How can Nigerian learn Bitcoin without falling for Ponzi Schemes.

[Cookdata]

I completely agree with you on this. The reason most investors fall victim to scammers is that they focus too much on making quick profits. If they have the mindset that Bitcoin investment is better when they hold it for the long term, this will help them avoid making emotional mistakes that could negatively affect their lives. This means they won't have to panic about the ups and downs of the market, helping them protect their funds and preserve their peace of mind.

I will like if you reverse your statement where you said "most investors" to some investors. Not everyone fall into scam because of quick profits. Some people lose all they had to scammer due to lack of right information. Some weeks ago when Trezor wallet distributors got hack, they got access to many details of users that bought the hardware wallets and sent them emails acting as Trezor to update their wallet, some people fell for that engineered scam.

Some people lose Bitcoin because they download a fake wallet. I'm don't know if you have paid attention to some wallets reported scams on App store recently. I have seen reports of people impersonating Sparrow and Wasabi wallets and from the source both had victims, Sparrow amount to $9m at that time and Wasabi was 6 Bitcoin, maybe there was even more before the app were later taken down from the store. Not every scam is profit design to get victims, there many ways.

[Samlucky O]

With the little knowledge I’ve accumulated from this forum of which I’m still learning, I’ve learnt to focus more on long term goals  with Bitcoin accumulation rather than deviating to those shitcoin that only pump just to get attention and later it’s been rugged pulled.  Also how to manage my discretionary fund and how to allocate it into my Bitcoin investment via DCA method. At least, so far I have come to understand, that’s the most approachable method when it comes to Bitcoin accumulation and also ease you off the pressure of waiting for the Dip or stacking up funds for lump sum.

So far, this are the few ideas that have kept me going and I would also like those that are more advance than me here to drop their opinion on this thread so we newbies can all benefit.

Surely your knowledge is not bad anyway, this you have said here is one of the method to avoid ponzi scheme. In addition to it, you should try as much as possible to avoid social media influencers promoting shitcoin. Those influencers can make you sell your Bitcoin to gamble some worthless shitcoin. Don't let greed take over you, because greed can make you gamble a rug pull and expecting to make profit from it. Last but not the least, make sure you learn self control and decipline to decide on which coin you want to buy and hold.

[Nasdel4]

If you're trying to make an investment of any sort I'm sure you should first do your own research on what the investment entails. Also if you look closely, most investments come with instructions if you're willing to pay close attention.
The problem is just that most people are not willing to follow these instructions but only want a get rich quick scheme which is one of the obvious signs of a Ponzi scheme. It's not like this people aren't aware but probably because someone close to them mentioned it's reliability or a popular figure did some sort of advertisement then you see them rushing to pump in money without thinking.
Legit investments don't always come with huge percentage profits or attain maturity overnight but with time and and application of correct strategies. In the case of bitcoin, the DCA method is the recommended strategy while holding long term. This way you don't have to worry about anticipating the dip before buying or panicking when price falls.

[Fiasem20]

With the little knowledge I’ve accumulated from this forum of which I’m still learning, I’ve learnt to focus more on long term goals  with Bitcoin accumulation rather than deviating to those shitcoin that only pump just to get attention and later it’s been rugged pulled.  Also how to manage my discretionary fund and how to allocate it into my Bitcoin investment via DCA method. At least, so far I have come to understand, that’s the most approachable method when it comes to Bitcoin accumulation and also ease you off the pressure of waiting for the Dip or stacking up funds for lump sum.

So far, this are the few ideas that have kept me going and I would also like those that are more advance than me here to drop their opinion on this thread so we newbies can all benefit.

Surely your knowledge is not bad anyway, this you have said here is one of the method to avoid ponzi scheme. In addition to it, you should try as much as possible to avoid social media influencers promoting shitcoin. Those influencers can make you sell your Bitcoin to gamble some worthless shitcoin. Don't let greed take over you, because greed can make you gamble a rug pull and expecting to make profit from it. Last but not the least, make sure you learn self control and decipline to decide on which coin you want to buy and hold.

