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Crypto Culture

My Crypto Journey – Meet Munachi Ogueke, Yellow Card CBO



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. 


Bolu Abiodun is a recent graduate of Theatre and Media Arts, Federal University Oye-Ekiti. A journalist with over a year's experience on the job. A former editor at American Media company Project Forward, he is a skilled content creator, social media manager and digital marketer.

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Satoshi Nakamoto, creator of Bitcoin now 15th richest man in the world



Bitcoin is the most popular and noted cryptocurrency in the world. It paved the means for other cryptos being taken seriously, and after all, the one who created the currency is currently unbelievably wealthy.

Satoshi Nakamoto, the anonymous creator of bitcoin, is currently the fifteenth wealthiest person within the world when the cryptocurrency’s recent value rally.

Nakamoto’s web price is calculable to be up to $73 billion, with crypto holdings within the region of 750,000 to 1.1 million BTC. This ranks them higher than Walmart heirs Jim and Rob Walton, furthermore as Mexican entrepreneur Andres Martinez Slim.

The price of bitcoin hit a brand new incomparable high earlier this month higher than $68,000 following a rise of quite three hundred per cent over the last year. 

One outstanding prediction model has forecast it might rise higher than $100,000 before the tip of the year, which might see Nakamoto ascend to the highest ten of the world’s wealthiest, with a web price on a par with capitalist Warren Buffett.

Nakamoto represented their vision for a peer-to-peer digital currency in an exceedingly written report in 2008, before launching bitcoin many months later in Jan 2009. 

When collaborating with alternative developers on the project for nearly 2 years, Nakamoto withdrew and has not been active on-line for over a decade.

Several bitcoin wallets that are believed to belong to Nakamoto additionally stay untouched, with their contents rising in worth by quite ten million per cent since they were last used.

The mystery of Nakamoto’s true identity remains unresolved, although evidence points to many potential candidates.

Early crypto pioneer Hal Finney was the primary person to ever receive bitcoin through an on-line dealing and various attempts were created to link his online activity to Nakamoto’s. He denied being the cryptocurrency’s creator and refused to invest in the UN agency until his death from amyotrophic lateral pathology (ALS) in August 2014.

A high-profile Newsweek cowl story in March 2014 claimed to own “unmasked” the discoverer of bitcoin, claiming that Japanese-American man of science Dorian Satoshi Nakamoto was behind it. The article was widely debunked following its publication.

That same year, a book by money author Saint Dominic Frisby singled out Nick Szabo as bitcoin’s creator, informing his style and therefore the truth he designed a precursor to bitcoin’s electronic money system. Szabo denied the claims, tweeting: “Not Satoshi, however many thanks.”

In 2015, Australian applied scientist Craig Wright claimed to be Satoshi Nakamoto however, he was broadly greeted with disbelief from senior figures among the crypto business. Many days after proclaiming himself the discoverer of bitcoin, Wright backwarded his claims with an apology on his website.

“I believed that I might place the years of obscurity and concealment behind Pine Tree State,” he wrote. “But, as the events of the week unfolded and while I was ready to publish the proof of access to the earliest keys, I broke. I don’t have the spirit. I cannot.”

Mr Wright has since been sued by the estate of deceased David Keiman, whose family claim worked with Wright and together used the name Satoshi Nakamoto in 2008 to publish bitcoin’s written report.

Presently, Tesla and SpaceX founder and chief executive officer Elon Musk tops the list of the richest folks within the world with his net worth at $266.9 B, as listed by Forbes.

Warren Buffet is hierarchic at the tenth range whereas Facebook founder and chief executive officer Mark Zuckerberg stands at range seven.

If Bitcoin continues to rise, it will come as no surprise that Satoshi Nakamoto may soon eclipse them.

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Crypto Culture

NFTs: Davido’s call for donation can open more doors for African creatives



You were probably awe-struck last week when Davido began a call for a donation for his birthday. If you weren’t, or you probably don’t know the full details of what happened, let’s wind back the tide of time. Last week Wednesday, November 17th, David Adeleke (aka Davido) playfully called on his friends, well-wishers and associates to donate 1 Million Naira each into his Wema bank account. He stated that he hoped to make 100 Million Naira in total to clear his Rolls Royce from port to celebrate his 29th birthday. 

Like a bee to honey, his friends swarmed around him and began to make donations which totalled 200 hundred million Naira. In his appreciation post, Davido stated that the action arose playfully and he had no intention of raising such a huge amount. He later announced that the money raised, with the addition of 50 Million Naira from his pocket, will be distributed to all Orphanages in Nigeria. This article delves into how Davido’s action will pave a new way in the music industry through the mechanics of NFTs. 

