Bitcoin Story: I Made My First ₦1 Million Trading Crypto

Quidax
September 2, 2020

Bitcoin Story is a series that tells the eventful stories of Bitcoin and crypto traders. Every week, we’ll interview a Bitcoin or Crypto trader about their experiences and share them with you. This includes everything from those who have it rough to those who smile to the bank. You can also share your story with us.

My Name is Stephen Owoyele and This is My Bitcoin story.

I never imagined myself trading Bitcoin or any asset, to be honest. It just wasn’t in my plan at all. But somehow, I found myself here. And I wouldn’t have it any other way. Bitcoin has helped me achieve a lot of things and I hope I can inspire the next person. 

How it Began…

When I was younger, my dad worked in a bank and was exposed to the financial market. Sometimes, he’d tell me about how bad his investments in the stock market had gone. It got me thinking, “Is this how I’ll also lose my hard-earned money if I trade??” Haha….It scared me. I told him I didn’t think I’d ever become a trader but life had other plans for me. My crypto trading journey started in 2016 when I started interacting with various online businesses. I tried revenue shares, investments, and even the occasional Ponzi scheme. Like most people know, those businesses failed. The profit was just unachievable. Apart from that, many of them just wanted to take money from people and run away. Most of them no longer exist. 

I discovered Bitcoin during my NYSC while trying to buy another digital currency called Perfect Money. Bitcoin fascinated me because I’d never heard of it. I didn’t touch it yet sha. Instead, I focused on Ethereum (ETH). 

My First Trade with Ethereum

I made my first real trade in April 2017 and it wasn’t great. 

I had less than ₦300,000 in my bank account which I saved up from my NYSC and those earlier investment programs. When I found out about Ethereum in 2016, it was still about $3 or $4 (₦1,500) but I ignored it (BIG MISTAKE) because I didn’t understand it. When I checked again by 2017, it was like $50 ah! I was like WOW! This is crazy. I ignored it again and a week later, it jumped to $100. That was when my village people started inspiring me. I figured it was the right time to buy this thing because I felt it would keep increasing. I was READY! I loaded about ₦100,000 ($320) on a crypto exchange to buy 2-3 Ethereum. Luckily, I bought my first Ethereum for $98. When I woke up the next day, it had increased to $101 and I was like, “Okay, nice! I think I’m beginning to make money.”

The next day, I woke up and saw it had dropped below $98 and I was like, “What is happening?!” But I held on to it hoping it would come back up. At all oh. It kept dropping. It dropped to about $88 and I couldn’t bear the loss so I sold it. That was one of my biggest mistakes because the price later went up to over $200 by the end of May 2017. It wasn’t a good first experience at all but I didn’t let it stop me. 

From Ethereum to Bitcoin

During my earlier businesses, someone introduced me to a man I call Prof. Prof showed me I could trade Bitcoin profitably against the Naira. That encounter made all the difference in my trading journey.

I focused on Bitcoin trading in March 2018 because of that bull run of 2017 when Bitcoin hit $20,000. I won’t lie, I made VERY substantial gains in 2017 from that bull run and it increased my appetite for more. 

I lost over 90% of those gains from trading and started researching properly. I learnt all I had to by reading crypto guides and asking for advice from people in communities like this. Eventually, I made it all back. It took about 4 – 5 months after that to hit ₦1 million from trading. I’ve been trading Bitcoin since then and I hope to continue.

Life as a Bitcoin Trader Today

My typical trading day is very busy. Sometimes, I forget to eat, take a bath, or even drink water. But ah, it’s always good. Every day comes with better opportunities. I trade to increase my capital. For me, every boost in my capital is a breakthrough. If I traded with ₦2 million last month and I’m able to trade with ₦3 million this month, then I’ve made a profit of ₦1 million. You can make a lot more. But if I’ve increased what I started with, then that’s enough for me. 

I find trading sustainable and consistently profitable. My capital has grown. In fact, I can say it has grown geometrically. But I learnt the hard way that it’s only this good if you follow trading rules. But see ehn, I made a lot of mistakes. One of my biggest mistakes was not learning how to remain a profitable trader. Many people just enter the market and trade. They make money today, make money tomorrow, and lose everything the following day. That method is not sustainable long term. Another mistake I made was not preserving my profit earlier. This is one of the biggest issues that traders have. 

Everyone Should Know This…

The fact that I made back everything I lost in multiple folds shows you the potential of this market. It can make you better or worse depending on your mindset. Bitcoin trading is not a get-rich-quick scheme. If you’re not ready to work hard, it won’t work for you. You have to work for your money, just like you would if you were running any other business. 

In the future, I would like to use my profits to help people who are not as fortunate as I am. I also want to educate more people on the benefits of trading Bitcoin. It can really be a way out of hard times. 

I’m very grateful that I made up my mind to become a full-time trader early enough. It’s one of the best decisions I’ve ever made! 

Want to share your Bitcoin Story?

