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Cryptocurrency in Nigeria? We answer some of your questions

For convenience, most Nigerians use Mypatricia as a gateway to convert their naira to crypto in few minutes.



SEC proposes rules regulating Blockchain and Crypto investments, About 33% of Pension Funds, hedge Funds now own digital assets such as Bitcoin

He clears his throat….. Walks into the class majestically with shoulders raised so high. I am proud of what we have achieved so far in these two (2) days since the inception of this cryptocurrency cohort. This is the fourth edition and it keeps getting better every time. We have three (3) more days to go, by the time you are out of here, you will become coiners and you’d be making money before the end of this year.

Dear participants, as you all know by now, my name is Babacrypto. It is a privilege to have this interaction with you. With me here are two other influential personalities, a trader and a blockchain developer. Samson and Mustapha, please introduce yourself to the cohort guys. I am sure they are eager to hear your voice.

Mustapha took the mic from Babacrypto….

Hi guys! By chance, how many of you have come across my face before?

13 participants raised their hands.

Please give the mic to the lady in the middle.

What is your name?

My name is Elizabeth from Delta state, I have seen your face on Degen TV before where you co-anchor a program with Ada.

Yeah! She is right.

Without wasting much of our time. I am a full-stack blockchain developer and I am here to answer any questions that you may have concerning decentralized open ledger.

Mustapha handed the mic to Samson.

Good morning everyone, this is my first time coming to Zaria, all I have been seeing are beautiful faces everywhere. As long as the panelists are here, we are going to provide laser target answers to all your questions. Hey! There is nothing like stupid questions here, just ask us anything regarding crypto, and let us have as much fun as possible. For the record, I have been trading cryptocurrencies for over 7 years, and I have resigned from my job in 2019. Today, I am a fulltime trader. I hope you know what this means, right? I would like to share as much information as possible with you all.

Returns the mic to Babacrypto…

That’s it guys, we understand that you have learned a couple of things from the invited speakers that graced this stage yesterday, and they shared interesting crypto stories with you. Today, I want you to bombard us with as many questions as possible before you start the trading master class tomorrow.

Fatima asked, please what kind of crypto assets can you advise a newbie to invest in?

Samson volunteers to answer this question…

To be honest with you, Fatima. The answer to this question is not cast on stone. However, there are some coins that we call OGs (Old Gangsters), they have been around for a long time and have experienced the ups and downs of the financial market. Aside from these, they have a formidable team and dozens of blockchain developers working on their blockchains. Examples of these coins are Bitcoin, Ethereum, Litecoin, Ripple, Dash, and Cardano.

Bitcoin is the first cryptocurrency in the world, there is no argument about this, and we understand that if you are the first to come up with a concept, you will enjoy the first-mover advantage for a long time. For instance, do you observe how First Bank is proud that they are the first commercial bank in Nigeria? Yes, many other banks came with top-notch banking services and financial products, but the fact remains that all of them will be competing to become the best bank in Nigeria. In this hall, we all can argue for several hours on which bank has the best service, this is fine. But nobody can put up an argument regarding the bank that started the first commercial banking in Nigeria. The same thing applies to Bitcoin today. I can say with significant assurance that it is hard to be wrong if you invest in Bitcoin.

You can consider other coins because they provide some unique solutions in the industry. For instance, Ethereum allows the creation of a smart contract, and I am sure that you will learn more about this later. Dash is used for faster and cheaper transactions, and it is highly decentralized because it uses master nodes to secure the network. Litecoin is a fork of Bitcoin, but it is more scalable and processes transactions faster and cheaper. Ripple is used by financial institutions across the globe, and Cardano is now ranked among the top 10 cryptos with the largest market capitalization.

Regardless, you need to invest responsibly. Am I able to answer your questions?

Fatima nods in agreement, yes.

Esther asked; I am interested in Bitcoin mining with my laptop, is this profitable at all?

Babacrypto faced Mustapha. Please can you answer this question?

Mustapha: Yeah

Yes, Esther, it is profitable. In fact, without miners, the bitcoin network would have been dead. Every minute, miners get bitcoin as a reward for their efforts.

It was easier to mine bitcoin in 2011 than it is in 2021, the mining difficulties have increased significantly in the last decade. I am going to cite an example here; I am using a core i7 PC with an 8gig RAM and dedicated graphics card. I tried to mine bitcoin once, but I earned $1.13 in 24 hours and my PC was so hot and I had to use a fan to cool it off. I have given my computer a dangerous task that could fry its motherboard, honestly, it is not worth it, because I may even earn less than a dollar in the next few days.

What I suggest is to invest in hardware that is built specifically for cryptocurrency mining like Antminer s19 Pro or WhatsMiner M30S+. And you need to consider the cost of electricity in your location and how stable it is. Running miners on gasoline-powered electricity generators is a NO. Does this make any sense to you?

