This post will educate you all about bitcoin in Nigeria, how to start, where to buy and sell and so many more. Do you wish to get into bitcoin investment in Nigeria? If i should ask, why now? where were you ever since when others are turning millionaire with bitcoin? Bitcoin is one of the most largest currency investment currently booming world-wide. Over the years that this currency called bitcoin was introduced, it has made lot of name and turn so many people to millionaires in the whole global and Nigerians who invested earlier.
At the beginning nobody believes on bitcoin investment but now everyone is running after it and deeply investing on it. Note that bitcoin is not a ponzi and should be classified on same category. It’s a choice to invest on bitcoin and another thing is that it’s an investment not scheme where people bring people, in order to grow though. The more bitcoin become more demanded, the more it become expensive which is the aim of the investment. This is not a form of GNLD in Nigeria and it’s not only been used by Nigerians, it’s a worldwide currency. To surprise you the more, bitcoin is now accepted in almost all the online stores globally.
Bitcoin in Nigeria: How to Start, Where to Buy & Where to Sell Bitcoin in Nigeria
On this article informationhood will clear your doubt which you may be having on bitcoin and gives you a means to start investing on bitcoin and be among those who will be turning the next millionaire to billionaire in Nigeria through this investment. Note that it’s never of Informationhood own interest to get you into bitcoin investment, but we are only encouraging you to invest on it because it really lucrative and people are making millions from this currency investment. If you are worried of how to start bitcoin investment in Nigeria, then this post is to help you get started. Note that we are not sharing any self promotion link on this post, just to tell you that all we are going to cover on this post is just for your own good and nothing this platform aimed to benefit from your investment on bitcoin.
For those of you who have invested on bitcoin and seeking for more information, this post will as well teach you everything you need to know about bitcoin, so we advice you keep calm along side with your coffee while you read, and make sure you read the whole of this post as every single of it content will be of help to you.
What this post is going to cover is how to start bitcoin investment in Nigeria, where to buy bitcoin in Nigeria, where to sell bitcoin in Nigeria, How to protect yourself when trading bitcoin Nigeria, when you should sell your bitcoin in Nigeria, current price of bitcoin in Nigeria, What is bitcoin, full details about bitcoin in Nigeria, rick involve in bitcoin investment, how you become millionaire with bitcoin within 5-6 months in Nigeria. When not to invest in bitcoin in Nigeria, shops that accept bitcoin for payment of products etc.
For the sake of people hearing about bitcoin for their very first time we are going to start from the main beginning so they too can have idea what bitcoin is all about.
Before we begin, note that bitcoin is an online currency investment and we wish to let you know that it’s not everyone online investment will sound good to. One of the bad area of this investment is that, if you can’t trust, then you won’t be able to invest on bitcoin. So what is your decision? do you still wish to continue this tutorial, if yes! the you are welcome to the complete guide of bitcoin in Nigeria.
What is Bitcoin?
The bitcoin currency is a new online currency that was created by unknown person, the bitcoin is not accepted when it was created. According to Wiki, bitcoin can be operated by unknown person as well, which means people can create fake accounts with different names and load it full of bitcoin. CNN has taken their time to explain full details about bitcoin. On this post we are going to fetch some contents from what money section of CNN said about bitcoin, read below. “Bitcoin is another money that was made in 2009 by an obscure individual utilizing the assumed name Satoshi Nakamoto. Exchanges are made with no center men – meaning, no banks! There are no exchange charges and no compelling reason to give your genuine name. More dealers are starting to acknowledge them: You can purchase webhosting administrations, pizza or even manicures”.
As you read above, the person who introduced bitcoin currency is known as Satoshi Nakamoto, who is considered to be the richest man on earth according to medium. “The ‘creator’ of Bitcoin, Satoshi Nakamoto, is the world’s most elusive billionaire (worth more than $7B as of November 2017)”.
This is his result of creativity, he doesn’t only help himself grow but carries everyone along. Today you too who is not even the founder of bitcoin currency can make money from bitcoin with just investing on bitcoin. Before now some times 2012 when some Nigerians started talking about this bitcoin, it was considered as a sc?m activity but today those who invest then are now big short. To further explain more on bitcoin, let’s hear from CNN once more.
“Bitcoins can be utilized to purchase stock secretly. Moreover, universal installments are simple and modest on the grounds that bitcoins are not attached to any nation or subject to direction. Independent companies may like them on the grounds that there are no charge card expenses. A few people simply purchase bitcoins as a speculation, trusting that they’ll go up in esteem“.
