Bitcoin Story: How Social Capital Took this Bitcoin Trader from Newbie to Lagos Millionaire

Bitcoin Story is a series that tells the eventful stories of Bitcoin and crypto traders. Every week, we’ll interview a Bitcoin or Crypto trader about their experiences and share them with you. This includes everything from those who have it rough to those who smile to the bank. You can also share your story with us.

How it All Began…

I didn’t start trading with a lot of money, but I had social capital. This means that I was already well known in the crypto space. I was visible and taught people about Bitcoin/cryptocurrency any chance I got. I also co-founded a startup in 2014, so more people trusted me.

I started using Bitcoin in 2016. My crowdfunding business idea was about to take off and I needed a transparent way to hold company funds. I searched for a solution and found Bitcoin.

Even though the business ended in 2017, I still had some Bitcoin. It wasn’t much but I was curious about Bitcoin, so I decided to experiment. That was the beginning of my trading journey. 

I was trading little by little with the small money I had. I was also a middleman, connecting other people to Bitcoin. After some time, I was able to use my position to start my Over-The-Counter (OTC) trading business.

I Lost All My Bitcoin When I Started Trading

First of all ehn… I don’t even know where to start. When I started trading, I basically lost all the Bitcoin I had left. One day, I just saw that my balance was like zero point something. Ah!

Even though I think it’s normal to lose money when you start trading because that’s how you learn from your mistakes, …it was rough still.

That experience taught me more about the market than anything else. I learnt about a lot of coins because if you want to trade on exchanges, you need to research different coins. 

I also learnt several tricks and new things from research guides and by asking more experienced traders in exclusive trading communities. I told myself that the loss was my school fees, very expensive school fees.

My BIG Break 

Things got better for me in 2017. I started signing clients to my OTC business and doing a lot of educational conferences.

Omo! My big break was crazyyyy! The only reason I won’t say the amount is because I don’t want this place to explode. Haha. 

But seriously, that was when it really hit me that this crypto thing is the way forward. Funny enough, when I made the amount-that-must-not-be-said, I wasn’t as excited as you would expect. Instead, I just felt that the hustle continues.

Naturally, the next thing for me was to double the amount.

My Struggles as a Bitcoin Trader 

I laugh now but trading wasn’t always rosy. There were some days that I lost a few cool millions. For a few weeks, I’d be weak.

But I didn’t let it get to me sha. And eventually, I’d move on. I think it made me a better trader.

One of my big mistakes was unnecessary speculation. This means that instead of selling a coin, you will be seeing the price go up and you will be hoping it will continue. But you see ehn, the thing has a way of coming back down fast.

I don’t speculate anymore but I think many people still do.

Look, if you have the money, buy it. And if you want to sell it, then do that. Things move quickly so there’s no time to ask too many questions. It’s a business, so make your profit and relax. If you start speculating, you’ll enter a tricky spot because Bitcoin doesn’t respect normal market rules. 

Like any other business, Bitcoin trading has its struggles. Currently, my biggest struggle is regulation. There’s no real structure in the market. If there was, it would bring peace of mind to many people. Anyhow, we move. 

My Life as a Bitcoin Trader Today

My capital has grown since 2017. Yes, it has grown to an amount that must not be said.

My day starts at 5 AM or 6 AM with me checking the market, clearing my outstanding payments, and looking at the latest rates. I start trading and wind down around 11pm. But I usually sleep around 1am. 

Personally, I chose this career because there were already too many people in other industries. I looked at it and knew I could make it big here. But make no mistake, it’s a lot of work.

As more people start trading Bitcoin, it becomes easier to buy and sell quickly. Profit may go down but if the amount of trades goes up, then we’re still winning. You just need to get used to changing times.

I’m not really a materialistic person but I’m comfortable enough. I just want to live a comfortable quiet life and ensure that my capital grows.
In the future, I want to educate more people about Bitcoin. People deserve to know about it. 

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We want to hear all types of stories, the good, the bad, and the rough so we can share all sides of Bitcoin and crypto.

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Quidax Africahttp://www.quidax.com
Quidax is an African focused cryptocurrency exchange that provides a simple platform for you to send, receive, store, buy and sell digital currencies. Our aim is to educate you about cryptocurrency. It should not be considered as financial advice. We recommend conducting your own research before deciding to buy, sell or hold any cryptocurrency.