It's the same in other parts of the world but it's encouraging to read and hear such stories like this because we all can relate to the strive that Aluko did. I remember the situation in Venezuela and some of those interviews that I've watched that it was bitcoin that helped them to survive even if there's hyper inflation in the country. As they mine bitcoin and then eventually sell it for their survival which can be said that it includes trading.
Aluko is just one of those successful traders that made fortune through trading. He understands the risk of what he has chosen but it's more profitable and rewarding after all of those years that he had done trading.
Topic: Trading Bitcoin in Africa Is a Way for Some to Escape Poverty - page 5. (Read 577 times)
Unemployment is growing higher in africa countries and their economy is getting worse, well a big thanks to crypto many are getting back on their feet, not just through trading crypto only but even there are strong people who consider mining too but there are still some taking the wrong path too like creating fake ICO projects and so on, african countries consists of strong people but they also have bad people who can't find means of survival in the right way
Quote
Bitcoin having humanitarian qualities and helping the poor, is one of its most neglected and underappreciated aspects.
ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.
Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.
ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.
Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.
Cryptos definitely have the power to help the unbanked mass but is it reaching to the mass in a right way? I don't think so! The poor people don't have money to set up a mining operation so they will have to earn it like they do in real world. I believe cryptos have the potential to help the poor and unbanked people in big way but the entry barrier is so high that they are not able to get into it in a legitimate way! That's why you will see crypto related scams are increasing and in some African countries like Nigeria, it's all time high! Nigerian scammers have earned a global bad reputation of financial frauds. Cryptos, especially bitcoin is still an elite's game and is harder to get a hands on for a common person!
Quote
Learning to trade bitcoin has become a valuable skill set for Africans looking to boost their income.
For years, Stephen Aluko lived “hand to mouth” in Nigeria, home to a big but struggling economy in Africa with a high unemployment rate. He worked odd jobs, from running cyber cafes to “soft media” and videography, constantly mulling in the back of his mind if he would be able to pay for his next meal.
He was unemployed before hearing about bitcoin (BTC, -2.26%) in 2017. At that point, his shoes hardly held together.
When Aluko decided to commit to trading bitcoin – buying and selling the cryptocurrency for profit – that all changed. At first he had second thoughts. He didn’t know what he was doing. But the side hustle worked out so well he’s now been trading the largest cryptocurrency full time for three years.
“My finances were not in a good state when I started trading, so you could say bitcoin trading saved me,” Aluko told CoinDesk. “I have made enough money from trading bitcoin that I have been able to get married and can live comfortably without any debts.”
This is one example of someone using bitcoin in an unanticipated way to improve his life. And there are many other examples around the world, from Argentina to Iran.
“The money I have made from bitcoin trading has made it possible for me to invest in other businesses, be financially independent and live debt-free. So, I do think I have made more money with bitcoin than if I had chosen another career path,” he said.
The recent bitcoin bull run didn’t have anything to do with Aluko’s success. CoinDesk talked to Aluko about the rise of bitcoin trading in Africa in August 2020, before the price of bitcoin surpassed its previous all-time high, launching into a bull run.
27% unemployment
Aluko knows plenty of other traders who found themselves in a similar position.
“It’s not unique to me,” he said. “I know many people in Nigeria [who] trade bitcoin as a way to earn a living. I have also taught people how to trade bitcoin because I know how bitcoin trading has changed my life and I want to be able to help people.”
He argues that one factor driving so many people to trading is the high unemployment rate in the region. The situation has only gotten worse since Aluko was unemployed. In Nigeria, for instance, the unemployment rate has tripled over the past five years, swelling to 27%.
“Let’s just say that the numbers are not encouraging. There’s a chance that if I had worked hard and done a lot more applying to companies I may have gotten a decent job. But when I think about what I have achieved in three years as a result of trading bitcoin I am sure that I made the right choice,” Aluko said.
Other Africans have made the same career decision, giving bitcoin and cryptocurrency trading a try. African exchange Quidax CEO and co-founder Buchi Okoro said this is one of the key reasons people use the exchange.
“From our conversations with our customers, we have a lot of people using crypto to earn a living by trading as a full-time job,” Okoro told CoinDesk.
Bitcoin trading vs. speculation
Then there’s speculation, which is a bit different from trading. Speculation is investing in a risky asset, such as cryptocurrency, with the hope the price will go up and enrich the investor.
