You will have to be very patient, not greedy and be disciplined. Earning from bitcoin or other crypto asset is possible but with good knowledge and experience about it, you first need to learn.

Trading will come your mind, you might want to earn but lose to trading. Having a good mindset is a requisite to successful means of earning. Holders that hold in the past did not think this way but earn even more than expected. Also traders do not think like this for not to have a poor mindset, poor mindset will bring losses, instead, have good mindset. Trade not to be eager to gain but to be able not to lose.

I believed this is also answered above, have good mindset and make sure you are well and professionally conversant with what you are dealing with.

No, the description filed does not transmit any data to the network.

Yes, it will be lost with the above obvious reason. But, if it is through wallet file, it will not be lost.

I think you need to watch the vidoe of Nigeria Vice Present speech in the recent summit in which he talks good about cryptocurrencies, or you can read the speech as I quoted it below in the link.

Below is also the stance of Nigeria SEC on cryptocurrencies.
Crypto market too big to ignore, says Nigeria SEC

The CBN president do not know much about cryptocurrencies and his comments always full of lies. He even said cryptocurrencies are anonymous and used for terrorism, I doubt Boko Haram even make use of bitcoin or any cryptocurrencies while most of the cryptocurrencies are not anonymous by pseudonymous.

https://bitcointalk.org/index.php?topic=5319881.msg56430350#msg56430350

Addresses are derived from public key through one-way cryptographic hashing. The public key is calculated from the private key using elliptic curve multiplication, which is irreversible: K = k * G, where k is the private key, G is a constant point called the generator point, and K is the resulting public key. Master private key, master public key and master chian code are derived from the seed through one way function HMAC-SHA512 algorithm, the seed is derived from the seed phrase through key stretching function PBKDF2 and HMAC-SHA512 algorithm. The seed phrase is derived from entropy.
https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch04.asciidoc

No. Although wallet can synchronized with blockchain or run full nodes but wallet do not depend on blockchain to create addresses. Know that any address generated by wallet that has not been used for transaction is not recorded on blockchain.

Yes, it is also accessible forever so far you have the private key, or the seed phrase.

All is that you can not lost your bitcoin if you properly backup your private key or seed phrase, they can be used in wallet recovery.

No. Addresses does not produce private key. But if the question is 'will the same private key produces the same addreses'? The answer is yes. That is why if your private key is well backup, you will always use it to recover back your bitcoin stored on blockchain using your addresses because private key will always generate same addresses.

From all the above cases, although the coins are sent to the wrong address but to the addresses that can still be controlled by the same private key which means the coin is not lost, if it is on noncustodial wallet, the issue is easy so far the user have the private key, all he needs to do is to look for a supported wallet for the coins and import the private key into such wallet to automatically see his funds. But, very possible custodial wallet and exchanges may not provide such service and not giving back the coin to the right owner, but the coins are with them (the exchanges) so far the person sent the coins to the address linked to the private key of the address he used to sent it which is owned by the exchanges.

I like this topic, but it should still be emphasized that not your key not your coin, I have seen so many cases in which new members will asked about how to recover such coins, but this are just few which you listed, how about the others which we yet not know if the coin lost forever, we should first trust ourselves before trusting others, a reason we should just go noncustodial and not depend on custodial services.

Also, if someone is not having enough funds, it could be very impossible for the recovery, of which noncustodial wallets will still make it possible for recovery.

But, we should still emphasize the fact that sending to wrong addresses will not be recovered, like sending a coin to an address that have a different private key entirely (like the private key which the person do not have access to, or which the exchange do not have access to). This will only lead to total loss of the coin unless the sender know the receiver. The exchanges have the private key to the address they are sending to is the reason the coins are recoverable. Noncustodial wallets will let it be in a way not need for help so far it is your private key uike exchanges.

Nigeria depends on Chinise loan so much, and this could be the problem the next generation will be facing. There are some good learned people in Nigeria, have you gone through this thread? As I thought our leaders are figure head, this convinced me that we still have good ones, but the bad ones are more, I can not just be mentioning. It is clearly obvious that this man has read about cryptocurrencies and know how beneficial it would be for tomorrow world, compared to CBN president which called cryptocurrencies 'not a legitimate money'. Although, not surprising as the CBN president is not new to speaking such false information without making appropriate research but to condemn.

