Cryptocurrency is no longer news in Nigeria, though it potential is still yet to be explore in Nigeria perhaps because of the fear of losing money which in truth it is possible to lose a fortune from crypto currency buying and selling, but this can be averted if you have adequate knowledge and a mentor to guide you.
If I’m right the reason you clicked on the link that brought you to this page is because you want to learn about bitcoin (cryptocurrency) selling and buying, goodness! you have come to the right place as I will be showing you step by step of buy bitcoin and selling it in Nigeria, not only that I will also show you how to bypass government ban.
What is crypto currency (bitcoin)?
Cryptocurrency is a virtual coin developed by a person or organization with a code name Satoshi Nakamotoa.
The whereabouts of the founders is still unknown till today, I’m sure they don’t want to be found but it nothing to worry about since they’ve put it in public domain which means anybody can mine, sell and buy cryptocurrency.
The name of the virtual coin developed by this unknown person or organization is called bitcoin which is why I interchange bitcoin and cryptocurrency in this article though there are now many cryptocurrency.
What is cryptocurrency use for?
Cryptocurrency is a virtual money encrypted such that it is hard to trace, but like fiat (real money), it can use to purchase goods and services.
Read more : How to make money online in Nigeria: Complete guide
But how do I come in as a buyer and seller?
That is just is basic use. Some people would like to buy goods either online or offline but they would not want to be traced by government or anybody so they go for cryptocurrency (bitcoin) which is a safe haven for them.
But they don’t have it so they need to buy it, remember Dollar seller, they charged a fee on each dollar sold and as dollar rises they make their money.
While some buy and keep for investment purpose, some will buy just want to use it to purchase good and some are middleman getting coin from investor who want to sale to those that want to use it to buy goods and vice versa.
If you opting to buy and sell bitcoin you are middle man, if you buy bitcoin to keep you are an investor.
Between bitcoin middle man and investor which is good?
Both have advantage and disadvantage. Middle man make their profit quickly, but also loose quickly.
Remember the recent crypto fall, those that buy and sell lost a lot because they have little crypto in their wallet which keep going down in their sight, but investor has a lot of bitcoin, though they lose too they will recover back as crypto rises which is already on its path as at the time of writing this article.
Is bitcoin legal or a scam
In Nigeria, yes bitcoin is illegal but not scam, you can’t buy bitcoin directly from bank, but trust resilient Nigerian they have found ways not only one but many ways, I will go into it before I round up the article.
Bitcoin or cryptocurrency is not scam, if you buy and sell in trustworthy platform there is nothing to be worried about.
Most popular cryptocurrency in Nigeria
After bitcoin, many techy also rise up to create crypto, some fail while some succeed but bitcoin still has the largest market share.
Below are the popular cryptos in Nigeria
- Bitcoin
- Ethereum
- Neo
- IOTA
- kraken
- Litecoin
- BNB
Bitcoin and Ethereum which is better
Currently ethereum is waxing stronger much more than bitcoin but that doesn’t mean ethereum is better.
Ethereum is yet to reach bitcoin value also bitcoin is known for long, its fall and rise can be easily predicted. I will like you to research on it before concluding and if you can’t, you can just invest in both.
Platform or app to buy and sell bitcoin in Nigeria
Gone are the days where you need to change your money to dollar before you buy crypto, you can do so now with Nigerian app, God bless those techy.
They will change your naira to crypto and vice versa.
Below are the apps to buy and sell bitcoin in Nigeria
- Luno
- Coinbase
- Coinmarketcap
- Patricia
- Quidax
- Remitano
Steps to buy and sell bitcoin in Nigeria
Some of the things that set people back from buying crypto is the capital, they think you need a huge amount of money before you can invest in crypto, well this is a rumor which is far from truth.
Read more: How to make money on fiver in Nigeria
You can buy crypto with little as #200 but not advisable because it will take you forever to make a profit. You can start with #10,000 and move up the ladder as you earn.
1) Knowledge
Knowledge is power, it is a fact, before investing in crypto, try to do your findings on the best coin to buy and platform to trade it, also method to trade it, remember Nigeria has ban crypto, you should choose method that will work for you.
2) Create an account
Once you know the coin to buy and platform to buy, creating account on those platforms is the next
When creating your account the platform will request for some detail, which are
Passport photography (not all platforms)
Id card (not all)
Phone no
Email
Make sure your email is valid, because you will need to verify your account.
3) Deposit money in your wallet and buy bitcoin
As a result of government ban, crypto trader can no longer fund their wallet directly from their bank.
Below are the alternative ways to fund your wallet, buy bitcoin and sell bitcoin.
1) Using p2p (peer o peer)
P2p means you are selling to a person not the platform has it was before but it will be held in escrow until there is confirmation.
Usually this is how it works
Logging to the platform
Look for those that want to sell their coin
Type the amount you want to buy
It will take you to their account number page.
Copy it and transfer money to it from your bank
The coin will be held in escrow, once the person confirm payment, the coin will be deposited into your wallet.
What if the person did not confirm payment?
Some time it happens, if it does launch a complaint and it will be rectify.
2) Using e-currencies
E currencies are also virtual money but they are not decentralized, it is control by the government who own them, for instance virtual dollar is USDT and control by America government.
Look for reputable e-currencies exchangers but it and buy from them, you can then use the e-currency to buy cryptocurrency, one of the platform that allow this method is Paybis.
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3) Eco bank Ghana account
To use this method follow the below point
Create Eco bank account (Ghana) as a non-resident
Connect to crypto platform like Luno or Binace
Carry out your transaction
Withdraw to your ecobank account
Then move it to your Nigeria account.
4) Coinbase and PayPal
Create account with Coinbase
Create account with PayPal
Connect both Coinbase and PayPal
Once you withdraw your money will go into PayPal
And from PayPal you can withdraw into your naira account.
Conclusion
Cryptocurrency (bitcoin) is a profitable venture weather buying, selling or investing. It is profitable business but require knowledge and mentor.
There are a lot of book on crypto read it and look for that person who is already making it on crypto learn from him/her and copy their strategy.
Pretty! This was an incredibly wonderful article.
Many thanks for providing this info.