07-20-2019 icon

How to Invest in Bitcoin (BTC) and Where to Buy in Nigeria

By Sagetwriter

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:

  • How to invest
  • Why you should invest and take bitcoin seriously
  • How to buy bitcoin (with credit card or via bank account)
  • How to secure your bitcoin if you do decide to invest

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

Why Believe in Bitcoin? and Why is Bitcoin Gaining Popularity?

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

Why Invest in Bitcoin?

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 GoldU.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.

Bitcoin’s Price

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.

When is the Right time to Buy Bitcoin?

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.

How to Invest in Bitcoin and Where to Buy?

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.

How to Secure your Bitcoin

As with all financial assets and investments, security is a necessity; and for your Bitcoin here are a few security tips:

  • Online wallets: These are custodian online/web wallets that allow you hold or store your bitcoin securely. A good online wallet is the blockchain wallet (create here). For online wallets, you are required to keep your wallet details, 12-phrases and password private.

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.

  • Hardware wallets: Hard ware wallets look like a flash drive. They help you keep your bitcoin safe and with an added advantage to have the device handy and more personal; that is you can carry your bitcoin hardware wallet around.

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

How to Buy Bitcoin (with Credit card or Bank account)

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.

Buying on NairaEx (via Bank Account)

  1. For new customers: First create a NairaEx account by signing up on the www.nairex.com home page.
  2. Fill in email and choice password details.
  3. Complete email verification via mail in your inbox.
  4. Proceed to ID verification on the homepage and fill in basic Know-your-customer. details (Name, National Identity card or other identification details required)
  5. Once verified, proceed to create BUY ORDER (Click on New Order).
  6. Fill out the Buy Form (Enter bitcoin or naira equivalent amount).
  7. Select ‘Online Payment Gateway’ as Payment Method.
  8. Complete the order details and review.
  9. Next, you will be directed to payment gateway: SELECT BANK OPTION.
  10. Once Payment is completed, your Bitcoin is sent automatically to your Bitcoin Address.

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.

Buying on NairaEx (Credit/Debit Card)

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:

  1. Create account.
  2. Verify account and fill out Know Your Customer form.
  3. Once completed and verified, proceed to create BUY ORDER (New Order).
  4. Fill out the Buy Form (Enter bitcoin or naira equivalent amount).
  5. Select Online Payment Gateway as Payment Method.
  6. Complete the order details and review.
  7. Next, you will be directed to payment gateway: SELECT CARD OPTION
  8. Connect credit/debit card by filling only specified details.
  9. Wait on verification, authentication by bank (token code or sms) and complete order.
  10. Once Payment is completed, your Bitcoin is sent automatically to your Bitcoin Address.

Why Choose NairaEx?

  • Easy to use platform
  • Instant Buy option
  • Fast funding
  • Trusted and Secure platform
  • Registered exchange platform
  • Long term service
  • Referral bonuses and other incentives
  • Provides a Help desk and Up to date crypto news blog
  • Great support and customer service relations
  • No extra charges on all purchases

Final Note

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