If you want to share your Bitcoin story or your experience with crypto, we would like to hear about it.
We want to hear all types of stories, the good, the bad, and the rough so we can share all sides of Bitcoin and crypto.

Yes, I want to share my Bitcoin Story

You'll like this

November 4, 2019

The subject of today’s story lived in Nigeria for a while, but he currently lives in his home country, Liberia. Tell me about that first cash that you felt was yours. Let me start by saying I’m the laziest person I know. When I was a kid, my dad wanted to imbibe reading as a […]

March 30, 2020

What’s your biggest fear? Snakes? Death? His biggest fear is not a person or people, it’s a system, a culture. What’s your oldest memory of money? My mummy took me and my brother to this park, which was close to where we lived. After riding one of their motors, I wanted to go again and […]

Sponsored by
Quidax

Join The Conversation

Bring a friend.

Watch

Now on Zikoko

September 30, 2020

I wasn’t a big Runtown fan until I listened to a shitload of his songs for this Ranked. He’s actually got a great body of work, so I ranked his top ten best songs. Here you go: 10. Baby Answer “Girl my love for you be like kilimanjarooo…” and then the rhymes that follow. 2014 […]

September 30, 2020

Everyone takes naps. Every adult loves naps. Naps are like vegetables. You hate them when you’re a kid, but you know they’re absolutely essential when you get older. Many naps are ordinary, but some naps are sent from God as a reward for good deed. Those ones will have you feeling like this 1. You […]

September 30, 2020

African women have had a complex relationship with birth control, so we ask 10 African women, to tell us their experiences using birth control. Ann; 26, Zambia I don’t like taking medicine unless it’s really necessary, and I barely finish my courses so I knew the pill was a no. I didn’t like the idea […]

September 30, 2020

Going to the beach is a Nigerian favourite past time, especially for people who live in cities close to one. People go there for all sorts of reasons. It won’t be strange to find these 5 types of people at the beach. 1. People who just want to chill You’ll recognise them with their sunshades […]

Recommended Quizzes

January 2, 2020

Do you have even a single romantic bone in your body? Well, if you’re not sure about just how sweet and thoughtful you can be to someone you love, that’s what this quiz is here to answer.

how tall are you
March 11, 2020

Did your parents give you enough beans when you were growing up? If they did, then you’re probably around 6’0″ and above. Either way, we created a quiz that can guess your current height (pretty accurately, if we do say so ourselves). Take to see if we nailed it:

October 30, 2019

2010 was a game-changing one for Nollywood, with our movies making serious cash and getting international acclaim. So, which of these hits released between 2010 and 2019 — from the pace-setting The Wedding Party to the divisive Trip To Jamaica — best suits your personality? Well, that’s what this quiz is here to answer:

October 10, 2019

2019 is certainly Burna Boy’s year, but, if we are being honest, so was 2018. Since his transcendent mixtape, Outside, the afro-fusion star has refused to get his foot of our necks — dropping a string of fantastic singles and then capping it all off with his career-best album, African Giant.  So, in a bid […]

More from Money

September 28, 2020

Tell me about the day you knew something wasn’t right.  I woke up in the middle of the night feeling funny. I’d slept like two hours earlier, but something woke me up. I decided to check my blood pressure  – I’m hypertensive.  Wait, how old are you?  27 soon. Anyway, I checked my BP, and […]

September 24, 2020

Being a corps member has to be one of the most stressful phases in the life of a Nigerian youth. And you know what makes it all the more stressful? The money aspect. It is never enough. 1. The struggle of waiting for allowance every month. Especially when it’s already 20-something on the calendar and […]

September 17, 2020

Recently, I had an interesting money situation where a friend defaulted on a loan. From the lies to the silence, I felt somehow. Especially because of the lies and fake anger. I assumed that a friend wouldn’t treat me like that. Motivated by my experience, I went asking people for their own money experience. Here’s […]

Watch

Trending Videos

Zikoko Originals

June 22, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
June 22, 2020
Hacked is an interesting new series by Zikoko made up of fictional but hilarious chat conversations.
June 4, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
June 2, 2020
Quickie is a video series where everyone featured gets only one minute to rant, review or do absolutely anything.
May 14, 2020
Isolation Diary is a Zikoko series that showcases what isolation is like for one young Nigerian working from home due to the Coronavirus pandemic.
March 12, 2020
Life is already hard. Deciding where to eat and get the best lifestyle experiences, isn't something you should stress about. Let VRSUS do that for you.
February 6, 2020
Who doesn't want to find love? In our bid to help, we paired up a bunch of single Nigerians, sending them on an all-expense paid date, and interviewing them before and after they met.
January 27, 2020
Nigerians Talk is what happened when a motley crew of young Nigerians were put in front of a camera and asked a bunch of apparently random questions about life, love, money and more.
September 24, 2019
A group of Zikoko staff go on a road trip to every mainland country in ECOWAS West Africa

Z! Stacks

Here's a rabbit hole of stories to lose yourself in:

Zikoko amplifies African youth culture by curating and creating smart and joyful content for young Africans and the world.
X