands.
For example; I have been on this path for a long time, I have made lots of mistakes and I have learned a lot of market hacks and strategies along the way, things you can learn only by actually trading and investing
My students don’t have to make those mistakes I made again, they don’t have to trade for 3 years to learn those hacks and strategies, because I would pass it on to them.
This would push them up the expert ladder in a very short time. They won’t have to rely on guesswork or trial and error.
Having a real mentor is just like going to a strange city for the first time with a map. You wouldn’t waste your time stopping at every junction asking for directions… you wouldn’t miss your way because of the wrong direction. With a map, you can get to your destination in a very short time without unnecessary difficulty.
You can now agree with me that getting a correct mentor is the most important thing you must do as a newbie to the crypto space.
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The difference between trading crypto and investing in crypto
*➤➤Investing
Investing is the long-term strategy of buying and holding crypto assets for some time. It is best suited for newbies.
Crypto assets are generally well suited to a buy-and-hold strategy. They are extremely volatile in the short term but have tremendous long-term potential for growth.
The investing strategy requires you to identify more stable assets that will be around for the long term.
Assets such as Bitcoin and Ethereum have been known to show a long-term price increase and can be considered a safe investment in this regard.
*➤➤Trading
Trading is meant to exploit short-term opportunities.
The crypto market is volatile. This means the prices of crypto can increase and decrease in price dramatically over the short term.
When trading, you can either take a long or short position, depending on whether you expect the price of a coin to rise or fall. This means you can make a profit regardless of whether the crypto market is bullish or bearish.
*Note*
Trading requires a lot of time spent watching the market. Most traders spend hours and hours daily watching the market. While as an investor, by Spending 1 or 2 hours a week you can be making a profitable investment. The rest is just to check your wallet once a while to see how much your investment has grown.
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How To Always Make Profits In Crypto
This is the dream of every crypto Investor; To make profits.
But not everybody is ready to do what it takes to always take profits.
The truth is trading crypto currency is risky especially for a Newbie just entering the crypto space and it takes years of experience to master how to trade successfully because of the short term volatility of the market and the technical analysis skills needed which is difficult to master.
At best, most people who try to learn trading, even with a mentor, take at least 1-2 years to master it. Now imagine how long it will take someone with no mentor to guide them.
Another problem with trying to trade cryptocurrency is you need a backlog of price data on that particular currency for you to predict its future moves but in reality most cryptocurrencies are new and cannot necessarily provide you the necessary data and you are very limited to just a few coins that you can effectively trade with your technical analysis skills which makes traders lose a lot of opportunities in the market.
The easiest way to make money in crypto Is by investing in crypto rather than trading because with investing when a coin meets a particular criteria on launching it is certain to give you 2x to 10x of your investment over time
And because this process is so simple and does not involve technical skills, even a newbie with the right guidance can actually start investing and making money in crypto within a short time.
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In my years of investing in crypto, I have discovered some ways to ensure you always make profits.
Let’s look at some of them below…
1. Have a good Crypto investment strategy
I can’t stress the importance of this enough. It isn’t easy to separate genuine cryptocurrency recommendations from the scams; there are lots of sharks out there waiting to take your money.
So when you’re confronted with a lot of information about a cryptocurrency, take a step back from the hype, especially on social media.
*Avoid coins that promise the Heavens and the Earth but haven’t delivered anything tangible.*
*2. Manage risk*
Some people offering crypto trading tips might not have your best interests at heart. So don’t get bitten making the same mistakes as others.
In my signature course, I have a complete module dedicated to risk management, just to show you how important it is to your profitability in crypto trading.
Set limits on how much you invest in a particular digital currency and don’t be tempted to invest with more money than you can afford to lose.
Greed is the greatest enemy of profitable trading. Work on greed if you need to.
I repeat “*Greed is the greatest enemy to profitable trading/investment*
3. *Diversify your crypto portfolio*
Listen to me, It doesn’t pay to have too much invested in one single cryptocurrency.
Don’t put all your eggs in one basket, spread your money out among different digital currencies.
This means you don’t risk having all your money tied down, should one of them reduce in value – especially as the market prices of crypto are highly volatile.
Watch the video on Risk Management:
4. Starting Small:
With crypto investment, you don’t need large sums of money for investment, you can start small and grow your investment over time. I have had students who started with as little as 5 dollars and within weeks grew that $5 to $100
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*HOW TO IDENTIFY LEGIT CRYPTO COIN/TOKEN WITH GREAT POTENTIALS*
Recently I have been getting questions from my students regarding their crypto portfolio on which to hold onto or sell off. After going through some of them I realized there were some good projects and some bad ones. As I am not a financial expert I told them to follow their instincts. I will be showing you how to spot the winners and losers in the crypto world during this bear market. A lot of people don't realize that some of the cryptocurrencies will not survive the dip while others might. We can argue about the best crypto project, most advanced or most valuable.
