How Nigerians dey loss money for crypto: Scam vs Technical Wahala

[MarryWithBTC]

Plenty people dey always blame scam anytime person lose crypto. True, scam dey real for Naija, but e no be the only way people dey loss their money. Sometimes, na technical wahala dey cause am, even if nobody dey scam you.
If person sabi the difference, e go help am protect him money better.

SCAM: wahala wey come from outside:
For Naija, crypto scams dey plenty, and dem dey target beginners mostly. Some common ones na:

• Fake investment platforms wey dey promise fixed returns
• People wey dey pretend to be trusted traders
• Phishing links wey dey come through Telegram or WhatsApp or fb
• Fake wallet apps or cloned websites

For this kain wahala, person money dey lost because somebody wan deceive am.

TECHNICAL MISTAKES: mistakes wey you dey do by yourself:
Wheneva we hear say person lose crypto, we dey always suspect or accuse scammers, but many Nigerians dey loss crypto by themselves without any scammer. Common technical mistakes na:

• Storing seed phrase as screenshot or for email
• Sending crypto go wrong network or wrong address
• Leaving money for exchange for long time
• Downloading wallet from unofficial source or websites
• Clipboard malware wey go replace address when you dey copy-paste

Once technical mistake happen, e fit loss your money forever be that.

Di main difference:
Scam na you trust wrong person.
Technical mistake na you no sabi how di system dey work.
Both fit make you loss money, but technical mistake dey more painful sometimes because e fit happen when you dey do normal thing.

How person fit avoid am, weda by scammers or technical mistake:

• Learn how wallet and private keys dey work
• Always double-check network before you send crypto
• Use official wallet only
• Treat seed phrase like cash, no treat am like password
• For large transaction, do test transaction first with chikini money

Crypto dey reward pipu wey sabi handle am well, but e dey punish careless pipu.

For conclusion:
Scams go always dey, but technical mistakes fit dey preventable. If Nigerians fit sabi basic crypto technical things, dem fit reduce their losses well well.
Make we chuk mouth for this topic, talk other ways Nigerians dey lose money for crypto.

[Bishop Victor]

Plenty people dey always blame scam anytime person lose crypto. True, scam dey real for Naija, but e no be the only way people dey loss their money. Sometimes, na technical wahala dey cause am, even if nobody dey scam you.
If person sabi the difference, e go help am protect him money better.

SCAM: wahala wey come from outside:
For Naija, crypto scams dey plenty, and dem dey target beginners mostly. Some common ones na:

• Fake investment platforms wey dey promise fixed returns
• People wey dey pretend to be trusted traders
• Phishing links wey dey come through Telegram or WhatsApp or fb
• Fake wallet apps or cloned websites

For this kain wahala, person money dey lost because somebody wan deceive am.

TECHNICAL MISTAKES: mistakes wey you dey do by yourself:
Wheneva we hear say person lose crypto, we dey always suspect or accuse scammers, but many Nigerians dey loss crypto by themselves without any scammer. Common technical mistakes na:

• Storing seed phrase as screenshot or for email
• Sending crypto go wrong network or wrong address
• Leaving money for exchange for long time
• Downloading wallet from unofficial source or websites
• Clipboard malware wey go replace address when you dey copy-paste

Once technical mistake happen, e fit loss your money forever be that.

Di main difference:
Scam na you trust wrong person.
Technical mistake na you no sabi how di system dey work.
Both fit make you loss money, but technical mistake dey more painful sometimes because e fit happen when you dey do normal thing.

How person fit avoid am, weda by scammers or technical mistake:

• Learn how wallet and private keys dey work
• Always double-check network before you send crypto
• Use official wallet only
• Treat seed phrase like cash, no treat am like password
• For large transaction, do test transaction first with chikini money

Crypto dey reward pipu wey sabi handle am well, but e dey punish careless pipu.

For conclusion:
Scams go always dey, but technical mistakes fit dey preventable. If Nigerians fit sabi basic crypto technical things, dem fit reduce their losses well well.
Make we chuk mouth for this topic, talk other ways Nigerians dey lose money for crypto.

you trust wrong person, click wrong link, or believe sweet mouth promises. Beginners dey fall victim plenty because dem never understand how the space dey work.
But the technical mistake part na where e dey painful pass. No scammer, no thief just lack of knowledge. Wrong network, wrong address, poor seed phrase storage, fake wallet download once mistake happen, no customer care, no reversal.

[Jubilee58]

Some of the money we lost to scammers are caused by us , like some of us who invest in ponzi schemes, we know the site is not genue for investment, but because of looking for quick money we will fall to their trap and your money will be gone. While engaging yourself in any cryptocurrency related investment, ensure you know the genuity of the platform you are using, many have lost their cryptocurrency investment because they invested in the wrong platform. There are many cryptocurrency platforms on the internet, be very careful because not all are genue.

Another thing that can make you loose your cryptocurrency investment is clicking of cryptocurrency ads, some of this ads are dangerous and clicking on them can make you loose your investment.

[Gozie51]

One point to note about scam be say it is not targeted on a particular person, group or class neither is it targeted on beginners. As far as you fall on the trap, you will lose something because scammers no sabi who be new person for the crypto business. The only area that beginners can be more affected na to wallet securities which can be as a result of mistake. But if we dey talk of scam generally, if you are greedy then you can be an easy prey.

So beside that, my own way to lose money is basically on investing in shit coins to hammer plenty more but e no dey work like that most of the time. It is better to hodl btc than to throwaway your money.

[Yablee0]

You are not that far from the truth bro perhaps most of the things you stated are confirm especially from the fake wallet app, trusting the wrong people that later turned out to be scammers and all that but what I also want to add up is that, majority of us also are the brain behind our problem through our greed and always want a easy way out of poverty.


