The struggle between the decision of being your own boss and working under someone is becoming more difficult to make as economic situations become tougher. From evaluation around me, self proclaimed entrepreneurs are quitting entrepreneurship because of difficulty in maintaining a business and reduced sales due to reduced purchasing power from people, an effect of the economic situation. Office workers on the other hand who also have been on one salary grade for a long time now are becoming fed up with how their monthly salary is no longer sufficient to secure a comfortable lifestyle for a month also due to the higher cost of living. What do you think is the way forward?

What do you think is the way forward?

Oboy eh, the way you copy quote the whole wall of text fear me o. I even dey think say na you be the original poster am. You sabi say, you nor need quote everythin before you drop your comments. Just copy the side wey you wan react to then, drop your comment. Do find the time to read through this important thread on Bitcointalk posting etiquette

Fantastic initiative It's good to know that you have promoted bitcoin by using your position. I would be delighted if you included Nigerian bitcoiners in a panel discussion the next time you go on the air. Additionally, it would be wonderful if you could discuss bitcoin in relation to the economic situation of the nation. I say this because I think that people want to be part of things that they can relate to, such as bitcoin in relation to how much money they earn each month, bitcoin in relation to the value of the national currency, bitcoin in relation to the inflation rate in the country, etc.

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From your points, I would say accumulation is the most important and the sensible thing to do. Invest what you can afford to lose during the bear market. Invest what you won't need in the future. Don't sell anything during the bear market. Keep holding until the bull market starts and you reach your desired profit goal.

Only those who sell during the bear market makes the loss. They look at the charts, they get disappointed, they panic, and then they end up selling. Most likely they sell because they invested what they "can't" afford to lose.

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Make it a rule to regulate your expenses, don't just spend all because you desire to spend. The more you give into spending based on desire, unknown to you it will turn into a habit. So therefore, look inwards and eliminate any form of unnecessary expenses.

This may sound somehow to some persons but I'll still say it anyway, and that is, Take your health seriously for it's only he that is healthy can think of making profit and financial plans. No wonder they say, "health is wealth".

Is it possible to invest 100$ in altcoin and turn to 7,000$? Have this ever happened to anyone on here? Is this even possible?.

This is great.  Thanks for helping to educate those in your area.

Here are some additional thoughts on the questions you received:




That depends on what you mean by "secured".  If you are asking if it is a certificate that represents some other form of tangible value (such as a stock certificate representing the value of a company, or a loan being secured" by collateral) then no.  However, if you are asking if it has a robust and reliable security system preventing unauthorized access, then absolutely yes.

The software that runs the bitcoin system has been reviewed by thousands of people. There are no known cases of any breach of the network in over a decade and there are hundreds of billions of U.S. dollars worth of value being secured so we can pretty confidently say that there is plenty of incentive for someone to spend a lot of money trying.  The fact that nobody has succeeded yet given that incentive is a strong indication that it is one of the most secure systems in the world today.

However, while the network itself is extremely secure, protecting the bitcoins belonging to any individual is the responsibility of that individual.  The software that is used to access your bitcoins generally contains the keys (or secrets) that are used to manage that value. If an individual is careless with those keys/secrets then it is possible for an attacker to gain access to that information and use it to take/control that person's bitcoins.  If you are going to manage your bitcoins yourself, it is therefore very important to protect those keys from being accessed by others through malware, hacking, phishing, or other scams.

Alternately, if you don't feel comfortable with your own ability to secure your keys, there are companies/services that will hold custody of your bitcoins for you and will manage the security for you.  There is a risk in that option that the company/service you choose is either untrustworthy or incompetent.  Everyone has to figure out their own risk tolerance and make their own decision as to whether they feel they can do a good enough job of protecting their keys, or if they feel they need to trust someone else to do it for them.

If you choose to manage your access yourself, there are systems available (such as hardware wallets, and cold wallets) to make that process easier for those that have accumulated an amount of bitcoin that they become nervous about securing.


Bitcoin is money.  You "earn from it" the same way as you "earn from" any other money. You can create a product or provide a service and accept bitcoin as payment in exchange. You can beg for bitcoin and hope that some charitable person will give you some for free, you can attempt to steal or scam someone out of their bitcoin, or you can exchange one form of money (such as your local currency) for it.  As the exchange rate between bitcoin and your local currency changes over time, there is an opportunity to exchange back and forth acquiring your local currency when it is stronger and acquiring bitcoin when your local currency becomes weaker in comparison.  The historical trend over the past 10 years has been for the bitcoin currency to increase in strength quite a bit over all local currencies. Therefore, it has historically been beneficial to acquire as much bitcoin as one can afford to risk, and then over time end up with increasing purchasing power as the bitcoin exchange rate increases. There is no guarantee that this will continue to be true, and even if id does continue to be true for many more decades there isn't any guarantee that it will be true over any arbitrary time period (hours, days, weeks, months, years, etc).


As I said, Bitcoin is money.  Therefore, bitcoin is for anyone that uses money. It does currently require some access to (and comfort using) technology (internet, software, computer or smartphone, etc), though you may be able to get a technology savy person in your family or household to assist you with acquiring and/or using some if you aren't comfortable doing so on your own.


As mentioned earlier, this is a risky thing to do.  There have been many cases in the past of people trusting someone (or some service) to manage their bitcoin for them, and then after a while that trusted person or service vanishes with all the bitcoin wealth accumulated by all the people for whom they were managing bitcoin. There also have been cases of incompetent people or services losing bitcoin to hackers or scammers. Much like physical cash, if you give access to your bitcoin and someone runs off with it, the ONLY way to get it back is to find them and force them to give it back (for example through the threat of violence or through lawsuits).