“Though bitcoin is used for speculation universally throughout the world, it hits differently in Africa,” KenyaCoin, a pseudonymous bitcoin enthusiast from Kenya, told CoinDesk, pointing to unemployment rates, as Okoro had.
“There are huge numbers of university graduates who simply cannot find employment in the country. Those with the means, especially those who studied economics, finance or tech, take up speculation in the crypto space to either try to supplement whatever income they do have or as a substitute for ’employment,'” he added.
KenyaCoin guesses that speculation is “the number one activity involving bitcoin and crypto on the continent.”
Risk of bitcoin and crypto scams
The rise of bitcoin and crypto in Africa has not necessarily been all rainbows, however.
There’s a dark side to this trend, too. Some people have gotten hurt from trading and speculation. Much like the rest of the world, as Africans have explored cryptocurrency as a route to a better income, some have lost money or have fallen for a number of scams.
Many Nigerians, for instance, first heard about bitcoin through MMM, a Russian Ponzi scheme that promised investors 100% returns. When MMM didn’t fulfill these lofty promises, participants lost their money.
KenyaCoin pointed to infamous cryptocurrency scams BitClub network and Onecoin as other examples of “bad” projects that have flourished in the region, as well as lesser-known scams such as Nurucoin and Crowd1.
“Scams often target victims in developing countries, as regulations in the finance and investment space are not always solid and/or enforcement is oftentimes lagging,” he said.
Bitcoin and other cryptocurrencies are still new so people in Africa – as well as the rest of the world – are still getting a handle on which cryptocurrency projects are actually useful for them rather than harmful.
https://www.coindesk.com/trading-bitcoin-escaping-poverty-africa-nigeria
For years, Stephen Aluko lived “hand to mouth” in Nigeria, home to a big but struggling economy in Africa with a high unemployment rate. He worked odd jobs, from running cyber cafes to “soft media” and videography, constantly mulling in the back of his mind if he would be able to pay for his next meal.
He was unemployed before hearing about bitcoin (BTC, -2.26%) in 2017. At that point, his shoes hardly held together.
When Aluko decided to commit to trading bitcoin – buying and selling the cryptocurrency for profit – that all changed. At first he had second thoughts. He didn’t know what he was doing. But the side hustle worked out so well he’s now been trading the largest cryptocurrency full time for three years.
“My finances were not in a good state when I started trading, so you could say bitcoin trading saved me,” Aluko told CoinDesk. “I have made enough money from trading bitcoin that I have been able to get married and can live comfortably without any debts.”
This is one example of someone using bitcoin in an unanticipated way to improve his life. And there are many other examples around the world, from Argentina to Iran.
“The money I have made from bitcoin trading has made it possible for me to invest in other businesses, be financially independent and live debt-free. So, I do think I have made more money with bitcoin than if I had chosen another career path,” he said.
The recent bitcoin bull run didn’t have anything to do with Aluko’s success. CoinDesk talked to Aluko about the rise of bitcoin trading in Africa in August 2020, before the price of bitcoin surpassed its previous all-time high, launching into a bull run.
27% unemployment
Aluko knows plenty of other traders who found themselves in a similar position.
“It’s not unique to me,” he said. “I know many people in Nigeria [who] trade bitcoin as a way to earn a living. I have also taught people how to trade bitcoin because I know how bitcoin trading has changed my life and I want to be able to help people.”
He argues that one factor driving so many people to trading is the high unemployment rate in the region. The situation has only gotten worse since Aluko was unemployed. In Nigeria, for instance, the unemployment rate has tripled over the past five years, swelling to 27%.
“Let’s just say that the numbers are not encouraging. There’s a chance that if I had worked hard and done a lot more applying to companies I may have gotten a decent job. But when I think about what I have achieved in three years as a result of trading bitcoin I am sure that I made the right choice,” Aluko said.
Other Africans have made the same career decision, giving bitcoin and cryptocurrency trading a try. African exchange Quidax CEO and co-founder Buchi Okoro said this is one of the key reasons people use the exchange.
“From our conversations with our customers, we have a lot of people using crypto to earn a living by trading as a full-time job,” Okoro told CoinDesk.
Bitcoin trading vs. speculation
Then there’s speculation, which is a bit different from trading. Speculation is investing in a risky asset, such as cryptocurrency, with the hope the price will go up and enrich the investor.
