Odum Chijioke John, the founder and CEO of Chiji14xchange, a platform for buying and selling Bitcoin using the Naira, has explained the advantage of investing in cryptocurrency over the stock market.
In a chat with our reporter, the Mathematics graduate of the Federal University of Technology, Owerri highlights how to earn money from bitcoin trading.
“Bitcoin investment is like buying digital assets on the internet as it does not even require a government license or certificate. On the other hand, stock investments are majorly influenced by the company involved and its profit and performance for a given period of time. It’s easier to buy bitcoin than stocks. You can buy and invest in bitcoin peer to peer but you can’t do the same with stocks. Bitcoin trading is 24/7.
“Stock market opens on Monday and closes on Friday. Some nations don’t have access to buying stocks in USA for instance, but bitcoin is borderless hence anyone from any part of the world with a smartphone connected to the internet can buy bitcoin without government restriction. Stock investments are great if done right but I will choose bitcoin over stocks any day,” he said.
“To buttress his point, he gave a personal experience that spurred him into going full scale into the business while at the same time giving an insight into the business of bitcoin trading.
“Bitcoin is simply a decentralised digital currency or cryptocurrency that is not controlled by any government or central bank and can be sent from person to person through the bitcoin network. This asset totally changes the way we view the traditional currencies and is a great development for the future and I feel people need to understand fully what bitcoin is before trying to understand the business of bitcoin.
“Now for the business aspect, that is making money from bitcoin, I will give a simple illustration. I was introduced to bitcoin around February 2017 and at that time one bitcoin was worth somewhere around $900 but today the same one bitcoin is worth $7,150. This is a whopping $6,200 profit if you bought one then and held it till now. I think I can confidently say that no other asset can boast of such growth during this same period. I can go on and on about when one bitcoin was $20 and when it got as high as $20,000 but there’s no need for that.
“I think looking at my personal movement with this cryptocurrency from 2017 till date, we can say it’s a good investment. Even though I had been trading bitcoin from 2017, Chiji14xchange only started full operations in October of 2018,” he said.
Chiji14xchange is a Nigerian-based exchange firm with the aspiration to extend its services to the entire African bitcoin market. Chiji14xchange has proved to be a driving force in the development of the cryptocurrency trading system as the platform is currently adopting the use of some financial integrations and technologies and are going further in creating a more advanced and beneficial cryptocurrency trading systems including affiliate systems.