Crypto Gist: How I Went From Huge Losses To Consistent Earnings In 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?

Hi, I’m Cynthia from Uganda

Cynthia, it’s great to have you here. How would you describe your crypto experience in one word?

 It’s been rewarding: not easy, but worth it.

When did you first hear about crypto?

I first heard about it in 2019 but didn’t take a keen interest. I understood it better in 2021 but didn’t get started till mid-2022.

How did you get started in crypto?

I first heard about crypto on social media, more specifically, bitcoin on social media. It talked about improving the economic system and bridging the gap between the underbanked and the unbanked. While that sounded pretty impressive, I was neither unbanked nor underbanked, so I was sure how it would help me, so I didn’t take it up. 

Of course, I knew it had potential investment value, but I have never been that kind of investor. That’s why I never went into forex, even though, at a time, it was popularised as the side hustle to have. I just didn't have the heart for it. 

After my first incident with crypto, I heard more about it but only took a keen interest once it became my job. 

Your Job?

I was hired as a legal consultant for a crypto service provider. I have previously worked with financial institutions and fintech, so I thought it would be a ball in the park. Boy, was I wrong! Before I could properly represent my client, I had to learn more about crypto and the conversation around it. 

I struggled with it and was thrown headfirst into an overlapping body of information. My issue wasn’t that there wasn’t information but too much of it, and some were conflicting. Eventually, a friend recommended Yellow Card Academy. He traded on Yellow Card and saw an email announcing it was live. He didn’t need it, he was an experienced trader, but I was grumbling at him, so he thought it could help. It didn’t have all the information I needed, but it gave me a preliminary background in crypto and blockchain, and from then on, I proceeded to expand my crypto knowledge.

Yay! Yellow Card Academy to the rescue!

It did help, so Kudos to the Yellow Card Team. However, learning about crypto was the least of my problems.

How So?

I understood the terminologies and basic techniques and even read a couple of whitepapers.  The more I read, the more interested I was, but then I wasn’t sure about the right time to invest. I wanted to wait for the dip and then sell for profit. Even though I was interested in investing, I didn’t still have the stomach for trading. Therefore, my best alternative was hodling.

It was like the universe was against me; every time I thought it would go lower, it went higher and vice versa. Eventually, I just poured more than half of my savings into bitcoin, comforting myself that there will always be a bear or bull market, and I’ll figure my way around it.

Sadly bitcoin dropped more than 40% at the time of my initial investment, which meant my money fell with it. I knew I shouldn’t be a weak hand, but still, it was my funds. My colleagues at work would talk about profits while I was stinging about my losses.

Honestly, I don’t blame people who sell off in a bear market because I did the same time. Not everyone has the heart for it, and I simply confirmed I couldn’t handle it.

What did you do next?

I picked up the crumbles and poured the money back in, but this time with USDT, and it has been rewarding. I may not be an expert trader, but I profit significantly from USDT trades. USDT is more stable, so I’m not thrown into the volatility of a coin like bitcoin. At the same time, the minor fluctuations it has allowed me to buy low and sell high. Profits may not be crazy like bitcoin, but at least I have my sanity. In fact, I opted to receive my earnings in USDT, and I’ve earned a passive income with crypto.

It’s fantastic that you finally figured out what works for you.

Yes, it's been. Eventually, I might return to investing in other cryptocurrencies, but for now, I’m right where I need to be.

Amazing! It’s not always an easy transition for everyone. What would be your recommendations if you could advise newbies in the crypto space? 

Learning did help me, so I recommend learning first. Also, losses come, and it can be tempting to sell off. If you do that, then don’t beat yourself up about it. Simply get back in the space, taking lessons, and you’ll figure it out.

Thank you so much, Cynthia. This was very enlightening,

My pleasure. It was great to share my story.

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