Blockchain, Bitcoin, Tatcoin and everything Crypto with Gaius Chibueze on BeInspired Show
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- Meet the industrious Gaius Chibueze a.k.a Bitcoin Chief.
Gaius Chibueze is an early Africa investor of Bitcoin, bought Bitcoin in 2011. Popularly known as the Bitcoin Chief.
He is the founder of Abit Network; a pan Africa ecosystem, exploiting creative opportunities in cryptocurrency and Blockchain technology in Africa.
“I’m an early investor of Bitcoin, I saw the opportunity very early, took advantage of it through strategic positioning. Today I am currently rated as one of the successful entrepreneurs from Africa and it is evident in my result.
In 2019, I launched a company with my friends called Abit Mobile Application Limited. Today we have over 1.5 million users within our ecosystem. We have also launched our own token called Tatcoin which has been trading on a couple of exchanges.”
- In very simple terms, what is Blockchain?
Blockchain is a technology, just like the World Wide Web. It is very transparent and noncorruptible. That means in the normal world where you can easily distort information, it is almost impossible to distort information on the blockchain.
It uses something called a ledger to save information. It has different blocks of information. It is on the Blockchain that the most popular of all cryptocurrencies is built, and that is Bitcoin. Blockchain is the technology or machine that holds Bitcoin, Ethereum, Binance and all these other solutions.
In simple terms, blockchain is a technology people can use to build different kinds of infrastructures, just like the internet.
- Tell us about Bitcoin, how do people trade Bitcoin, make money with at least minimal risk?
One major characteristic of Bitcoin is that it is decentralized. A currency that is not issued or controlled by any government of any country. It is currency for the people, by the people and of the people. People who hold Bitcoin control the value. The government does not set the value because they didn’t issue it. The government does not control it because it is personalized.
Everyone that has Bitcoin has direct control of what they do with it. They determine how much it will be, its worth, and value per time.
There are so many ways people make money with Bitcoin, one of which is by investing in Bitcoin. When I bought my first Bitcoin, all I did was hold on to it and wait for price appreciation. Now, how does price appreciate?
In a world with nearly 8 billion people, we have only 21 million Bitcoin that would be in existence forever. Which means if they are to share one Bitcoin for every person in this world, there is not enough Bitcoin for 10% of the world’s population. This has automatically coursed scarcity.
There will never be a time when 20% of the world’s population will hold one Bitcoin each. Not even 10%. That makes Bitcoin very scarce in nature, because supply is fixed. It cannot increase in supply. So people make money by buying it as an assent and hold, just as you buy land and hold.
Second way people make money is by trading. Just the way a local woman buys and sells tomatoes. People used Bitcoin to buy and sell other cryptocurrencies. They trade it and take advantage of the price fluctuation and volatility.
The third way people make money from Bitcoin is that they earn it. I have some developers in India right now working for me and I pay them in Bitcoin. These people work and earn in Bitcoin.
- Some people believe Cryptocurrency is the future. How possible can that be if Bitcoin, for instance is this scarce and obviously can’t serve everybody?
Perfect question! Bitcoin is divisible to the smallest minimum. There is something called Satoshi value. If you don’t have 30.000 dollars to buy one Bitcoin, you don’t have to be scared. Bitcoin is divisible into its smallest unit called Satoshi value.
By this you do not need to buy one full Bitcoin. You can buy a hundred dollar Bitcoin, or even 1 dollar Bitcoin. There is enough Bitcoin to touch the hands of everybody in the world, but not enough for everybody to possess one. There is a way to divide the 21 million by 10 billion, so that at least each person will hold one small tiny piece.
- At 33, you are young, even though an early investor in Bitcoin, at what point did you realize it was Bitcoin for you?
Even though I got invested in Bitcoin quite early, I never saw it as the main thing I would want to do with my entire life. I have done this officially now for 6 years. It was until 2016 I resigned from my job at the National Assembly, Abuja, where I was working as senior special adviser on New Media to a Senator.
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I saw how the market for Cryptocurrency in my country is growing and I thought I could build infrastructure on this ecosystem of the blockchain. That was how I started trading full time.
In 2019, I was rated as top 3% on the biggest crypto trading exchange in the world. There are over 10million traders of Bitcoin, I am currently ranked number 500. Though I am no longer active because I’m building my own company.
- Talking about your company Abit Network, what birth the idea?
Africans are often described as consumers rather than producers. I saw what some of these other crypto platforms were doing and I was inspired to look around me; what are the immediate problems people are facing? I noticed people want to learn about crypto but there are no liable platforms they can learn from.