Your answer to this one was very good. It is important to understand that every jurisdiction is different and that the vast majority of jurisdictions in the world have no laws AGAINST acquiring, holding, spending, or selling bitcoin itself. If you are buying or selling very large quantities and/or exchanging with a large number of people, then some jurisdictions in the world might require you to have some sort of money service business license or comply with various anti-money-laundering processes.


I exchanged $0.01 with someone once, but since there is a small transaction fee involved in sending the bitcoin from one person to the other that will generally be a silly idea. Before acquiring, figure out what fees you're chosen method is likely to incur.  I'd generally suggest trying to keep the total fees (transaction fees, exchange fees, etc) below 1%.  So, if the sum of all the fees is likely to be $0.10, then $10 is a reasonable starting point.

More important is to figure out what your personal risk tolerance is.  The exchange rate between bitcoin and local currency changes all the time, and many times that exchange rate will spend a significant amount of time at a level where the market rate of the bitcoin you own is significantly less than you exchanged for it.  If you spent $10 acquiring your bitcoin, and the exchange rate drops such that the market value of that bitcoin is only $4.70 for a year or two, it might be a bit frustrating, but you won't likely be devastated by it.

On the other hand, if you've saved up $8,000 that you were planning on spending on college tuition next year, and you decide to sink it ALL into bitcoin. It might be very upsetting if the exchange rate drops shortly thereafter to a point where the market value of your bitcoin is only $3,100, and even more upsetting if it doesn't recover above $3,600 for a few years.


Like any forum, there is a lot of nonsense on the bitcointalk forum along with some scams. Verify anything you learn there, and take the time to figure out who generally gives good information.  There are, though, many people active on the forum with many years of experience assisting others with learning. It's a great place to share thoughts, concerns, ideas, and to gain knowledge.


An "exchange" is a person/company that provides a way for those who have local currency (and want to acquire bitcoin) to connect with those who have bitcoin (and want to acquire local currency).  In most cases, the exchange handles the transfer of the funds (bitcoin and local currency) between the individuals, and many times does so without any need for those individuals to even know who the other is. To facilitate this, then generally require that you (at least temporarily) give them control over the amount of value you want to exchange (either of your local currency or of your bitcoin depending on which you have and which you are trying to acquire).  There is some risk involved in this, so you want to be careful choosing the service that you'll use.  If you're comfortable enough with the technology and process, there are some peer-to-peer exchanges that reduce the amount of control you need to turn over.

A "wallet" is the software (or in some cases hardware) that you use to manage access to your bitcoins. It is where the keys/secrets are stored that give you control over your bitcoins. It provides you a view of how much bitcoin you control. It provides a method for sending transactions. It provides a set of "addresses" you can tell to others so that they can use those addresses to send you some bitcoin.

Some exchanges or services that take custody of your bitcoins for you will provide you with an "account" in their system that you can use to see how many bitcoins they are managing for you and which you can use to tell them where you'd like them to send some bitcoins on your behalf.  Some of those services even call these accounts "wallets". They are not the same as an actual bitcoin wallet though.
 

Investing in cryptocurrency is a very nice and lucrative idea but this isn't for everyone. Some people believe crypto is a get rich quick scheme so they invested in it. They invested with little or no knowledge about it. They never consider how volatile the market is. In cryptocurrency, a single token/coin can go in your favour to make you a millionaire, the otherwise can also happen in a bearish market. One shouldn't invest in cryptocurrency if he/she:
👉👉is greedy: Some people want it to be bullish always. They never learn to take profit. They keep waiting for their token to do more than ×100 but in most cases this turn around and go against them making them to lose all profit and part of their investment because they end up selling in panic.
👉👉is impatient: They invested waiting to make money within days/months forgetting it may sometimes take years to make good profit. Most end up selling their token in little deep.
👉👉is too lazy to learn: You must be ready to learn to make it big in the space. Crypto investment involve research and this may be time consuming. It is through your research that you will know which token to buy and also when to buy and sell.
👉👉lack risk tolerance ability: Cryptocurrency is a high-risk and high-rewarding business but it isn't for the faint of heart.

Conclusion
Crypto business is meant only for patient people with strong heart who are not too greedy and are always ready to learn.

I don't have a topic on cryptocurrency and haven't created one since the bear market, but I can tell you that the bottom of the dip is still close and now is not the time to buy. Bitcoin will still do $16k after the next $23k, and $16k will be the bottom once it breaks through the $19k resistance again.

Do not buy until Bitcoin recovers in November, and don't expect a bull run this year; it will most likely occur in 2023.

Why small amount? I would prefer to have my money in bitcoin after a significant bear market, the best time to buy bitcoin. Well, I can accept that people should buy small amount, but they should know that bitcoin is a speculative asset and can be a store of value and a hedge against inflation if holding it for a long period of time.

People can speculate, buy bitcoin and still earn more money from it, a way to invest in bitcoin.

And one more thing, you don't have to pay a dime to get accurate information about what you need ^{[only internet fee].} This is a free forum for anyone around the world regardless of your background. Here knowledge is what will set you apart from others, meaning the more knowledgeable you are, the more users will care about you.

Your interest in learning and persistence to gain knowledge will make you better, this is difficult for every user to have because the average beginner only cares about making money. Be the first, ignore the many ways you make money from your intentions to the forum even though in the end your contribution deserves appreciation.