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The market is gaining momentum and as usual, the interest of the public about bitcoin halving is on the rise, like we can see it already from the green candles of many coins and through the trend in Google search as how people are asking questions about bitcoin halving.
Normally, the crypto market use to pump after every halving which use to increased price of bitcoin because the miners block reward use to half. Then, after that other coins in th market start shooting different candles as everyone get excited for this historical celebration.
While this call celebration of bull run, there are many ways people lose money and these mistakes are common which can be avoided but the excitement take away everyone attention to focus much on the new trend of crypto price discovery. I was having a group discussion and learn some things I want to share some of these traps and how to avoid when bull run comes.
Come with Me;
1.Invest in what you can afford to lose: I have read this line many times inside this forum and outside this forum that are crypto related discussion and what they tell you about crypto investment is to invest with the amount you can afford to lose to avoid had I know and regrets that later.
In the last bull run, some people commit suicide when they loss their funds and when some of them where victim of scams. It's advisable to invest in the amount you know it will not hurt you if anything should happen in the end, always consider this before you take that money to any coin.
2.Don't keep your coin on any centralized platforms: Whatever coin you is your favorite, buy them in any quantity that to want but a centralized platform is not the best place to do this. Even staking, don't stake your coins on any centralized platforms, let it be in a decentralized platforms to reduce the risk of the companies folding up. Many of this happened in the last bull run, FTX was on one of the biggest centralized exchanges that crypto history will never forget. MtGox happened on the 24th of February 2014 and after some years, FTX repeated the same pattern. Who knows the one next but you can avoid them by not keeping your coins on the exchange, remember not your keys not your coins.
3.Don't entertain any form of scam: Scam increases when bull run is around but how to you avoid them is simple, just reduce your greed and don't buy into unreleastic ideas. When you see staking reward of 100%, kindly run away, when you doubling schemes, avoid them and don't invest in shitty ideas because you are so passionate to make money, they will make you hate crypto and ignore the good side of it.
4.Be prepared for the worst and hope for the best: Be prepared for anything that comes later, the coin you are having in mind to pump may do that and might not do that. If you are lucky and have profit, enjoy the profits and if you don't make anything, he happy that you were part of the bull cycle, there is nothing guarantee in crypto because you don't know tomorrow. People that are saying bitcoin will go to $1M are all speculators and are just hoping it happens, nothing is guaranteed here, just be prepared and hope for the best.
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Some red flag to aviod in p2p transaction P2p transaction is one of the most used transaction to trade bitcoin and crypto Nigeria is one of the most biggest country that trade in p2p exchanges, the reason for this is because of the exchange serving as the middle man for traders. They feel it is safe and fast but the more you look at it there are red flags that every trader should aviod. Most exchanges that have p2p platforms make sure they remove any form of scam but still some traders find a way pull related scams and red flags that will affect your trades. By visuals and history of trades, it is easier to point out some traders and merchants that have violate the rules of p2p but some you have to do a deep check into them so that you don't turn there next victim of scam or waste your time in trading a maximum time of 1 hours to 24 hours of even more. I will be listing some of this red flags so that when you want to trade, choosing the right trader to trade your coin will be easy and I will be using Binance as reference because that is one the biggest p2p exchange that Nigeria use the most and that's where scammers hide the most. Here are some of the redflags you should know. 1.Don't release your coin until you confirm payment: If you must use p2p exchanges, anytime you want to trade and you want to sell. If the buyer send you money, make sure that you confirm you received the money before you releasebthe coin to any buyer. If you didn't receive the money and the buyer want to to force you to release, just ignore and make sure to check your mobile app for confirmation of payment. The lesson here is that you should never release coin if you have not received payment, if you do and release coin without proof of payment, there is nothing that will be done after you release, always put this red flag in consideration. 2. Don't trade when you see a trader with few numbers of trade and 98%: P2p platforms used number of trade completion to determine % of trades that sre complete but there is a plot twist about it if you are not careful. If you see a trader with 98% with lower trades, avoid there services and when you also see a trade with much number of trade and 70% completion, you should also avoid . What you should be looking at is a trader that has high numbers of trade with high %.  3. Don't submit your real phone number if they ask for it: Many traders in p2p are guilty of this habit, they will not send you funds if you don't drop your phone number for them and the reason they do this is to call you if you don't release coin for them on time. However, I think a serious trader will release coin immediately they confirm payment , there is no reason to drop phone number because they can use it to send you fake alert as proof of payment, they can also spam you with texts you don't like. Never give them your phone number or if they insist, give them fake phone number. 4. Don't use another bank that doesn't match your p2p name to send if you want to buy: This is the mistake some people do in p2p transaction, when selling a coin in p2p and you provide a third party account, the buyer might agree to send you the funds but if you are the one buying, make sure you don't send from another bank. The seller might say he didn't send and he has the right to denied it if its included in his trade terms, so in other to avoid any trade dispute and appeal, make sure you read the rules. Human mistakes happened when we don't expect buy we must also make sure to avoid them because these kind of trader exist everywhere in all exchanges that have p2p, you need to be careful and mindful of these kind of traders. |
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Starting from how my Nigeria people they always they in need of emergency funds since problem no they finish, so them they see am has alternative to get quick money them forget say everything for Naija get has he be especially all these easy loans with waiting I wan talk now I hope say we go learn from am I don learn so I wan share the small thing I don learn. People they wey they see the quick loan has alternative like all this palmpay loans them no they reason am say the thing get a lot of problem wey the thing they come with. And these people no go tell you anything until after the loan, then you go come find out problem the thing they come with.
challenges faced after the loan
1-invasion of privacy
Before them give you the loan them go ask for permission to access your contacts, gallery, calendar and na very dangerous thing for person to get access to your privacy but you know our naija people when money they involved they no they check, and serious danger for privacy exposure.
