Welcome to InfoLeading Blog!! I know you must have heard of Bitcoin and Cryptocurrency. And you are looking for a way and how to buy Bitcoin and Cryptocurrency in Nigeria.
As you must have realized that cryptocurrency is the currency of the future, you do not know how to start trading by buying and selling these cryptocurrencies. Do not worry because everything about buying and selling of Cryptocurrency at even higher rate would be easily explained in this article.
Most people who are new into cryptocurrency trading thinks that it is complicated to trade, but when you understand its basics and values, it becomes easier every day. Crypto currency trading is getting easier and more legal.
So, if you intend to become a crypto investor, continue reading this content.
Before we head into the strategies on how to buy Bitcoin and cryptocurrency in Nigeria, there are major questions people do ask about Bitcoin and cryptocurrency trading in Nigeria that would be answered in this article.
Below are the top questions that is being asked about Bitcoin and Cryptocurrency trading in Nigeria;
a. How to invest in Bitcoin and Cryptocurrency in Nigeria
b. How to convert Bitcoin to cash in Nigeria
c. What is the best Bitcoin wallet in Nigeria
d. What is the best website to buy Bitcoin at cheaper rate in Nigeria
e. Where can I sell my Bitcoin in Nigeria
f. How to buy Bitcoin in Nigeria with debit card
g. How do I fund my Bitcoin wallet in Nigeria
h. How to transfer Bitcoin to my bank account
Likely, I am going to answer all these questions listed above in this content. So let me start by explaining what cryptocurrency is all about.
Table of Contents
What is Cryptocurrency?
Cryptocurrency is a virtual and digital currency that is already encrypted by cryptographic system, which in thus makes it almost impossible to be counterfeited, abused, or re-used. In other words, cryptocurrency is very different from the normally used currency note.
Also, cryptocurrency is a decentralized network based on blockchain. This means that cryptocurrency is uncontrolled by any or organization or governmental body.
Blockchain, on the other hand is the technology behind cryptocurrencies that ensures smarter, secure, faster, and a more effective to transmit, receive and track trades using the most encrypted data.
What is Bitcoin?
Often regarded as the most valuable and most traded, Bitcoin is currently worth 10 million Naira. It is a decentralized cryptocurrency that only operates on a digital level. In other words, trading can only be done online. In fact, some commercial activities online are operated with the exchange of cryptocurrency especially bitcoin.
How to invest in Bitcoin and CryptoCurrency in Nigeria
Bitcoin was created in other to become an international currency to replace the governmental currencies. Over the years, various ways of investing in bitcoin have surfaced including bitcoin trusts and ETFs comprising bitcoin related companies. I would be explaining the bitcoin investment using two categories namely investment types and investment strategies.
Bitcoin Investment Types
Buying Standalone Bitcoin
This is done by purchasing the bitcoin or fraction of it from trading apps like coinbase online. You have to create an account and provide your personal information, then deposit the money you want to use to purchase the bitcoin.
Bitcoin investment strategies
Buy and “Hodl”
Hodl (this is purposely spelt this way instead of hold) is the term used in the bitcoin trading community for holding Bitcoin. This means to “hold on for dear life“. An investor that is holding their bitcoin is called a “hodler“.
Many people are investing in bitcoin simply by buying and holding the cryptocurreny. These people believe that bitcoin has a long term prosperity and see any volatility in it as a short term flip on the long journey towards high value return.
Long Positions on Bitcoin
Most investors look forward for a more immediate return so they buy bitcoin and cryptocurrency in Nigeria with the intent of selling it at the end of a price rally. There are several ways of doing this, you can do this by depending on the cryptocurrency’s volatility for high return rate if the market move in favor of you.
Short Positions on Bitcoin
This is an investors that bets on bitcoin’s value decrease in other to take advantage of the market. This happens when there is a rapid increase in prices followed by a rapid decrease in prices. Investor sell off their bitcoin at certain price then try buying it back at low price.
For instance, Assuming you bought bitcoin at the cost of $100, and sell it for $100 then wait for it to decrease in value. Then maybe the buyer wants to sell it off and you may buy it back at a lower price. It is also difficult to find the platform for short selling.
What is the best Bitcoin wallet in Nigeria
First of all I will like to explain what a bitcoin wallet is before we go further on how you can fund the bitcoin wallet.
What is a Bitcoin Wallet?
A Bitcoin wallet is different from your physical wallet which you keep money in. In cryptocurrency, a bitcoin wallet or crypto wallet is an encrypted software or app where your bitcoins or altcoins are being stored. In the real sense, bitcoins are not kept anywhere. For a trader, it is simply a software program that enhances the transactions of cryptocurrency with a secret key that corresponds to only the wallet user.
Just think of a bitcoin wallet as your personal interface to the bitcoin network which is similar to the online bank account system for the government monetary system. Those secret keys and codes are what you would be using to spend your bitcoins.
In other words, if you own a bitcoin wallet, you gain total control of what ever fund that is in it. It is decentralized, unlike the government issued hard currency.
Having said that, let me drop the 5 most trusted and secured Bitcoin wallet in Nigeria.
The Coinbase app assists you with keeping all your digital assets in one place, make cryptocurrency payments faster and also use decentralized app.
Your private keys are secured using your device’s biometric authentication technology with Coinbase. You can simply download the Coinbase wallet from Play Store for the Android users and on App Store for iOS users.
2. Blockchain Wallet
Blockchain is another world’s most popular digital wallet for holding Bitcoin and cryptocurrency.It is highly user friendly, secure and flexible and it has over 15 million wallets and counting.
