12-15-2020 icon

Buying and Storing Bitcoin in Nigeria

By calvin

More Nigerians than ever are buying cryptocurrency. The astronomical rates of adoption wash away doubts about the future of the payments medium. As the years have gone by, buying Bitcoin in Nigeria has become much easier as a result of the efforts of leading exchanges like NairaEx.

Benefits Gained from Buying Bitcoin

More Nigerians understand what Bitcoin is and the benefits that can be gained from it. They stand to benefit from higher rates of saving, higher purchasing power, and more favorable rates of returns than they would have gained from using traditional mediums of finance.

For many people in the world’s most populous black nation, buying Bitcoin is about fighting poverty and putting a stake in a future filled with opportunities for financial independence. Thus, it comes as no surprise that over the years, users of platforms such as NairaEx have increased substantially.Users of such platforms can easily convert Bitcoin to Naira when needed while also enjoying extremely favourable rates.

Many Nigerians look to cryptocurrency exchanges to trade Bitcoin for other types of cryptocurrency, trade Bitcoin to sell when prices are much higher, and much more. Increasingly, more platforms are allowing for the purchasing of goods and services with Bitcoin.

Keeping Safe Online and Offline

Bitcoin can be bought online and stored offline. This presents many benefits but also presents reasons for users of it to be cautious in order to protect their digital tokens.

While transactions on the Bitcoin network are usually safer than traditional finance transactions, owners of Bitcoin still have to ensure that they protect their login details and storage details for their Bitcoin wallets. Protecting access to one’s wallet is as important as protecting the login details to your online bank account, if not more. People have been known to fall prey to phishing attempts and other tricks by cybercriminals. Keeping your private keys to yourself and using hardware wallets can help in fortifying the security of your holdings.