Early adopters of cryptocurrency guide new members of the community on the goals of crypto and how to navigate the space. They play a vital role in ensuring that the community doesn’t lose sight of the goal: financial revolution.
One of such early adopters in Nigeria is the veteran crypto trader, Munachi Ogueke. He recently had a chat with Chris Ani on DABA’s Internet Business Show, where he shared powerful lessons on business and cryptocurrency. Here are some of the lessons:
On Business Be curious and willing to learn. Knowledge is not free. You need to pay for knowledgeIt’s good to be early in your industry. When you are early in any space, you tend to move towards what you like and find out what your strengths are.
On CryptocurrenciesCrypto gives you access to money. It gives you the ability to hold value for yourself without involving a third party.
Bitcoin has utility in all markets. It is the only asset apart from the US Dollar that is liquid in every single market in the world. This gives people the ability to move money to any part of the world without restrictions.
You need to be hedged. You need to have a financial backup plan. Crypto is that hedge, it gives you financial freedom.
Bitcoin has utility. It also has a limited supply. Utility creates value and value creates demand. With increased demand and fixed supply, there is always going to be an upward trend.
Bitcoin is a volatile item in the short term but in the long term, it is very predictable.
To Newbies Don’t rush into crypto because you think you can make fast money. The most important thing to do is to acquire knowledge, learn from your mistakes and manage your risks.
Educate yourself. Education nourishes your mind. With it, you figure out the different types of trading. At the end of the day, you can tell what works for you.
These are just nuggets from the wealth of wisdom Munachi shared with Chris.
To watch the full clip, click here.