But here is the real truth the value of any crypto platform should be dependent of two major factors:
1. The size and utility of applications that are created on it.
2. The amount of users, the growth of new users, and the extent to which the users remain loyal to the ecosystem.
The blockchain network's economy will be successfully established and expanded by the project that captures the most market share. The one that brings about the most innovative security and platform maintenance technology. Another thing to consider in choosing any crypto project is to look at the business side of it. Everything happening right now is all about business.
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Below are the important factors you can examine before putting your money into any crypto project:
1. Team: You should do proper and diligent research about any project before embarking onto any project. Find out about the founders of the project and the personnel behind the designing of the project.
2. Social Media Appearance: Explore their social media handles and discover the type of content they post and their interactions online. See what people are saying about the project on social media
3. Project Idea: Kindly check on the white paper to figure out the idea of the project. What is the use of the project? Does it solve any real-life problems? Have they started building any of the products they promised? You will find the answer to those questions in the platform's whitepaper.
4. Competitors: Have you seen other blockchain companies with the same products? Look for the shortcomings of those other platforms. Did this new project plan to solve the problem others couldn't solve? What makes them different and unique when compared to their competitors? You should be able to figure this out.
5. Marketing Strategy: Knowing their Marketing Strategy is very important. The goal of every business is to make sales. How did they plan to reach out to the world? What is their plan for having more users? What are they doing that will make their users promote them? Knowing all this will help distinguish between good projects and the bad ones.
As basic as these principles are… they are what differentiates a profitable crypto investor from those that dabble into the crypto space with no knowledge… many here will fall into the second category
Follow these principles to the latter, and you will have people ask you the secret of your success in the crypto space - just like I have always been asked.
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How To Avoid Being Scammed In Crypto
Yes, while cryptocurrency is not a scam, there are lots of scams and scam projects in the crypto space.
To avoid being scammed it’s paramount you know the types of crypto scams that exist.
The best way to protect yourself is to:
Have someone to guide you
Never, I repeat never give out your private wallet key or seed phrase. Don't ever confuse it with your public keys.
In any event, anybody or any website at all tells you "send us your seed phrase" no matter the reason - RUN
Always store your crypto on your personal wallet, only keep it on the exchange platform, when you are trading.
Before investing in any token be very careful, tokens can easily be created by anybody. Scammers only have to build a website and ask you to invest.
Remain curious.
Always do your own research before making any financial transactions.
The truth is the main reason why most people are scammed in the crypto space is because of Greed:
Greed makes people lose their sense of caution and throw away everything they have learnt to the wind usually because of the promise of some quick and massive returns.
It may not be easy but you have to fight greed if you want to record success in the cryptocurrency space and avoid all forms of scams:
*Coinbase scams:*
Trading exchange platform coinbase, is one of the world’s most recognized cryptocurrency brands. But its popularity has led to it being used in SMS and email phishing scams.
These types of fraud aim to get the potential victim to click on a suspicious link. Visiting that shady website lets thieves plant malware or other computer viruses on their target’s mobile or PC, to harvest their data or steal other personal information.
It’s a low-tech scam, but effective. Beware of clicking every link sent to you!
*Technical-support scams*
When there’s money involved, we often want confirmation from someone who knows more than us. And this is where the crypto technical-support scam comes in.
The FBI warned recently of scammers posing as cryptocurrency exchange support staff, gaining the trust of victims, and then scamming them of their digital currency investments.
A scammer’s aim in this case is to get the passphrase that unlocks your cryptocurrency digital wallet (remember what a digital wallet is?). This allows them to steal that crypto by sending it to another wallet.
The most secure crypto wallet is a matter for debate.
*Giveaway scams*
We all love getting free things. And that’s what makes giveaways one of the more successful methods of theft in cryptocurrency scams.
In one common incident, victims are told they will double their crypto if they send it to a celebrity — faked, of course. The US Federal Trade Commission in May 2021 that $2m (£1.45m) had been sent to Elon Musk impersonators in just six months. Imagine!
Telegram and Twitter are popular for hosting known scammers that promise crypto in “airdrops” — in essence, free coins sent to your cryptocurrency wallet. You better be careful on those platforms.
The worst part is usually that victims are forced to reveal sensitive personal information or scammed out of their own crypto.
*Crypto phishing scams*
Crypto phishing scams are much the same as faked emails, SMS texts from an unknown number, or any other annoying scam attempt. They are common.
*HONEYPOT SCAMS*
These are crypto projects that allow users to buy their token but do not allow selling of these tokens.
*AIRDROP SCAMS*
A typical airdrop scam involves minting a new malicious token, sending it to user accounts, and relying on users investigating what this mysterious token is to try to obtain financial or other confidential information from those users.
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*Crypto Ponzi*
Here the scammers create a false investment platform usually requiring investors to refer persons for bonuses.
But the Goal is usually to use new investors money to pay old investors until they get a substantial number of investors and then they crash the platform and make away with a lot of money.
This is becoming one of the most common type of scam in the crypto space.
Full Video on Cryptocurrency Ponzi scheme:
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*Do not Invest in Cryptocurrency until you have read and adhered to the instructions on this post…*
There are a lot of opportunities stemming from the cryptocurrency space.. but before you dive into it, here are some of things you need to do first before thinking about investing in cryptocurrency…
1. Before you invest in cryptocurrencies, it's crucial to secure your financial stability. Take the time to establish an emergency fund, pay off high-interest debts, and create a budget that covers your essential expenses. Neglecting these basics can lead to financial stress and hinder your ability to make informed investment decisions.
