Professional Documents
Culture Documents
Naija Crypto Community and Updates Tutorials1
Naija Crypto Community and Updates Tutorials1
Naija Crypto Community and Updates Tutorials1
AND UPDATES
When we told some few people that we wanted to set up this forum/group, they said no,
we can’t be giving free information like this that we should organize seminars and have
people pay so know that what you will be learning here hopefully will be more valuable
that any seminar or training any one will charge you for of course we said no we prefer to
do it for free.
Welcome the future of Crypto in Nigeria. If you are going through this document, it means
you have aligned yourself with the leaders of future of cryptocurrency in Nigeria. Welcome
once again.
This group is basically to teach people about cryptocurrencies. How to get involved and to
share with you fellow naija folks some of our experiences and how to get cryptos if u have
limited or No funds
Please calm down. We will take things gradually especially for d benefit of people that have
no experience. The ideas that will be shared here will enable u trade by yourself on various
exchanges around d world and you don’t need to join any scheme
BEFORE WE CONTINUE, THERE ARE RULES WHICH GUIDES US IN OUR GROUP BELOW ARE
SOME OF THEM, AS YOU CONTINUE, YOU WILL SEE MORE OF THEM.
• No one in d group even the admin will ask you for Money
• No one will ask for your account private keys
• No one will look to enroll you into any pyramid scheme or investment scheme
• This rules also applies to the admin of this group
https://coinmarketcap.com/all/views/all/
In my journey through cryptoverse so far, a lot of people ask the these QUESTION:s and go
as far as to asking, will it not crash like the popular Mavro Mavodi Movement(mmm)??
Let me clear this with this post.
Bitcoin is the mother of all crypto currencies. It was the first to be created ever. Created in
2009 by Satoshi Nakamoto (a pseudonym for a person, place or thing that created the
bitcoin). Nakamoto is not known and remains hidden but the world can not stop being
bedazzled by the life changing currency or concept (s)he, or it birthed. Built on the
blockchain technology, the Bitcoin has grown over time to become a medium of exchange,
a store of value and a means of payment, all at the same time.
The Bitcoin has the ability of rising in price due to market forces, the sole reason why
people think it will burst like a bubble or come crashing down someday.
Quick QUESTION: why will something that is changing world economies, individual lives and
governments "burst", when Zimbabwe is dependent on it for economic recovery, growth
and development? When in Vanuatu, you can pay for citizenship using bitcoin? when the
Iran Government is working out modalities for its adoption? When the Nigerian
Government is calling on pioneers in the space to come educate members of her apex
bank? When Russia is a frontliner in the space? When the Chinese government is
reconsidering their stance on crypto currencies mining and trading?
The thing is, most of us don't care to look at facts and just jump on the band wagon of
popular opinion and block their minds to this beautiful world.
A world where you control and manage your own finances, a world where you can
learn by your own self how to be a better money manager. A world where you can do
faster transaction at reduced costs and under the most convenient conditions. Who would
not want to be pampered by this world? Definitely not me!!!
The Bitcoin gets studied every second by more countries and let me quickly ask, if
Bitcoin was 300k this very same time last year and ia hovering around 4m as we speak, and
Nigeria bought and stacked away 1 trillion naira's worth, will there still be youths hovering
joblessly around? Will there still be bad roads? Will there still be dilapidated hospital
buildings and schools? I'll leave you to honestly ANSWER these QUESTION:s. And with this, i
rest my case.
If you still think Bitcoin will fizzle out, you're on a long thing and wait to receive the
shock of your life when Bitcoin will be adopted by The Wall Street( who e be? Google is
your friend, my friend!).
WHAT IS ETHEREUM?
Ethereum was proposed in late 2013 by Vitalik Buterin, 17 year old, a cryptocurrency
researcher and programmer. Development was funded by an online crowdsale between
In 2016, as a result of the collapse of The DAO project, Ethereum was forked into two
separate blockchains - the new forked version became Ethereum (ETH), and the original
continued as Ethereum Classic (ETC). At its simplest, Ethereum is an open software
platform based on blockchain technology that enables developers to build and deploy
decentralized applications.
