For a while now we have been coming across different contents on Bitcoin which is also known as cryptocurrency and a digital payment, we made our research and found out that for few years now entrepreneurs in Africa and across the globe have been generating income from trading with Bitcoin, that is ; buying and selling to those who need it.
So we reached out to a young Nigerian entrepreneur who is an expert in Bitcoin trading, and few other businesses such as importation and exportation of goods, agro farming among other to break down how the business works in simple terms, so people who might have heard of it before or rather have shown interest in it at one point would have a better understanding on how it works.
Entrepreneurs are widely known as risk takers, we are proud to tell you that Adedeji Kayode fit perfectly into a successful risk taker who have tried different businesses.
In this interview, Adediji Kayode shared alot of genuine information about Bitcoin, whether you have interest in it now or you don’t, take a break from what you doing presently, and read through this insightful interview, as you never can tell when the information shared can be useful to you. You might need to grab your pen and notepad, to write down vital points.
Now let’s start our ‘Bitcoin Master Class’, we are glad to have you here, let’s get close up and personal, tell us about you.
My name is Adediji Kayode , I am from Ede, Osun state. I attended Ladoke Akintola University in Ogbomosho, Oyo state. I am a self-motivated entrepreneur who believes in investing in profitable businesses.
Prior to becoming an entrepreneur, do have any work experience?
Yes I was working with an oil and gas servicing firm located in Port Harcourt, Nigeria. But I had to quit when I realised that I had more potentials in me. I discovered I was business oriented and possess many skills which can be useful for so many things rather than focusing on a full time job that bearly gives me time to develop myself .
Briefly explain how your entrepreneurship journey started
I started my journey with importation and exportation of goods, I import from China to Nigeria and also export from Nigeria down there as well.
After recording success in my importation and exportation business for a while, I ventured into other businesses that I believed will be profitable such as agro farming business, selling of fashion products among others.
One of the goods I exported to China was donkey skin. I have buyers in China I sell the skin to, they use it to produce a drug called ‘hegiao’. The drug is very expensive but effective for boosting the immune system of their aged people. I have also exported a wood called Okoso, we get it in the North, then I import goods from China as well.
Have done lots of businesses and most turned out success while I had to drop few. Now am more focused on Bitcoin , as my business baby.
Great! Let’s talk about Bitcoin , please breakdown what it actually means in a simplified manner.
For a deeper understanding, there are majorly two times of coins, we have Bitcoin and altcoins, but Bitcoin is superior. There are numerous altcoins, Bitcoin is only one .
Bitcoin is simply a digital currency used as a form of transaction across the globe. It was created in 2009 by an anonymous figure. Though many people across the world have positioned themselves as pioneers but the truth is, the person who created it, is unknown. I once heard that Gadafi was part of those who created it but that hasn’t been confirmed, so the inventor remains unknown.
Trading with Bitcoin is a type of transaction that needs no middle man or bank, before it can be carried out. You need no middle man to transfer, or receive Bitcoin, all can be done by you alone and no one can trace your transaction.
You can use it to transfer money within a country and anywhere in the world, and it will be received in few minutes. You can transfer into your bank account and cash it as well. It’s a limitless kind of transaction that extras no charges to be done.
I started Bitcoin in 2014, my understanding of it started gradually till I acquired comprehensive knowledge in it.
Why did you make the decision to start Bitcoin trading?
I was inspired to start by my customers in China and Vietnam whom I export goods from here to. I can recall that then when they want to pay me, most of the time they ask for my Bitcoin wallet code, so they can pay in Bitcoin because it is faster than other means. But then I usually think they wanted to dupe me, it was later on I understood that they were trying to evade some tax and also want me to get the money faster.
As an entrepreneur, I can boldly tell you that it is highly profitable business for anyone who can exercise patience because just like dollar’s exchange rate, Bitcoin fluctuates too.
Selling bitcoin now is even more profitable than Dollar. Selling Dollar in Nigeria is around 362 and Bitcoin is around 365 to 370 .
For anyone interested, how can they start? Where can they get Bitcoin?
Before you can have a Bitcoin, you need your personal wallet, which serves as your own bank, and no one can manage it for you. Also no government or regulatory body can control it as well.
