I actively began crypto currency this February, 2021, two weeks before the purported ban by the Central Bank of Nigeria on commercial banks and other financial institutions not to have any dealing with crypto currency.
I initially delved into crypto using a local exchange platform known as Roqqu. I started out with N10,000.00 and later increased the amount to N40,000.00. I experimented holding bitcoin, etherium and dash. I incurred losses in terms of service charges as I naively moved from one coin to another.
I later transferred my holdings to Binance and discovered a whole new world. You see, one draw back in Roqqu is that you cannot trade crypto, you can only hold. Binance became a game changer. I learned how to trade and discovered how I could leverage my small salary and earn some extras on it.
On a good day, through trading, N40,000.00 can turn to N45,000 or even N50,000. Even better, when the coin I’m trading increases in value, my N40,000.00 could shoot up to N60,000.00 in a matter of hours.
I never intend to hold coins for long. I go in and get out of the market just to make daily profits. For now, I’m stuck in limbo. News has it that China is clamping on bitcoin miners. Previously, it was Elon Musks tweets that caused bitcoin to fall. Elon Musks said he will no longer accept bitcoin as a form of payment for his Tesla cars. And so the story goes.
It is a known fact that cryptos are very volatile. Elon’s tweets, China’s threats, even Joe Biden’s statement that crypto trades of over $10,000 must be reported to the IRS sends bitcoin on a spiral fall as massive holders of crypto end up selling their assets. Currently, all coins are so, so down in the red. I have Binance and dogecoin both worth a mere N60,000.00. Currently, as at the time of writing this article, the value of my holdings have fallen to around N28,000.00 and there’s the tendency to even fall lower than this amount. I actually had to adjust the amount you see here three times as the value fell from N32000 to N28000 in a matter of minutes!
The rule of the game is never withdraw when your coins are down, or else you’ll lose the money for good. There’s always the tendency for crypto to fly back up and you’ll see N60,000.00 turn into N120,000.00.
Mind you, many people around the world, who started quite early and bought these coins when they were cheap, after holding, have turned out to be millionaires and billionaires. I hope this humble teacher will make it to that level. No matter how bad the current crypto market is, I still believe in crypto currency.