Na that influencers part nai dey lure beginners pass,once influencers don promote one kain project their followers go just believe the project sharpally.But for the crypto space that one no be the right step to take,if you wan dey follow wetin celebrities dem dey talk then you and Ponzi scheme go be best of friend.Naso e get one time Davido popular Nigeria singer develop ehn own token,only for him fans and people wey believe the token to invest on the token then later dem come find out say the token na pump and dump scheme,wetin even make the token pump small na because of the hype normally dem sabi hype ponzi scheme and if you no dey careful enough to carryout your own research you go fall victim.

[RockBell]

With the little knowledge I’ve accumulated from this forum of which I’m still learning, I’ve learnt to focus more on long term goals  with Bitcoin accumulation rather than deviating to those shitcoin that only pump just to get attention and later it’s been rugged pulled.  Also how to manage my discretionary fund and how to allocate it into my Bitcoin investment via DCA method. At least, so far I have come to understand, that’s the most approachable method when it comes to Bitcoin accumulation and also ease you off the pressure of waiting for the Dip or stacking up funds for lump sum.

So far, this are the few ideas that have kept me going and I would also like those that are more advance than me here to drop their opinion on this thread so we newbies can all benefit.

Surely your knowledge is not bad anyway, this you have said here is one of the method to avoid ponzi scheme. In addition to it, you should try as much as possible to avoid social media influencers promoting shitcoin. Those influencers can make you sell your Bitcoin to gamble some worthless shitcoin. Don't let greed take over you, because greed can make you gamble a rug pull and expecting to make profit from it. Last but not the least, make sure you learn self control and decipline to decide on which coin you want to buy and hold.

Na that influencers part nai dey lure beginners pass,once influencers don promote one kain project their followers go just believe the project sharpally.But for the crypto space that one no be the right step to take,if you wan dey follow wetin celebrities dem dey talk then you and Ponzi scheme go be best of friend.Naso e get one time Davido popular Nigeria singer develop ehn own token,only for him fans and people wey believe the token to invest on the token then later dem come find out say the token na pump and dump scheme,wetin even make the token pump small na because of the hype normally dem sabi hype ponzi scheme and if you no dey careful enough to carryout your own research you go fall victim.

And influencers only care about their pocket, and I expect people to have learnt about all this by now that folks only care about themselves. So we should understand that people want to make quick money because of how hard times are, but we also have to be very careful with the kind of decisions that we make when it comes to all this. And when you see a Ponzi scheme, we should know, but people don't want the truth, and that is why they are making the same mistake, coupled with the fact that people are greedy on there own.

We just need to educate people the more and another thing is that, aside from educating people, we should also tell them about possible investments that they can invest in because that is one of the ways that they might start avoiding Ponzi schemes in the future.

[Showlove01]

Surely your knowledge is not bad anyway, this you have said here is one of the method to avoid ponzi scheme. In addition to it, you should try as much as possible to avoid social media influencers promoting shitcoin. Those influencers can make you sell your Bitcoin to gamble some worthless shitcoin. Don't let greed take over you, because greed can make you gamble a rug pull and expecting to make profit from it. Last but not the least, make sure you learn self control and decipline to decide on which coin you want to buy and hold.

have just pointed out the most important thing "greed" this is the reason most person fall for ponzi scheme and it is not because they don't know what they are going into is ponzi but because of the return they have used their ears to hear their eyes will become very big and their blood will start flowing very fast and they won't be able to control themselves again. Bitcoin is a long term investment so, someone who are always in haste to make money quick can rush and sell their investment because of Ponzi and at the end they will learn the hard way, so greed needs to be put aside at all time.

[Byebyebtc]

I’ve been pondering about this question for while now, how can a newbie  that wants to go into Bitcoin accumulation really avoid Ponzi schemes.

It's better, one purchase Bitcoin their selves with a reputable wallet, than trusting someone for the exchange most times,

Individuals involved in Bitcoin sometimes do not get good knowledge of how the whole Bitcoin system works, understanding how profits are made, the risk involved, patterns and how to invest is already enough to exempt you from the victims of sponzi schemes, because if you know all these you will be able to handle investments by your self, and being able to handle it by yourself will significantly decrease the probability of falling into Ponzi schemes, so I will advise individuals to go for knowledge first.

