What Nigerians should know about Bitcoin

Research tells that Bitcoin is the most successful digital currency to date. It is a new form of cryptocurrency in which encryption techniques are used to control the creation of new bitcoins and to verify transactions. The demand for this digital or e-currency in Nigeria is rising daily and as more people are now becoming involved in it.

Are you searching for ways to earn some extra cash or develop your own wealth? Bitcoin is one of the great option for you, read on to see if you will find your interest in bitcoin.

1.Is Bitcoin Money?

The simplest meaning for Bitcoin is that “Bitcoin is a Money”. Yes! Bitcoin is becoming the money of our generation and the future generations. In the past, money has taken many forms like cowry shells, beads, paper, and now it is becoming digital in form of bitcoin and other cryptocurrencies. Bitcoin a is digital money, simply because it’s not anything physical. It is not physical yet more real like any form of money previously used. It exists on a technology called Blockchain.

2. What is the use of a bitcoin?

As we all know money is use to carry out transactions. Money is any clearly identifiable object of value that is generally accepted for payment of goods and services and repayment of debts within a market or which is a legal tender. Bitcoin fulfills all of these. Since bitcoin is accepted worldwide, one the best purposes of bitcoin is to make an international payment. It can also be used for a host of other things, buying movies, buying books, buying jewelry, paying bills, and complete remittances. You can also make money online in Nigeria trading bitcoins. I must mention, you can integrate bitcoin payment option on your website to receive payment from customers. I.e. as means payment.

3.Where to buy or sell bitcoin in Nigeria

Remember, bitcoin is a currency. This means you can earn money by selling just about every type of product and service simply by accepting bitcoin as payment. There are several places to buy bitcoins in Nigeria, ranging from peer to peer to web platforms like escrow services, maybe Remitano NG, Paxful, NairaEx and also Localbitcoins,  its depend on your choice the one to use. You are quite safe on there and they have good rates. Even major websites, now accept bitcoin as payment.

Buying and selling bitcoins is probably the fastest and easiest way to try and make some money with bitcoin. Just like the stock market, bitcoin trading involves buying at a low cost and selling when the price has gone up. Bitcoin is a volatile currency which means the rate can rise or fall several times daily with margin per bitcoin value.

If you’re already selling something, you should consider accepting bitcoin as payment. If you aren’t selling anything, now is a great time to look at the market to identify needs, and to find ways to meet those needs. Bitcoin offers a wide range of entrepreneurial opportunities for the bold and ambitious, and the all-digital currency makes conducting business around the world cheaper and easier.

4.Where to save bitcoins

Web-based bitcoin wallets:

Blockchain have turned out to be famous lightweight contrasting options to downloading the entire Bitcoin application core. Blockchain which helps to store all the information and transactions about all the Bitcoin that ever exist. The information on Blockchain can never be destroyed or manipulated. On opening the Blockchain.info site, the “Create Wallet ”. Within a couple of minutes through the guided process, you can select your own password and you are already welcomed by the dashboard which demonstrates all incoming and outgoing exchanges and your wallet balance.

5.How can you benefit from bitcoin?

Just like it’s said earlier Buying and selling bitcoin is one of the fastest and easiest way to make some money. bitcoin trading involves buying at a low cost and selling at a high price which means you can invest for the future. For us Nigerians, Bitcoin can serve as a high profit investment, due to the behavior of the Nigerian Naira in the foreign exchange market.


Bitcoin is a volatile currency which means the rate can rise or fall several times daily. To be noted Bitcoin is no risk-free, so before making your first move in it make sure you understand the technology, and perform due diligence.

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