This led me to launch a platform with my friends called Africa Bitcoin Traders also known as Abit Trader, where we teach people about Bitcoin and Cryptocurrency, we teach people how to trade, giving them trade signals. Later turning it into a peer-to-peer trading platform.
I also saw people who want to invest in real estate but don’t have a lot of money, so we launched Abit Crowd for people with small amount of money to co-invest in real estate and share in the profit.
I was inspired by what some of these foreign guys repackaged and sell to my people in Africa. I told myself I would create solutions using the Blockchain to solve some of these problems we face in Africa.
- A lot of people still think Bitcoin and all these cryptocurrencies is a scam. What do you have to say to these people?
Yes, their fears are valid. People still think the internet is a scam. Someone somewhere still feels airplanes are scam. Anything is scam to someone who does not understand it.
But the truth is Cryptocurrency is here to stay and people who understand it are taking advantage of it. It is better to dispel all fears and get proper education on how it works.
- Looking at the constant crashing of Bitcoin, don’t you ever fear it will someday come to zero value?
By this time 10th of July 2020, Bitcoin was around 10,400 dollars. Today Bitcoin is over 32,000 dollars. Looking at it within the space of 12 months, is that progress or retrogression? Like every other technology, it is still undergoing its initial phase which has to do with lots of skeptics.
I do not see it going to zero especially Bitcoin, Tatcoin and Ethereum that has good use cases. These crypto projects are backed by ideas that have demand in real world. The used cases give these cryptos value.
I do not argue that some crypto have and could crash to zero. This has also happened in the stock market where companies fold up. That will not make you ignore other companies that succeed.
- Coming down to Nigeria, concerning the supposed ban on crypto, what’s your expert advice on that?
The government never wants anyone to be rich. So that they can control them. For example, with my life’s achievement it’s almost impossible for me to become a political thug to a politician. The government is always out to block opportunities that will make young people prosper.
I was born into poverty and struggled all my life, imagine there were no Bitcoin? It is because I succeeded in cryptocurrency that is why you have me here on BeInspired Show, otherwise you would be doing this with someone else while I am watching. I have politicians who have reached out to me and want me to introduce their kids and some family members into the cryptocurrency world.
Cryptocurrency has given us a voice. People who are not supposed to relate with us now consult us. Crypto decentralize wealth.
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- What two steps can young people take leveraging opportunities in cryptocurrency right now!
First is to get crypto education. Without proper education, there is really nothing you can do in this space. The next would be to take action! Imagine I went to sleep when I heard about Bitcoin in 2011.
I learnt, took action and bought my first Bitcoin. When you see a good project, a good token, go ahead and buy it and wait. It is better to buy and wait than to wait before you buy.
- If you were not into Crypto, what would you be doing?
I would be making people superstars. I always have a love for music and entertainment. Music is still my first love. I have a soft sport for music, entertainment generally. Have always wanted to become a successful Artist Manager.
I write books and movie scripts too. I would have been very heavy in the entertainment world. If I was not into cryptocurrency, I would have been very heavily invested in the entertainment world. I am an ‘ideapreneur’ I create and make something out of ideas.
- What are your top 2 rules for success in crypto trading and general life?
My number one rule for success is definiteness of purpose. Knowing exactly what you want. At a very early age, I already know the kind of house I want to live in when I grow up. The house I am currently living in the UK, I already pictured it when I was 18 years, broke and was living with my parents in the village.
Almost everything I have done with my life, I saw them before they happened. And that is because I knew how I wanted my life to go. Most of which did not happen for me immediately, but I always have that definiteness of purpose.
If we are going to have another conversation in five years’ time, it’s still going to be about Cryptocurrency and Abit Network but in a more advance way.
I am dedicating the next ten years of my life to doing it. Identify what you want to do and stick to it. You can always change your strategies along the way.
Second, understand that anything you want in life is in the hands of other people. Two books changed my life: “Think And Grow Rich” by Napoleon Hill. The second is “How To Win Friends And Influence People” by Dale Carnegie.
My father made me read these books very early in my life. Everything you need to succeed in life is in the hands of other people. You need to learn how to build relationships. When I meet people, I talked to their emotions, looking out for how I can bring value to them. I also listen and take advice from people
Understanding that everything you need in your life is in the hands of other people will help you gain interpersonal skills with which you can easily navigate through life.
Even as a businessperson, you need other people to patronize you to become successful. Someone somewhere will always have to recommend you and your products or services. You must learn how to walk with people if you must go far in life.
- Tell us more about Tatcoin and all the other opportunities it has for us?