Easter; yes, it does, thank you!

Bolaji asked; I see a lot of people posting about how they lost money in crypto trading. Can coins go down like Ponzi?

Babacrypto grabs the mic. Samson, over to you again.

Samson; thanks.

No, coins don’t go down like Ponzi, and it is not in any way similar to Ponzi. Let me say this, coins are any cryptocurrency assets built on a blockchain. It means that it is not under the control of anyone, this is the advantage of distributed ledger also known as the blockchain. If you have 100 bitcoin in your wallet, as long as it is not stolen from you and it is in your private wallet, you own it for life. However, the dollar or naira value of bitcoin may fluctuate or go down, and this is a typical experience in the financial market. The price fluctuation is similar to gold and other currencies in the forex market.

Furthermore, if you invest in a dubious token sale like ICO (Initial Coin Offering), IDO (Initial Dex Offering), and so on, your money can be lost forever in an event that the token developer decides to rug pull (scam). This is quite common in the cryptocurrency industry, so you want to stay away from token sales or invest only what you can lose comfortable in it. This is how to invest and stay safe.

The next participant gets hold of the mic…. My name is Aladie Sunday. I want to know the minimum amount of money I can start trading with as a newbie, I am going to appreciate it if you tell us the dollar value.

Samson made a gesture to Babacrypto, can I answer his question? Babacrypto answers, yeah!

In forex trading, lots of people started off by trading with demo account. Unfortunately, most cryptocurrency exchanges do not have these features. However, you can start practicing with $100 until you get hang of it. As you progress, document your success and mistakes, it will help develop a winning strategy.

If you can consistently increase your initial investment, it is okay to fund your account with $1,000 and above after gaining mastery over the market.

Samson drops the mic and another participant raises her hand.

Anita is my name and I cook food for a living… In line with the last question that was asked, I am really pumped right now. I want to ask; how can I get started in this crypto thing? What do I need to do to be like you, Samson?

Babacrypto quickly interjected… Wait o, e be like say na Samson be una favorite today abi? Issorite. Alright, over to you Samson. Please answer this question as fast as you can, we are running out of time.

Thank you Baba, I think our guys are asking more questions on trading because they like money… lols. Anyways, everybody needs money to pay bills, and I can guarantee that if you pay attention to the knowledge that will be shared in the cohort, you are going to earn a lot in this space.

Getting started is quite easy. There are many crypto exchanges around the world, popular ones are Binance, Poloniex, Bittrex, Luno, Coinbase, Okex, and Kucoin. For convenience, most Nigerians use Mypatricia as a gateway to convert their naira to crypto in few minutes.

If you are buying crypto to keep in your wallet for the long term with the hope of getting cool ROI (Return on Investment) in the future. Buy and hold it.

But if you want to start trading to increase your coin, you need to send it to exchange for trading. Please learn more about fundamental and technical analysis, it will help. And I am sure that the trainers here will take their time to teach you how to do these analyses.

Open an account on any of the exchanges that I mentioned earlier and verify it.

Get the deposit address from the exchange and send your coin to it. When the coin reflects in your account, you can start trading. Please take note, be patient when you send out coins, especially Bitcoin and Ethereum, the network may be slow, hence, transactions could be delayed for over an hour.

Muhammed asked; how do wallets get hacked? I saw someone’s post on Reddit, he said that he lost his money and he has never shared his password with anyone.

Samson smiled, okay, I need to let Mustapha answer this because I am not a developer.

Thanks, Samson.

Mustapha took over.

There are so many ways to get hacked, but the most common ones are online storage of personal information and malicious attack.

A lot of people like to keep their login credentials in their email draft or inbox, some would save it on Whatsapp or Telegram. Whenever you do this, anyone who can get hold of your device or hack your device remotely will gain access to your account and cart away money in your exchange wallet.

Another way you can get hacked is through a malicious attack, some of you like cracked versions of almost all apps and software. Some of this software has a malicious script that can reveal key information on your device or hacked your keypad. So, you want to be very careful.

The best way to guide against hack is to change your password frequently, save vital information off the internet and enable 2FA (Two Factor Authentication) on your accounts. This is another security layer to help you secure your funds, always use it.

You can download mobile apps like Authy or Google 2fa to achieve this.

The best option is to move your coins to a private secured wallet, even when you do this, ensure that you are the only person that has access to your private keys or 12 seed phrase.

I can assure you that it is almost impossible to hack your private wallet, the only means to lose your money is when a third party has access to your private keys or seed phrase. Print your keys, keep them safe, and never share them with anyone.

Babacrypto grabs the mic…. Alright, guys. We have come to the end of this session. I hope you have gained more insights. Crypto trading is sweet o, but na sound knowledge, discipline, and money kill am.

Mustapha and Samson, thanks a lot for taking your time to travel from Lagos to Zaria, we appreciate you.

See you guys tomorrow. Bye!

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