The major part of this article is the point “A few people simply purchase bitcoins as a speculation, trusting that they’ll go up in esteem” which cnn just said, this is the investment part we are talking about. This means you buy bitcoin and wait for a while when the value of bitcoin appreciate, then you sell your bitcoin and make so much money. The good part of it is that’ bitcoin appreciate day after day. Let’s explain this better. When bitcoin was introduced in 2009, the value was $0 according to what we gathered from buybitcoinworldwide.com. Bitcoin was not exchanged on any trades in 2009. It’s initially recorded cost was in 2010. In fact, Bitcoin was worthin $0 in 2009 been its first year of presence!”. In 2010 bitcoin then hit $0.39. At that time some people take the risk to invest i bitcoin by buying one bitcoin for $0.39. At the end of 2011 bitcoin then hit $4.72 and at of November 9 /2017 bitcoin price is $7,419.99 which is N3m Naira in Nigeria black market exchange rate. Now tell me, is there anything more lucrative than this?.
It will surprise you to know that over two thousands Nigerian has bitcoins that work over N10m each. To surprise you the more, bitcoin price in April 2017 was $3,248.01 per 1 bitcoin but just for 6 months interval it has hit $7,419.99 this is to say those who bought N200,000 bitcoin in April of 2017 are now selling it for about N1.3m in November 2017 same year. The reason why you make more money in bitcoin is that
- It appreciating minute after minute
- Because bitcoin is calculated by dollar not naira, so when you convert your bitcoin to naira, you will discover you are a millionaire.
Now that you have learnt about bitcoin and how you can become rich investing in it, let’s take more steps to look at the major area which is how to invest in bitcoin in Nigeria. Someone asked this question earlier even when we have not thought of writing this post. Her question is that since bitcoin is calculated by dollar, do i need to convert my money to dollar before i can buy bitcoin and who do i buy from? My dear, the answer to your question >> You don’t need to convert your money to dollar and you can buy bitcoin from Nigerians who have to sell. Yes! those who have bought bitcoin before that wanted to sell now are the people who you can buy bitcoin from. Luckily this is the only business some people are doing, they have taken it for a business and company. They now have website where who wants to sell can sell to them and those who wants to buy can as well buy from them. The only bad thing with this people is that when you want to buy from them the cost is higher than when you are selling to them. On this post i’m going to give you where you can buy bitcoin from, every step you need to start bitcoin investment.
Who Invented Bitcoin.
No one knows the real person that comes up with bitcoin, he has prefer to remain under the mask. Not conclusively, at any rate. Satoshi Nakamoto is the call related to the individual or institution of those who launched the authentic Bitcoin white paper in 2008 and labored at the authentic Bitcoin software that became launched in 2009. The Bitcoin protocol calls for customers to go into a birthday upon signup, and we realize that an individual named Satoshi Nakamoto registered and positioned down April 5 as a delivery date. Still the group or individual that invented bitcoin remain unknown till this date.
Who Brought Bitcoin Into Nigeria
It funny enough, i know someone will also want to ask of the person that brought bitcoin to Nigeria. The fact is that no body brought bitcoin into Nigeria. Bitcoin a digital currency that can be invested on globally from any country. There is only one founder of bitcoin and the person remain unknown as stated above. The only thing is that, some risk Nigeria takers invested on bitcoin when it was newly invented, so no one brought bitcoin into Nigeria, any country individual can invest in bitcoin if they wish, it bitcoin usage has not yet ban by their Government.
How to Get Started With Bitcoin in Nigeria
To start bitcoin in Nigeria you need what is called a bitcoin wallet, this is where all your bitcoin will be stored. The wallet need to be protected just like your normal wallet. How can you get this wallet? When i said it needs to be protected just like your normal wallet, i know you must be thinking of physical wallet. Have you heard of google wallet? though Nigerians are not allowed to use google wallet, some webmasters will know about it. It an online wallet where you save your money and use it to purchase online and even can withdraw from it. That is how the bitcoin wallet serve. Bitcoin wallet is an online wallet and every bitcoin wallet has it unique wallet I’D which enable someone to transfer bitcoin to your wallet. You can not withdraw your bitcoin from your wallet in cash using atm machine or bank because it not a physical currency still at of now. This is to say the only way to get your bitcoin money is by selling your bitcoin to someone else who is interested to buy when you needed money or you purchase products with it. It’s so cool that so many Nigeria online shops such as Konga, jumia are now accepting bitcoin as payment method on their website.
