Cryptocurrencies: Mingle for Mutual Benefits

3 Aug

No one knows it all when it comes to cryptocurrencies and, to a larger extent, digital technology as a field to be explored. Hence, it is always a good idea to mingle with others to share in and learn from their discourses. Otherwise, it could have been easier to muzzle others’ initiatives and new ideas wouldn’t have flowed freely.From individual to technological invention perspectives, ideas determine how we evolve. The pointer(s) you didn’t notice could be a major concern to the next person based on his/her level of exposure to related issues, risk appetite, trade experiences, access to vital information etc. This is a major lesson that has cropped up from mingling with vibrant minds in the decentralized world of cryptocurrencies.

Believe it or not, digital currencies and the underlying Blockchain technology are changing how we live. To contribute your part – because we all have different perspectives to issues and none is useless all the time – it is expedient to join in the conversation. You have the faculty through which you can process what makes sense to you and create a safeguard against incomplete or inaccurate information. Join discussion groups, attend meetups, read online and watch videos.

No one can take your right to decide on what to do from you but you can’t just sweep every claim off the ground without a solid basis. In the Whatsapp group we created, a bunch of creative and sound-minded Nigerians discuss issues of interest on a day to day basis about market trends and significant trifles that exist in the burgeoning digital currency industry. You can develop your style like others.

A key word that tends to get my attention most when used in different contexts on the platform is blood: “blood money”, “I see blood”, “…bleeding blood” etc. While “blood” could be used literally as a representation of the colour red which in the financial context could mean being in arrears, there is another connotation that represents a stupendous flow of unprecedented increase in the value of a particular cryptocurrency. When used in the group, “blood money” means a particular currency has gained – or is gaining (depending on the time) value. For those who have invested in this particular currency, it could be an increase of 100% or 200% or more in a day or in a space of hours.

It doesn’t happen everyday or all the time though but it happens. There are some indicators that prep traders to be ready for what’s to come. Those who are in the know will agree with me that it’s not as risky to invest in cryptocurrencies these days – even with the not-so-popular altcoins.

The few Nigerians who are deeply into it now are curious and bent on educating themselves on what needs to be known before investing their hard-earned money into such a new phenomenon. If you know any crypto trader in Nigeria, ask him or her – yes there are females who are now deeply into cryptocurrencies as we have some of them on our platform – if it’s been profitable doing it. They will tell you it does though it may take some time because delays happen when there is a downtrend in the market.

While some will argue on the basis of holding on to gain in the long term – using cryptocurrencies such as Bitcoin as a store of value, other Nigerians will tell you to take advantage of the early exposure into the crypto market to make money rather than steering clear from it without taking the time to educate (and empower) themselves. It’s your call because you can always develop your pattern along the line. My hope is that you’ll be able to rub minds and share ideas with others for mutual benefits.

Have a nice time!

Olusegun Ogundeji

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