Blockchain and cryptocurrency tales from actual individuals across Nigeria are featured in our C3 Crypto Gist. Enjoy relatable crypto experiences as they share with us, wins, scams as well as losses and learnings.
This amongst many, is the reason why the C3 exchange platform was created. We are aimed at tackling the pains of the people, ensuring everyone can have a piece of the crypto cake.
Let's meet Seyi
Hello there, could you please tell us where country you are from?
I'm from Nigeria, known as the "giant of Africa." Even tho we’re not “gianting” anything, but we moveee
What's the cryptocurrency journey like for you and how did you first hear about it?
Hmm, It's been a rollercoaster of emotions, from the really frightening to the downright thrilling. You know money is involved nauu
In 2020, I was a final-year student at FUNAB when I learned about cryptocurrency for the first time. The lecture was interrupted by a group of guys and one lady who wanted to explain how bitcoin works. They planned to establish a network of traders or a cryptocurrency company.
I'm not sure I recall all, but all I could think about was that they were con artists attempting to defraud us of our hard-earned money; you know, the kind of con artists who gather around the lecture podiums and boards to get fast attention before the professors arrive for class.
To put it bluntly, we booed them out of the lecture hall o. We'd heard of FX and other similar ventures, but what exactly was bitcoin again, as far as dropping money was involved, it was a wayoo.
How did your journey into crypto begin?
Life happened o, you never know what it’s going to throw next, around Covid period when we all were forced to stay in, both schools and work shut, getting by was challenging because I was relying exclusively on pocket money, so now that I was home with my parents, they saw no need to give me anything .
Of course, I had some money set aside, but with the high rate of inflation in Nigeria, that wasn't enough to last me for very long
At the time, I had a few acquaintances on my Whatsapp list. As a general rule, we refer to them as Gee boys or Yahoo boys. It was a steady stream of messages like "Gift card anyone," "Venmo," "BTC needed, etc." you know all those guy hustles.
Nonetheless, there was one person in particular who would frequently publish updates on cryptocurrency, facts and tips and sometimes really funny memes. I found a lot of amusement and one day, we struck up a chat, and he proceeded to fill me in on all I needed to know about cryptocurrency.
After seeing how much Bitcoin and Ethereum had increased in value over the past few years, I nearly had a nervous breakdown and regretted not investing sooner.
Afterwards, how did things go?
Back then, it occurred to me that I couldn't possibly acquire a whole BTC or ETH at once. I didn’t have a skill at that time, getting an online job was also an hassle, so I felt I could invest in smaller coins and watch them grow, hoping to make as much money from what he explained to me, basically he held my hand and educated me even though there was really nothing in for him, as per Gee nauu.
So how did you set out?
I bought as many cryptocurrencies as possible, the most inexpensive ones in particular. There was no thorough investigation done, that was my mistake then, although he had warned me of shitcoins but I was just looking for something cheap.
So long as there was some fanfare about it, I had to have it. Months passed, and I kept borrowing money to buy more. Coins were being offered for sale, and people were encouraging me to buy the dip, see me😂😂 I discovered I'd purchased a number of shitcoins and accrued debt.
I can imagine the pain and stress. What were your following steps?
I pulled as much money as I could and tried to pay off my bills, friends and friends helped sha. No more crypto involvement for me. Once bitten, 100x shy lol
What about now? How did you get back into the game?
I got some web design and few freelance gigs that helped me stay afloat and afford basic things while making refunds of the debts I accrued. Although it didn't pay much at that time, I was able to pay off my bills as a result of this.
Watching the price of major cryptocurrencies rise, I decided not to risk my own money. However, there was a friend of mine who was making a lot of money with cryptocurrency, I got talking with him conversation. I informed him about my experience with cryptocurrencies and how, in my opinion, they only paid those that invested early.
He was a crypto enthusiast, so he took it very personally and attempted to persuade me otherwise. He sent me blog articles to read, Instagram handles to follow, just as CordialEx does, I was able to garner more knowledge and I watched all the videos religiously.
Learning about trading and the importance of doing research before investing in cryptocurrency was the most important thing I learned. In spite of his persistent insistence, I remained too cynical to engage in cryptocurrency trading.
That's understandable, so what happened next?
I had this cousin that I use to work with during the lockdown, I told him my plans and I also didn't have so much to buy the coins I really wanted instead of the shitcoins, and since he was pleased with my work with him so far, he gave me 30k to try crypto one more time and if peradventure it turned out well, that I shouldn't forget to ball him with some of profit.
Nicee, so what exactly did you accomplish?
Lmao free 30k! What more could I have done? At the time, I was encouraged, so I added 10k and invested in BTC, ETH SOL, and ADA on Binance, the coins were doing fine. I told the initial guy that helped me with the knowledge info that i eas finally ready and he was with me updating all through the year.
In the end, my victories outweighed my losses as I learned to better read the market. However, the crypto prohibition forced me to extend my hodl, something I was very reluctant to do, sometimes it dipped really bad, but more often, I blocked everyone's ear that cared to listen with elated screams when my chats were green, my savings spiked for real.
Did this have any impact on how you now approached cryptocurrency?
Ofcourse, all my family and fellow students on my class groups that I told started calling me after the crypto ban to tell me to stop or be careful. As a result, I became a crypto advocate pointing out that it was not illegal to trade in cryptocurrency. In response to the ban, a number of crypto communities sprung up, which provided some hope, which was a very huge relief.
What is your greatest cryptocurrency accomplishment?
BTC and ETH have finally convinced me to invest. Although I had traded BTC and ETH in the past, I had never owned either of them in large quantities.
It was during the time when BTC was the first to reach $64k. At $40k, I bought BTC and watched it climb to $63,000 in just a few days. This wasn't a decision I would have made on any other day; on this occasion, I decided to wait and see how much it would go up.
Even after hitting an all-time high price of $64K, bitcoin continued to fall, dipping as low as $30,000, to my surprise. Coins I had saved up throughout the years came flooding back into my mind. I was in excruciating pain and worried that it was all occurring again. However, the support of seasoned traders in my crypto community saved me from giving up. I held on to my bitcoin and watched it rise over my initial purchase price again and even surpassing it's prior all-time high.
What advice would you provide to crypto traders if you had the chance?
This 2023, stay away from the hype, enjoy the hodling or day trading processes, one day at a time. Do your homework and be street smart before you invest in a cryptocurrency and ofcourse who go hep you no go stress you- stick with the CordialEx team wey sabi💯.
So did you ball your cousin?
Yes o, for a whole week even, he was so happy, and I helped him trade a few coins too, now he's a big trader too. I also dropped something for my Gee that held my hand, and the other Chief that helped me with the blog videos and resources.
You know, I'm still trying to follow in his footsteps by sharing my crypto knowledge and experiences with others. Also, just keep your money in USDT if you can't think of anything else to do with it, naira is dwindling crazily.
Thank you for taking time to speak with us Seyi
Got some tips to share with the world about your crypto learnings and wins? Shoot us a dm on Instagram or any of our social media channels to get a feature. Remember, trade swift, earn smart👌
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Coins I had saved up throughout the years came flooding back into my mind. I was in excruciating pain and worried that it was all occurring again. However, the support of seasoned...