Is Ethereum similar to Bitcoin? Well, sort of, but not really. Like Bitcoin, Ethereum is a
distributed public blockchain network. Although there are some significant technical
differences between the two, the most important distinction to note is that Bitcoin and
Ethereum differ substantially in purpose and capability. Bitcoin offers one particular
application of blockchain technology, a peer to peer electronic cash system that enables
online Bitcoin payments. While the Bitcoin blockchain is used to track ownership of digital
currency (bitcoins), the Ethereum blockchain focuses on running the programming code of
any decentralized application.
In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type
of crypto token that fuels the network. Beyond a tradable cryptocurrency, Ether is also
used by application developers to pay for transaction fees and services on the Ethereum
network.
While all blockchains have the ability to process code, most are severely limited. Ethereum
is different. Rather than giving a set of limited operations, Ethereum allows developers to
create whatever operations they want. This means developers can build thousands of
different applications that go way beyond anything we have seen before.
Ethereum can also be used to build Decentralized Autonomous Organizations (DAO). A DAO
is fully autonomous, decentralized organization with no single leader. DAO’s are run by
programming code, on a collection of smart contracts written on the Ethereum blockchain.
The code is designed to replace the rules and structure of a traditional organization,
eliminating the need for people and centralized control. A DAO is owned by everyone who
purchases tokens, but instead of each token equating to equity shares & ownership, tokens
act as contributions that give people voting rights.
QUESTION: How much is the least reasonable amount I can invest in cryptocurrency?
ANSWER: The main single principle of Crypto that i tell myself is do not invest more than I
am willing to lose. Same thing I tell myself when if i invest in stocks and shares. Having said
that what I have personally noticed is that its easier for me to make more returns d more I
invest but i know people that have started with 20k and already have like 200k within 2
months. it all depends on d asset they invested in. I also know people that started with
100k that same 2 months ago and have about 120k balance
https://coinmarketcap.com/all/views/all/
There actually way more than 800, there are a lot of coins or project in build stage that
have not yet hit exchanges. In January Bitcoin was about $970 today it is over $10k so you
can say bitcoin has grown X10 (times 10) now wait for it. Ethereum was $8.50 in January
now it is $460. Ethereum has grown X54 (times 54)
Dash coin was $11.50 in january now Dash is $800, dash ahs grown X69 (69 times)
Stratis was $0.07 in January now its $5.60..Stratis has grown X80 9times 80)
litecoin was $4.50 in January and its now $98 ..Litecoin has grown X21 (times 21). When
you measure most of the coins in the top 100 a huge portion of them out perform bitcoin
Not at this moment please, i want to be comfortable you are knowledgeable enough to
make your own decision, the aim of this group is not to get you flooded with offers. Hope
you understand?
www.blockchain.info is a good place to create a Bitcoin wallet but for Ethereum I would
advise you to use www.myetherwallet.com so that you can control your own private key
and be able to participate in ICOs. All these details we will share how to create wallets etc
A wallet is in cryptocurrency is just like the wallet you keep in your pocket holding your
money and other valuables. Wallet here holds your digital money- cryptocurrencies.
After registering on either or both of them, you would be given a wallet ID for blockchain
while etherium’s own is called Private key. Guard it with your life. Because that is the
access key to which anybody who has it can withdraw your money without your
knowledge. The second string or series of numbers and figures is your wallet address. That
is like your bank account number. It is what you would use to receive funds into your
wallet.
NOTE: Nothing good comes easy, it is important you understand some of the basic
fundamentals of blockchain / cryptocurrencies. None of these articles or videos was made
by us but they hold useful information
VIDEOS
https://www.youtube.com/watch?v=hmDEr89fqKM
https://www.youtube.com/watch?v=kubGCSj5y3k
I know these might seem a lot but it's extremely valuable at the start that you read these
articles and also watch the video. If you want to get the most out of this you will need to
invest some time.
https://www.finder.com/what-is-cryptocurrency
https://blockgeeks.com/guides/how-to-invest-in-cryptocurrencies/
https://blockgeeks.com/guides/initial-coin-offering/
https://www.youtube.com/watch?v=000UtKtm7kU
This last video is probably the first you should watch amongst the videos
Unrelated QUESTION: Please how do i register for tether USDT account and buy too
Related ANSWER: For question: like this i can give you the ANSWERs by giving you Nigeria
exchanges and global exchanges that you can sign up to, But why do you need Tether
(USDT)?