There are so many wallets available online ranging from Luno, Mycelium to Blockchain. If you choose Luno or Mycelium you can buy bitcoin from there directly but the Blockchain which I use, you will need to buy from someone who is already in the system.
You can purchase Bitcoin with as low as 300 Naira and you will get the value of your money in the Bitcoin currency in your Bitcoin wallet. But the value of a Bitcoin is 1 and as we speak it is currently sold for 1.8 million Naira, so if you start with 300 naira, you might be buying like 0.0000001 Bitcoin, just to cite an example.
Thanks a lot for that explanation. Who are the buyers of Bitcoin?
Anyone that’s already in the Bitcoin system across the globe can buy from you, if you have what they need and if you are selling at a rate they consider profitable.
When you get your wallet there is actually a place where you can view current Bitcoin sellers, if you want to sell too, you will be listed and everyone who wants to buy can see all sellers.
Presently in U.S and some European country, even in China, Bitcoin is used as a major form of transaction, they now have Bitcoin ATM card, that they use to withdraw money from their Bitcoin wallet through Bitcoin ATM.
Presently, Bitcoin value in Zimbabwe is higher than Nigeria because it has become their major transaction tool. For instance now, if you want to buy bread in a Zimbabwean supermart, you will see the barcode of their Bitcoin boldly placed on their counter, so you can need to scan it using your own Bitcoin Wallet and the amount spent will be deducted.
It is very cheaper to buy in Nigeria now than other countries operating with it. For instance earlier this year I bought 1Bitcoin for 1 million and sold it in Venezuela for 1.6million Naira , my profit was 600,000 but it fluctuate, it is not always like this, sometimes your profit will be higher than this, sometimes it will be lower .
How long does it take to understand the system?
It doesn’t take much time at all, you just have to be determined that you want to learn it, and be ready to devote your time into familiarizing yourself to the system gradually till you understand it fully. But you might need someone who has been transacting for a while to put you through for easier practical understanding.
When you get someone to put you through and you focus on the teaching within few hours you will understand the basics well. If am ready to teach you today, I can take you through and you’ll understand it.
One of the reasons I earlier said you might need someone to put you through is because, reading articles online sometimes makes it appear very difficult, For instance, around 2012 before I started the business, I came across different articles on Bitcoin on the internet but the graphs, formulas and calculations I saw, put me off then, until I got some who was already using the system to take me through then I understood how it works easily.
So anyone have Bitcoin now they can use it to buy anything anywhere in the world?
Yes, you can use it to send money to anyone across the globe, that has a Bitcoin wallet, they will get it in few minutes , then to withdraw the cash, they will just transfer it to their bank.
Share an insight on what to invest and what they can make in return
Like I said earlier, if you invest as low as 300 naira, you will make profit but your return is determine by the selling rate which is not stable. But you can monitor the trend and no when is best to sell through your wallet.
The last transaction I did in September, I bought 18.7btc and 1 bitcoin is about 1.4 million Nigeria and I sold it for 1.6 million Naira, so I got 200,000 profit .
Presently, one Bitcoin is sold for 2million, so if I had wait till now before selling my profit will have made about 600,000 or more. This is one of the reasons you need be patient and strategic.
In a nutshell, no can predict the profit value, the selling rate determines it.
Infact sometimes you might lose, if the selling rate falls, so I use to advise people, don’t invest the amount you know you can’t lose.
Presently am waiting for the dip to go down before i can trade. So that I can buy at low rate and sell at higher rate.
For anyone interested in getting more knowledge on it, how can they reach you?
They can reach me through my official phone number, I travel a lot so when they call in, mypersonal assistant can take their messages and communicate them to me, so we fix meetings.
I schedule meetings with people and I organise seminars periodically. The last seminar I did was held at my office in Ikeja, last week Monday,October 30, 2017.
But with the huge turnout experienced, we will use a more spacious venue for subsequent ones, watch out for information about them via my Instagram or the business section on Nairaland, if you are a Nairalander.
Thanks For Sharing With Us Mr Adedeji Kayode
You can Reach Adedeji Through
Phone Number : 08184043798
Instagram: @ethu_wears or @ethubitcoin