2-Harassment
After the loan and time or duration, them give you pass and you no pay them go start call people for your contact, call all kinds of names say you na scammer or you na thief, this kind thing now they show say the loan no flexible and if time reach for you to pay back the money them no they no go give you extension them go start to harass you.
3-possible termination of future loan for defaulters
If you prove stubborn and refuse to pay back their money they go compile list of defaulters send am give CBN and you go find am very difficult to get access to any kind of loan in the future, and with this kind blacklist, the thing fit affect person for future.
4-loan default leads to continuation of interest rate
If the person refuses to pay naso the interest go they increase everyday until the day you go clear the loan, so flexibility no they at all for all these kinds of loans. Imagine say you no pay the loan for even two years waiting you imagine say the interest go be at that time.
And finally all these loan apps no go tell you all these things and normally self-people they see am has place to catch cruise or update to chop money, they no go even read the terms and condition before they finalize their application, some people go even make mouth say them no go pay they forget say you no fit get away with this kind of update. I hope say this information they useful for many of us.
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I done see a lot of questions about if I die who go get access to your assets because the problem now is that its even difficult to trust people this days. People you trust na them fit stab you for back but the truth of the matter be say even were bad eggs they good eggs still they so we no go use one person bad habit judge other people own. This days person no they fit predict waiting go happen i they sure say assets they whey they hang for air just because they no tell person about the thing done lost be that, aside even crypto assets other assets they whey no get tag or owner so please lets reconsider and open up to some specific people. So that we no go just work and latter. our next of kin no go know anything about waiting the person get. And I wan hear other people opinion about this matter we all learn from each other. I see plenty people they fear to share there information he get why.
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The majority of individuals, I've noticed, tend to save passwords automatically, which may give you the impression that forgetting them is worrisome. likewise browsers are not secure enough to save such data, and spyware, certain programs, or links might expose remembered passwords.
Instead, use a password organizer that you have to yourself, or if worse comes to worst, write your passwords down in a book. People don't understand the risks associated with using auto safe passwords, so they prevent becoming another statistic about identity theft and other crimes. There are other ways to store your passwords in a more secure way than having a lot of passwords saved online, and if proper research is done, many businesses and people have a lot of data bridges. In the event that your account details are obtained, this can give them access to ordering things on your account, taking out loans, and many other things. Is better avoid been a victim. Please make all of take caution. And look for proper means of saving our passwords, and does that have fallen victim can give testimony of there experience. Lets not take chances.
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Threats and vulnerabilities in Bitcoin security
Since money threats are always close by, I'm not surprised that Bitcoin, a digital currency, also has a lot of security threats. I'll explain how to avoid these threats in the following paragraphs.
1.Private Key Management
The protected management of private keys, which are used to access and transfer funds, is a challenge for Bitcoin security. Bitcoins may be lost if private keys are misplaced, taken, or compromised. Individuals are advised to use secure procedures for backing up their private keys and protecting them as well. Security can be improved with hardware wallets, private offline storage options, and strong control over passwords.
2.Exchange Vulnerabilities
Despite being used as an avenue for trading bitcoins, cryptocurrency exchanges are susceptible to attacks from hackers. User funds may be lost as a result of breaches. The solution: Exchanges should put strong security measures in place, such as cold storage for individual funds, regular security examinations, and powerful authentication protocols. Users ought to select trading platforms with a solid reputation for security.
3.Regulatory and Legal Concerns
Problem: The regulatory environment in which Bitcoin operates is complicated. Modifications to regulations and legal ambiguities may have an effect on adoption and security. Taking on the problem: Cooperating with authorities, encouraging ethical behavior, and abiding by the law can all contribute to making Bitcoin more secure. Collaboration among business leaders, government officials, and law enforcers can also improve security procedures.
And many more are still available.
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A mind map of "The Bitcoin System" has been created. The goal of this visual representation is to draw attention to the fundamental components that go into making Bitcoin a functional technological advancement. My motivation for undertaking this project is to gain a deeper understanding of Bitcoin as a system, which is defined as a collection of interconnected or interdependent components. In particular, I firmly believe that people who want to learn more about Bitcoin should have a basic understanding of these components. These elements act as important markers that would be routinely evaluated in order to determine the course of Bitcoin's evolutionary development over time. Can the elements be better presented or simplified to aid understanding? Once I have the feedback I will update the mind map and show it to the Bitcoin community.Government Miners Altcoins Developers code Hacking--- Threats Government---Bitcoin protocol Trust Forks Scams BITCOIN SYSTEMInternet Exchanges Dark web ETF Transaction------ Network Crypto Market--Brokers Miners (nodes) Trading strategies Wallets Liquidity Times stamp Data Bitcoin blochain Research (analysis) Patents Source: understanding bitcoin system |
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