Getting started with Bitcoin investments in Nigeria

Bitcoin, the world’s first decentralized digital currency, has gained significant popularity and recognition globally.

In Nigeria, it has become a buzzword, capturing the attention of both tech-savvy individuals and those seeking alternative investment opportunities. However, despite its widespread recognition, there is still a lack of understanding about what Bitcoin is and how it can be utilized.

Firstly, it is important to clarify that Bitcoin is legal in Nigeria. The Central Bank of Nigeria (CBN) has recognized it as a form of digital currency and has not imposed any restrictions on its usage. This has opened up a world of possibilities for Nigerians, who can now explore the potential benefits of investing in Bitcoin.

Getting started with Bitcoin in Nigeria is relatively straightforward. Individuals can create a digital wallet, which acts as a secure storage space for their Bitcoin holdings. These wallets can be accessed through various platforms, such as mobile apps or online exchanges. Once a wallet is set up, users can purchase Bitcoin using traditional fiat currencies, such as the Nigerian Naira, through these exchanges.

Investing in Bitcoin offers several potential financial gains. Firstly, Bitcoin has shown a history of significant price appreciation. Over the years, its value has skyrocketed, making early adopters and investors substantial profits. This has attracted many Nigerians who see Bitcoin as a lucrative investment opportunity.

Additionally, Bitcoin provides an alternative to traditional banking systems. In Nigeria, where access to banking services can be limited, Bitcoin offers a decentralized and accessible financial solution. It allows individuals to send and receive money quickly and securely, without the need for intermediaries or high transaction fees.

Furthermore, Bitcoin can act as a hedge against inflation. Nigeria has experienced high inflation rates in recent years, eroding the value of the Naira. By investing in Bitcoin, individuals can protect their wealth from the devaluation of the local currency.

However, it is important to note that investing in Bitcoin also carries risks. The cryptocurrency market is highly volatile, and prices can fluctuate dramatically within a short period. This volatility can lead to significant financial losses if not approached with caution and proper risk management strategies.

In conclusion, Bitcoin has become a widely recognized term in Nigeria, capturing the interest of many individuals. While its practical uses and potential for financial gain are enticing, it is crucial to understand the risks associated with investing in Bitcoin. With proper knowledge and risk management, Nigerians can explore the potential benefits of this digital currency and make informed investment decisions.

What is Bitcoin?

Bitcoin is simply digital money, meaning that unlike Naira or US Dollar that makes use of paper, Bitcoin is completely paperless. It was created with the intention of making it easier to move money from country to country, some even call it borderless money. Bitcoin, unlike regular currency (fiat), is not controlled by any single individual, organisation or government rather is controlled by Bitcoin users around the world.

Is Bitcoin Legal?

As to whether it is legal, in some countries it has been tagged as illegal although it is difficult to restrict people from using bitcoin. However, in Nigeria, there are no laws/policies against the use of cryptocurrencies. Bitcoin in Nigeria is 100% legal

What you can do with Bitcoin

Regarding what can you do with Bitcoin in Nigeria, a couple use cases are: using it as an investment vehicle to diversify your assets; trading by making gains off the price fluctuation just like forex trading. Bitcoin can also be used to transfer money across borders faster and cheaper.

How to invest in Bitcoin in Nigeria

Investing in Bitcoin has become much easier with the advent of platforms like Binance. With over 13 million users worldwide, Binance is the largest crypto exchange in the world. Starting your investment journey in Bitcoin is now a seamless process, unlike a few years ago. You can begin with as low as N50 and fund your account via bank transfer.

To get started, simply create an account, deposit Naira into your wallet, and buy Bitcoin. However, due to CBN regulations, deposit via debit card is temporarily suspended. But you can still deposit and withdraw via the P2P section of Binance, which is easy and fast. Once you sign up and verify your account, head over to the P2P section and follow the steps to invest in Bitcoin in Nigeria using Binance.

1. Creating an Account

1. Go to Binance.com and you will immediately see a signup form
2. Fill in your details, submit and verify your email via the link sent to your email
3. Go to ‘My Account’ and click on verify your identity

2. Depositing Naira in your wallet

1. Click on “Wallets”  in the website menu.
2. Then click on “Deposit.” On the next screen click on “Deposit Fiat”
3. Select naira from the currency Menu
4. You can choose the method you want to deposit. A debit card or bank transfer
5. Click on Continue
6. Enter the details of how much you want to deposit and click on ‘Pay’ or ‘Submit’ if you selected bank deposit.
7. For card payment enter your card details and click Pay. If you selected bank deposit make a transfer to the account details, ensure to include the ‘Deposit Reference Code’ in the transfer summary.
8. Once done your Binance account will be credited with the value you deposited.

Note: Due to CBN policy, use the below method to deposit naira

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Depositing Naira in your wallet via P2P

1. Click on “Wallet” on the website menu and select “P2P”
2. Now you click on “P2P Trading”
3. On the next page, ensure you select “Buy”, in the fiat box, select “NGN” which is an abbreviation of Naira. You will get a warning of the risk, accept.
4. You will see different offers, select convenient offers with high completion rate.
5. Input the amount of Naira (NGN) you want to deposit.
6. Now, you will be taken to the completion page. You will see the account number of the trader. Make the payment to the account number using bank transfer.
7. Once you have made payment, click on Transferred, next.
8. As soon as the trader confirms the payment, the money will be deposited in the account.
9. Note: You will see the number of the trader right there, you can call them. Also know that for your safety, the trader account in Binance is frozen until trade is completed

3. Buying Bitcoin

1. Once your wallet is funded click on “Wallet” and then Fiat and Spot” in the menu
2. When the page loads Click on “Buy” beside bitcoin
3. In amount to spend, enter the amount you want to buy. Example: If you want to buy N5,000 worth of BTC, type 5,000 in the field.
4. Alternatively, you can switch to “amount to buy” using the double arrows to the right of that field. In this case, type in the amount of the asset you want to buy. Example: If you want to buy 0.5 BTC, type 0.5 in that field.
5. Confirm all the details.
6. Click “Buy”
7. You can check if you have been credited, by clicking on ‘Wallets’ in the menu.

Note: You can also use the P2P method to buy bitcoin directly

Automatically trade bitcoin and other cryptos very easily

If you do not have the time or you are not very knowledgeable to trade Bitcoin or any other cryptocurrency, the good news is that you can use a crypto trading bot. The trading bot will trade for you and make money for you even while you sleep.

The bots use different signals to trade. The best crypto trading bot is Cryptohopper.

First, you need to open a Binance account. Then follow the instruction above to deposit funds into your finance account. Once you have done that, sign up for a Cryptohopper account. Then connect it to your Binance account. Set everything up.

That is all. The bots will automatically trade for you.