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How Can I Start Investing in Bitcoin In Nigeria?

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Investing in Bitcoin in Nigeria

How Can I Start Investing in Bitcoin In Nigeria?

Investing in Bitcoin in Nigeria

You can make quite a fortune investing in Bitcoin in Nigeria, but do you have the right information and knowledge? I can bet that you have heard about Bitcoin and other cryptocurrencies, either in passing or conscious study. For some of you, the problem is you don’t know if Bitcoin is legal in Nigeria or not.

This article will guide you on how you can earn good money investing in Bitcoin in Nigeria. However, before we delve into that aspect, we must explain what Bitcoin is. Therefore, in this article, you will learn about the following:

  • What is Bitcoin?
  • Is Bitcoin legal in Nigeria?
  • How to Invest in Bitcoin
  • Best site to buy Bitcoin in Nigeria

What Is Bitcoin?

Bitcoin is one of the cryptocurrencies, and there are other cryptos like Ethereum, Ripple, Monero, Cardano, etc. There are more than three thousand different cryptocurrencies in circulation today. Bitcoin is a digital currency invented in 2009 by an unknown personality, often referred to as Satoshi Nakamoto. It is a new kind of instant, digital, private, and outside the control of traditional banks.

Also Read: How to buy and sell Bitcoin and Altcoins

Unlike fiat (traditional money like Naira), Bitcoin is entirely virtual and not controlling a single entity or organization. So, you can buy and sell Bitcoin right there in the comfort of your dining table while enjoying your meal.

Is Bitcoin Legal In Nigeria?

Bitcoin in Nigeria is legal and recognized by The Securities and Exchange Commission, Nigeria (SEC). You can read about the press release by SEC on the legality of cryptocurrencies like Bitcoin. The statement was released on made public on SEC Nigeria website on September 11, 2020. They defined crypto assets as a representation of value which functions in three ways:

  • A medium of exchange
  • Unit of account, and
  • A store of value

However, the SEC made it clear that cryptocurrency does not have a legal tender status. Therefore, if you are planning on investing in Bitcoin in Nigeria, you are entirely within Nigerian law’s ambiance.

The Use Cases Of Bitcoin

There are several use cases of Bitcoin and other cryptocurrencies that are in circulation. Here are the primary use cases of Bitcoin:

  • Store of value

Today, the most extensive use case of Bitcoin is as a store of value. Many analysts see it as a hedge against inflation, just like gold. They believe that it is an appreciating asset that will most likely retain its worth over time. You can compare the price of Bitcoin from its inception year (2009) to date. Let’s ignore the volatility; you will undoubtedly agree that it has been the most performing asset over the last decade.

  • Day-to-day trading

You can leverage the price fluctuations of Bitcoin to make gains by buying low and selling high. However, if you must engage in daily trading, you must understand the risk involved. Due to the price volatility, you can lose your money in a heartbeat, and you can also make huge gains.

  • Cross-border payment 

Bitcoin is a means of exchange that is currently used in cross-border payment. You can pay for goods and services from foreign countries to Nigeria using Bitcoin. Just like the United States dollar, Bitcoin is seen as a universal means of payment and exchange.

Investing In Bitcoin In Nigeria 

Years ago, it would have been so difficult and complicated to invest in Bitcoin in Nigeria. However, today it has been simplified, and you can do it in simple steps. With platforms like Binance, Quinax, Luno, TRUZACT, etc., you can easily invest in Bitcoin in Nigeria. All you have to do is create your account on any of these platforms, deposit Naira into your wallet using your debit card, and then buy the amount of Bitcoin you want. Although TRUZACT is yet to launch its platform officially, you stand a chance to win a $1000 bonus. You may want to stay tuned for their official launch in Nigeria.