What are NFTs?

Let’s assume you buy a phone, laptop, or any other electronics or object, you get a receipt that vests the ownership of the object in you, that is, it belongs to you. You can only transfer the ownership of the object to another by giving the object and its receipt to the other person. Thus, anyone with the object and receipt owns it. Consider this as NFT 101 because it is the easiest way to explain NFT. 

Non-Fungible Tokens (NFTs) are digital methods of proving ownership of assets that are either physical or digital. The object can be a piece of artwork, music, or design with a certificate of authenticity and history of ownership (consider this as the receipt in the above analysis). NFTs use blockchain technology to record and track ownership making it secure for the purpose. Almost anything can e sold as NFTs in millions of Dollars. A tweet can be given an NFT and sold as the same. A right to music or picture can be sold. This brings us to how Davido’s action can create a new lane for Nigerian artists in NFT. 

How Davido’s action can impact the growth of NFT in the music industry

As stated earlier, music remains one of the assets that can be sold as NFT. No doubt, those that donated money for Davido did it out of their free will. However, to show his appreciation by releasing an album, exclusively for those that donated to him. He may decide to issue a certificate of original ownership to these categories of people. Such action qualifies as NFT as the ‘certificate of original ownership’ will have an intrinsic value that may rise and fall and can be sold by holders later. Since music can be sold as NFT, a musician may create an album, with a limited edition of the album which will be sold to a certain number of people at a fixed price. These people, in turn, get a certificate of ownership which is kept securely on the blockchain network. The popularity of the artist as time goes on will determine the value of the certificate and holders can sell at high prices. With this innovation, the activities of directors and music promoters are eliminated and musicians tend to earn more. This is the future of the music industry as well as other forms of content creation. 

Selling music as NFTs doesn’t mean that it won’t be available online for streaming, however, the feeling of ownership resides with certificate holders. 

The sale of music as NFTs is not new to the music industry. Kings of Leon and Steve Aboki have sold NFTs for millions of Dollars. Even unpopular artists like Zack Fox have made thousands of Dollars selling NFTs. Young and Sick, had just 27.000 followers on Instagram when he sold an NFT for $865,000

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Crypto Assets

The unruliness of the crypto world



What is the underlying philosophy behind decentralized cryptocurrencies? In a word, democratization of finances, hence their being decentralized. Cryptocurrencies came to remove, in a sense, the middle man of the finance world, banks, and place the power over finances in the hands of the individual. The second point would be to usurp the reach and influence of government backed fiat money, effectively becoming the medium of value exchange for most.

Cryptocurrencies have been called the currencies of the future for many of their innovative qualities.

Evidently, the crypto world is still quite in its infancy, relatively speaking, and this is the time that’ll essentially chart the course it would take, whether to remain true to the core philosophies underlying the creation of the very first one, Bitcoin, or whether it’ll deviate. And so far, a lot of deviation is what’s been happening in the crypto world. The unprecedented rise of cryptocurrencies has opened an era of private-sector controlled finance in a way never seen before. Of course, private banks and money houses have always existed but this is on a different level entirely. For one, private conventional banks use the accepted legal tender created and backed by a government whereas with cryptocurrencies, well, entire currencies are created. And there are quite a number of them.

While bitcoin and it’s copycats may have aimed to achieve democratization of finance, not all have that goal in mind. For many altcoins, the idea can be fairly simple or sometimes oddly specific such as building a currency off a joke or trend and having people trade on it as in the case of memecoins. While the argument for and against crypto use an adoption roars on, with the way the markets look and behave, one would wonder if cryptocurrencies are really money in the actual sense of the word. They could be viewed as a commodity and money, fiat money, is certainly a commodity. However, it  feels odd to think that the systems that hope to revolutionize our methods of exchanging value, hold or get their value from the very systems they wish to replace.

But of course, it can’t be helped. Even fiat currencies have their values pegged to some arbitrary thing or another fiat currency even. And today, with numerous coins in the space and the numerous philosophies and use cases backing them, as well as volatility, use for illegal activity and so many other issues, one can’t help but feel that the space is in many ways, confused. Many are in it to get a laugh, others to scam people of their money, while many are genuinely invested in seeing the tech grow.

And so, the space is unruly in some ways, amazing in others. Evidently, as adoption increases beyond interest for profit making in the trading sense, world governments are going to have to step in and really regulate the space which is probably what many crypto enthusiasts do not want. However, it can’t be helped especially seeing that there’s no consortium of sorts or standards laid down across board to really drive some sort of cohesion in the marketplace.

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