Bitcoin, like other cryptocurrencies, is an electronic currency that allows people to exchange money via a peer-to-peer network without the involvement of intermediaries such as banks. Cryptocurrencies are a cheap and efficient way of transferring money, holding value. It can also be converted back to Naira at any time.
I heard about cryptocurrency since 2016 when the MMM Ponzi scheme was at its prime in Nigeria. I was reluctant to learn more about cryptocurrencies or invest after the Ponzi scheme crashed. The MMM scheme was a big Ponzi scheme that defrauded millions of Nigerians. After the scheme crashed, I backed out from investing in crypto because I thought it was a scam and I didn't want to fall prey.
Bitcoin finally caught my attention in January 2017 during the popular bull run. It was an apparent opportunity for anyone to invest in bitcoin. I conducted extensive research on bitcoin's legitimacy. After reading blog articles, social media posts and watching YouTube videos, I was convinced bitcoin was not a scam. I was ready to join the train but was afraid of falling victim of scammers.
Fortunately, a friend of mine had started making cool cash from day trading after joining a cryptocurrency trading group on WhatsApp. It was a paid group for crypto traders and newbies who wanted to learn about bitcoin, but it cost a whooping sum N60,000 to join the group. It was too expensive for me at the time, so I started researching Bitcoin traders on Facebook and joined some free WhatsApp groups. That was a bad decision because I was swindled on my first attempt to buy Bitcoin.
How I was scammed
October 2017 was a sweet and sour month for me. I earned $1000 from freelancing on Fiverr as a content writer, my highest earning at the time. The price of Bitcoin was on a steady increase, moving from $4000 to $5600. I had enough money to buy bitcoin after sorting my utility bills. My budget for investment was $500, which was worth approximately 0.09 BTC.
I posted an advert to buy $500 BTC on my Facebook profile, and I got a lot of replies. I was so eager to get the bitcoin that I didn't bother to scrutinize the account of the trader I decided to deal with. Although, I checked the account and he seemed legit, but his rate attracted me. He wanted to sell for me at N300/dollar while others were selling at N330/dollar. Well, like every scam case, there's always a bait, and I fell for his rate.
Midway through the transaction, my friend advised me to send N20,000 over for a test. I told the seller I was going to send part payment and he agreed. I sent N20,000 to the seller's bank account, and the rest is history. He blocked me, disabled the Facebook account.
I learnt a great lesson on that day, but I was thankful that I didn't lose the entire money. I went ahead to subscribe to my friends trading group, where I learnt more about trading and other cryptocurrencies.
After some time in the group, I learnt about Ethereum and other altcoins. I was fascinated by the Ethereum blockchain technology, and more importantly, it was cheaper and easier to buy.
My first successful crypto trading experience
After spending two months learning about cryptocurrency trading and following price trends on Coinmarketcap.com, I decided to buy ETH instead of Bitcoin. I learnt about Remitano, a safe exchange to trade cryptocurrency. I bought some about around 0.301 ETH for N80k+ in December 2017 when the price of ETH was around $750. The price of ETH continued to increase. I wanted to sell my Ethereum when the price rose to $900, but I saw a post that the value of ETH was still going up.
Ethereum Price Chart for March 2017 -- January 2018
During this period, I bought some bitcoin but the price of Bitcoin tanked and the trend wasn't favourable, so I exchanged it for ETH.
I held the funds till January when the price of ETH was approaching its all-time high of $1400. When the value of ETH reached around 1350 dollar, I sold my Ethereum immediately and withdrew N169,000 from my Remitano wallet. I made about 100% in profits within a few weeks.
It was an ecstatic experience to make 100% profit from trading crypto after I was scammed on my first attempt to buy cryptocurrency. I made my money back in folds and decided to invest in Bitcoin when it was around $14,000. That didn't end very well.
At the end of January 2018, the price of bitcoin crashed. It was tagged the "Bubble Burst". The price of Bitcoin crashed from an all-time high of $20,000 to $7,000. Majority of crypto newbies that joined the crypto community during the bull run lost most of their earnings during the price crash. There had been some price drops in 2017 but it came back stronger, so I wasn't too worried. When the price dropped below $10,000, I cut my losses and sold my funds. It was a good trade decision as the value of Bitcoin dropped below $7000.
After losing a few bucks on my second trade, a friend introduced day trading to me. Day trading involves the use of strategies to profit off-price changes for cryptocurrencies. He taught me how to use crypto exchanges like Binance and Bitmex to trade and make profits every day. It was a disaster at the beginning but I mastered the concept and cashed out big time.
Ever since, I have been trading and holding Bitcoin, ETH and other altcoins. Because of my rough experience as a crypto newbie, I became passionate about teaching others about cryptocurrency. I teach them the basics of cryptocurrency, trading and also connect them to safe and trusted sellers.
I still believe that bitcoin and cryptocurrencies are the future. I am very enthusiastic about the blockchain technology and the freedom it offers. I will continue to invest in altcoins and educate more people about cryptocurrencies.
