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Crypto Culture

Crypto on Twitter: the Good, the Bad and the Ugly

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Crypto on Twitter

 Since it was created, Twitter has always been a place for people to talk about what’s trending. Many people rely on Twitter as the first place to hear new stories. Twitter currently has 199 million active users, and these users send out an average of 500 million tweets per day (Omnicore). There is no way crypto won’t be in the frontline of conversations on it. Like everything, these conversations have stirred up some pretty good things but have also had their cons. We will be discussing the pros and cons. 

 

The Good Side of Crypto on Twitter

 The new discussions about crypto on Twitter have allowed cryptocurrency to break into the mainstream. Crypto talks and discussions were regarded between just professionals and financial experts, but this is no longer the case. Questions are currently being asked and answered. Twitter users and influencers familiar with cryptocurrency are providing threads on what newbies are supposed to look out for when trying to buy new coins, and providing explanations on technical terms that are commonly used in the crypto world. 

Last year, during the EndSARS protests in Nigeria, the Central Bank of Nigeria sent out a memo to banks to freeze all accounts of people who were suspected of having donated or provided services during the protest. Twitter helped spread the word that donations could be made anonymously through bitcoin. For Nigerians in the diaspora who also wanted to donate to the cause, they could also donate through bitcoin rather than going through the rather tedious traditional banking system of sending dollars home.

The Bad Side of Crypto on Twitter

FOMO (fear of missing out): At the tail end of 2020 to early 2021, Bitcoin and altcoins had a fantastic time, Bitcoin reaching a new all-time high, which was the same with Ethereum and many altcoins. This run also resulted in quite a lot of buzz on Twitter. Everyone wanted to hop on the winning team. It resulted in people taking up many uninformed decisions and delving into the market without arming themselves with the required technical knowledge. A man once said, and I quote, “Everyone’s an expert in a bullish market.” There were many opinions on the market, with everyone telling you to invest in this coin and that coin. 

The Ugly Angle of Crypto On Twitter

Shitcoins became popular due to the insane gains that people realized from them. 

Some of those coins multiplied over 1000% in just 48 hours, and people sharing their gains on Twitter made shitcoins become a trend. What are shitcoins? They are coins with no use case and are often named after animals and objects. These coins’ values rise so fast and are followed up by a sudden decline. Scammers took advantage of the naivety of many investors, promoting these coins, pushing up the prices of the coin as high as possible. After reaching a price they deem enough, they remove the liquidity they provided for these coins and leave the coins’ holder with little or no value. An account on twitter that promoted  meme coins  sent out a tweet  promoting a meme coin  SafeHaven that was supposedly unable to be rugpulled. A buzz was calling SafeHaven the next best thing  to happen to crypto. Few days later, the value of the coin was close to zero, and the Telegram group that was created for the coin’s investors was deleted and all members were subsequently kicked out.

Tweets by influential figures like Elon Musk, CEO of Tesla and SpaceX, have also been shown to affect price changes on some coins even though most of the price action is short-term. His tweet on Dogecoin saw the coin price climb up. The same thing happened when he tweeted on his company Tesla selling some of its Bitcoin. These tweets saw the price of bitcoin dip from $65,000 – $45000.  

Despite all of these we can’t ignore how twitter has been a driving force in the adoption of cryptocurrency. Crypto adoption is still  occuring. An active community that will continue to help out newbies and existing members will be required. The market is evolving  everyday and as such, these discussions will have to continue and there is no better place for such discussions like twitter. 

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Bitcoin in Africa

How Demographic Trends are Pushing Cryptocurrencies Adoption in Africa

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Demographic trends

The African crypto market has seen a tremendous boom in the last few years. Driving this growth are a myriad of factors among which are economic inequality, volatile fiat currencies, low financial inclusion as well as high unemployment rates. These drivers of market growth are also greatly intertwined with Africa’s unique demographics which entail the distribution and categorization of the population.

The goal or aim of many cryptocurrency projects and the movement of the community in general is to get to a point where they’re widely used and accepted by individuals, corporations and governments. This implies mainstream adoption, much like the pervasive nature of mobile banking today. Africa presents unique opportunities owing not just to the socioeconomic clime but it’s demographics as well.

For cryptocurrencies to achieve mainstream adoption, they would have to in a sense become the norm and be widely accepted and recognized by virtually all corners of society, much like Facebook is in the social media world. In Africa, despite the size of the crypto market, cryptocurrencies are still a good distance away from what one would describe as popular acceptance. The sector is growing no doubt, however, that growth is reflective of Africa’s unique demographics and population scene.