Most people literally fall for cheap and empty promises, you see someone promising heaven that you aren't sure of but because of your endless love for money you become a victim. There is one thing I understand in this online stuff is that even if you decide taken every precautionary measures while on board if you still don't address greed and stay off from it you will still be having issues, however staying contented with the little you are sure of, not believing every huge offer given to you and doing the right time is just the possible way out.

[Cryptomultiplier]

You dey on point OP, because if we check the matter of loss wey dey happen to our cryptocurrencies sometimes, na just the two reasons you mentioned dey cause am.
I go always stress on the importance of knowing the risk management practices involved in cryptocurrency market, both when person decide to trade am, hold am or use am as currency to pay for something, because na em be the koko of privacy and security.

Since we know say crypto currency na personal banking, wey no get bank manager or customer service wey we fit just enta office waka go meet, na our hand we go take manage am both to prevent scammers and hackers and CEX wahala and market movement. That na why to learn the risk management practices wey dey inside, dey very important.

[Coyster]

E never too tay when i read for this board say person send funds go wrong address, and e follow for wetin you dey talk for here. E no too hard to hodl bitcoin and keep it safe, wetin you need to do na to understand the basics before you even buy bitcoin. So many people dey lose their coins because them dey buy bitcoin when dem never understand all of the basics.

That said, i dey like introduce people to bitcointalk whenever they show interest in bitcoin. In here you learn all of the basics and even the modus operandi of scammers, which makes it difficult for you to go on and fall for it. If no be this forum, i for don make so many costly mistakes within the course of my bitcoin journey, happy that was not the case for me.

[Hypnotizer]

That’s why e dey very important to fully understand Wetin you dey Hodl or Wetin you dey invest, Technical mistakes as di OP don mention nah one of the main causes of losing money and also Technical mistake can even lead you to getting scammed, if you don’t really understand some basics like double checking the address before sending out funds..you might fall for Address poisoning scam Sha dem no too dey target people with small money but still you need to learn all this things to be able to protect your money from all this mistakes and scams.

Learning and understand the basics of Crypto or Bitcoin dey very good even before starting to invest in it, most or should I say All of these scams are very much preventable, depending on how much you understand the network.

Also understanding the problem attached to leaving your money on centralized exchanges for long is important, because they will still have access to your money and in a certain scenario they can even freeze it because it is under their custody.

[Fiatless]

Another technical issue na phishing. These criminals go just send link to you. Immediately you click on am, kasala don blow. Them fit use that pattern gains access to your wallet or money. So eh dey important to check any link very well before you click on am. Even if you dey expect information, make sure say you check the sender very well.  No dey rush to click on any links because that action fit put you for problem way go make you regret.

[BIT-BENDER]

One point to note about scam be say it is not targeted on a particular person, group or class neither is it targeted on beginners. As far as you fall on the trap, you will lose something because scammers no sabi who be new person for the crypto business. The only area that beginners can be more affected na to wallet securities which can be as a result of mistake. But if we dey talk of scam generally, if you are greedy then you can be an easy prey.

So beside that, my own way to lose money is basically on investing in shit coins to hammer plenty more but e no dey work like that most of the time. It is better to hodl btc than to throwaway your money.

Greedy will make people palatable prey to scammers, Nigerians don grow and technical it is not difficult for Nigerians to so Crypto-currency, Nigeria go hardly lose money in Crypto-currency based off technicalities.
Nigerians are greedy and the will lose money to scammers easier than they will lose money on technical wahala.
Nigerians like opportunities so that's why for me Crypto-currency scam will get more Nigerians.

[Silikiem]

Some of the money we lost to scammers are caused by us , like some of us who invest in ponzi schemes, we know the site is not genue for investment, but because of looking for quick money we will fall to their trap and your money will be gone. While engaging yourself in any cryptocurrency related investment, ensure you know the genuity of the platform you are using, many have lost their cryptocurrency investment because they invested in the wrong platform. There are many cryptocurrency platforms on the internet, be very careful because not all are genue.

Another thing that can make you loose your cryptocurrency investment is clicking of cryptocurrency ads, some of this ads are dangerous and clicking on them can make you loose your investment.

The ability to detect a scam project or platform is the major problem most people in Nigeria are facing when it comes to losing money in crypto. Most of the times people find it very difficult to detect a fake or scam project, some of this projects are designed in such a way that you can’t even tell it’s fake or scam because at some point in the process you will see most people cashing out from that very project or platform and you will be convinced to invest in it, sometimes they give you the benefit of doubts by actually making you win when you just get started, all these is done to fully captivate your trust with them and after a long run they play the fast one on you and you end up losing even more than you previously won. So the first step is to be able to identify a fake or scam project, and to be in the safer side it’s more advisable to stick with just Bitcoin investment and not just any crypto currency because there are so many cryptos out there that are fake and scam projects without a good value even on the long run.

[Agbamoni]

TECHNICAL MISTAKES: mistakes wey you dey do by yourself:
Wheneva we hear say person lose crypto, we dey always suspect or accuse scammers, but many Nigerians dey loss crypto by themselves without any scammer. Common technical mistakes na:

• Storing seed phrase as screenshot or for email
• Sending crypto go wrong network or wrong address
• Leaving money for exchange for long time
• Downloading wallet from unofficial source or websites
• Clipboard malware wey go replace address when you dey copy-paste

Once technical mistake happen, e fit loss your money forever be that.

The reason why we suspect a scam when we hear of someone losing money in crypto is that we expect everyone in crypto to understand the most common security measures in crypto.

Everything you listed are things warned to avoid in crypto. The dos and dont in crypto. Tell me why someone rooted in crypto would keep making this mistake, if not ignorance.