USDT price is always around the $1 mark never really appreciates as it's representative of
tether USD. In January USDT was $1 today USDT is $0.99999. it has zero appreciation.
So to my earlier QUESTION: why USDT, it's only ok if you just want to buy it and hold when
crypto value is dropping or the market is falling that way you hold your value and can buy
with USDT when the market is low. so for example if bitcoin (BTC) was $2k today and
market starts walling you can sell your one BTC to USDT so you will hold $2k
USDT...assuming the market now falls till like $1k for BTC then you can use your USDT to
buy 2 BTCS. Usually USDT rises a little when the market is falling and vice versa when
market is rising but the rise/fall of USDT is usually marginal. But if you want to buy USDT as
an investment i personally wouldn’t as it doesn’t appreciate or increase in value much.
Hope this helps
• https://www.luno.com/en/ng
• https://remitano.com/ng/
You can use the one of your choice but I have mentioned this 2 as they are the ones I have
used and I’ve had no issues. For non a Nigerian exchange which is very important you have
if you need to buy and sell at the best prices, it's advisable to have about 2 or 3 because not
all coins are on the same exchange. I will give you a list of 4 out of the ones I use
• www.bittrex.com
• https://www.binance.com/
• www.liqui.io
• https://www.cryptopia.co.nz/
ANSWER: Technically yes, your wallet address is your public key and your private key is
really your secret key which you should not share with anyone, anyone that has your
private key can move your funds
Actually all transactions can be tracked on the blockchain but the individuals behind
each transactions are not always known. There are some technicalities we can hopefully
discuss in the coming months once people have a better understand...we will talk about
privacy coins , tumbling of coins etc
The blockchain is a phenomenon like the internet was in its early days..when posting of
letters was the norm, and then the internet came and you told someone actually just send
ADVANTAGES OF BLOCKCHAIN
The issue most governments around the world have with cryptocurrency in general is
their inability to control it... if you take the Naira for example, the CBN can decide how
many to print r remove from circulation, what interest rate you get, the value to USD
etc...They can control the Naira as they want..you have no choice (lets ignore economic
fundamentals for now).
Cryptocurrencies takes that away, because the blockchain is decentralized i.e. no central
controlling body, the community determines the value. Now to the actual coins and
cryptocurrencies as you probably noticed there are over a thousand coins on.
https://coinmarketcap.com/all/views/all/
ANSWER: Technically yes and that why you see a lot of ICOs, we will come to that
It goes without saying that Bitcoin is the grandfather of all cryptocurrencies because it was
the first with the cryptography technology instituted on the blockchain. However when
bitcoin was first created it was used by a few tech enthusiast and a lot by fraudsters, gangs,
so bitcoin had a bad name, however the underlying technology. The blockchain technology
was also not quickly appreciated.
Fast forward a few more years from 2009, corporations, tech enthusiast, companies,
governments have now recognized the benefits and the transformation the bitcoin
The evolution of the blockchain, therefore brought up the need for people to say how
can we solve a lot of the problems we have today using the blockchain technology, e.g how
can we enable money transfer between people at very minimal cost, how can we settle
land sales so that anyone who wants to buy can just look on the blockchain and be able to
trace a history from the initial owners to the seller etc...so a lot of projects started building
solutions on the blockchains
Each of these solutions will usually emit their own coins or cryptocurrency, hence why you
continue to see a lot of currencies.
NOW FOR CLASSES OF CURRENCIES OR COINS OR TOKENS , THESE NAMES ARE USED
INTERCHANGEABLY.
These set of tokens fall into 3 categories in my opinion, they are generally tokens that
have been developed to solve specific human needs, or commercial issues or looking to
satisfy specific use case, each of these usually also emit their own tokens but most of them
also build their solutions on Smart Contract platforms (Number 2 Tokens above). That is
why you will hear things like ethereum based tokens (also known as ERC 20), or NEM based
tokens etc... What this means is that this is a utility token that have built their solution on
the ethereum platform
Within these set of tokens you know I said I will break down into 4
• First- Actual decentralized tokens - means they are entirely built on the blockchain
and fully decentralized
• Second- is hybrid part of the solution is on the blockchain and part of it is not.
