What are your thoughts about cryptocurrency?
What it is:
Digital money that is not controlled by any single bank or government. Bitcoin is the first and biggest, then Ethereum, USDT, etc. It runs on blockchain, which is like a public record book that no one can secretly change.
Why people in Nigeria like it:
1. Hedge against Naira — when Naira falls, some people hold USDT/BTC to preserve value.
2. Easy cross-border — you can receive money from abroad without bank troubles.
3. Opportunity — early buyers made good profit, so many see it as investment.
Why you must be very careful —
1. Very volatile — price can go up 20% today and down 30% tomorrow. It’s not stable like foodstuff business.
2. Scams are everywhere — in Abuja/Karshi, many “crypto investment platforms” promising 20-30% per month are Ponzi. Real crypto doesn’t guarantee profit.
3. No refund — if you send to wrong address or someone dupes you, bank cannot reverse it.
4. Regulation — Central Bank of Nigeria (CBN) now allows crypto but with strict rules. P2P is where many lose money to fraud.
My personal advice for all:–
If you want to learn, start with knowledge, not money. Learn Bitcoin and USDT first.- Never use other people’s or Association money or your family upkeep money to trade crypto. Use only money you can afford to lose completely.
If someone tells you “bring 500k, I will give you 800k in 2 weeks with crypto” — run.- For saving, USDT (stablecoin pegged to dollar) is less risky than trading coins, but still keep it in a reputable wallet/exchange, not with a person.
You must be careful — that carefulness is your strength. That same carefulness will protect you in crypto.
Are you thinking of investing, or someone approached you with a crypto offer this new month? Learn more about it before putting your money 💰
I am Adeyinka Ogunrombi, FCA — 34 years in public sector finance. I offer consultancy and academic services. My active business: http://Topupandgetreward.com — airtime, data and rewards. WhatsApp message only: +2348054048128