“Though bitcoin is used for speculation universally throughout the world, it hits differently in Africa,” KenyaCoin, a pseudonymous bitcoin enthusiast from Kenya, told CoinDesk, pointing to unemployment rates, as Okoro had.
“There are huge numbers of university graduates who simply cannot find employment in the country. Those with the means, especially those who studied economics, finance or tech, take up speculation in the crypto space to either try to supplement whatever income they do have or as a substitute for ’employment,'” he added.
KenyaCoin guesses that speculation is “the number one activity involving bitcoin and crypto on the continent.”
Risk of bitcoin and crypto scams
The rise of bitcoin and crypto in Africa has not necessarily been all rainbows, however.
There’s a dark side to this trend, too. Some people have gotten hurt from trading and speculation. Much like the rest of the world, as Africans have explored cryptocurrency as a route to a better income, some have lost money or have fallen for a number of scams.
Many Nigerians, for instance, first heard about bitcoin through MMM, a Russian Ponzi scheme that promised investors 100% returns. When MMM didn’t fulfill these lofty promises, participants lost their money.
KenyaCoin pointed to infamous cryptocurrency scams BitClub network and Onecoin as other examples of “bad” projects that have flourished in the region, as well as lesser-known scams such as Nurucoin and Crowd1.
“Scams often target victims in developing countries, as regulations in the finance and investment space are not always solid and/or enforcement is oftentimes lagging,” he said.
Bitcoin and other cryptocurrencies are still new so people in Africa – as well as the rest of the world – are still getting a handle on which cryptocurrency projects are actually useful for them rather than harmful.
https://www.coindesk.com/trading-bitcoin-escaping-poverty-africa-nigeria
....
Bitcoin having humanitarian qualities and helping the poor, is one of its most neglected and underappreciated aspects.
ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.
Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.
One of the problems of exchange rate in Africa is their fluctuating or depreciating currency. So, people look for places or platforms that will help to retain the stability of their money, and that is the innovation that trading platform had made possible to Africans to save their without fear of depletion of value.
To add to it, there is a feature in most exchange called P2P which allow crypto trading activities to be made via a country local currency. This a contrbutory factor to the rise of opportunity in the crypto space in that part of the world.
That article is bull crap actually. As many of those articles in crypto news sites.
Considering than 80% of traders lose money and that in markets like forex numbers go up to 90% or more losers, we can guess that for people trading Bitcoin numbers are pretty much the same.
In other words, the article presents the pretty face of someone who is poor and has been able to make a living trading Bitcoin but does not present the bad side of all those who, on top of being poor, got into Bitcoin trading and lost money.
Considering than 80% of traders lose money and that in markets like forex numbers go up to 90% or more losers, we can guess that for people trading Bitcoin numbers are pretty much the same.
In other words, the article presents the pretty face of someone who is poor and has been able to make a living trading Bitcoin but does not present the bad side of all those who, on top of being poor, got into Bitcoin trading and lost money.
Bitcoin having humanitarian qualities and helping the poor, is one of its most neglected and underappreciated aspects.
ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.
Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.
I agree with this that Africa can be part of a country that will have tremendous potential in the future. In addition, the Binance exchange platform was officially established in Africa. and it makes a great material off to a great start.
It cannot be denied that crypto has provided a solution for the world economy. every country is aware of it. and we as active users carry out our duties by providing new insights about the world of cryptocurrency to our closest relatives, family and neighbors.
maybe that's all we can do to contribute and be the smallest part of the development of crypto.
Correct, Bitcoin takes control from centralised entities and enables everyone regardless
of location, race or social standing to control their own finances 24 hours, 7 days, All year round.
That is why certain people like Christine Lagarde of the ECB and Janet Yellen U.S Treasury Secretary
want regulation of Bitcoin, they are afraid of losing "control" of wealth and of us.
of location, race or social standing to control their own finances 24 hours, 7 days, All year round.
That is why certain people like Christine Lagarde of the ECB and Janet Yellen U.S Treasury Secretary
want regulation of Bitcoin, they are afraid of losing "control" of wealth and of us.
Quote
Learning to trade bitcoin has become a valuable skill set for Africans looking to boost their income.
For years, Stephen Aluko lived “hand to mouth” in Nigeria, home to a big but struggling economy in Africa with a high unemployment rate. He worked odd jobs, from running cyber cafes to “soft media” and videography, constantly mulling in the back of his mind if he would be able to pay for his next meal.