to get started with bitcoin get a bitcoin wallet from any of the popular bitcoin wallet providers. Before i forget, there are websites that offer you a free bitcoin wallet, you will be giving a wallet i’d as well which you will be using in receiving bitcoins to your wallet. There are so many bitcoin wallet providers but our recommended list of bitcoin wallet providers are the most popular once only which are
Popular Bitcoin Wallets
Go on to any of them that suite you, all of them listed above are popular and legitimate but i personally used blockchain and i enjoy everything there. Register on your choice wallet, note that you will be required of an email address, if you don’t have email already you can create one free on gmail.com or yahoomail.com as soon as you completed registration you will be giving a wallet i’d which serve as your account number. To make sure you are always at a safe part, don’t use cyber cafe except you trusted their service, reason because some hackers install keyboard spyware on cyber cafe which they use to get login details to people accounts on social medias so i would advice you do that on your own computer, tablet or smart phone right at your own convenience location and time. After creating your bitcoin wallet, copy your wallet i’d down on you notepad or piece of paper so you can always make use of it without having to login every time before you can make use of it. Another important advice i will love to give you is, never to write your bitcoin wallet login details down or paste anywhere. Take your time to study your login details on your brain to avoid stories that touches.
Now that you have gotten your bitcoin i’d ready, it time for you to source for bitcoin. Note that even as the price of bitcoin is at $7,419.99 or more, it’s not everyone that will sell for that same price, some people may sell for lesser amount because they needed urgent cash and they need to sell fast. As i have already promise from the beginning of the post, I’m not going to share any one’s beneficial details on this article. If you are interested in buying bitcoin then source for bitcoin by yourself, i will only advice you to be diligent when transacting bitcoin sales with someone. I would advice that you meet with the bitcoin seller face to face, let him/her send the bitcoin to your bitcoin wallet, only pay after you have confirmed that the bitcoin has delivered to your wallet. Note that there is no way the sender can get back bitcoin when it get’s to your account or except you send it back to the sender. Since you are just getting started with bitcoin, i will give you a link to a place where you can source for sellers and buyers, remember i warned you not to pay into anyone’s account. Buy from only those in your city that are ready to meet with you for the transaction or else you want to get sc?med by those Nigeria yahoo boys.
Where To Source For Bitcoin In Nigeria
Remember i told you earlier that so many people now took bitcoin as their own daily business, for that reason they have website where they buy and sell. Some of them are legit but some others are just yahoo boys so no mater what the situation is, always meet with the person you want to buy from and transact physical business. Don’t get annoyed i’m stressing this over and over again. It’s for your own interest and to protect my idea, so you won’t come tomorrow after you have got sc?m to tell me that i’m the one that inspired you. Website to source for bitcoin sellers are
- localbitcoins: This is one of the best place you can source for bitcoin sellers in Nigeria, note that this website is a form of classified website for bitcoins but i seem more secure. Sellers and buyers meet on this website to transact bitcoin, the website ask the seller to upload his/her bitcoin to the website, and as soon as buyer completed payment the website will release the bitcoin to the buy wallet account. it means that the website will provide you with a wallet i’d that you will use to receive the bitcoin, after all you can as well transfer the bitcoin to your normal bitcoin wallet account.
- remitano: If you are in Nigeria and want to buy bitcoin, another good choice of where to buy from is remitano. They are same just like localbitcoins. Buyers and seller meet on this platform to transact bitcoin business. As i warned previously, same involve here, don’t transact business with someone you can’t see.
The above two websites are the best i know you can source for bitcoin dealers in Nigeria. If by any means you have any other dealers you can share with us and other readers using the comment box on this page. Now that we have covered how to buy bitcoin to your wallet, it time to also look at where and how to sell your bitcoin in Nigeria.
