Have you been seeking info on how to invest in Bitcoin?
This post will guide you through all you need to know before buying and investing. Here, we outline basic steps on:
Note: If you do not need the details and just want to buy or sell, NairaEx is the safest and fastest way to buy bitcoins in Nigeria. Visit www.nairaex.com.
Also, BTC is the acronym for Bitcoin or Bitcoin Core
It is no surprise that these questions pop up, first the world is moving fast towards digitization and the internet is gaining huge grounds with its effect in all sectors of human endeavour.
That said, the monetary or currency sector is no different and just as ‘E-mails replaced Post offices, Bitcoin/Digital currency is an ideal replacement for Fiat/Paper money’. Asides its advantages of security, cheaper fees due to absence of third parties, fast transactions and global acceptability, Bitcoin is an entirely new asset and investment class with a great potential for the digital world.
Investing in Bitcoin may seem scary as is the case in all new areas or emerging tech, but its potential and utility stem more benefits. So to get started with this, you need the right education as to: What is Bitcoin and how Bitcoin works? Read here
Bitcoin is a great store of value and investment instrument. Bitcoin is valuable, scarce and useful; so just like Gold there is a limited supply of bitcoins in circulation; at 21 million bitcoins.
Bitcoin can be likened to the Digital Gold – U.S Federal Reserve Chairman
Bitcoin provides a sound and predictable monetary policy and growth sequence. Bitcoin offers an ease of payment option, bitcoin is third-party or censorship resistant, Bitcoin acts as a great medium for cross border transactions with no hurdles.
Bitcoin is independent of failed government monetary policies (notably inflation) as it currently equates directly to the US Dollar (USD) the world’s number one fiat currency.
Just as the internet made business and global accessibility easy, Bitcoin will have same impact on finance and the failing global economy.
If you understand the digital world, the internet and the vast potential of digital currency (Ref Bitcoin) you sure would agree that investing in Bitcoin is a good idea.
There is no official Bitcoin price. Just as all monetary value, Bitcoin price is subject to market movements.
The price of Bitcoin is however shown as the cost of one Bitcoin in relation to its USD equivalent that is, 1 Bitcoin (BTC) is $10,500 at time of this publication. You can see the live prices of Bitcoin on the NairaEx or Bitcoin.ng or Preev.com home page.
However, note that you can buy whatever amount or quantity of Bitcoin you need; say $5, $10 0r $1000 worth of Bitcoin as required.
As in all financial markets and assets, nothing is certain. Bitcoin is known as volatile as seen on its price chart; it has increased rapidly in value, followed by slight dips and then points of price stability.
Tools like Coinmarketcap and Trading view will help you analyse charts and understand Bitcoin’s price situation or stability. This will aid your decisions on when to buy, when to hold or when to accumulate.
The difficulty of buying bitcoin varies by country. Some countries have more merchant options or platforms to buy so variations exist.
In Nigeria, NairaEx has over the years established itself as the largest and premier bitcoin exchange platform. Buying Bitcoins on NairaEx.com is instant and convenient with various BUY/SELL options including direct online banking or bank debit card purchases; they operate a user friendly website and have multiple options to buy with ease.
As with all financial assets and investments, security is a necessity; and for your Bitcoin here are a few security tips:
So as your bank account details for fiat currency are private, your bitcoin wallet details should be private and treated as personal to prevent hackers and thieves.
Analysis shows that hardware wallets offer more security especially for large bitcoin holders, as you have complete control of your coins, than in online wallets which may be susceptible to phishing. Trusted bitcoin hardware wallets include Ledger Nano and Trezor hardware wallet.
NOTE: The online wallets are free to open and store your coins, for the hardware wallet, you will need to buy the flash drive-like device.
Investing in Bitcoin is no joke so securing your investment or bitcoin should be your top priority. Also, see more security measures here
Buying Bitcoins via Bank or Bank cards in Nigeria could be confusing. So we’ve outlined steps to make this easy.
To buy Bitcoin (BTC) in Nigeria has become so easy thanks to NairaEx (Nigeria’s premier Bitcoin exchange) which has developed a smooth and fast platform for purchases. From placing buy order, to processing and completion in minutes; buying bitcoin on NairaEx is so easy.
To buy on NairaEx, first you need to have a bitcoin wallet; you could buy a hardware wallet or simply create a new online wallet here. Next you need a credible exchange platform; to avoid criminals or exchanges trying to steal your credit card information. To this effect and on research we recommend NairaEx.
NOTE: Always check that URL is correct: www.NairaEx.com
For existing customers (Customers who have an account on NairaEx and have already completed KYC process), proceed from step 5.
NairaEX allows a minimum of 10,000 Naira and up to 500,000 naira on a single Buy Order.
Naira Ex is Nigeria’s largest Bitcoin broker and offers limit up to 500,000 naira instantly on a single buy order with a credit or debit card. Here is a step-by-step guide on how to buy bitcoins with your bank credit/debit card on NairaEx:
It is important to understand the basics of how bitcoin works before investing. So take some time to understand this and how it differs from fiat currency. Always Do Your Own Research (DYOR).
Buy and Sell Bitcoin here: www.nairaex.com, it’s fast, secured and reliable.
For news and crypto updates: www.bitcoin.ng