Are you sure the 12 word seed phrase is from bitaddress.org? All I know is that paper wallet generate a private key and an address. Maybe you generated another wallet which is not paper wallet.

I do not know how the 12 word seed phrase is generated, but you can import it on electrum wallet (download from electrum.org and verify) to check if you have the bitcoin on it.

Or, do you have the private key to the address the bitcoin is sent too, such private key generated by paper wallet. In this case, you will need to open the electrum, click on import Bitcoin addresses or private keys, and import the private key to see your coin. You can send it to coinbase.com irrespective of the bitcoin address.

You can enter the bitcoin address on blockchair.com to check for the forked coins. You can reply here if you see any forked coin.

About sweeping, transaction fee will be needed for it, I will advice you to import the private key on electrum wallet as directed above.

No one can be trusted, that is why we need to be careful while making p2p deals. But, if all needed to avoid scammers are not neglected but considered, you will not be scammed. If bitcoin sent, then release bitcoin from escrow, if bitcoin not sent, then the buyer will file a report and later provide evidences of successful payment, in this case, binance will make sure the bitcoin leave that person account into yours. Escrow makes this possible, we should make sure we do not take anything for granted while making p2p trading, otherwise can lead to scam.

If I am an Indian, I will just read about this and laugh and not panic when I can make use of a phone as an hardware wallet when electrum can help me do that. All I need are two phones, one as watch-only and the other as the cold wallet which will be my hardware wallet. Nothing can disturb me on how to store bitcoin with private key offline when there are still more options like paper wallet, wallet on hard drive and the likes. But, using electrum will make the use of bitcoin for me much more simplier. Even computers can be used, but phones are cheaper. And, with this, I do not need to be panic if a hardware seller is a scammer or not, but if scammed in this case, no authority to report to if cryptocurrencies are banned in India.

So far your Dad bought $100 worth of bitcoin at the time, there will be private key for the public key or address used. You father will know that, because without the file or the private key backup, it may remian impossible for the bitcoin to be recovered. So, at the time, the address your father used to receive the bitcoin has private key which your father should know and appropriately backup like on paper. So, you will ask your father about the private key, where he backup the private key. 

If he got no backup file, how about the private key? The private key can be used to retrieve back the bitcoin. The most important backup is the private key, or anything you can use to generate the private like the seed phrase. But, at the time, no seed phrase yet, but the wallet will have private key.

In my opinion, bitcoin is decentralized, what makes some people do comment not to be decentralized is the issue that more miners are mining in China, but as 75% miners were mining in China in 2019, this reduced to 65% in 2020. And with recent news around the world, there is more chance that miners in percentage from China will still reduce this year. And that does not make bitcoin decentralized as some people thought.

About this topic, about the issue of scalability, before was only 1MB for block size, but the introduction of segwit make use of weight which is 4M weight units which is around 2.3MB in size of all trrasactions from segwit. This is a sign that there can be more approaches in the future that will enhance bitcoin transaction scaling that will get low fee transaction confirmed early.

Another is the lightning network, this is another alternative solution just to make the scaling issue solved. Developers will look for more ways to make bitcoin remain the possible best  decentralized coin existing.

Another approach is the taproot and the use of schnorr's signature that will significantly help in multisig transactions.

Cryptocurrencies are not banks, only fiat can be compared to cryptocurrencies, and we know how bitcoin and some other cryptocurrencies are better as an appropriative asset if compared to fiat that are inflationary and subjected to devaluation, especially in third world country. Banks are organisations where fiat are saved, but remember that you can save your gold, silver and jewelries in banks, which means a possibility for banks to also accept crypto as an asset to be saved with them and provide a custody service for it. Banks are only afraid of cryptocurrencies but they should not because they can also embrace it and gain from it by providing crypto services to their customers. It is not surprising anymore that some banks are even now providing crypto services.