[Padi24]

Na that influencers part nai dey lure beginners pass,once influencers don promote one kain project their followers go just believe the project sharpally.But for the crypto space that one no be the right step to take,if you wan dey follow wetin celebrities dem dey talk then you and Ponzi scheme go be best of friend.Naso e get one time Davido popular Nigeria singer develop ehn own token,only for him fans and people wey believe the token to invest on the token then later dem come find out say the token na pump and dump scheme,wetin even make the token pump small na because of the hype normally dem sabi hype ponzi scheme and if you no dey careful enough to carryout your own research you go fall victim.

It's so funny to see that many people are still naive to influencers irrespective of the things that we heard about how influencers has been misleading people, however since they have not stopped being naive I think the best step to take is to advice them that not all the informations that is coming from their favorite celebrity or influencers is real some can be very misleading. So whenever they get such informations be it Their best source or blah blah they should make sure that they did research then the information they will get from their research will determine if what they are promoting is real or just a Ponzi scheme.

[Smartvirus]

I’ve been pondering about this question for while now, how can a newbie  that wants to go into Bitcoin accumulation really avoid Ponzi schemes. But some certain things I have come to understand is making my belief on bitcoin firm and not thinking of deviating to another investment for the main time, as we all know, curiosity will not let us newbies to stick to investing rather we’ll want to try other mean of getting little profit which 95% of the time end up to be scam, but the funny part of it is that, we barely learn due to fact that we are fuel with greed and not knowing when to stop because we  have lost some money to these site and will want to get back lost fund.

Sincerely, I no think say e Dey difficult for people to go through learning what they could about Bitcoin without getting themselves mixed up with Ponzi schemes.

For most newbies, the first thing to know be say, both of them no be the same thing. Bitcoin isn’t a scheme but, a Ponzi is!
The major duty you owe yourself na to know the difference between both of them. Once you learn these basics to different between them, you debt very likely not to confuse either one for the other.

While one go tell you to bring people to get this and that, the other one doesn’t care a thing in the world and you no need any body to help you do nothing.

If your greed push you go where them promise you plenty things in the name of investment, the fear of scam suppose tell your otherwise. Na why you just gats learn and ask questions when necessary.

[SOKO-DEKE]

If you're trying to make an investment of any sort I'm sure you should first do your own research on what the investment entails. Also if you look closely, most investments come with instructions if you're willing to pay close attention.
The problem is just that most people are not willing to follow these instructions but only want a get rich quick scheme which is one of the obvious signs of a Ponzi scheme. It's not like this people aren't aware but probably because someone close to them mentioned it's reliability or a popular figure did some sort of advertisement then you see them rushing to pump in money without thinking.
Legit investments don't always come with huge percentage profits or attain maturity overnight but with time and and application of correct strategies. In the case of bitcoin, the DCA method is the recommended strategy while holding long term. This way you don't have to worry about anticipating the dip before buying or panicking when price falls.

Trying to invest blindly is the reason why most people end up investing in Ponzi schemes. If people can take their time and do their own proper research, they will hardly put their money into Ponzi schemes. Most people we always see complaining that they have been scammed through Ponzi schemes fall victim because they believe what other people say about a site or any form of investment.another reason is that people see the time they need to spend doing their own research as a waste of time, and they think it will delay their investments. If not for this mentality, it would not be so hard to detect Ponzi schemes these days because they follow a particular pattern: promising investors huge returns within a short period.

No investment will likely give any investor such returns unless it involves a very risky investment with a high chance of losing money, such as shitcoins.The mentality of following what people close to us tell us is another reason that always leads people into Ponzi schemes. I remember those days when I used to put money into Ponzi schemes. The reason was that I always got convinced by people who had invested in them without doing my own research.

[Makus]

have just pointed out the most important thing "greed" this is the reason most person fall for ponzi scheme and it is not because they don't know what they are going into is ponzi but because of the return they have used their ears to hear their eyes will become very big and their blood will start flowing very fast and they won't be able to control themselves again. Bitcoin is a long term investment so, someone who are always in haste to make money quick can rush and sell their investment because of Ponzi and at the end they will learn the hard way, so greed needs to be put aside at all time.

Greed is a major factor and it's the reason why a lot of Nigerians fall for ponzi schemes. It is quite disappointing that even those that are knowledgeable end up falling for certain crypto scams and the reason for that is because of their greed. Selling Bitcoins all because of a ponzi scheme is what's expected from a typical Nigerian that's greedy, a lot of times the economy is also a reason why they fall for these scams but this is not an excuse. There is nothing like quick money when it comes to the crypto market unless you want to trade memecoins and that's gambling.