• Third these are ones that usually just use the blockchain to raise funds, they set up a
smart contract to emit tokens but their business model is not usually decentralized
but they emit tokens just to raise funds, sometimes they are good but a lot of scam
tokens fall in this category.Examples of utility tokens are: Omisego, Tenx, Binance,
Powerledger, Basic Attention Token (BAT), Kyber Network, Aeternity,Metal, etc
No one can tell you this but from experience a couple of things i look out which i think
has worked for me 60 to 70% of the time I look at
• 1 - Is the reason for the token valid, is it solving a problem that makes sense?
• 2 - Is there a strong community behind it and huge demand at ICO?
• 3 - If it’s an existing coin, is it very liquid i.e. daily volume in millions.
• 4 - Is it on good exchanges and are they planning or in discussions of moving onto
new exchanges.
• 5 - I also look at which how them plan to launch on exchanges in Japan, South Korea
those markets are huge.
• 6 - I look at the benefits to the token holder, so if I buy this token what do i get for
holding it, why would the value go up.
• 7 - What is the share in the hands of the community VS the share in the hand of the
token creators usually the community should hold more is my personal preference.
There are also a number of other minor things you will pick up on to look for when you
become familiar with the various coins and understand the sector.
You would usually have to look at their website or their white paper to figure it out;
however coinmarketcap also tries to help you with classifying them as coins or utility
tokens but they only give 2 classifications basically coins and non coins (tokens). If you go to
the below link, you will see market cap at the top (next to Trade Volume) if you click the
https://coinmarketcap.com/all/views/all/
Coinmarketcap is a very useful website to use to analyze coins, you can investigate as much
as you want on each coin using coinmarket cap as a starting point not just looking at the
price
https://medium.com/@kuolun/how-to-use-coinmarketcap-1ae941f789c8
NOTE: This is one of many sessions I hope will let people be more comfortable, you will not
get this training anywhere.
ANSWER: Personally I think Ripple falls under this 4th utility group that have created their
own blockchain. They are focused more on financial services solutions with their own
blockchain.
Quick tip on coinmarket cap, if you see a coin and you want to investigate it further,
click on the name of the coin, it will take you to another page, in the below example i
clicked ethereum. On this page you can see the chart of its price trend but more
significantly, on this page you will see the link to its website, announcement page, some of
it you will see a link to the white paper, their community message board etc, the markets
tab below will show you all the exchanges that trade the currency and what the average
price is on each exchange, the social tab will show you a link it its various social media or
blog pages.
https://coinmarketcap.com/currencies/ethereum/
ANSWER: Most of the crypto trainers I see around in Naija or people that say they know
about blockchain, only talk about bitcoin and ethereum and to be honest have no
knowledge and they charge people for conferences, one of the reason why we put this
together.
I don’t have a professional opinion, however my personal opinion is that it’s a good coin,
although a lot of people in the community have started calling it a scam coin because they
don’t think it will deliver, however the financial services in the western world have started
using ripple to test certain payment scenario, if they successfully fully onboard a reputable
bank the price will moon so they r in a 50/50 stage but its one that is well recognized in the
financial services world outside of Africa. But not yet adopted
https://www.gtreview.com/news/fintech/bbva-follows-in-barclays-blockchain-footsteps/
I give pass mark based on roadmap alone and the strength of the teams, there are a few
times it hasn’t paid off but a few times it has...but the value of the token usually also goes
up if it can get listed on a big exchange where there is good liquidity and also the way they
ANSWER QUESTION:s posed to them by experienced people in the blockchain community.
• www.cointelegraph.com
• www.coindesk.com
• www.newsbtec.com
By the way for newbie’s. When people say Fiat in d crypto world it means ur cash currency
like US dollars, pounds, naira...fiat is d word used for cash generally but more so in d crypto
world.
The most I’ve made on a coin in crypto was after listening to Leon Fu interview with Stratis
CEO in April. I bought about $300 worth of STRATIS then at $0.07 because i liked d
fundamentals so that was approximately 4,300 coins..3 months later i sold it for $11 each
boom. $44000
So if u spot d right coin with d right fundamentals and road map u can easily achieve
it...and u all will learn how to spot those fundamentals and people have already started
learning since yesterday.
Anyone that owns an exchange in d crypto world is basically minting money..for example
Binance started a few months ago and i checked their daily volume it was $700m and
calculate 2% fee from that to see what the owners of BINANCE earn daily $14m..so not
surprised this guys are billionaires they started buying bitcoin early and they also have an
exchange.