It is noncustodial but it is owned by Coinbase which can not make me trust the wallet. But normally, it is not like custodial wallets or exchanges, there should be privacy and not such report.

Converting from one coin to another are not taxed, only gain are taxed. Like on custodial exchanges like Coinbase, cryptocurrencies are taxed if you spend or sell it having gaining already. If no gain, no tax. Like even converting from stable coin to another stable coin  has no gain, so no tax.

When it comes to electricity usage, what comes to my mind is that 'is it profitable to use electricity to mine bitcoin and gain'? Obviously yes. That is why counties like China have many miners. In that case, can bitcoin create energy? Obviously yes because miners mine and profit are made which are used to pay power company which will be used to pay workers and enlarge the power company which will lead to more generation of electricity.

People only focus on bitcoin mining and power usage because they believe electricity produces carbon which contribute to global warming, but in this case, there are many companies in the world that consume electricity, there are also many that produces green house gasses. I do not even think electricity production contributes to 30% of green house gasses production, how about deforestation which is also one of the major contributor and automobiles producing green house gasses that are have potent global warming effect. How about big companies making use of crude oil by products that constantly producing green house gasses, and many more.

If bitcoin generates electricity which is true, I think the question should be, what is the percentage contribution of bitcoin mining to production of green house gasses (carbon dioxide, methane, nitrous oxide, chlorofluorocarbons etc) which is causing global warming rather than commenting on the percentage electricity bitcoin uses so far miners mine and generate profit that can be paid to power companies to pay workers and generate more electricity.

The vice president of Nigeria speaks good about cryptocurrencies and blockchain, that it is better to regulate cryptocurrencies rather than ban. You can check the link below or click on the image for the YouTube video, he speaks on cryptocurrencies and blockchain around 13th minute 10 second of the video, quoted below.

              https://www.youtube.com/watch?v=lIAmxeBy0eY

The world is watching as industries are increasing and using electricity which is everyday increasing too, so far the industries are making money and paying for the electricity, then case settled and no one to complain as it is win-towin. If miners mine profitably, and they pay for electricity which will also in a positive feedback increase electricity generation and electricity companies making more money, then case settled. Bitcoin mining as of now only generate more electricity that will be used for mining and others, which means bitcoin mining will make electricity company more productive as they mine and pay for the electricity they are using.

The question should be, will bitcoin mining be profitable? So that miners will be able to pay for electricity. All I know is that bitcoin is a deflationary asset, it would even probably that transaction fee will be enough for miners to mine profitably if all bitcoin are mined.

CBN no fit do pass him capability, CBN fit make the bank not provide services for crypto businesses but crypto can be p2p, na why we still dey enjoy the benefit of bitcoin and other crypto. E funny me when senate talk say they wan invite CBN governor wey no know anything about crypto but carrying false information around. Waiting senators know about crypto? Nothing. Na false information CBN go pour down wey senate go gree. I no even do much follow up again about leaders wey no know anything about crypto. Waiting Osinbajo talk is true and realistic, na regulation we need.

Exactly what I meant, but it is normal to critize the network, but the criticism are not true. Also, bitcoin itself is said to be ponzi and all sort of things like that, all because it is open source. If it is close source like the monetary system that is centralized, it will not be critizied because they think govements will protect such but not knowing it is not perfect as open source and decentralized like bitcoin specifically. Check my quotes above to get the total picture of my post.

Just want to add that some exchanges fee are still higher, I saw yobit withdrawal fee to be 0.0012BTC, I am not certain if it has been changed. Also another exchange called HitBTC, the withdrawal fee was 0.0015BTC before, but was changed to 0.0009BTC. There are some exchanges like that with higher withdrawal fee.

About binance and some exchanges that charge 0.0005BTC as withdrawal fee, they make it mandatory because they want the processing time to be fast, but there are many times the mempool is not congested, and still demanding for such fee to get the transaction processed in time. From the transaction above, the mempool is congested, but there are times the mempool will not be congested and people making transaction at the time. Although, I do not really know how this works out but just the way I think it will be.