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Buying and Selling Bitcoin in Nigeria

August 15, 2023

Bitcoin, the world's first cryptocurrency, has taken the monetary world by storm. Its decentralized nature and potential for high returns have attracted traders from around the globe and Nigeria. The African nation, known for its entrepreneurial spirit and tech-savvy population, has recently seen a surge in bitcoin buying and promoting actions.

Nigeria's adoption of Bitcoin could be attributed to several factors. One of the leading causes is the country's restricted access to conventional banking services. According to the World Bank, only 39% of Nigerian adults can access formal monetary companies. This has created a fertile floor for different payment methods like Bitcoin.

Another issue driving the recognition of Bitcoin in Nigeria is the necessity for cross-border transactions. Many Nigerians work and send money overseas, and traditional remittance companies usually contain high charges and long processing instances. Bitcoin offers a sooner and cheaper alternative for sending and receiving funds throughout borders.

So, how can you unlock the potential of buying and promoting Bitcoin in Nigeria? It's comparatively straightforward because of the growing number of cryptocurrency exchanges and buying and selling platforms obtainable within the country.

Finding a Reliable Exchange

The first step is to find a dependable cryptocurrency trade. These platforms allow you to buy, promote, and commerce Bitcoin and cryptocurrencies. Look for a business registered with the appropriate regulatory bodies and has excellent popularity amongst users.

Some well-liked cryptocurrency exchanges in Nigeria embrace Luno, Quidax, and Binance. These platforms offer user-friendly interfaces, safe wallets, and aggressive transaction fees.

Setting Up an Account

Once you've chosen an exchange, you must sign up for an account. This usually involves providing your personal information, such as buying crypto with a credit card, using your name, email address, and phone number. You may also need to verify your identity by submitting a photo of your ID or passport.

After creating an account, you'll be assigned a novel pocket address. This address is like your bank account quantity and is used to ship and obtain Bitcoin. Securely retail your pocket's data, as losing it can lead to a permanent lack of funds.

Buying Bitcoin

With your account set up, you're prepared to buy Bitcoin. Most exchanges offer multiple fee methods, such as bank transfers, debit/credit playing cards, and even cell cash. Choose a payment method that's handy for you and follow the instructions provided by the trade.

When shopping for Bitcoin, you can specify the quantity you want to buy or the amount you wish to spend. The change will calculate the equivalent bitcoin worth primarily based on the present market rate. Maintaining track of the trade rate and any relevant charges is necessary to ensure you get the most effective deal.

Selling Bitcoin

If you already have personal Bitcoin and wish to sell it for Nigerian Naira (NGN), you can do so on the identical change platform. Navigate to the "Sell" part, enter the quantity of bitcoin you wish to sell, and confirm the transaction. The change will credit score your account with the corresponding NGN worth, which you'll be able to then withdraw to your bank account.

Security and Best Practices

While buying and promoting Bitcoin could be worthwhile, it's important to prioritize security. Here are some of the most excellent practices to remember:

  • Enable two-factor authentication (2FA) to add an extra layer of protection to your account.
  • Regularly update your account passwords and use sturdy, unique passwords for each platform.
  • Avoid sharing your pocket data or private keys with anyone.
  • Consider using a hardware wallet for added safety, particularly if you hold a significant amount of Bitcoin.

In conclusion, buying and selling Bitcoin in Nigeria has become increasingly accessible and convenient. With suitable exchange and proper security measures, buying crypto, Nigerian Nigerians can unlock the potential of this digital currency to diversify their investment portfolio and engage in global financial transactions with ease.