Also related: How to make lots of money investing in Bitcoin In Nigeria

Here are the steps to take if you want to invest in Bitcoin using Quidax:

  1. Account Creation

  • You go to Quidax.com and click on “Create Account” right there on the menu.
  • Input your details and submit. After that, you verify your email through the link that will be sent to your email.
  • Then you go to “My Account” and click on “verify your identity.”
  1. Depositing money in your wallet

  • Go to the website menu and click on “Wallets.”
  • You can either select to pay through “bank deposit” or “card payment.”
  • Enter the amount you want to deposit into your wallet and click on the deposit. For the card payment method, you should enter your card details and click on “pay.” If you are paying through a bank deposit, ensure that you include the “deposit reference code” in the transfer summary.
  • Once you are done with the process, your Quidax wallet will be credited almost immediately.
  1. Buying Bitcoin 

  • Once you have funded your wallet, click on instant buy/sell on the menu button and select the “buy” option.
  • Select Naira as the currency to buy with and Bitcoin as the cryptocurrency you want to buy.
  • Enter the amount you want to spend; for example, if you’re going to buy N10 000 worth of BTC, you input N10,000 in that space.
  • You can also switch to “amount to buy” by using the double arrow to the right of the “space” you inputted the amount of money. For instance, if you want to buy 1BTC, all you have to do is type 1 in that field.
  • Confirm that all your details are correct.
  • Click on “BUY”
  • Confirm that you have been credited by clicking on “Wallets” in the menu.

Conclusion

You have seen that investing in Bitcoin in Nigeria is more straightforward than most people make it appear. With the guide we have provided you in this article, you can get on with your Bitcoin investment. However, it would be best to do your due diligence before putting your money in any cryptocurrency investment.

 

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What is Cryptocurrency And How Does It Work? 

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Obiex finance website

Cryptocurrencies are decentralized digital assets that operate on blockchain technology that in turn operates by storing a ledger of every transaction on all nodes powering the blockchain. 

In layman’s terms, blockchain technology is like a record keeper, it collects data (in blocks) and links one block of data to another, forming a chain. The data on the blockchain is open for all to see and cannot be easily altered. Blockchain technology can be used for a variety of use cases besides cryptocurrency, ranging from voting to crowdfunding, keeping health records, etc.

Using Bitcoin as an example, nodes are computers connected to the network to mine Bitcoin,  – this collection of independent nodes working together is what makes the network decentralized.

The decentralized nature of cryptocurrency is down to the creators recognizing flaws in traditional banking & financial systems like governments and financial institutions acting only in their best interests and not in the best interest of the common man, leading Satoshi Nakamoto (the creator of bitcoin and blockchain technology) to take steps to rectify that.

Related: What are NFTs?

To make cryptocurrency transactions, you will need to have a set of both public and private keys that will act as passwords protecting your crypto wallet. 

The Public key is connected to your wallet address, allowing you to share the address with others to receive cryptocurrency, while the private key is known to only you and is what you will use to approve outgoing crypto transactions from your wallet. 

Trading Cryptocurrency on Obiex

Obiex finance website

With the popularity of cryptocurrency trading currently at an all-time high, the biggest challenge for many rookie traders is selecting which cryptocurrency exchange to trade on.

If you fall in this category, the immediate priority should be finding an exchange that allows rookie traders to make trades easily, doesn’t charge extra fees and is completely secure. That exchange is Obiex Finance.

In this guide, you will be shown how to navigate the Obiex mobile app & website easily and what to do to get started with making cryptocurrency trades. 

Getting started with Obiex Finance 

Obiex Finance is a digital asset exchange and financial technology (Fintech) platform that gives its users the ability to easily execute cryptocurrency trades from anywhere regardless of their skill level.

Their commitment to ensuring that users get the best experience is shown in how they allow instant swaps from volatile coins like Bitcoin to stable coins like USDT, and vice versa, without confirmations. In a market where the value of crypto can fluctuate wildly, this feature is especially valuable as it allows users to seamlessly switch between making profits to saving those profits in a more stable currency before the value drops.  

