Disclaimer: this analysis does not constitute investment advice, financial advice or any other advice. Please conduct your own due diligence before making any investment decision.
According to Wikipedia, A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
Bitcoin is the most popular Cryptocurrency and the most capped, see Coin Market Cap. The current price of Bitcoin as of this writing is $15,166.20 / per coin, that is N5, 565, 995.4 (Five Million Naira, Five Hundred and Sixty Five Thousand, Nine Hundred and Ninety Five Naira and Four Kobo) at N367 Per Dollar. You must agree with me that this amount will reduce the number of buyers from many 3rd world countries including Nigeria. Since the entry price of Bitcoin is too high, and I have missed the train, what can i do?
Did you know there are 1385 Cryptocurrencies available, see Coin Market Cap and their returns is nothing short of unimaginable or insane permit me to use that word.
According to Quartz, bitcoin made a return on Investment of 1318% in 2017.
Other Cryptocurrencies with their returns are:
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Ripple - Returns in 2017 - 36,018%. Price was almost 0.006 Cents in January. Today it is $3.70 Dollars (Three Dollars). In September, 2017, it was 0.18 Cents and I bought 120 Units for only $21 Dollars. If i had bought 500 Units at $150 Dollars, i would have $1500 Dollars today in 3 months. More to Buying later.
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NEM - Returns - 29,842% - Current Price - $1.88
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ARDOR - Returns - 16,809% - Current Price - $1.89
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Stellar - Returns - 14,441% - Current Price - $0.887749
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Dash - Returns - 9, 265% - Current Price - $1,142.11
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Ethereum - Returns - 9, 162% - Current Price - $959.24
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Golem - Returns - 8, 434% - Current Price - $1.17
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Binance Coin - Returns - 8, 061% - Current Price - $9.21
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Litecoin - Returns - 5, 046% - Current Price - $233.08
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Omisego - Returns - 3, 315% - Current Price - $20.25
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Bitcoin - Returns - 1, 318% - Current Price - $15,030.00
Others not listed in the top ten are:
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TRON - Returns - 106% in 24 Hrs - Current Price - $0.158467
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Cardano - Returns - 35.53% in 24 hrs - Current Price - $1.30
As you can see, bitcoin returned the lowest in 2017 as compared to other crytocurrencies. Ironically, Bitcoin is the highest in price, but lowest in returns. Please see QZ for more details.
For latest price, please see Coin Market Cap because prices are volatile and might have changed from the date of this writing.
So to the main discussion. How can i partake in this returns and buy these coins in their infancy permitted i can wait for at least a month to see real profit?
First of all, register on Luno. Luno is a South African company that buys and sell Bitcoin. They only offer Bitcoin and Ethereum on their platform. They have a Bitcoin exchange as well. The most interesting thing is that they allow deposit with your local Naira Master Card and also permit Withdrawals to your local bank account.
After registering on Luno, proceed to register on:
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Unfortunately Bittrex has stopped registerations because of the high number of requests they're having. See Bittrex Support Page
Don't worry, they all accept Nigerians. After registering on these platforms, proceed to Luno and Buy Ethereum. Don't buy Bitcoin, Ethereum is faster to transfer than Bitcoin.
Transferring cryptos is very risky and most times fraught with errors with users losing money, but careful approach and due diligence to details will help you in the long run. Why is this so? Simply because cryptocurrencies use the wallet address system to transfer from an exchange to another or from systems to systems. An e.g. address could look like this: 3x84je83ewejw934j3483e93je9ejderkremo84orjwWq, simply missing out one character will amount to funds been lost. So be very CAREFUL.
So you would be buying Ethereum on Luno.com and then transferring to either Okek.com or Binance.com. Also there are 7503 exchanges and markets in which you can register and then transfer your Cryptos to, provided the exchage allows for the trading of any cryptocurrency of your choice. See the list to choose from HERE
In order to transfer value in the form of a cryptocurrency, from one exchange to another, you need to generate an address on the destination exchange that will receive your funds when transfer is complete. All exchanges allow you generate a unique address, more or less like an account number to receive funds.