Tatcoin clocked a year this 12th of July. In 2020, my friends and I after launching a couple of platforms and growing our community, we decided to launch our token called Tatcoin which stands for The Abit Token. It is a utility token.
What gives any cryptocurrency value is that people can use it to solve problems. For instance, the reason Ethereum will remain one of the most valuable cryptocurrencies in the world is because if you want to build any product on the blockchain, the first Blockchain you will have to consider is the Ethereum blockchain and you need Ethereum to pay transaction fee on whatever you want to build.
When we wanted to build Tatcoin, we had to build it on Ethereum. Right now when people are transacting Tatcoin on ERC 20, behind the scenes, we are paying transaction fees on Ethereum. This gives Ethereum a very strong use case. Hence, Ethereum is seen today as the most solid project on the Blockchain.
Tatcoin is a utility token. We have launched platforms where people can learn about cryptocurrency trading, and trade peer-to-peer. And to access our services, you use Tatcoin. Before now, if you want to learn about cryptocurrency services, you pay us 300 dollars. But right now, all you need to do is take a certain amount of Tatcoin and you get access to these trainings for free, after twelve months you get back your exact value of Tatcoin.
We also launched a platform for real estate called Abit Crowd, where we bring together people with small amount of money to co-invest in real estate as a group and share in the profit. You can only do that using Tatcoin. We have recently launched another platform called AbitPay where people can buy airtime and pay their subscription fees using Tatcoin.
Utility gives a coin value, and we are still building more platforms to strengthen our use cases. We are currently building a travel and tourism platform called AbitGo where people that wants to travel can use this platform and pay at a discount. The more people use our services, which can only be accessed using Tatcoin, the more value Tatcoin accumulates over time.
Tatcoin is a utility token created to power transactions on the Abit Network ecosystem.
- For someone who wants to get onboard, how do they start?
It depends on the country you are reading from. But the easiest and fastest place to get Tatcoin is using our application AbitTrader. On AbitTrader, you can buy Tatcoin peer-to-peer from other people.
We have over 25 methods of payment; Naira Bank transfer, PayPal, Mobile Money and others. We are also listed on an exchange called Binance.com, where you can deposit bitcoin and buy Tatcoin.
We also have a centralized exchange called TatSwap where you can convert your BNB, your BUSD and other tokens to Tatcoin.
- Any other thing you would like to say to us?
For everyone reading this, I don’t know who you are, where you are or what point you are in your life right now, but one thing I’ll like to tell you is that your dreams are valid. Do not allow where you are right now determine how far you can dream. Everything is possible. Possible with consistency of plan.
If you want success, you must be consistent. This is not a motivational speech. I’m writing a book presently on what the rich teach their children in the place of motivation.
Today, a lot of people live 50% of their lives believing things will get better, but if you look around your country, you see that things are going from bad to worse. But the truth is, no matter what is going on, people are still succeeding.
That is because they have identified that there is a place for hope and a place for reality. And there are certain dots that must be connected, this is not a matter of motivation, you need to make yourself available for some opportunities. You need to position yourself; you need to take risk.
There are so many factors that bring about success that have nothing to do with prayers or motivation but about you as a person positioning yourself and being consistent. But the first thing you must know is that it is possible for you to live the life of your dreams. How is that possible? Definiteness of purpose! What exactly do you want to do to achieve success?
2016, I resigned from my job and decided to face cryptocurrency squarely. It has not been an easy road. 2017 Bitcoin crash from 20K dollars to 3k dollars, I never stopped talking about it.
I knew people who were talking about Bitcoin then, but when the price crashed, they started advertising real estate. You wouldn’t expect these people to be as successful as I who have stuck to this part. I know people who were talking about Bitcoin this April when the price was 65k dollars, but today they are no longer talking about it because the price is down.
Some things are not rocket science, it’s a matter of consistency. I have been consistent on this part. Anytime someone from Africa thinks about Bitcoin, the first picture that comes to their mind is me! I have consciously positioned myself by being consistent.
This is how people become successful, then I work with the best team. My eyes are always out there looking for the best people. And I know how to maintain my people. When people’s dreams and vision are built around anything, they would want to support it to grow. You must be a people’s person, someone who is trustworthy. Can people trust you to keep to your words?
Also, you must educate yourself. At every time, I am educating myself in this business. I want to position myself as the star of this business. I must not be caught sleeping.
In conclusion, whatever it is you want to do, God is always waiting for you to make a move. If you lie on your bed and dream all the dreams in this world, you will never achieve anything. If you need transportation and don’t have transport fee, you must go out and start trekking, that’s how you would find someone who would give you a lift.
Interview By Mercy Omoregie
Content Strategist, Host