Crypto Gist: Meet Sam, A Skeptic Turned Crypto Enthusiast 

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 Sam, a Nigerian, and I haven’t figured everything out.

Hi Sam, That’s some introduction.

I know, right? Everyone is always so sure of the crypto space after several years but not me. It feels just as new as when I started.

Hmm… that’s interesting. How would you describe your crypto experience in one word?

It’s been quite a journey, but I’d say exciting. There’s never a dull moment.

I couldn’t agree more! When did you first hear about crypto?

I think about 3 years ago now.

How did you first hear about crypto?

Here it is… I was dead broke, I had just paid for my apartment, and if you sabi Lagos very well, you’d know how expensive that can be. I was also trying to set up the apartment like a bachelor pad, which was even more expensive. It wasn’t like I was totally broke, but I was still a hustler, so my funds were limited. 

I was ranting to a friend, and he mentioned I could make some quick cash from crypto. I wasn’t interested, though- and no, I’m not a proud broke man.

Haha… So what happened?

I wasn’t interested because he said, “There’s this WhatsApp masterclass on crypto I’m attending; once you invest money, you’d cash out. A lot of people have cashed out. Now you understand where my scepticism comes from. I don’t have an issue with these WhatsApp classes, but often the people that host them just have a minute idea and then charge people a lot of money to learn this. They aren’t cashing out from what they are teaching you -okay, maybe cashing out a bit, but still, they are making their money from the payment for the classes. 

That’s a different perspective.

Yeah, but that’s an entirely different conversation. He was convinced about it, but I wasn’t keen like I mentioned. But a while later, I came across a video on crypto, which made me remember the conversation with my friend. From that video, I watched others and realised there was an opportunity in this. But from what I could get, I needed to get familiar with the market first. 

I invested some money into Ethereum and USDT. It wasn’t that huge, but that was a start. I didn’t even trade it but started following the trends more, hoping to learn more and then trade. However, life happens.

How so?

It’s easier said than done. It’s difficult to always  stay updated and start taking classes and learning about crypto. I really don’t know how to explain it, but I was swamped. I had a full-time responsibility and a full-time job. So I was barely making any growth in learning or my expertise. However, at least I knew I had money in crypto. Even if it dropped massively, I was assured enough of the value and utilities of these assets that I knew they would rebound. So it was more long-term for me. 

Anyways, I kept up with the news when I could. However, my active participation came when I came across a debate on Bitcoin; it wasn’t like a glowing bulb moment. I was listening to someone talk about his crypto experience, and it struck me that I wasn’t putting in more effort. Crypto is more than just an investment or a way to supplement my income; there’s an entire community that is more than price gains and bear markets.

That’s deep!

Haha… That’s how I felt, and it helped during the bear market. I became more interested in learning about crypto and started joining conversations. I listened to stakeholders talk about the future of these coins, and overall, it impacted my wallet. I knew best when to buy, sell or hold. I could diversify my portfolio correctly and wasn’t thrown into some hype craze.

How’s the journey been since then?

Ironically, I never got access to my first crypto investment, so I had to start again.

How come?

I bought crypto on a different phone, and there are so many passwords I just didn’t realise the one I used. Unfortunately, I couldn’t even remember the email, security question etc., to recover it. It was a painful moment, but when I think of how much profit I have made since then, it covers it. But I got so many lessons from that, like using a password manager and ensuring that whatever app I use has a proper recovery method. But it's all good now. 

Sorry about that, but then what’s been your biggest takeaway in this journey?

I do not deny crypto has helped many people grow financially; that would be ignoring my wallet. However, understanding and finding passion in what you do helps. When I say I don’t know everything, I’m not discounting that I’ve grown in knowledge, but today I have diversified into DeFi and now trying to take a more keen interest in Web3. So I definitely don’t know everything, but taking an avid interest helps me recognise opportunities.

That’s insightful! 

Yeah, so that’s why when I advise people, I tell them to take their time in their journey. It doesn’t have to be fast-paced, and someone’s journey doesn’t always work for you. You just got to understand what you’re investing and I think that helps.

Thank you, Sam. It’s been great hearing about your crypto journey.

Same here

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