How Can I Start Investing in Bitcoin In Nigeria?
You can make quite a fortune investing in Bitcoin in Nigeria, but do you have the right information and knowledge? I can bet that you have heard about Bitcoin and other cryptocurrencies, either in passing or conscious study. For some of you, the problem is you don’t know if Bitcoin is legal in Nigeria or not.
This article will guide you on how you can earn good money investing in Bitcoin in Nigeria. However, before we delve into that aspect, we must explain what Bitcoin is. Therefore, in this article, you will learn about the following:
- What is Bitcoin?
- Is Bitcoin legal in Nigeria?
- How to Invest in Bitcoin
- Best site to buy Bitcoin in Nigeria
What Is Bitcoin?
Bitcoin is one of the cryptocurrencies, and there are other cryptos like Ethereum, Ripple, Monero, Cardano, etc. There are more than three thousand different cryptocurrencies in circulation today. Bitcoin is a digital currency invented in 2009 by an unknown personality, often referred to as Satoshi Nakamoto. It is a new kind of instant, digital, private, and outside the control of traditional banks.
Also read: How to buy and sell Bitcoin and Altcoins
Unlike fiat (traditional money like Naira), Bitcoin is entirely virtual and not controlling a single entity or organization. So, you can buy and sell Bitcoin right there in the comfort of your dining table while enjoying your meal.
Is Bitcoin Legal In Nigeria?
Bitcoin in Nigeria is legal and recognized by The Securities and Exchange Commission, Nigeria (SEC). You can read about the press release by SEC on the legality of cryptocurrencies like Bitcoin. The statement was released to the public on SEC Nigeria website on September 11, 2020. They defined crypto assets as a representation of value which functions in three ways:
- A medium of exchange
- Unit of account, and
- A store of value
However, the SEC made it clear that cryptocurrency does not have a legal tender status. Therefore, if you are planning on investing in Bitcoin in Nigeria, you are entirely within Nigerian law’s ambiance.
The Use Cases Of Bitcoin
There are several use cases of Bitcoin and other cryptocurrencies that are in circulation. Here are the primary use cases of Bitcoin:
Store of value
Today, the most extensive use case of Bitcoin is as a store of value. Many analysts see it as a hedge against inflation, just like gold. They believe that it is an appreciating asset that will most likely retain its worth over time. You can compare the price of Bitcoin from its inception year (2009) to date. Let’s ignore the volatility; you will undoubtedly agree that it has been the most performing asset over the last decade.
You can leverage the price fluctuations of Bitcoin to make gains by buying low and selling high. However, if you must engage in daily trading, you must understand the risk involved. Due to the price volatility, you can lose your money in a heartbeat, and you can also make huge gains.
Bitcoin is a means of exchange that is currently used in cross-border payment. You can pay for goods and services from foreign countries to Nigeria using Bitcoin. Just like the United States dollar, Bitcoin is seen as a universal means of payment and exchange.
Investing In Bitcoin In Nigeria
Years ago, it would have been so difficult and complicated to invest in Bitcoin in Nigeria. However, today it has been simplified, and you can do it in simple steps. With platforms like Binance, Quinax, Luno, TRUZACT, etc., you can easily invest in Bitcoin in Nigeria. All you have to do is create your account on any of these platforms, deposit Naira into your wallet using your debit card, and then buy the amount of Bitcoin you want. Although TRUZACT is yet to launch its platform officially, you stand a chance to win a $1000 bonus. You may want to stay tuned for their official launch in Nigeria.
Also related: How to make lots of money with Bitcoin in Nigeria
Here are the steps to take if you want to invest in Bitcoin using Quidax:
- You go to Quidax.com and click on “Create Account” right there on the menu.
- Input your details and submit. After that, you verify your email through the link that will be sent to your email.
- Then you go to “My Account” and click on “verify your identity.”
Depositing money in your wallet
- Go to the website menu and click on “Wallets.”
- You can either select to pay through “bank deposit” or “card payment.”
- Enter the amount you want to deposit into your wallet and click on the deposit. For the card payment method, you should enter your card details and click on “pay.” If you are paying through a bank deposit, ensure that you include the “deposit reference code” in the transfer summary.
- Once you are done with the process, your Quidax wallet will be credited almost immediately.
- Once you have funded your wallet, click on instant buy/sell on the menu button and select the “buy” option.
- Select Naira as the currency to buy with and Bitcoin as the cryptocurrency you want to buy.
- Enter the amount you want to spend; for example, if you’re going to buy N10 000 worth of BTC, you input N10,000 in that space.
- You can also switch to “amount to buy” by using the double arrow to the right of the “space” you inputted the amount of money. For instance, if you want to buy 1BTC, all you have to do is type 1 in that field.
- Confirm that all your details are correct.
- Click on “BUY”
- Confirm that you have been credited by clicking on “Wallets” in the menu.
You have seen that investing in Bitcoin in Nigeria is more straightforward than most people make it appear. With the guide we have provided you in this article, you can get on with your Bitcoin investment. However, it would be best to do your due diligence before putting your money in any cryptocurrency investment.