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.