To create an Obiex Finance account, simply head over to their homepage, click on “sign up”, fill in the required fields and verify your email address. After that, create wallet addresses for your crypto assets and you’re ready to start trading!

The cryptocurrency available for trading on the Obiex Finance platform are: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Polygon (MATIC), Dogecoin (DOGE), Tether (USDT), Binance USD (BUSD), and USD Coin (USDC).

Getting Started with Cryptocurrency trading

After creating your Obiex account, you need to follow these simple steps:

  1.     Have a Trading Strategy: Trading cryptocurrency without having a strategy in place is the easiest way to lose your money. You will need to research the various crypto trading strategies thoroughly and choose the one that best suits your needs and temperament. For example, if you’re a patient person who is content to make smaller, safer trades over a long period of time instead of making riskier trades, then scalp trading is the best trading strategy for you. There are also other crypto trading strategies such as Swing trading, position trading, Arbitrage, dollar cost averaging etc.
  2.     Pick the cryptocurrency you’d like to trade: There are several cryptocurrencies available on Obiex Finance such as Bitcoin, Ethereum, Binance Coin, Tether etc. Selecting which cryptocurrency to trade is usually down to making a choice; whether to stick with the safer, more established cryptocurrencies like Bitcoin or to go with the more volatile coins that have a high upside and an equally high-risk factor like the Dogecoin which can move in either direction based on what Elon Musk tweets.

It is also important to note that when you pick a cryptocurrency to trade, it would be wise to ensure that the cryptocurrency matches the strategy you pick. For example, if your preferred strategy is patient scalp trading, then investing in volatile coins that have a high upside but carry a lot of risk is not the wisest move. 

To swap crypto on Obiex Finance, add the wallet of crypto assets you’d like to swap, send the crypto to the wallet you just created, navigate to the ‘swap’ option on your dashboard, and select the coins you’d like to swap. You will receive the swapped coin in your wallet balance immediately without waiting for network confirmations.

  1.     Securely store your cryptocurrency: The same way you’d protect your goods and profits if you had a physical store is the same way you need to protect your cryptocurrency so it doesn’t fall into the wrong hands.

You can store your crypto securely on your Obiex wallet but if you want an alternative, physical wallets are also an option. Physical wallets allow you to store your crypto in secure hardware, offline storage device reducing the likelihood of online hackers stealing your hard-earned crypto. This is a list of reliable physical wallets you can use.

Conclusion

If you’re a newbie to crypto trading, the keyword is patience. Taking the time to properly understand the market before making trades will stand you in good stead. While risks occasionally pay off, a patient, long-term strategy is required to make consistent profits. For more information about trading as a newbie, you can check this out to understand unfamiliar crypto terms and to learn more about spot trading and futures.

Obiex Frequently Asked Questions | Obiex FAQs

  • Will I be charged a fee when I swap coins on Obiex? 

No you won’t. While other crypto exchanges charge for trades and require confirmations to execute swaps, Obiex allows you to make free, instantaneous swaps without the delay that comes with waiting for confirmation. This also helps you avoid unnecessary losses.

  • Can I trade crypto on Obiex if I don’t know much about crypto? 

Yes, you can! The Obiex Finance platform allows both rookie and experienced traders to make easy, safe trades regardless of trading experience.

  • Can I send and receive crypto easily?  

Yes, you can. To send crypto, you will use your private key to execute outgoing trades and your public key/your wallet address to receive incoming trades. You can also send and receive crypto using just Obiex usernames.

  • Why do I need to swap coins? 

Swapping coins allows you to either acquire a coin you think is (currently) more valuable than a coin you have a lot of. You can also use swaps to ensure that your funds are invested in a more secure coin like USDT if you feel the volatile coin you’re holding is about to go on a bear run and lose value.

  • Do I get a referral bonus when I invite friends to use Obiex? 

Yes, Obiex has a referral campaign that rewards users that invite their friends and family to trade the minimum of $10 on Obiex.

 

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