How to Buy Bitcoins in Nigeria

Submitted bydoncheks onMon, 04/23/2018 - 07:04
trading in bitcoin

With the current shortage of dollar in the country, bitcoins have largely penetrated the Nigeria market. Since Bitcoins have surpassed the traditional money exchange as its global acceptance keep growing all over the world; discovering how to buy bitcoins in Nigeria has been a concern for potential investors. The constant failure of Nigeria cards in other countries has made the bitcoins a viable substitute. Recent times have shown that the bitcoins are now nearly three times higher in price than an ounce of gold. This reveals that bitcoin is becoming a store value of multiple returns.
The simple steps below show how to buy bitcoins in Nigeria:

First, you will need to install a bitcoin wallet on your device where you receive, send, and spend bitcoin for transactions. Your bitcoin wallet will generate a bitcoin address which you can share with future buyers or sellers of bitcoin. You can buy your first set of bitcoins from trustworthy stores or sites around you. A good example is the NairaEx website where you can pay as little as $10 worth of bitcoin without no extra fees.

After purchasing bitcoins, the next step is to find means to tap resources from this digital bitcoin in Nigeria
Given methods on how to trade bitcoin in Nigeria are:

    Trading Bitcoins: Bitcoins is the new money. Transacting with the bitcoins is one the fastest ways to do transactions in Nigeria. Unlike investing in foreign currencies, bitcoin is a digital currency that is not affected by central bank policies and other governmental agendas. Bitcoin has given an impressive increase as the year goes by. The rate at which bitcoins grow as the Nigerian market fluctuates gives a right choice for a good investment. Trading in bitcoins involves buying at a low cost and selling when the price is gone up. More sites have enabled trading, making it easier and faster to use.
    Making Payments Abroad: The constant increase of transfer fees in Africa is a good reason to switch to bitcoins. Bitcoin exchanges permits users all over the world to convert any currency into and out of Bitcoin. For example, you can purchase a service in another country without the excesses of the money transfer operators. Your local currency is converted to bitcoins while the seller receives the money converted in bitcoins. He/she in turn can convert the bitcoins to his/her local currency. This is a reliable way of making international transfer all over the world.
    Investment Opportunity: The first week of August, 2017 witnessed the increase in the price of bitcoin at $3500, which is nearly thrice the price of gold which was at $1,262.60. The price of bitcoin has continued to climb up the ladder at 250% since the start of the year, from under $1,000 in January to $3,500 in August. This records attracts more investments which would ultimately give an increase in the price at the end of the year. For example, if you got bitcoin at the rate of $1,000 in January, you have got an impressive appreciation of $2,500 by August.



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