2. Education is key. Cryptocurrencies can be complex and volatile assets, so it's essential to educate yourself about them. Learn about blockchain technology, different investment strategies, and risk management techniques. Stay updated on market trends to make informed decisions.
3. Set clear financial goals before entering the crypto space. Identify what you want to achieve, such as saving for retirement, purchasing a home, or funding education. By defining your goals, you can tailor your investment strategy accordingly and make decisions that align with your long-term aspirations.
4. Assess the risks involved and diversify your investments. Cryptocurrencies come with inherent risks, including volatility and market uncertainty. Evaluate your risk tolerance and develop a diversified investment portfolio. Diversification reduces the impact of potential losses and safeguards your capital from being overly exposed to a single asset class.
From my personal experience and those of my students I can confidently tell you that the aforementioned points are key things you need to do before you think of investing…
I have had a student who invested his house rent in crypto because he was trying to see how he could make some extra bucks on top… He said that night he could not close his eyes until he pulled out from the investment…
Well, without financial stability, there’s a lot of pressure that comes with investment and you cannot make good investment decisions when you are trying to pay off debt or your life savings are on the line, or when you do not know what you are doing…
So please let this post not just be one you read and throw away… ensure you get the information from this post and implement appropriately…
In conclusion, before entering the crypto space, prioritize your basic needs. Establish financial stability, educate yourself, set clear goals, and manage risks through diversification.
NOTE: Responsible investing begins by taking care of your essentials and then embracing the potential of cryptocurrencies.
*Cheers to a productive day*
Re:~King Ighosotu NTEKUME
Imeobong Okon (Man-Among)
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HOW TO WIN OVER PROCRASTINATION
You: I will do it tomorrow, unfailingly
Three weeks Later
Task: incomplete (as a matter of fact not yet started)
Problem: Procrastination (not doing today what can be done today)
If you find yourself in this category of procrastinators, then you need to read this to the end
A friend once asked me how I beat procrastination and I shared things I do to consistently fight procrastination (emphasis on consistently fight because it’s still an ongoing battle)… But the tips I will be sharing here today will help you to win everyday because you will have to fight procrastination everyday… so please read to the end (and probably you will stop procrastinating to join my mentorship program…LOL)
Procrastination is something that many of us struggle with, myself included. Over the years, I've learned a few practical strategies to beat procrastination and stay focused on my goals. Most of what I will be sharing here came from a deep place of research, conversation with mentors and my experiences at implementing what I learnt and modifications I made to help me to achieve better results.
*Number 1*
First and foremost, breaking tasks into smaller, manageable chunks can make a significant difference for you. Often, procrastination sets in when a task feels overwhelming or intimidating. By dividing it into smaller, actionable steps, you can make it more approachable and achievable. I recommend creating a to-do list and prioritizing tasks based on their urgency and importance. This will help you stay organized and focused on one task at a time.
*Number 2*
Another technique that has proven effective for me is the Pomodoro Technique (you can read up on it), and I believe it can work well for you too. This time management method involves working for a focused period, typically 25 minutes, followed by a short break. During that 25-minute interval, eliminate all distractions and give your full attention to the task at hand. Knowing that a break is coming up can keep you motivated, and it prevents burnout from long, uninterrupted work sessions. Believe me when I say this technique works if you want to accomplish major tasks in a day especially if you are like me who is easily mentally fatigued.
*Number 3*
Accountability is crucial in overcoming procrastination, and I recommend finding someone to be accountable to. When you share your goals and deadlines with a trusted friend or mentor, it adds a layer of responsibility and encourages you to follow through. You might even consider forming an accountability partnership, where you and a like-minded individual hold each other accountable for completing tasks and achieving goals. This mutual support system can be incredibly motivating and keep you on track.
*Number 4*
Another practical approach is to identify and address the root causes of your procrastination. Procrastination often stems from fear of failure, perfectionism, or lack of clarity. By acknowledging these underlying factors and working on them, you can overcome the tendency to procrastinate. For example, embracing the concept of "progress over perfection" can be helpful. Instead of obsessing over every detail, focus on making consistent progress, knowing that perfection is an unattainable goal.
*Number 5*
Lastly, I want to emphasize the importance of self-care in combating procrastination. Taking care of your physical and mental well-being is crucial for maintaining focus and motivation. Make it a priority to engage in activities such as exercise, proper sleep, healthy eating, and mindfulness practices. When you feel energized and balanced, you'll be better equipped to tackle tasks and avoid falling into the trap of procrastination.
In conclusion, beating procrastination requires a practical approach tailored to your specific challenges.
Remember, I've experienced the struggles of procrastination firsthand, and it's through implementing these practical strategies that I've been able to achieve significant results. I encourage you to give them a try and see how they work for you. With perseverance and a proactive mindset, you can conquer procrastination and unlock your full potential.
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