In the crypto world...there is a similar thing called ICO (initial coin offering) when a new
project wants to fund their situation which they are looking to build on a blockchain they
offer some of their coins to investors to buy at a 'cheap' rate. Investors usually buy with
established coins like Ethereum, bitcoin, litecoin..the idea is of they are able to build d
solution and it is released to be traded on a good exchange the price could be 200% 300%
return or more on d exchange. So if u get a good ICO its usually a bargain. But it’s not
always d case sometimes ICO price drop on launch and if they are slow to meeting road
maps they also drop further
REMINDER: To identify a good coin is to look at the liquidity i.e. daily volumes if tens of
thousands don’t even sniff it or even less than $200K don’t bother. Usually I will only even
investigate coins that have more than a million in daily volume..but recently because of the
volume of coins being introduced into the crypto community and the reservations by main
exchanges of listing coins, you could see good coins temporarily trading low volumes on
small exchanges but the will still be closer to the $500k mark, so if you go on coinmarket
cap and you want to investigate coins you can sort and filter by daily volumes.
One of the things we want to achieve is to have people be self sufficient with
cryptocurrency without putting in any or very little funds. Am sure you're wondering how
can this be.
This is one of the first things I want to share. Have you heard of STEEMIT? Steemit is a
cryptocurrency / blockchain for blogging
Number 37 on the list. it's very popular if you are in the crypto world. it's a blog that is
hosted on blockchain, basically you get paid for writing a blog. Before I continue see
https://steemit.com/trending
if you click on that blog you will see dollar value against a lot of the blogs people have
written, that is the dollar value of Steemit they have earned due to the popularity of the
blog and the total gets paid to their wallet weekly and they can sell to Bitcoin.
Summary you can earn crypto by blogging on steemit but not most people are aware of it.
Steemit.com is a blogging platform where you blog on any topic to earn the Steem
cryptocurrency which as stated above, you can convert to bitcoin and then to USD or your
Below is a video about Steemit you can watch on youtube to know more about it.
https://www.youtube.com/watch?v=3zErBrmPPfo
If writing blogs is not your thing and you can’t dedicate time to growing your Steem Power
then this is not an option for you. But this is free and easy way to earn some does it full
time.
Sign up now and get an account and spend time on Google and Youtube reading about how
to earn on Steemit. If you search Nigeria on Steemit you will see a lot of fellow Nigerians
writing blogs about Nigeria and earning dollars per each blog. Why don’t you get involved.
ADVICE: Don't tie yourself to what people are doing. Find something that interests you of
which you can talk nonstop about a whole day and write about it consistently.
To qualify, post in one line what you have learnt so far about cryptocurrency / blockchain in
this group, we will select comments that we agree with
Centra token is the token to www.centra.tech they are looking to create Visa &
Mastercards for the cryptocurrencies and expect thier products to be ready early next year.
token holders will qualify for a share of the card fees collected by centra tech.. the coin is
currently worth $0.48 each and it's number 163 on coinmarketcap.com . You also need an
ethereum wallet to be able to recieve a CTR token as it is an ethereum based token
https://tor.eff.org/
https://hide.me/en/proxy
That is a free VPN browser that can let u change your location let me find another
CHAT COMMENTS
Q. After installing the VPN, I created a new account through a different browser and with a
different email... but I still have 7.05 units of evil
A. But on a serious note..did u change your country when u used d VPN..Change to USA or
UK or something
Q. What I did when I wanted to register was just Downloading USA VPN from The store and
I fired it and registered without no stress.
A. Steemit is ok...bitcointalk is different. Once u register and make a few comments with
your VPN u won’t need it any further..I will explain all that when we discuss option 2
*1. Altcoins: Alternate cryptocurrency that is any cryptocurrency other than bitcoin*
*3. Bag Holder = A person who buys and hold coins in large quantity hoping to make good
profits in the future.*
*12. FOMO = Fear Of Missing Out (A coin is pumping and you get the feeling it's gonna
pump more, so you buy high)*
*26. Reverse Indicator: Someone who is always wrong predicting price movements.*
*30. Weak Hand = a coin holder prone to selling at the first sign of a deep in price.*
*31. Fiat = Paper currencies like the Naira, dollar, euro, yen etc