What is to be considered in cryptocurrency

[Prosofina_G]

We as newbies is not really easy for us to understand this positive forum of cryptocurrency, but be it as it may be we will continue to read broad in understanding it, believing too well that every positive strongle begin at a step when I see the junior member, senior member, hero member and legendaries I new they all started as newbies because there is no shot cut to this great platform.

So when considering cryptocurrency wether you are thinking of investing using it for transaction or building technology around it there are several important factors to have in mind this factors includes.

VOLATILITY: when talking about volatility in cryptocurrency this simply means unstable price within hours or days making them risky investments.

SECURITY: you have to be really careful and mindful of your wallet and keys, it is very important because once stolen or lost crypto assets are sometimes unrecoverable.

LACK OF REGULATION: while decentralisation is a benefit the lack of regulation also open the door to fraud scams and market manipulation.

SCALABILITY ISSUES: some network like Ethrerum and bitcoin can become slow and expensive during high demand.

LIMITED ACCEPTANCE: despite how growth, most businesses don't accept cryptocurrency as payment.

USABILITY: we the newbies find it so difficult to understand and manage cryptocurrency safely.

[Lida93]

SCALABILITY ISSUES: some network like Ethrerum and bitcoin can become slow and expensive during high demand.

For ethereum I would understand that it network trx fees are fairly high but not for bitcoin except for when there a network congestion leading to the mempool been overwhelmed, and occurrence that seldom happens. Of which it shouldn't be a valuable reason to risk opting for altcoins.

USABILITY: we the newbies find it so difficult to understand and manage cryptocurrency safely.

We all know that regulations does affects the usability of bitcoin in any society. Government policies has always dictated to a large extend how much people and institutions are willing to use bitcoin as legal tender or means if transaction within a society. So it's not a thing of about being a newbie or oldies.

[Princess Leah]

SCALABILITY ISSUES: some network like Ethrerum and bitcoin can become slow and expensive during high demand.

For ethereum I would understand that it network trx fees are fairly high but not for bitcoin except for when there a network congestion leading to the mempool been overwhelmed, and occurrence that seldom happens. Of which it shouldn't be a valuable reason to risk opting for altcoins.

USABILITY: we the newbies find it so difficult to understand and manage cryptocurrency safely.

We all know that regulations does affects the usability of bitcoin in any society. Government policies has always dictated to a large extend how much people and institutions are willing to use bitcoin as legal tender or means if transaction within a society. So it's not a thing of about being a newbie or oldies.

The first coin every newbie should make their priority should be Bitcoin, though it might have it's own positive side but that's not worth choosing Alts over Bitcoin regardless of any reason Bitcoin stands tall against all and it's the best for hoarding, atleast if someone is going into something that involves finance for the first time, they should start with what's less riskier then they can choose to risk into others in the future when they've benefitted much from the other.

 Investing in Bitcoin is not something that someone has to know everything about before doing it, the person mustn't have a degree in certain areas before understanding, merely knowing the basics of what it's all about is enough and you'll gradually understand it better once you've known the basics and practicalise on it, usability is no excuse for newbies nor a criteria for choosing Alts over BTC.

[Hewlet]

Once you actually start investing, you're not going to struggle getting a lot of fact compared to when you're just reading crypto related content without actually implementing all you're reading on the spot.

Volatility, scalability, usability and most of the concept we tend to talk about are more like constant that doesn't relate much to an investor most expecially when you really want to Invest. If you're not in the technical part of bitcoin, there's no point trying to get too much into concept that doesn't affect you as an investor. As an investor, what you should be more concerned about should be best investment strategy that will help you stay invested for the long run without you being caught up half way into your investment.

Get the theoretical knowledge for the getting sake but most importantly, implement the what you've learned and get started in your investment as that's what matters most.

[Ruttoshi]

OP, you're already a Jnr. Member, you just need to add more 11 activities to rank you up. I don't think that there's any need to compare bitcoin to shitcoins because the ain't the same and will never be the same. Bitcoin is the best and unique of them all so forget about the rest. Transaction fee is not a barrier to bitcoin because the tx fees are always cheap. It's once in a blue moon that we experience a high fee due to garbages congesting the network.

As for using bitcoin as an alternative payment method, people are using it but due to the steady growth of bitcoin in value has made a lot of people start investing into bitcoin as a long term asset which they buy and hodli overtime for profits.

