Crypto Gist: Tomto’s Crypto Tug-of-War

Crypto Gist is a series that highlights the stories of real people around Africa around cryptocurrencies. Our guests share their crypto experiences - intro to crypto, wins, scams, losses and lessons. Would you like to tell your story? Don’t hesitate. Fill out this form to share your story.

Hello, Can we meet you?
I'm Tomto, straight from the heart of Nigeria, and I fancy myself as the 'Dora, the Explorer' of African nations. Haha! I travel a lot across African countries.  

Welcome, Tomto! We're thrilled to have you. If you could sum up your crypto journey in just one word, what would it be?

In a word? It's a 'tug-of-war.'

Intriguing! Can you elaborate on that?

It's like a constant battle of wits between your head and your heart. Logic says to stick to the facts and trends, but those emotions, especially fear, dey always show face. It's a real tug-of-war, you know.

Ah, now I understand! So, when did you first dive into the world of crypto?

Back in the mid-2020s, right after COVID-19. I was searching for ways to make my money work for me – the ultimate dream, right?

After COVID, I saw how cryptocurrencies were booming. People around me were achieving financial independence, and I thought, "Why not me?" Knowing people who gained financial independence this way, I was eager to learn. So, I ventured online, bought my first crypto, and took the plunge.   I deliberately chose not to seek help because I wanted to own my decisions – success or failure – without the burden of potentially blaming someone else for losses.
That's a very thoughtful approach.
Definitely, I learned the ropes: invest what you can afford to lose, do your own research (DYOR), and beware of FOMO – the fear of missing out. You probably know the drill.

Certainly! How did things turn out for you?

Well, I won't lie; there were losses, but they taught me priceless lessons, particularly about handling FOMO. Even with all my research, sometimes I'd jump on a trending coin, then watch in horror as it dropped, forcing me to sell in a panic. True, I was able to scalp some profits off a few coins, but it was a real eye-opener. Like, Hey, I know what I’m supposed to do, but my emotions are still getting the better of me.  It was a real learning curve.

Sounds like quite the experience.

Indeed. What helped was when I started spreading my investment. Instead of going all-in, I'd put small amounts into different assets, observe, and then decide whether to invest more or withdraw. Interestingly, I was practising dollar-cost averaging without even realising it! In fact, let me crack you up; I thought I had invented the strategy.

Haha, that must have been quite the discovery!

Yes, and it paid off. I began making more informed profits. In retrospect, getting insight from friends would have made my journey a bit easier. From experienced traders, I learned how to navigate network fees, arbitrage trading and more. That was even what led me to Yellow Card; I first bought crypto from Yellow Card when you launched USDT on the TRC-20 network.
Yaay! That's a win-win for us!
Getting community help did help to improve my profit margin, but I always took whatever insight with the back of my hand. Can't just follow the crowd without your own sense check, abi? I’d obviously do my own research before I went through with it before you put me for Gobe.

Understandable. What's been your biggest victory or challenge in crypto?

My biggest win has been the total earnings I've gathered. They might not be earth-shattering to some, but for me, they’ve been a milestone, helping fund my travels.

That's impressive! Any significant challenges?

Well, it was not a challenge, but the FTX crash did sink some of my funds. However, fortunately, I had assets on multiple exchanges, so it didn’t sink me into depression. But don’t doubt it; it definitely tried.

That must have been tough.

Yeah, it was, but it's been almost a year now; there’s been time to recover and pick up the pieces, but that doesn’t mean there isn't the tingling of regret now and then.

Understandable. Do you have any last words or recommendations for newbies in the crypto space?
It's the basics: do your own research and the rest. However, what has really helped me is taking a genuine interest in the cryptocurrency you are investing in, that is, regulations around it, updates to it, etc. It can help you determine if it's a viable investment and even help you navigate market price shifts.
Fantastic! Thank you for your valuable insights 

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