It is without question that the African continent is the youngest, in terms of median age at 19.7 years. There are about 600 million people aged between 15 and 45 in Africa, representing nearly half of Africa’s population. Many nations, especially in Sub-Saharan Africa are in stage 2 of the demographic transition (high birth rates and high death rates – relatively low life expectancy) which is representative of the economic climes of these nations. A report found that around 13 million young Africans enter the labour market each year against 3.7 million jobs, most created by the informal sector. Therefore many African youth are laden with economic difficulties at that important time in their lives.

However, Africa’s young population, generally speaking, has a greater proclivity for being more open minded to technology adoption. Education and literacy has played a role in this with Africa’s literacy rate at around 70%. While not comparable to that of other continents, this rate is driven greatly by the large young population Africa boasts of. In any case, seeing the economic conditions of many African countries, and a tendency for young people to adopt and/or trust new technologies better and faster than other age groups gives some explanation to how quickly the crypto market is growing on the continent. As the years go by, the level of adoption would inevitably continue to increase as the current youth population expands till it gets to the point where blockchain becomes so pervasive that it achieves the necessary trust and acceptance to become mainstream.

Right now, in some African nations, that line is being crossed already with central digital currencies in development.

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Crypto Culture

My Crypto Journey – Meet Munachi Ogueke, Yellow Card CBO

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Munachi Ogueke of Yellow Card
#MyCryptoJourney: Munachi Ogueke, CBO, YellowCard Financial

It is fair to say that scams and scam coins played a role in the popularity of cryptocurrencies. A lot of big names in the crypto sphere got their first contact with crypto either through a scam or scam coin. 

For Munachi Ogueke, the crypto journey started with bitcoin but scam coins kept the ball rolling. The uniqueness of Munachi’s story, however, lies in the fact that he wasn’t in it for the gains but for the knowledge. 

Intrigued by how a single currency could be transacted without a third party and be globally acceptable, Munachi dived head-first into the crypto space. He has since, not only learnt a great deal about it but also created a business that serves Africa’s crypto needs.

Meet Munachi Ogueke 

My first contact with crypto was in 2016. We needed to make a cross border transactions and the Naira wasn’t helping. Someone suggested bitcoin, we used it, it worked and just like that, I got hooked and curious. 

Back then the crypto activity in Nigeria was little. It wasn’t really talked about because few people knew what it was. Information about crypto in Nigeria was very limited. My curiosity kept me interested in bitcoin, despite the dearth of information. Most crypto communities consisted majorly of foreigners. Regardless, I kept researching. Being a tech-inclined person it was fascinating to me so the zeal to keep digging was always there. While I discovered more about crypto I discovered scams too and fell for a number of them such as TBC.

Discovering bitcoin was more than making money for me. I wanted to understand the technology as deeply as I could. It was so phenomenal. This fascination led me to try everything about bitcoin. 

While the journey started with trading like most people it did not end there. Trading naturally motivates you to learn. Making mistakes in trading is not a very palatable experience. After a very severe burn, the motivation to do enough research before you make your next trade will come naturally. 

Trading was a thrilling experience as well as an eye-opener. Though it came with a lot of burns, I learned a lot about crypto from trading but journeyed further into the heart of crypto. Crypto was so multifaceted that I had to try everything. From running master nodes, I dabbled into mining and staking. I just didn’t ride the crypto train, I visited every cabin cause my curiosity of bitcoin then was just insatiable. 

Consequently, I came to the realization that with crypto, you need to find where your value and your personality align. My curious nature coupled with a degree in engineering economics, led to me looking for ways to merge tech with business development. I just didn’t want to make money with the tech, I wanted to learn everything there is to learn about it and bring about development through that technology. 

Being an early bird in the space I had substantial social capital. I travelled across Nigeria educating people about crypto and made some connections. My social standing in the space led to my meeting with Chris Maurice, CEO of Yellow Card. He had an upcoming event in the country and needed someone with enough experience and knowledge about what the space was like in Nigeria. From there we hit it off and I became a part of Yellow Card. I convinced Chris to bring the business to Nigeria and it has been growing. We are perhaps one of the biggest exchanges in Nigeria.

The crypto ecosystem has gone through a lot of changes since 2016 when I delved into it. There are more resources and information that can help newcomers navigate through the crypto scene. More is definitely coming because the ecosystem is still new and evolving. 

For those who are looking into entering the space, I’ll advise that they do so with the right mentality. It is not uncommon to see people trying to enter crypto just for the gains. It is a myopic view of what crypto is really about. Cryptocurrencies are providing freedom, it is a revolution. It is therefore imperative that we go into the sphere not just to earn money by speculating but to harness the real value crypto has to offer. 

Every crypto journey should entail a great deal of learning because it is by learning that we can innovate. 

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