He was unemployed before hearing about bitcoin (BTC, -2.26%) in 2017. At that point, his shoes hardly held together.
When Aluko decided to commit to trading bitcoin – buying and selling the cryptocurrency for profit – that all changed. At first he had second thoughts. He didn’t know what he was doing. But the side hustle worked out so well he’s now been trading the largest cryptocurrency full time for three years.
“My finances were not in a good state when I started trading, so you could say bitcoin trading saved me,” Aluko told CoinDesk. “I have made enough money from trading bitcoin that I have been able to get married and can live comfortably without any debts.”
This is one example of someone using bitcoin in an unanticipated way to improve his life. And there are many other examples around the world, from Argentina to Iran.
“The money I have made from bitcoin trading has made it possible for me to invest in other businesses, be financially independent and live debt-free. So, I do think I have made more money with bitcoin than if I had chosen another career path,” he said.
The recent bitcoin bull run didn’t have anything to do with Aluko’s success. CoinDesk talked to Aluko about the rise of bitcoin trading in Africa in August 2020, before the price of bitcoin surpassed its previous all-time high, launching into a bull run.
27% unemployment
Aluko knows plenty of other traders who found themselves in a similar position.
“It’s not unique to me,” he said. “I know many people in Nigeria [who] trade bitcoin as a way to earn a living. I have also taught people how to trade bitcoin because I know how bitcoin trading has changed my life and I want to be able to help people.”
He argues that one factor driving so many people to trading is the high unemployment rate in the region. The situation has only gotten worse since Aluko was unemployed. In Nigeria, for instance, the unemployment rate has tripled over the past five years, swelling to 27%.
“Let’s just say that the numbers are not encouraging. There’s a chance that if I had worked hard and done a lot more applying to companies I may have gotten a decent job. But when I think about what I have achieved in three years as a result of trading bitcoin I am sure that I made the right choice,” Aluko said.
Other Africans have made the same career decision, giving bitcoin and cryptocurrency trading a try. African exchange Quidax CEO and co-founder Buchi Okoro said this is one of the key reasons people use the exchange.
“From our conversations with our customers, we have a lot of people using crypto to earn a living by trading as a full-time job,” Okoro told CoinDesk.
Bitcoin trading vs. speculation
Then there’s speculation, which is a bit different from trading. Speculation is investing in a risky asset, such as cryptocurrency, with the hope the price will go up and enrich the investor.
“Though bitcoin is used for speculation universally throughout the world, it hits differently in Africa,” KenyaCoin, a pseudonymous bitcoin enthusiast from Kenya, told CoinDesk, pointing to unemployment rates, as Okoro had.
“There are huge numbers of university graduates who simply cannot find employment in the country. Those with the means, especially those who studied economics, finance or tech, take up speculation in the crypto space to either try to supplement whatever income they do have or as a substitute for ’employment,'” he added.
KenyaCoin guesses that speculation is “the number one activity involving bitcoin and crypto on the continent.”
Risk of bitcoin and crypto scams
The rise of bitcoin and crypto in Africa has not necessarily been all rainbows, however.
There’s a dark side to this trend, too. Some people have gotten hurt from trading and speculation. Much like the rest of the world, as Africans have explored cryptocurrency as a route to a better income, some have lost money or have fallen for a number of scams.
Many Nigerians, for instance, first heard about bitcoin through MMM, a Russian Ponzi scheme that promised investors 100% returns. When MMM didn’t fulfill these lofty promises, participants lost their money.
KenyaCoin pointed to infamous cryptocurrency scams BitClub network and Onecoin as other examples of “bad” projects that have flourished in the region, as well as lesser-known scams such as Nurucoin and Crowd1.
“Scams often target victims in developing countries, as regulations in the finance and investment space are not always solid and/or enforcement is oftentimes lagging,” he said.
Bitcoin and other cryptocurrencies are still new so people in Africa – as well as the rest of the world – are still getting a handle on which cryptocurrency projects are actually useful for them rather than harmful.
https://www.coindesk.com/trading-bitcoin-escaping-poverty-africa-nigeria
For years, Stephen Aluko lived “hand to mouth” in Nigeria, home to a big but struggling economy in Africa with a high unemployment rate. He worked odd jobs, from running cyber cafes to “soft media” and videography, constantly mulling in the back of his mind if he would be able to pay for his next meal.
