The Various Categories of Nigerian Blockchain and Cryptocurrency Users

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December 1, 2019 by
The Various Categories of Nigerian Blockchain and Cryptocurrency Users

Many Nigerians got into blockchain through the back door. By this, we mean that this category of users did not start out with an original intention of finding out what the technology was all about. Rather, they are the group that discovered Bitcoin and eventually blockchain through get-rich-quick schemes that probably backfired, or by falling victims of insincere educators back in the days.

The Various Types of Nigerian Crypto Users

The overall narrative in the Nigerian crypto space appears to have changed. There seems to be some distinctive division between the various groups that currently exist within the crypto space.

The first group comprises of those who have been hurt and choose to stay away completely. There are those who realized their mistakes and are seeking to understand the industry, with the hope of extracting some benefits in the future. Then there is the group of the self-acclaimed experts who may have been opportuned to acquire some early education in the industry. These ones tend to lead the way, even while they are still learning the ropes. 

The final category mentioned above are regarded as “self-acclaimed”, since there is no regulatory body, or institution that certifies experts within the country at the moment. The edge that these ones have over others stems from the fact that they got into the industry ahead of the others. At the same time, most of them have taken the responsibility of personal development and research. At this point, it is in order to give them some well deserved credit for their efforts.

The Case of a Typical Nigerian Crypto User

Tola Joseph Fadugbagbe is the founder of Crypto Masterclass. He shared his opinion on the current state of the blockchain industry in Nigeria and how the space has grown over the years. He started by adding another group to the categories of participants in the Nigerian blockchain space mentioned above. He describes them as the group that see blockchain as a scam. They do not agree that blockchain is innovative or disruptive. Those ones are in only for my money.

From the categorization, Fadugbagbe placed himself among the category of experts, while acknowledging that he is still on the learning curve, like many others.

“It is obvious that I fall in group number 3, he says. “I lead the awareness and education in my own space and yes, I am still learning. Things I know now, I did not know one year ago and there are still things I am yet to know, and I am still researching on them.”

Fadugbagbe describes himself as one of those who came into the blockchain industry through the back door. Bitter lessons were there for him to learn, which he did. However, from his lessons and extensive research, he has turned out to be one of the leading educators within the Nigerian blockchain space. 

This particular example of his describes the story of a typical blockchain and crypto user in Nigeria today. Many of them have stumbled along the way, but remained resolute towards achieving the goal of finding the true essence of the emerging technology.

In Crypto, Education Makes all the Difference

One aspect of the industry that Fadugbagbe emphasized to have played a significant role in the progress seen so far in the Nigerian blockchain space is education. He notes that it has been the saving grace of many users who encountered the industry after his time. 

Education has helped a lot in the Nigerian blockchain space.  I can categorically tell you that many who would have experienced what I experienced when I first got into blockchain have been spared the blush. But because of education, most of them have  started on the bright side. – Tola Joseph Fadugbagbe.

Awareness about blockchain and cryptocurrency has grown in Nigeria, so also adoption. The trend of this development is on the upside as the blockchain industry in Nigeria keeps getting better day by day. Fadugbagbe observed that the greenhorns who usually chant “Bitcoin is a scam” anytime Bitcoin dips no longer chant it with same energy. According to him, those ones are gradually seeing the adoption gaining ground in style and are also getting quality education via different means. 

There is still a long way for blockchain and cryptocurrency to go all over the world. This includes every aspect of the technology. Be it in the area of development or with respect to adoption. Different regions have endured specific growth trends, and the Nigerian crypto evolution process has been elaborated in this post.

What Every Crypto User Needs to Know

One thing that participants in the industry must realize is the fact that it is not uhuru yet. Nobody in the crypto world has arrived at the perfect destination yet. Even if you think that your project is completely built and delivered, what about the intervention of regulators. It is not yet time to start singing lullabies, rather the successes of the industry should pass as an encouragement to keep going. 

Another common development is the abandonment of projects by innovators who are tired of working without seeing results that are commensurate with their efforts. Sometimes, many of them forget that we are yet to fully come out of the “crypto winter”. 

Abandonment is not a solution, rather a rethink and the adoption of a different approach is recommended. Take for example, similar projects can decide to come together and collaborate, just like we explained in a previous post. Apparently, some things have to be done in a different way, especially in an ecosystem as dynamic as blockchain technology.

Whatever your route of entry into the blockchain ecosystem, the most important thing is that you are here already and making progress as well. We are in that era where you must have your ears to the ground and feel the pulse of the industry. One major characteristic of this space, at least for now is continuous evolution. As someone I know will always say – “In the blockchain space, you either evolve or you disappear!”

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