Crypto Gist: From Code to Coins: Timothy's Lucrative Journey into Crypto

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 Timothy, hailing from Nigeria, and I work as a software engineer.

Welcome, Timothy; it's lovely to have you here.

Thank you; the pleasure is all mine.

To kick things off, if you could describe your crypto experience in one word, what would it be?

I'd sum it up as "Lucrative." It's truly been a fantastic journey.

That's great to hear! So, when did you first hear about crypto?

My introduction to crypto was in 2021. At that time, I was working for various companies across the globe, and I was grappling with receiving payments due to currency differences. I'd explored alternative platforms, but the exchange rates were often unfavourable, or the transaction fees were exorbitant. It was when one of the companies offered to pay me in USDT that I began to delve into the world of crypto. I know it's surprising, a tech bro that didn’t know about crypto.  

Haha! That's quite a unique entry point. How was your transition into the world of crypto?

Initially, I didn't perceive it as a significant shift. It felt pretty natural and straightforward. I got recommended a wallet, learned the ropes, and set up my account. For me, at that time, it was simply a convenient payment gateway. I was only receiving payments from one company through crypto.

That's understandable. When did you start taking a more active interest in cryptocurrency?

It was when I noticed that my salary, converted into naira, fluctuated with the dollar and naira price fluctuations. That piqued my interest, and I began to recognise the immense potential it held for me. Being in my twenties and seeking investment opportunities and additional income streams, crypto became my go-to choice.

So, you finally discovered the allure of crypto.

Exactly! I started reading up on it, how it could act as a hedge against inflation, and the possibilities it offered. My interest was undeniably sparked. I began buying USDT with my naira and even proposed to some other freelance companies to pay me in USDT. At that time, I was working for three companies, and only one insisted on non-USDT payment. Nonetheless, for me, it was a win-win situation. I could benefit from the fluctuations in the naira-dollar exchange rate.

What's been your biggest win or challenge in the crypto world?

My biggest win has to be when Yellow Card launched in Nigeria. You guys offered an impressive exchange rate, and I had already earned significantly by then. So, along with a few friends, we managed to buy and sell USDT at a very favourable rate. I'll keep the exact amount I made a secret; after all, you can't let your guard down. 

We're thrilled to have been a part of your crypto journey!

Indeed, the profits I made then, coupled with the fluctuations in the naira, have been a motivating factor. As for challenges, they've been minimal, mostly related to buying high and the prices not going up when I diversified my portfolio with other cryptocurrencies. However, as I mentioned earlier, these setbacks have been minor. I mainly hold my earnings in USDT, which shields me from significant impacts when other altcoin prices drop. In fact, earlier this year, I had a major accident and lost two of my jobs almost simultaneously due to layoffs in the tech industry. While it wasn't easy, the investment portfolio I'd built with crypto made it much easier to navigate without panicking.

Whoa! That's indeed a significant milestone.

It's not a walk in the park, but getting into crypto helped me become better at financial planning. I learned to allocate funds for investments, savings, and daily expenses. Ironically, it also made me more informed about current events and financial topics. I used to be indifferent to the news, but now I can engage in conversations about global finance, which has been a valuable asset when networking. So, yes, crypto has not only enhanced my financial stability but also contributed to my overall knowledge and career growth.

That's truly amazing. What advice do you have for newcomers in the crypto industry?

While my crypto journey might not be the most complicated, I can say this: crypto is more than just trading. It can be an investment, a savings tool, and a means to send money across borders. It holds immense potential. Regardless of how you step into the world of crypto, take the time to understand what it means to you. This self-awareness will guide you toward the knowledge and strategies needed for success in the crypto space.

That's some insightful advice, Timothy. Thank you once again for sharing your crypto journey with us today.

You're welcome, and it was my pleasure to be here.

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