Blockchain wallet was developed by Luxemboug-based software development company. It has a clean and intuitive user interface which makes transactions quite easy and secure as well.
It is considered to be more secure than Coinbase because it is not a full exchange software where most scam can occur. Blockhain is as well compatible with both Apple and Android devices.
Exodus is a fully designed desktop wallet for complete control and management of your cryptocurrency assets. It stands out in the design and offers access to about 10 of world’s most popular cryptocurrency assets.
The Exodus users have access to almost all the cryptocurrencies because of its desktop wallet that is fully compatible with ShapeShift.
Exodus stores cryptocurrency assets directly on your machine like every other desktop wallets. This is because you are not going to download any app, so it a lite wallet.
4. Trezor Wallet
Trezor is not a full platform for buying and selling cryptocurrency like the coinbase. It simply a hardware drive where you can store Bitcoin.
Trezor wallet was the first cryptocurrency hardware to be launched around 2014 by SatoshiLabs company.
This is the safest wallet than the traditional software wallets because it is a hardware wallet therefore making your private keys to be held on the physical device rather than on mobile or desktop devices. The wallet doesn’t connect to the internet server which makes it impossible for hackers to access your funds.
5. Luno Wallet
Luno is another of the most used cryptocurrency interface out there. This is because it offers a user-friendly interface and an easy-to-trade method of buying and selling bitcoin. With Luno, you can trade bitcoin and other cryptocurrencies like Ethereum, Litecoin, and many others. They also operate exchanges between fiat money and bitcoin.
Also, for easy and portable trading, Luno has a mobile friendly app you can download from the app stores. To buy bitcoin with Luno, you can either buy through their website or start trading through their mobile apps on Playstore or iOS App store.
How do I fund my Bitcoin wallet in Nigeria
There are two ways to fund your bitcoin wallet in Nigeria:
- Send someone your bitcoin address to receive bitcoins
- Buy Bitcoin with your local currency (e.g. naira) directly on any cryptocurrency platform you are using.
I will show you all the steps below when buying bitcoin and the wallet I would mainly talk more on is the Lino wallet.
How to Buy Bitcoin in Nigeria
Having talked and introduced what cryptocurrency is, Bitcoin especially, let’s see how to can start your cryptocurrency business by buying bitcoin. So, in this section, you’ll be introduced to buying bitcoin through different methods. Although, there are about fifteen hundred cryptocurrencies out there, you can choose to buy other cryptocurrencies through these methods.
What is the best website to buy Bitcoin at cheaper rate in Nigeria
There are lots of websites to buy Bitcoin at a cheaper rate but I would show you that using the Luno and Paxful.
How to Buy Bitcoin on Luno
To buy bitcoin on Luno, follow these 2 steps:
- Deposit Naira into your Luno Naira wallet on either by bank transfer or card.
- Buy Bitcoins with money in your Luno Naira wallet using debit card.
Here are the Steps to follow;
Naira Deposit on Luno
- Step 1: Click on ‘Wallet’
- Step 2: Click on the NGN wallet
- Step 3: Click on “Deposit”
- Step 4: Select either Paystack or PayU to deposit naira either by bank transfer or card respectively.
Once you have done this, the money will available in your Naira wallet immediately.
To buy Bitcoins on Luno with Debit card
- Step 6: Go back to ‘Wallet’ and click on ‘BTC’
- Step 7: Click on “Buy”
- Step 8: Select payment method (in this case NGN Wallet)
- Step 9: Enter the amount and click “Next” and Confirm it.
Your transaction will be processed and the bitcoin would be available in your bitcoin wallet.
Note: There are two ways to buy Bitcoins on Luno:
- Instant Buy/Sell
Transaction charge at the instant Buy/sell is 2% or more
Transaction charge at the Exchange is
- 0% if you are a Maker
- 0.75% if you are a Taker
A ‘Maker’ sets the buy or sell price. A ‘Taker’ buys or sells at the set price.
How to Buy Bitcoin with Paxful
Paxful is another common and most used crypto app that makes users trade bitcoin easily. To buy bitcoin or other cryptocurrencies, all you need to do is to log in (or sign up) and click the buy bitcoin page. Then, you buy the amount of currency you wish to buy worth if bitcoin.
How to transfer Bitcoin to my bank account
Most people ask how can they transfer Bitcoin to their bank account. It is not possible to transfer Bitcoin directly to your bank account because it is an encrypted currency that is stored on an encrypted wallet.
So if you intent to cash your Bitcoin , you can either sell them to somebody who would then transfer money to your bank account or you can sell them at an exchange and withdraw the funds into your bank account (mostly USD ).
A few exchanges are listed here. These are online market places that buy and sell bitcoins. Most probably you’ll need to create an account (these accounts are used to trade on the site, it is not your bank account) on these sites to trade. You can trade your bitcoins for any currency that is available on the site. If you need to convert to a currency that is not listed on the site, convert your bitcoins to a general currency like US Dollar or Euro and then use a normal forex market or bank to exchange it for the currency of your choice.
IMPORTANT: Once you sell your bitcoins, you’ll need to withdraw your money from the account on the site to your bank account to be able to use it.
The world have evolved and it is still in evolution, and these Cryptocurrency is among the evolution. So do not wait to start investing in Bitcoin and other Cryptocurrencies because it is worth it.
I tried my possible best to break down this post for easier understanding and consumption. So I do believe you have learnt how to buy Bitcoin and Cryptocurrency in Nigeria with these simple guide in this content.
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