Discuss your first experience in the crypto market

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I have always had this desire to be financially free but I didn't know how to achieve this so I started trying out a lot of things. I went into gambling not with the mindset to become a gambler but to raise funds to invest in something that can provide me with a source of income. So I started betting football matches at betting centers, as luck may have it in 2019, I bet series of Champions leauge matches and I won 100,000naira which is 200dollars that year.

Then came the moment I have always contemplated, what do I put this money into, at that time I knew nothing about Cryptocurrency. So I started asking my friends if they knew any thing I could invest my money in, then my friend told me about Cryptocurrency but he himself was not well informed about it.

So I started researching on how to purchase Cryptocurrency in Nigeria which at that time was not yet mainstream in Nigeria so information was limited. Eventually I came across an app Luna but due to KYC I couldn't access it, then later introduced me to BuycoinAfrica, a platform owned by a Nigerian Timi Ajibode. Then I purchased my first cryptocurrency Ethereum after I had researched about the project, this was early 2020, January before the coronavirus.

What is your first investment in the crypto market and what drove you to invest in the crypto market

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I went into the crypto market a novice, the only thing in my mind was where to invest my 200$ and get profits or returns, it was like owning a shares and that idea was exciting. At that time Bitcoin was expensive so it was out of reach, so I went for Ethereum which was the second highest cryptocurrencies in terms of ranking, I also noticed through observation that the price of Ethereum was going high at a very fast rate, so as a novice I concluded that it is Ethereum or nothing else, so I invested in Ethereum.

Apart from that I did not know much, so I purchased 0.4 Ethereum because at that time I was searching for a platform to invest in Ethereum, the price was just flying.

I was filled with anxiety and amazement because I didn't want the project to go beyond the amount I had. Like I said I knew nothing about Cryptocurrency, I didn't know anything about bullish or bearish market, I was just comfortable with finding somewhere to invest my money and nobody prepared me for what was to happen.

Have you encountered any loss as a result of the instabilities in the crypto market

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My first encounter with the volatility of Cryptocurrency came with the Coronavirus, I invested in Ethereum early January, two months before the Virus shut down the entire world. I didn't know that this would cause a very serious issue for the market, gradually countries started shutting down their borders, economic activities came to a halt, stock market crash then the Cryptocurrency market went down the drain, I saw half of my money got wiped before my very eyes, I was frightened. I was shocked cause I have never seen anything like this before.

So I counted my losses and pulled out my money from the market. I was left with only 40$. I have never experienced such pain, the volatility was too extreme because of the Coronavirus effect.

Another major loss I suffered in the hands of instability in the crypto market was during the Sec vs XRP Court Suit. After my losses with Ethereum, I went into extensive research about cryptocurrencies, I learnt about other tokens, I discovered trustwalllet, I learnt about bullish and bearish movement and what causes it. But sometimes you are not just prepared for certain unexpected events.

So I purchased XRP and in the ending of 2020 a Court Case was filed against XRP alleging it was a security. Then the market came tumbling down because of such news as Cryptocurrency platform begin to delist XRP, my money went down but I managed to pull out before I suffer a very fatal loss.

Another loss which followed though not as heavy as the last two was this year, when BTC fell to 15,000$, however with the experience I have had I was able to know when to pull out of the market and divert my funds to stable tokens and escape the instability of the market while purchasing the dip.

What Cryptocurrency are you currently holding and why did you invest in them

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Currently I am holding Five cryptocurrencies:

BitTorent Chain(BTTC)

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I invested in this token because it is under trc-20 token and the web 3.0 token for Tron Blockchain, BTT Chain formally known as BTT token before it was redominated, it was purchased by Tron in July, 2018. BitTorent is a protocol that facilitates communication for peer 2 peer file sharing, it also facilitates the distribution of data and other files in a decentralized manner over the internet. It is the largest and biggest decentralized P2P communication protocol in the world and it has a supply of 990,000,000,000.

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This coin has a very important use case in trons ecosystem, so it is advisable to purchase large quantity of the token for large profit in the future.

Fantom(FTM)

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I invested in this token because it is a great alternative to Ethereum, it is an open source decentralized digital assets.

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The native token of this Fantom Blockchain is FTM and it aims to solve the issue of balancing scalability security and decentralization. It is a layer-1 blockchain which uses a Scratch-built consensus mechanism and independent consensus layer. Its transaction speed is very fast and efficient. Thus it has viable use case especially in the area of DeFi.

REEF

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I invested in Reeff token because it is a Smart Contract Blockchain designed to make DeFi, NFT and Gaming easy. It is an extensible fast layer-1 blockchain and it is highly scalable and transaction cost is low and it is self upgradable. It has a total supply of 19,509,853,869.

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LUNA C

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Despite the crash I still decided to take the risk, I am a gambler and it costs me nothing even if I lose, but if the collective pain of people becomes a strong force to regain what they lost, that will be something I can profit on. We may see a strong force like Shib army.

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I am going to capitalize on this and if it doesn't work out, I still lose nothing.

SHIBA INU

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Is another token I invested in because of the strength of the ShibArmy Community and the acceptance it has gathered in a short period of time.

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Shiba has been listed in a lot of top platforms and with the launch of Shib dex, Shiba Inu is moving from a Meme token to a token with use case. Shiba inu has also usurped Doge Coin. So it is a great investment.

Do I believe in Holding or Trading

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Holding a token simply means buying a coin and not selling for a long period of time until it hits once target price before selling. People even go ahead to lockup or stake their coins as a means of holding and not selling despite downturns in the market.

While trading is understanding market patterns to know when to sell or but to profit from both a bullish or bearish market. This involves technical analysis of charts and predicting price movement. Three are three types of trading;

i. Margin Trading
ii. Spot Trading
iii. Futures Trading

I believe in both trading and holding, however holders have to wait for a long period of time for their token to hit the expected before selling, holding is only advisable if you have other source of income. So that when you hold you still have cash to depend on or invest in other token. A Holder must have other source of income while waiting for his coin to hit the target price. Holding is for long term purposes.

Trading requires a lot of training and practice to perfect the act of trading cryptocurrencies and avoid fatal losses owing to the fact that the crypto market is very volatile. So a trader studies the market chart to know when to enter, take profit, minimize loss and exit the market. An inexperienced trader will lose a lot of money.

What is your advice to a newbie investing in the market

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My advice to a newbie investing in the market is very simple DYOR(Do your own Research). There are a lot of scam projects in the crypto market, so one has to be very careful to avoid falling prey to scam projects or trading platform. Research will provide with information about how things work in the crypto space, it will prepare you for a bearish market and why you should not FUD. So before you make any investment appropriate research must be made.

Conclusion

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My crypto journey has been filled with ups and downs, with each downs I learn very important lessons. I don't regret any of my mistakes because they have made me better as regards investing in Cryptocurrency project.