My Thoughts On Cryptocurrency in Nigeria || 20% payout to steemg-nigeria
Hello fellow STEEM Nigerians, hope you're all doing well? I'm glad to participate in this amazing contest organised by @greatness96 and @steemg-nigeria
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. Source
I first heard about cryptocurrency (Bitcoin) as far back as the year 2011. My father used to listen to radio 📻 especially the BBC World service. One day as he was listening to the business news, the reporter gave report on a speculative digital currency called Bitcoin. As a child, I had no business with that, I said to myself. I never heard about Bitcoin again until the EndSARS protest in Nigeria that started on 20.10.2020. I read a report of how people started donating cryptos to finance the mass movement against the Special Anti-Roberry Squad (SARS). It was interesting to know that.
That was how I started researching about cryptocurrency and the underlying Blockchain technology.
Early this year 2021, I paid for a class on cryptocurrency and how to buy cryptocurrencies on Binance using the Peer - to - Peer (P2P) trading. Despite having acquired adequate knowledge of cryptos, I was not able to buy my first drop of crypto coins. Until the month of May when my friend introduced me to Steemit.
Steemit: When I was introduced to Steemit by my friend @justiceanietie, I had no possession of cryptocurrencies inspite of my knowledge of cryptos. After I completed my Steemit registration, I proceeded to do my achievement 1 post and I started blogging. The next post after achievement 1 was voted 4 dollars. When the post paid out, I earned my first cryptocurrencies ever in form of STEEM, SBD and TRON.
Other cryptocurrency exchanges: Apart from STEEM, SBD and TRON, I now have other cryptocurrencies in my crypto wallets such as Trust wallet, and Roqqu.
Panic sale due to the fear of missing out (FOMO)
I was HODling some cryptos as the price started declining below the price I bought the coins at, I immediately sold them due to FOMO. In the process, I lost some fortunes but I have learnt a great lesson not to succumb to FOMO or panic sale.
Investing in cryptos:I bought some crypto projects that have the potential of giving me turnover in the long run. E.g. WIN, BAKE, REEF, HIVE, etc.
The first cryptos I earned was STEEM, SBD and TRON but I have gone on to add several other cryptos to my portfolio.
Cryptocurrency has influenced my life positively in such a short time. I went on to undertake IBM's beginners course on Blockchain technology and I obtained a badge.
It leads me on my way to financial freedom. Cryptocurrency money is sweet because is a product of hardwork and patience unlike what majority of people think that crypto is a lazy man's business or it is yahoo - yahoo.
My success in cryptos so far has led me to convince my friends to join the business.
It is making me to always use my time to track trade signals thereby making me a better time manager.
Despite the Central Bank of Nigeria's ban on cryptocurrency, Nigeria is increasingly becoming more conducive for cryptocurrency transactions and crypto related businesses. This I think, is owing to the greater population of youths in the country. Crypto is much alive in Nigeria after the CBN ban on all crypto related transactions.
Nigerians have found a solution to that problem. That is, the P2P trading. Nigeria is second to USA in P2P trading volumes in the world. That’s massive! Thats to tell you how Nigerians are making cryptocurrency as both passive and active source of income.
There's going to be mass adoption of cryptocurrency in Nigeria most especially among youths. Nigerians see cryptos as a means of escaping from the harsh economic climate of the nation.
Recently, the CBN's governor Godwin Emefiele said that Nigeria is going to lunch e-naira by October this year. This is a positive signal that Nigeria is planning to adopt cryptocurrency in the near future.
Other ways one can earn on crypto exchange platforms are futures trading, staking etc. Futures trading is very risky so, it is not advisable for beginners to venture into.
The safest and surest way to earn profit on cryptos is by HODling. You search for crypto projects that have potential for a huge turnover in the long run, buy it and HODl it. (I am not giving a financial advice though, I'm just speaking from experience)
My advice to beginners is that they should not sale their cryptos due to FOMO. I was a victim of that. In cryto world, the patient investors always gets the fattest share. So be patient.
I have set 20% of the payout of this post to @steemg-nigeria as a way of giving back to the community.
Thanks for reading through my post. Hope you liked it?
Best regards; @jaspichman125