Crypto Gist: The Crypto Hostess Who Found A Crypto Technique That Suits Her.

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.

Hi, Can we meet you?

I’m Suchie from Nigeria. I’ve been a Yellow Card customer over the last two years, and I am excited to be here. 

Great to have you here, Suchie! How did you get into crypto?

I’ve been in crypto for a while now. I got into crypto in 2018, though not in the traditional way of trying to trade. That’s what is interesting. I got into crypto with work. So, I started as a presenter for an internet TV crypto station. From there, I met people and hosted a couple of gigs. 

Since then, I have been in the crypto industry, hosting different gigs and playing different roles. I have also grown in my experience by using crypto in my everyday life. 

Impressive! Not traditional, indeed. Can you describe your crypto experience in one word?

My crypto experience, in a word, would be amazing or unique.

Great perspective. Despite how you started, have you transitioned to either trading or holding? 

It takes a village, right? I’d say everyone has bad experiences in crypto. Don’t think because I came in via that route, I didn’t have any bad experience. Almost everyone has had at least one bad experience in crypto.

If I remember correctly, my wallet was hacked at one point.

Woah!

I lost some Ethereum and other coins, so everyone has stories to tell. I am not that much of a trade person. I do not have the stomach for the anxiety or all the fear and uncertainty that comes with trading. I just don’t have trading in me, so I do more holding. 

I am very conservative with how I do my stuff, so I hold very conservative coins. I won’t say their names because it is not financial advice.  I simply buy and hodl. And on another point, I get my salary in USDT, which helps me stay in the crypto space in terms of wealth. 

Also, holding helps so that I am unaffected by the volatility of my home country's currency which is the naira. If you are Nigerian, you’d understand the rollercoaster naira has been on over the last couple of months. I am just so glad I do not have to experience that. 

What lessons did you learn from your wallet hack? No. First, how did it happen?

Omo! E shock Me! Cause even till today, I don’t know exactly what happened. The only thing I know that exposed my wallet to getting hacked was that I created that wallet with my friend’s laptop. 

Oh Wow!

Omo! Either my friend was bad to me and took my coins, or I was just a victim of a random multiple-wallet hack. E shock me, but there’s no definite conclusion. But the lesson I’d say people should take from that is, don’t set your wallet on other people’s devices. Set it up yourself on your device, and you should only have access to your password and seed phrases. That way, you know you are in charge of your wallet, and there’s less likelihood of anything happening. 

On another note, I’d say set very strong passwords. I mean, that’s the reason why Yellow Card tells you to do all those things when you are setting up your account. That is the higher case, lower case, special characters, numbers etc. When your password is set up that way, it’s hard to hack. The point is to set up your wallet by yourself, on your device, on a secure internet connection and keep your passwords safe. So you don’t tell stories that touch.

Yes o! So how has hodling been?

Hodling can be bitter-sweet, right? It’s not funny! If you buy at $40,000 and then it's at $16,000, and literally, some people are on minus. I pity people trading futures because, at this point, I’m sure they must have gotten liquidated at this point.

Hahaha!

Yeah, so hodling is bittersweet but look at patterns. The world evolves based on patterns. What has happened before will happen again in one form or another. So you want to look at patterns and know when you are buying. You have to be smart. You must look at market trends or indicators and ensure you buy at the right time. So you won’t lose your money.

Very insightful! Is there a particular occurrence that taught you this, or did you hear it in the crypto space and decide to look into it?

Hmm…I think it’s a combination of both, right? You are in the crypto space and start tuning into crypto news, reading articles, watching videos, and taking learnings on technical and fundamental analysis. I don’t really do the technical but the fundamental, which is basically looking at the happenings. If you are in a community of people who understand the market, it makes it very easy, oh my God! It just slashes your learning curve, to be honest. When the market is falling, you have people to ask like okay! What is happening? And then they can explain to you.

On the other hand, you look at what thought leaders are saying because thought leaders are the ones that influence a market on a macro level. That is, thought leaders and whales. So you know the patterns of what they say, practices they are taking, and you act accordingly. It’s a time-intensive process. If you are in the industry and are already buying coins with your hard-earned money, at least 30 minutes a  day, dedicate it to what is happening in the market. It is not too big an ask or too hard to do. 

That’s great. Many people don’t do that. Have you ever personally experienced a loss in the crypto space? 

So my first experience in futures trading, I actually lost my money! Hehehehe! That’s why I don’t do futures. In my first experience in futures trading, I got the signal, I put in the trades direction from the signal, and the trade started going in the other direction. And I was just watching as my money went down. 

Although I set a stop loss, I didn’t put the stop loss at the point I should have. So when that happened, I was like, I am not cut out for this. So that was my trading experience in crypto when I tried futures. I saw the entire anxiety that I went through watching my money go down.  I said no, this is not for me. I am not going to do this again. 

So that’s it? You are not trying again, not even when you are already making millions in the crypto space?

Omo! You’re asking me! Heh heh! I will use millions to trade when I am not even using thousands to trade. 

Lol, There’s always a possibility! 

I don’t know; it's looking slim. I think my future in the crypto space would be me offering services and building my portfolio, not trading. I don’t think I will go in that direction of trading. So it will involve providing value to people and solving problems. So yes, I see myself doing that long-term. But long-term trading? Very highly unlikely. 

So just investing, cool! What would be your advice to a newbie in the crypto space?

Basically, join a community. A community will take you places and teach you things you may not know if you are alone. But you want to be sure you are joining a community of people who are passionate about crypto and not just looking to make money off you.

 As a newbie in the crypto space, you might experience many dangers, so communities shield you from dangers. You have a mentor, you can ask questions, and the person can explain things in simple terms without you getting confused. So joining a crypto community is very important in the crypto space. 

This was a very insightful session, and it was terrific to have you here to provide a unique perspective on crypto. Thank you very much.

Thank you.

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