STEEM NIGERIA WEEKLY CONTEST || YOUR THOUGHTS ON THE FUTURE OF CRYPTOCURRENCY IN NIGERIA

How I got know about cryptocurrency

I got to know cryptocurrency in the year 2017. It was through a radio advertisement. Precisely, they were advertising Bitcoin on the radio. I thought to myself, what is Bitcoin? What is its purpose? I had so many questions running through my mind. Since I had no one those questions running through my mind and I didn't bother to make research because I also thought it could be a Ponzi Scheme like MMM, so I decided to leave it. Last year, I got to know I little bit about the purpose of cryptocurrency, and also when my cousin introduced me to Steemit platform. I developed more interest to know about cryptocurrencies.

Your experience on crypto

The world of cryptocurrency is a very wide network, only smart and experienced people can win in the world of cryptocurrency. I had learned a lot in these couple of months. I learned how to hold cryptocurrency to make a huge profit and also learned how to predict the right moment of entry and exit. Speaking of my experience, I bought #100,000 Bitcoin some months ago when the price when of 1 Bitcoin was $55,000 thereabout, only for me to check back some days later and found out that the price has dropped to $45,000. Then, I was hoping it will rise again. So, I check back some days later and found out that the price has dropped to $40,000. So, I withdrew my money from the exchange platform. Think I lost about #25,000.

I was naive and I only knew little about how cryptocurrencies work. That developed an interest in me to know more about cryptocurrency. Cryptocurrency is one of the fastest ways to make money, it is also the fastest way to lose money for naive traders.

I was checking a cryptocurrency yesterday. The price of Axie Infinity as that 1st January 2021 was $0.6. This week Axie infinity reached $51. Imagine I bought 1000 Axie Infinity at the rate $0.6 dollars and the naira rate is #500. That means you spend #300,000. Now, 1 Axie Infinity equals $51 and you have 1,000 Axie infinity.
1,000 × 51 = 51,000

That means your present value of cryptocurrency will be $51,000.
51,000 × 500 = 25,500,000
#25,500,000 - #300,000 = 25,200,000

That means you made #25,200,000 gain within 7 months without doing anything. I just proved my previous statement that cryptocurrency is one of the fast ways to make money.

The first crypto your bought or earned (it could be airdrops or the one you bought with your money).

Bitcoin was the first cryptocurrency I bought with my money. I bought it then because I was testing was to use the exchange platform. Ecoin was the first cryptocurrency I earn. Though, the project is still in work in progress. It will be fully available for exchange when it reaches the target.

How crypto has affected your life, both positively or negatively.

Positivity

Cryptocurrency has affected my life positively because it has restructured my thinking to the new way to money. In these couple of days, I have been learning the technical indicators and trading strategies.

Negativity

I can really say cryptocurrency has affected me negatively because cryptocurrency is presently my major source of income. But the only time cryptocurrency has affected me was when I lose #25,000 on Bitcoin.

Conclusion

Those investors who had seen the future of Bitcoin to buy into bitcoin in its earliest days and then held onto the digital currency when the price took off in the past year are now extremely wealthy.

My advice is that you buy those cryptocurrencies when the price is very low. Study the crypto whitepaper to know the best cryptocurrency to invest in.

Thank you @greatness96 for organizing this wonderful contest.