How to Sell Bitcoin in Nigeria
The best way to sell bitcoin in Nigeria is to go on any of the platform that brings sellers and buyers together. The listed websites below are the best places to put your bitcoin for sell in Nigeria.
localbitcoins: This is good website that enable sellers and buyers to meet and transact business. When selling your bitcoin on any of this platforms, don’t let anybody to tell you that ‘i have sent you money so transfer bitcoin to me’ without confirming from your bank account. Even if you receive an alert make sure you confirm from ATM or from the banking hall before you transfer the bitcoin to the buyer. In most cases i also advice you meet with the buyer to conclude the transaction.
remitano: This is like the first on this list. I have already explained this before now so i won’t go into much details anymore. You can get buyer for your bitcoin on this platform and the buyer can pay to your bank account before you transfer the bitcoin to him/her wallet. Note that any bitcoin you transfer to someone wallet cannot be reverse except the receiver decided to send it back to you, so be careful you confirm that the buyer has paid before you transfer bitcoin.
You facebook page: If you have a good facebook page with good amount of facebook likes and followers, read how to get more likes and followers to your page here, you can notify followers on facebook that you have bitcoin for sell. Many people are looking for bitcoin to buy, my advice is just lower your price a little to draw more buyers.
You facebook group and profile: Same is this process with that of facebook page. Just share post that you have bitcoin for sale
Words of Mouth: You can tell your friends about your bitcoin that you have for sell. Aside that, go on business forums like Proudnaira to advertise there that you have bitcoin for sale.
How to Purchase Items Online With Your Bitcoin in Nigeria
Currently many online shops in Nigeria accept bitcoin for a purchase of items from their websites. Online shop such as Konga and Jumia are now accepting bitcoin as form of payment. Other websites such as amazon, ebay and some others as well accept bitcoin payment so you can buy any item which you want from any of this websites. Aside from buying physical products, it can be used to buy domain names, hosting e.t.c.
How To Get Bitcoin Without Buying It In Nigeria
Would you like to have bitcoin but you don’t have cash to purchase it and you want to know how you can get bitcoin without buying it in Nigeria? The reason for including this area of the post is because so many people have been asking for a means of getting bitcoin without buying it. If you too still intend to know i won’t have any account to be mad at you. Yes! you can get bitcoin without buying it in Nigeria and so as the rest of the world. There are two major ways now to get bitcoin without buying it and they are known as
- Mining bitcoin yourself: All bitcoin which you see today are being find by some group of people, the process is just like finding gold. Before now mining bitcoin was easy and was able to be done with computer however due to use growth mining bitcoin has become complex and to gain good result from this area, one must first archive bitcoin mining machine and then little mining idea as well.
- Collect Payment On Bitcoin: Another way to get bitcoin is by accepting payment in bitcoin on your business. If you have a business or you offer service you can let your customers/clients pay you with bitcoin. As mentioned above, so many business owners are now accepting payment with bitcoin in Nigeria now, which is a good means of getting bitcoin.
Risk Of Investing In Bitcoin
Know that bitcoin is not a physical currency so investing in it we find out that you stand some major risk which are not too high but worth knowing.
- Getting Hacked: Because your bitcoin is saved in a website database, hackers can penetrate and hack millions of bitcoin and when this is done, your bitcoin get lost though there is only 2% chance that blockchain can undergo this as one of their major point is security. Your personal account can also get hack which may be a result of your fault that might be act of improper usage security from your end that could lead to breach and compromising your account, such as login into your blockchain account with someone else phone or computer and then forget login out or saving your login details to the browser. The bad thing is that bitcoin is unlike your physical cash at bank that could be found if any breech of security such as when you lost your ATM and something else happen. The game of bitcoin is straight, when you lose it, you lose it for good, there is no way of tracing where it went to or any means of recovery. According to raszl, the best way to store your bitcoin is by saving it on a disk disconnected from the internet. You can learn how to store your bitcoin on your disk that is not connected to internet here.
- Drop of Bitcoin Rate: As we have frustration of the Naira to dollar, so is bitcoin as well. The price may drop down at any time but the chance of bitcoin growth is always high than it fall.
- Risk of Bitcoin Getting Ban By Government: Since bitcoin is an online currency that is untraceable, so many individuals used it for so many illegal activities such as money laundering, purchase of cocaine, buying and selling unapproved items. Bitcoins on this regard are just like regular cash that’s utilized by criminals, this reasons might prompt Government of any country to ban the use of bitcoin which some country already done. When this happen, then you stand a risk of loosing on this investment.
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This is all you needs to know about bitcoin in Nigeria. As you have seen on this article we have covered so many parts such as where to buy and sell, risk invove and more. We believe you have learnt a lot from this post, and in conclusion if you are getting into bitcoin newly, this post goes a long way to educate you more. After reading this article and you still wanted more guide, you can use the comment box below or the contact us page to get us.