It’s not uncommon to find a lot of Nigerians who learnt about Crypto through scams. For a while, the word “bitcoin” was associated with falsehood and fraudulent acts. Though bitcoin has gained more credibility over the years, some still perceive it as a tool for illicit transactions.
Adebayo Juwon is not one to be dissuaded by the dark side of crypto. After scams and trade losses amounting to millions of Naira, the veteran trader has courageously continued his crypto journey, weathering all the storms that come his way.
Meet Adebayo Juwon
I was informed about bitcoin during the Ponzi era of 2016, like many Nigerians during the era, the limited knowledge about bitcoin made me susceptible to crypto-related scams. In fact, I lost my first bitcoin to a scam. It was a time where scams seemed to be a way of being inducted into the crypto scene.
With further research, my friend and I discovered CoinMarketCap and realised that there were other coins out there besides bitcoin. We found out about repo,monero, dogecoin, stella and the likes. With the little funds we had, we bought some of these crypto assets and traded them on exchanges that were available then.
While crypto trading isn’t comparable to rocket science, it can be quite difficult. It was especially difficult for me because I learnt it on my own without training wheels or any form of direction. Those who venture into trading nowadays can easily avoid some of the mistakes I made cause there are a lot of mentors out there willing to help.
We got burnt a lot then, learning from one mistake after the other. Even after being broke from getting burnt, the first thing that came to mind after making money was to go back to trading. Of course, more burns came thereafter, but I was never deterred from trading.
Crypto communities online, especially Twitter, helped to keep me excited about crypto. Back then in 2017, there were very few Africans on crypto Twitter. The community majorly consisted of foreigners who had bought bitcoin as early as 2010 and 2011. I learnt a lot from them, the community fueled my excitement for cryptocurrencies. The time zone difference made me wake up in the middle of the night to know what’s going on in the market cause a lot would happen in the crypto market while you slept. I’d also check to see which evil has befallen my portfolio. Honourable mentions during those times were also the memes, they would still make you laugh after a burn. Physically, a couple of guys organised meetups and seminars here in Lagos. It was interesting to meet other people who shared similar ideologies and enthusiasm for cryptocurrencies.
Actively trading on exchanges, I shared a lot of my technical analysis across social media platforms. In 2017, an exchange (a startup) reached out to me and that’s how I started my career, working for an exchange. Working for an exchange does take up some of your time. You don’t get to attend to the charts as often as would if you were solely a trader.
Similarly, for those who aspire to have a career in crypto, it’s important to learn how to merge your initial skills with crypto. A writer, graphic designer or social media manager can infuse crypto knowledge into these skills and create something worthwhile. For aspiring traders, it is important to understand that making profits early on isn’t feasible, hence, investing too much too soon could lead to a painful loss.
Crypto in itself has been on a remarkable and interesting journey since the launch of bitcoin in 2009. It has come a long way here in Nigeria. Learning about crypto is now easier with a lot of creators, offering free content and tutorials that are easily accessible.
In the same vein, my crypto journey has been a thrilling one. Whilst I did not start making profit until three years after I started trading, it has been a learning process. As a veteran trader, I still make mistakes here and there based on emotions and just plain human error. For crypto, the journey has barely begun, and I encourage people to join the bandwagon immediately.