Buying and Selling Bitcoin in Nigeria (Mining, History, Use & Trading Tips ETC.)

Buying and Selling Bitcoin in Nigeria (History, Use & Trading Tips)

Bitcoin is digital money. It is intangible and invisible. The money of Bitcoin exists within a technology called Blockchain. The technology, Blockchain, was made in such a way that it stores all the information regarding this Bitcoin. Another uniqueness of this technology is that no central body or Governmental body can take charge of its operation. Bitcoin transactions afford you the chance to be your own bank. In other words, you have access to your bank account anytime, any day and anywhere. Of recent, Bitcoin had garnered a lot of popularity in Nigeria also. It has become one of the major means Nigerians make and receive payment.

In this post you will be exposed to the places you can buy bitcoins and the various strategies you need in trading and making money with Bitcoin in Nigeria.


Mining Bitcoin: the historical Facts

– Bitcoin was created by Satoshi Namakatomi who launched the idea on 31st October 2008.

– Bitcoin was made with a mathematical proof that portends that there never be more than 21 Bitcoins. It was used at that time as a reward system for miners.


Things to Use Bitcoin For

There are various things you can Bitcoin for and some of them are mentioned below

  1. International Money Transfer and Shopping: Many African countries have been known to pay a lot of money while making a foreign transfer to and from other continents. With the availability of this global Bitcoin, a person can transfer Bitcoin to the recipients in other countries, where they will convert it to their local currency. Also, some foreign companies accept bitcoin as their means of payment.
  2. Investment: Since Bitcoin is known as a new stock of value, it is a good place to invest. Let us take Nigeria for example when you have a Bitcoin the price of the price increases with the fluctuation of the dollar.


How to Use Bitcoin

  1. Get Bitcoin Wallet: this is an app that would give you the chance to get, have and spend Bitcoin. Blockchain is famed as the most popular Bitcoin wallet provider.
  2. Open an Account: Open a Bitcoin trading account in any Nigeria Bitcoin exchange website. Nairaex is one of the leading exchange sites for this Bitcoin to Naira exchange. Buy Bitcoin and transfer it to your wallet.
  3. Spend Bitcoin: Many businesses have seen the need to accept Bitcoin and are ready to allow it in the transaction of any type of services they offer. With Bitcoin, you can save close to 15% off Amazon.

Places You Can Get Bitcoin in Nigeria

  1. Nairaex: they are one of the leading Bitcoin sellers in Nigeria. They make trading of Bitcoin easy for Nigerians. When you create an order with them, it takes less than four hours to get your order.
  2. Naira4Dollar: This is another top exchange that has been trusted in the Nigerian Bitcom Service. They have also been known to fund people wallet within the hour of request.
  3. BitPesa: this website is one of the top Bitcoin exchanges in Africa. Their rates are very friendly and competitive. Moreover, they have good customer services.

Ways to Acquire A Bitcoin

So far, there had been three ways that have been proven to be the best ways to get Bitcoin. In your quest to acquire Bitcoin, you need to be decisive and wise about getting it. And we would point you to these three ways with the hope that you would pick the one that suits you:

  1. Exchange: An example of such is NigeriaEx. These exchanges are not the ones producing these Bitcoins, but they help you get it. They are rather referred to as exchanges because they do the work of traders in the Bitcoin business.
  2. Mining: this refers to running software to find bitcoins. Mining for Bitcoin is like playing the lottery. This mining requires that one gets a good CPU because your mining is determined by how good your CPU is. Here, you get all the bitcoins for free but would have to work a lot because it comes on every ten minutes.
  3. Investing: this method is another brilliant way of acquiring Bitcoin; yet, it is risky. You will have to buy and hold it. You can also offer services and ask that the payment is made in Bitcoin.


Trading Tips for Bitcoin


Trading in Bitcoin can be very tricky and it requires some skills just like every other business. And the following are some tips to help in your trading of Bitcoin.

  1. Have A Goal: Before you set into trading your Bitcoin, have a reason for making the sale. You do not have to trade all the time.
  2. Set Level: ensure that you set a target for yourself and aim for it. When you eventually get to your desired level, stop for a while. Afterwards, set a new plan for yourself, then go for it also.
  3. Manage Risk effectively: look for small risks and opt for them. Avoid the big ones that have been known to be Waterloo for a lot of people.
  4. Avoid Trading with Pressure: ensure there is no pressure whatsoever while making this sale. When you notice any pressure while trying to make a trade, stop the trade. Pressure is like putting on blinders in a dark room. There would be another opportunity.
  5. Avoid being Run by Ego: Try as much as you can to make sure to stop ego from going into any trade with. Do not be found trying to prove how much you would have done if you were involved in a trade.
  6. Buy The Rumour and Sell Because of The News: Buy according to rumour and make sales following the news. Follow information well. Most of the time when you want to buy anything get the rumoured ones, it is often right. But when you see anything in major newspapers, it is time for you to sell.

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