• About
  • Advertise
  • Careers
  • Contact Us
Thursday, June 26, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Digital Assets

19 year-old Crypto Enthusiast made N3m, Lost Everything Next Day

by Justice Godfrey Okamgba
January 23, 2023
in Digital Assets
0
Crypto
UBA
Advertisements

The cryptocurrency market is such a volatile one. Today, you are up. The next day, you are down. Both short-term coin holders and long-term coin traders have a similar fate.

By making investments in the cryptocurrency market, several Nigerians have become millionaires overnight. Many people have also lost a sizable portion of their earnings.

Success Ozioma aka Step On has similar experience recently. It has been up and down for him. The nineteen-year-old crypto enthusiast told TechEconomy how he made over N3 million in October 2022 after investing less than N1 million on a coin but lost everything the next day.

“I have bought several coins, but the one that shocked me with its ROI was the one I bought in October 2022. In a few days, the coin yielded amazing returns.”

Surprisingly, the same ROI disappeared within 24 hours. “I was over the moon; unfortunately, it was shocking how I lost everything the following day. Continuing, he said, “It wasn’t because of the N3M but the duration at which I was able to get such a return.”

Many experts have stated in various forums that crypto traders should diversify their portfolios, which means buying different coins rather than putting all of their money into a single coin.

Step On explains that his passion for cryptocurrency led him to register a business name (Step On Crypto) with the Corporate Affairs Commission.

“It’s just a business name for now. I have trained a few people on how to identify opportunities in the market, how to secure their wallets properly, and other fundamentals. I am passionate about this innovation, and I believe it will pay me off.”

LESSONS AND CHALLENGES

Highlighting some of the challenges and key lessons after just less than one year of venturing into the crypto space, the lad said raising the capital to buy a coin was problematic from the onset.

“It was very tough. I needed to speak to my brothers. I was seeing what they couldn’t see. Eventually, they were able to back me up with some funds for investments. The more you invest, the bigger the return in a bullish market.”

According to Step On, not doing the needed homework before purchasing a coin can be catastrophic.

He said that before purchasing any coin, it is crucial to understand the basic technology and the people behind it.

“After identifying the coin to buy, you go ahead and purchase it. Added to that is the fact that you must start monitoring your investments. It’s critical to keep track of your investments and keep an eye on how they’re performing”.

He said this will prevent anybody from falling for scams, and unrealistic projects, and “do not invest in anything without proper research and due diligence.”

Further, he reiterated that not diversifying portfolios is almost a disaster. “You aren’t going to win all the time, therefore, the best bet is to start diversifying your portfolio, which can help mitigate risk and increase returns.”

 

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: #bitcoinnews#cryptopaymentsBuying Crypto AfricaCrypto
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post
Abdulhamid Owoseni, an alumnus of the Federal University of Technology, Akure (FUTA)

Abdulhamid Owoseni, a Force in Nigeria’s Digital Economy - FUTASU President

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Wabumari First-ever Rainforest Lab

First-Ever Indigenous Rainforest Lab Opens in Papua New Guinea

6 months ago
Lagos Blue Line Rail project

Lagos, FG Sign MoU On 68km Rail Project Connecting VI, Lekki, Ajah

5 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.