He was unemployed before hearing about bitcoin (BTC, -2.26%) in 2017. At that point, his shoes hardly held together.
When Aluko decided to commit to trading bitcoin – buying and selling the cryptocurrency for profit – that all changed. At first he had second thoughts. He didn’t know what he was doing. But the side hustle worked out so well he’s now been trading the largest cryptocurrency full time for three years.
“My finances were not in a good state when I started trading, so you could say bitcoin trading saved me,” Aluko told CoinDesk. “I have made enough money from trading bitcoin that I have been able to get married and can live comfortably without any debts.”
This is one example of someone using bitcoin in an unanticipated way to improve his life. And there are many other examples around the world, from Argentina to Iran.
“The money I have made from bitcoin trading has made it possible for me to invest in other businesses, be financially independent and live debt-free. So, I do think I have made more money with bitcoin than if I had chosen another career path,” he said.
The recent bitcoin bull run didn’t have anything to do with Aluko’s success. CoinDesk talked to Aluko about the rise of bitcoin trading in Africa in August 2020, before the price of bitcoin surpassed its previous all-time high, launching into a bull run.
27% unemployment
Aluko knows plenty of other traders who found themselves in a similar position.
“It’s not unique to me,” he said. “I know many people in Nigeria [who] trade bitcoin as a way to earn a living. I have also taught people how to trade bitcoin because I know how bitcoin trading has changed my life and I want to be able to help people.”
He argues that one factor driving so many people to trading is the high unemployment rate in the region. The situation has only gotten worse since Aluko was unemployed. In Nigeria, for instance, the unemployment rate has tripled over the past five years, swelling to 27%.
“Let’s just say that the numbers are not encouraging. There’s a chance that if I had worked hard and done a lot more applying to companies I may have gotten a decent job. But when I think about what I have achieved in three years as a result of trading bitcoin I am sure that I made the right choice,” Aluko said.
Other Africans have made the same career decision, giving bitcoin and cryptocurrency trading a try. African exchange Quidax CEO and co-founder Buchi Okoro said this is one of the key reasons people use the exchange.
“From our conversations with our customers, we have a lot of people using crypto to earn a living by trading as a full-time job,” Okoro told CoinDesk.
Bitcoin trading vs. speculation
Then there’s speculation, which is a bit different from trading. Speculation is investing in a risky asset, such as cryptocurrency, with the hope the price will go up and enrich the investor.
“Though bitcoin is used for speculation universally throughout the world, it hits differently in Africa,” KenyaCoin, a pseudonymous bitcoin enthusiast from Kenya, told CoinDesk, pointing to unemployment rates, as Okoro had.
“There are huge numbers of university graduates who simply cannot find employment in the country. Those with the means, especially those who studied economics, finance or tech, take up speculation in the crypto space to either try to supplement whatever income they do have or as a substitute for ’employment,'” he added.
KenyaCoin guesses that speculation is “the number one activity involving bitcoin and crypto on the continent.”
Risk of bitcoin and crypto scams
The rise of bitcoin and crypto in Africa has not necessarily been all rainbows, however.
There’s a dark side to this trend, too. Some people have gotten hurt from trading and speculation. Much like the rest of the world, as Africans have explored cryptocurrency as a route to a better income, some have lost money or have fallen for a number of scams.
Many Nigerians, for instance, first heard about bitcoin through MMM, a Russian Ponzi scheme that promised investors 100% returns. When MMM didn’t fulfill these lofty promises, participants lost their money.
KenyaCoin pointed to infamous cryptocurrency scams BitClub network and Onecoin as other examples of “bad” projects that have flourished in the region, as well as lesser-known scams such as Nurucoin and Crowd1.
“Scams often target victims in developing countries, as regulations in the finance and investment space are not always solid and/or enforcement is oftentimes lagging,” he said.
Bitcoin and other cryptocurrencies are still new so people in Africa – as well as the rest of the world – are still getting a handle on which cryptocurrency projects are actually useful for them rather than harmful.
https://www.coindesk.com/trading-bitcoin-escaping-poverty-africa-nigeria
....
Bitcoin having humanitarian qualities and helping the poor, is one of its most neglected and underappreciated aspects.
ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.
Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.
Jump to: