I still remember the year 2015, during my National Youth Service Corps (NYSC) in the east part of the country. One of my fellow corps members caught up in the craze of the Ponzi scheme era, sold all his Bitcoin just to invest in one of those schemes. I recall him even offering to sell me some of his Bitcoin in exchange for cash but I refused.
Looking back now the past is truly behind us. We should have invested in Bitcoin instead of falling for Ponzi schemes. The value we overlooked then has now become a lesson for the future.
Ponzi schemes where very prevalent several years ago and even in the year 2015, many Ponzi schemes came which many fall for them and lost huge amounts of money. Nigerians at that time where just after how to make quick money in the internet, so it made it very easy for those Ponzi schemes to lure them into believing in them and promising them that they can flip their money within a short time which is untrue.
Due to the many Ponzi schemes scamming people of their money with some of them using crypto in their services they render, bitcoin became what many disliked and without even finding out to know more about bitcoin, they immediately termed it Ponzi and not many Nigerians were interested to have anything to do with crypto. Many lagged behind because of that and those that held some bitcoin sold them off since they feel it doesn’t have a future and would still remain a scam.
Although in recent years, we have seen how Nigerians are trooping in to take part in the crypto space and want to be part of the financial revolution taking place now. That stigmatisation on bitcoin have really reduced so much, so it’s now becoming a welcome idea for people to venture into bitcoin now. Everyone have different stories on how they had the chance to buy and didn’t buy, but that shouldn't discourage us from been part of it now. We are still early adopters and we should be proud we are taking part with it now.