[asarfiar]

Bitcoin investment just to make yourself mentally In the beginning, Bitcoin investment does not require more knowledge to study Anyone can start investing in Bitcoin with little capital You can perform investment work in proportion to your income. And overcome the positive effects of BitcoinYou can use the DCA method to keep the investment you are investing regularly to get up Using this method will allow you to keep your long -term investment completely safe from market instability.

I think an investor should invest in Bitcoin instead of Alt Coins because Bitcoin will be able to make the money you can make in the long run. I also think that an investor's initial step should be centered on Bitcoin because Bitcoin is from all coinsMany reasonable and long -term pressure trends are less than at all So invest in Bitcoin and encourage others.

[Jaycoinz]

.

As for using bitcoin as an alternative payment method, people are using it but due to the steady growth of bitcoin in value has made a lot of people start investing into bitcoin as a long term asset which they buy and hodli overtime for profits.

Bitcoin for now is used more as an asset for investment than it's original used as a currency and one of the main reasons why because say you no actually need plenty knowledge to actually start up an investment mean with Bitcoin plus the fact say the asset dey give plenty profits
 over time if you save am for a very long period of time. It's safe pass to save your money for Bitcoin than say u keep am for any other altcoins or fiat because of the way inflation and volatility go mess am up.

[Barikui1]

.

As for using bitcoin as an alternative payment method, people are using it but due to the steady growth of bitcoin in value has made a lot of people start investing into bitcoin as a long term asset which they buy and hodli overtime for profits.

Bitcoin for now is used more as an asset for investment than it's original used as a currency and one of the main reasons why because say you no actually need plenty knowledge to actually start up an investment mean with Bitcoin plus the fact say the asset dey give plenty profits
 over time if you save am for a very long period of time. It's safe pass to save your money for Bitcoin than say u keep am for any other altcoins or fiat because of the way inflation and volatility go mess am up.

My brother wetin you talk no be lie, and I dy reason am the same way you dy reason am here, Bitcoin na one asset wey they appreciate in value overtime, so because of that, the primary purpose wey they bring am for, which is as a medium of exchange and payment during transactions, but due to how lucrative e dy to buy am, and hold for a very long time, people dy mostly see am as an investor opportunity rather than just a medium of exchange for goods and services.
And secondly, just as you don talk already, person no go fit save money for bank and get back that money with the same value in ten years time, because inflation go don eat up that money and turn am to dy less than it initial value,  so na because of that reason, e dy more valuable to hold your money in Bitcoin, so that as e dy appreciate in value overtime, e go even out do inflation on the longer run, so in essence of wetin I dy try talk is that Bitcoin investment is one of the safest way to hold ur money because na asset wey they appreciate in value overtime, unlike money saved in the bank that will be eaten up by inflation.

[Rgram]

SCALABILITY ISSUES: some network like Ethrerum and bitcoin can become slow and expensive during high demand.

For ethereum I would understand that it network trx fees are fairly high but not for bitcoin except for when there a network congestion leading to the mempool been overwhelmed, and occurrence that seldom happens. Of which it shouldn't be a valuable reason to risk opting for altcoins.

USABILITY: we the newbies find it so difficult to understand and manage cryptocurrency safely.

We all know that regulations does affects the usability of bitcoin in any society. Government policies has always dictated to a large extend how much people and institutions are willing to use bitcoin as legal tender or means if transaction within a society. So it's not a thing of about being a newbie or oldies.

Omo for me as a newbie in the crypto world..I no dey near where Altcouns dem deh because for me it’s even more volatile as most of them Deh received 100%+ pump and same day you’ll see -50%..when to invest and withdraw go definitely affect person if you dey new for such market..
Instead I dey try go for bitcoin once once..I Jst try my best to buy at the best possible price then hold overtime as per say na via investment I been buy am for..

[Callido]

.

As for using bitcoin as an alternative payment method, people are using it but due to the steady growth of bitcoin in value has made a lot of people start investing into bitcoin as a long term asset which they buy and hodli overtime for profits.

Bitcoin for now is used more as an asset for investment than it's original used as a currency and one of the main reasons why because say you no actually need plenty knowledge to actually start up an investment mean with Bitcoin plus the fact say the asset dey give plenty profits
 over time if you save am for a very long period of time. It's safe pass to save your money for Bitcoin than say u keep am for any other altcoins or fiat because of the way inflation and volatility go mess am up.

There should be certain knowledge about Bitcoin before investing reasons if you don't know the basics like the common ways to buy and hold properly if not will become most vulnerable to being attacked. What makes Bitcoin to be invested than being used as currency is that people are more interested in what gives them profits something different from the fiat just the way you can't earn from holding a currency as fiat, Bitcoin is filling that gap but when it comes to making transactions daily people are still submitting to use local currency for it.

Bitcoin is an alternate method of payment, we cannot stop everyone from using fiat especially passing through governments to take it as a main currency. It is unimaginable for any government to accept, since taxes are paid in Bitcoin, alternatively it can serve for making larger transactions easier to send and receive.

[Wolf of One Street]

We as newbies is not really easy for us to understand this positive forum of cryptocurrency, but be it as it may be we will continue to read broad in understanding it, believing too well that every positive strongle begin at a step when I see the junior member, senior member, hero member and legendaries I new they all started as newbies because there is no shot cut to this great platform.

So when considering cryptocurrency wether you are thinking of investing using it for transaction or building technology around it there are several important factors to have in mind this factors includes.

VOLATILITY: when talking about volatility in cryptocurrency this simply means unstable price within hours or days making them risky investments.

SECURITY: you have to be really careful and mindful of your wallet and keys, it is very important because once stolen or lost crypto assets are sometimes unrecoverable.

LACK OF REGULATION: while decentralisation is a benefit the lack of regulation also open the door to fraud scams and market manipulation.

SCALABILITY ISSUES: some network like Ethrerum and bitcoin can become slow and expensive during high demand.

LIMITED ACCEPTANCE: despite how growth, most businesses don't accept cryptocurrency as payment.

USABILITY: we the newbies find it so difficult to understand and manage cryptocurrency safely.

these points of yours are very import for anyone who is considering to dive into crypto or see it as an asset to invest in. Many who fail to consider all these as a newbie ends up failing, getting frustrated and see crypto as scam. Without proper education and knowledge of crypto or always ends hazardously for anyone who ventures without it.

[Rruchi man]

SECURITY: you have to be really careful and mindful of your wallet and keys, it is very important because once stolen or lost crypto assets are sometimes unrecoverable.

Security is one aspect that is regularly overlooked by some individuals; their nonchalance towards their security in life is shown in their attitude towards investments.

Even in this forum, in our LB, there are many investors who have been reading about security for their investments, but no action still, just waiting to be victims and come complain here.

Learning about security without taking action is useless.

[BitcoinTimi]

SCALABILITY ISSUES: some network like Ethrerum and bitcoin can become slow and expensive during high demand.

For ethereum I would understand that it network trx fees are fairly high but not for bitcoin except for when there a network congestion leading to the mempool been overwhelmed, and occurrence that seldom happens. Of which it shouldn't be a valuable reason to risk opting for altcoins.

USABILITY: we the newbies find it so difficult to understand and manage cryptocurrency safely.

We all know that regulations does affects the usability of bitcoin in any society. Government policies has always dictated to a large extend how much people and institutions are willing to use bitcoin as legal tender or means if transaction within a society. So it's not a thing of about being a newbie or oldies.

The first coin every newbie should make their priority should be Bitcoin, though it might have it's own positive side but that's not worth choosing Alts over Bitcoin regardless of any reason Bitcoin stands tall against all and it's the best for hoarding, atleast if someone is going into something that involves finance for the first time, they should start with what's less riskier then they can choose to risk into others in the future when they've benefitted much from the other.

 Investing in Bitcoin is not something that someone has to know everything about before doing it, the person mustn't have a degree in certain areas before understanding, merely knowing the basics of what it's all about is enough and you'll gradually understand it better once you've known the basics and practicalise on it, usability is no excuse for newbies nor a criteria for choosing Alts over BTC.

you have said it all and I found this your advice Very helpful to myself because am just getting started with cryptocurrency, and I have made bitcoin my priority, because bitcoin doesn't require you to know everything about it before you can start investing, with just basic knowledge about bitcoin you can kickstart your bitcoin accumulation journey provided you have a source of income and discretionary income.

[Princess Leah]

you have said it all and I found this your advice Very helpful to myself because am just getting started with cryptocurrency, and I have made bitcoin my priority, because bitcoin doesn't require you to know everything about it before you can start investing, with just basic knowledge about bitcoin you can kickstart your bitcoin accumulation journey provided you have a source of income and discretionary income.

I don't know if you're among those that's got an idea about Bitcoin before coming to this forum, but if you've not I'll say that's the best thing you've done, Bitcoin is the best Cryptocurrency for holding, not just holding but for a very long period so you did the right thing to make it your most priority, I've seen newbies directing their focus more on others cause they think Bitcoin is costlier, well it's their choice anyways but in the right sense, that's not the best option for a start.

 Why they said people should just know the basics before starting is because while you're waiting to know everything you might miss many chances of hoarding it at a cheaper rate cause of volatility, so you just know the basics put it to practice then learn more along the way.

[Lida93]

SCALABILITY ISSUES: some network like Ethrerum and bitcoin can become slow and expensive during high demand.

For ethereum I would understand that it network trx fees are fairly high but not for bitcoin except for when there a network congestion leading to the mempool been overwhelmed, and occurrence that seldom happens. Of which it shouldn't be a valuable reason to risk opting for altcoins.

USABILITY: we the newbies find it so difficult to understand and manage cryptocurrency safely.

We all know that regulations does affects the usability of bitcoin in any society. Government policies has always dictated to a large extend how much people and institutions are willing to use bitcoin as legal tender or means if transaction within a society. So it's not a thing of about being a newbie or oldies.

Omo for me as a newbie in the crypto world..I no dey near where Altcouns dem deh because for me it’s even more volatile as most of them Deh received 100%+ pump and same day you’ll see -50%..when to invest and withdraw go definitely affect person if you dey new for such market..
Instead I dey try go for bitcoin once once..I Jst try my best to buy at the best possible price then hold overtime as per say na via investment I been buy am for..

Nice of you to think in this direction, and it's definitely going to help you build a good bitcoin portfolio as you go own with it gradually. Than wasting your funds for altcoins for this your fresh start just stick with bitcoin and as your aim nah to invest for long period it's really good too because it goes help you not get worried about any dip in the process but rather the dips go be an opportunity for you to take advantage buy at good profitable prices. This na wetin some newbies no dey know when them first get into this space and they ended getting burnt.

[Makus]

.

As for using bitcoin as an alternative payment method, people are using it but due to the steady growth of bitcoin in value has made a lot of people start investing into bitcoin as a long term asset which they buy and hodli overtime for profits.

Bitcoin for now is used more as an asset for investment than it's original used as a currency and one of the main reasons why because say you no actually need plenty knowledge to actually start up an investment mean with Bitcoin plus the fact say the asset dey give plenty profits
 over time if you save am for a very long period of time. It's safe pass to save your money for Bitcoin than say u keep am for any other altcoins or fiat because of the way inflation and volatility go mess am up.

Yes oo bitcoin na very nice project with just your basic knowledge on how to make transactions and safe guard your seed phrase  you fit actually start to hold bitcoin come still make profits when you hold for long term I just dey pity all those people wey never really understand how crypto market dey behave wey just start to dey go diversify into  altcoins and shit projects. E sure me die say them go loss well well, before anybody supposed start all thise kind projects you need a vast amount of knowledge first you gets know who dey behind the project the percentage wey people hold, because some of these coin na just for the purpose of rugpool so e just be like na gamble you dey gamble with your money, anything can happen at anygiven time.

[Orange89]

VOLATILITY: when talking about volatility in cryptocurrency this simply means unstable price within hours or days making them risky investments.

SECURITY: you have to be really careful and mindful of your wallet and keys, it is very ....

LACK OF REGULATION: while decentralisation is a benefit the lack of regulation also open the door to fraud scams and market manipulation.

SCALABILITY ISSUES: some network like Ethrerum and bitcoin can become slow and expensive during high demand.

LIMITED ACCEPTANCE: despite how growth, most businesses don't accept cryptocurrency as payment.

USABILITY: we the newbies find it so difficult to understand and manage cryptocurrency safely.

Hey @Prosofina_G I know what you are though as someone who is just getting into the crypto it can feel like try to read the book in some another language
it is definitely confusing at first try but trust me everyone had start somewhere with there

Even the Most Experience People Here were once also newbies too

You say some really Good Points & let me try to break it them down for you

1. Volatility is real
Like
Crypto prices go up and down a lot
One day or other your coin could be worth a lot & then the next it drops a lot
That can be scary if you are new
but btc usually doesn’t change as hard as these other crypto
And friend these other crypto is called as AltCoiN
Like Even though the Bitcoin move around but it is actually the safer one to start with

2 Security is super importent
Your crypto is stored on a wallet &
only you had control over it
⚠️If you lose your seedS  
ther is no way to get your money back &
even no support team
nor your expert here can do anything

keep them safe best write it down  & don’t share it with anyone!


3. No CLearr rule yet
Crypto is not controlled by any government
isn't that cool
that's the reason it's said it give us the freedom
But it also mean the scammers may take advantage of people
And yes NIGERIA’S CRYPTO LAW are still changing friend
but these is a worldwide issue friend not just Local

4. Network congestion happens sometime
Yes like when lot of people use the Btc
at the same time it may slow thing down the bit & the transaction fees might go up.

But this does not happen often mostly but yes eth usually had the higher fee more regularly so the btc is still smoother for most of people.

5. It can be tricky to use at first
crypto feela a complecated when you are starting But it is not about being a newbie It is about learning step by step friend
Start with btc learn how it work

6. Not many places accept it yet
It’s true my friend as you say  
Not all businessses take crypto as the payment
But that’s somehow slowly changing
More & more shop & services are starting to try it out especially with tool like the Lightning Net. making Btc payments faster and cheaper friend so note it 😀

SO WHAT SHOULD YOU DO? 
Well I will say Start small &
Learn the basic Don’t rush into risky coin buying
just because they promised that big gains
Focus on btc believe me it is the safest place to begin  
Keep your keys safe
read a little every day &  
don’t be panic when price dropped  
Those dips are just chances to buy more
At the end it's your money friend remeber these thing

Feel Free To Correct Me

[CryptopreneurBrainboss]

So when considering cryptocurrency wether you are thinking of investing using it for transaction or building technology around it there are several important factors to have in mind this factors includes.

For building Ethereum, for currency (transaction) Bitcoin and also for investing too. You can gamble with some altcoins but your major investment should always be in Bitcoin for protection and profitability. Any currency built on the Blockchain should automatically be a crypto and it shouldn't matter if the crypto is decentralized or centralized as that doesn't make it any less of the crypto but just because they're crypto shouldn't mean they're potential good investments. We have more scams than legit crypto just so you know and no strategy or any qualifications can give you a more perfect crypto than Bitcoin.

[Zigabel]

VOLATILITY: when talking about volatility in cryptocurrency this simply means unstable price within hours or days making them risky investments.

SECURITY: you have to be really careful and mindful of your wallet and keys, it is very important because once stolen or lost crypto assets are sometimes unrecoverable.

LACK OF REGULATION: while decentralisation is a benefit the lack of regulation also open the door to fraud scams and market manipulation.

SCALABILITY ISSUES: some network like Ethrerum and bitcoin can become slow and expensive during high demand.

LIMITED ACCEPTANCE: despite how growth, most businesses don't accept cryptocurrency as payment.

USABILITY: we the newbies find it so difficult to understand and manage cryptocurrency safely.

All of this are good points made OP, as a newbie with thus level if awareness, you are most likely going  to grow at a good speed much more than others probably will a s newbies considering you have a fair basic knowledge. I'm going  to highlight a few of your points  as they got the most fo my attention.

Regulation is one core factor that even propelled the creation of Bitcoin, it's decentralised nature has got too many merits than demerits such that for a fact we can say it's too advantageous to think about it's disadvantage, it's decentralised nature has also propelled and strengthen its ability to fight inflation as it may have lost such ability if it were centralized such that it could be completely regulated, even the scalability issue you mentioned is actually a subtle tool to fuel volatility upon which cryptocurrency gets to build and maintain value, so literally all of this put together positions cryptocurrency generally to be valuable enough to be investment worthy almost all round.

[Cryptohygenic]

We as newbies is not really easy for us to understand this positive forum of cryptocurrency, but be it as it may be we will continue to read broad in understanding it, believing too well that every positive strongle begin at a step when I see the junior member, senior member, hero member and legendaries I new they all started as newbies because there is no shot cut to this great platform.

I like the fact that you developed this state of mind yourself regardless of your rank and your rate of experience here. Many beginners like has actually felt discouraged to be friendly and persistently stay ON in the forum. Especially the essence of making quality posts and again, taking discussions going on here are likely uninteresting to them because we don't talk about getting quick rich when Invested on bitcoin here.l being being decent to curb financial potential risks.

So when considering cryptocurrency wether you are thinking of investing using it for transaction or building technology around it there are several important factors to have in mind this factors includes

Most importantly is the acknowledgement that cryptocurrency is a decentralized financial technology so, either to explore in the cryptography blockchain tech or investment purposes, we should always make security and our networking systems a private prio.
We also need to understand it is a volatile currency which future price can be unpredictable so that we may develop that state of mind to hold patiently with the thrives of reaching out goal is also considered a prior.