[DYOR+BTC]

have just pointed out the most important thing "greed" this is the reason most person fall for ponzi scheme and it is not because they don't know what they are going into is ponzi but because of the return they have used their ears to hear their eyes will become very big and their blood will start flowing very fast and they won't be able to control themselves again. Bitcoin is a long term investment so, someone who are always in haste to make money quick can rush and sell their investment because of Ponzi and at the end they will learn the hard way, so greed needs to be put aside at all time.

Greed is a major factor and it's the reason why a lot of Nigerians fall for ponzi schemes. It is quite disappointing that even those that are knowledgeable end up falling for certain crypto scams and the reason for that is because of their greed. Selling Bitcoins all because of a ponzi scheme is what's expected from a typical Nigerian that's greedy, a lot of times the economy is also a reason why they fall for these scams but this is not an excuse. There is nothing like quick money when it comes to the crypto market unless you want to trade memecoins and that's gambling.

To an extent I don't think its all about greed, the economic situation of Nigeria today has gotten to a stage where an average citizen will find it difficult to meet ends need and the only solution out is keying into what we see as opportunity just to catch up and settle some life challenging situations without knowing it is a mistake that should not be made know matter what.
Although I won't write off greed as one  of the reason Nigerians fall into the traps of ponzi schemes but we should not also forget the economic situation at hand now in Nigeria because i know a hungry man can do anything just to get out of poverty.

[Jostern]

have just pointed out the most important thing "greed" this is the reason most person fall for ponzi scheme and it is not because they don't know what they are going into is ponzi but because of the return they have used their ears to hear their eyes will become very big and their blood will start flowing very fast and they won't be able to control themselves again. Bitcoin is a long term investment so, someone who are always in haste to make money quick can rush and sell their investment because of Ponzi and at the end they will learn the hard way, so greed needs to be put aside at all time.

Greed is a major factor and it's the reason why a lot of Nigerians fall for ponzi schemes. It is quite disappointing that even those that are knowledgeable end up falling for certain crypto scams and the reason for that is because of their greed. Selling Bitcoins all because of a ponzi scheme is what's expected from a typical Nigerian that's greedy, a lot of times the economy is also a reason why they fall for these scams but this is not an excuse. There is nothing like quick money when it comes to the crypto market unless you want to trade memecoins and that's gambling.

Laziness and greed is a good factor that can make people get involved in Ponzi schemes because they want to make quick money and they end up getting themselves in trouble and mess up themselves, do you understand that their are people who have fallen into several different types of scam both cryptocurrency scams, and also some get rich quick schemes(Ponzi), I’m never a fan of Ponzi schemes, I feel people who are ready to work and doesn’t want to be lazy can hardly fall into Ponzi schemes scam, because when someone is working and making money they will really understand the value of money and how difficult it is for them to make money, they will understand that you can only make such money through hard work not by getting involved in some Ponzi schemes, I have personally decided that I will never put my money in anything such as a Ponzi scheme where I will have to stay home doing nothing and earning money without performing any task.

[Grace333]

Bitcoin investment and ponzi scheme investment are two different things, and it is easy and simple for Nigerians to learn how to invest in Bitcoin without failing for ponzi schemes that will run away with their hard earned money. Greedy and quest to get rich overnight are the two main things that pushes Nigerians into investing their money into ponzi schemes, so for Nigerians who aspire to learn and invest in Bitcoin not to invest in ponzi schemes while they are learning Bitcoin, they should eliminate greedy and the quest for short term profit.

Let's talk about the fact why Nigerians are desperately are desperately seeking for ways to get rich quick and always falling victim to scams, is it because of the economy? Or  are Nigerians just naturally greedy? For Nigerians to invest in Bitcoin it's going to take a whole lot of convincing

[Swift_tr]

Nigerians have to understand that Ponzi schemes are just get rich quick schemes and they are very unreliable, in other words whatever investment that is being introduced to you that's brings you huge profits within a short period of time is definitely a Ponzi scheme and you should flee from it.

Good investments like bitcoin is best held long term and with a good strategy like the DCA method. If you follow this principle you'll be a successful bitcoiner regardless of the rise or fall in bitcoin price.
Greed shouldn't blind you because if you let greed take over, that will just be the beginning of your downfall.