5 Things You Need To Know About Bitcoin In Nigeria

What is Bitcoin?

The first question which comes to the mind of most but once answered can lead to you deciding whether the digital currency will be able to meet your needs be they for consuming or investing. Bitcoin can be likened to the Naira on many levels. Having a wallet which is similar to the bank account you may have for your Naira, allows for easy but secure access to your money on demand.



The Bitcoin is a currency in its own right and you can buy from a local exchange such as Localbitcoins and use it identically as you would the Naira sending and receiving. It also has incorporated the Blockchain
which is a framework allowing you to keep track of transactions and increasing the overall transparency as you know exactly where your money went and how much.

The Bitcoin Price?

Bitcoin price is fairly stable and reliable for consumers. Holding value is a key factor when choosing whether to invest or hold Bitcoin as when you compare it to the Naira, Bitcoin is much more stable with a solid exchange rate so long term holders are unlikely to see a crash in value while Naira users are particularly susceptible to political movements and commodity price changes. However for investors shorting Bitcoin is particularly beneficial as with a number of exchanges you can buy cheaply and sell at profits within a matter of minutes as exchanges such as Localbitcoins offer some of the most competitive rates on Bitcoin. Purchasing Bitcoin will also allow you to delve into trading alternative cryptocoins which are much more volatile but mirror Bitcoin in terms of economy.

How to get a Bitcoin wallet?

As mentioned in a previous article signing up for a Bitcoin wallet is easy when done on the web. Web wallets such as Blockchain.info have become popular lightweight alternatives to downloading the whole Bitcoin application core. Navigating to the Blockchain.info website at the top you can select to create a new wallet. Within a few minutes through the guided prices you can choose your own password and are eventually greeted by the dashboard which shows all incoming and outgoing transactions as well as our balance.

Where to buy Bitcoin in Nigeria?

Bitcoin can be bought peer to peer from other users around Nigeria but for added security and a premium rate for you Naira, Localbitcoins has been recommended as the best exchange in Nigeria currently offering unbeatable rates on your Naira when converting. Boasting delivery times within a matter of hours, the service has been recognized as a valuable platform for beginners in Nigeria looking to purchase Bitcoin initially to experience it on a daily level.

What to use Bitcoin for…

Bitcoin can be used for a whole host of things, buying jewellery paying bills and most importantly to complete remittances. Remittances via Bitcoin have become a talking point as due to their fast and cheap nature Bitcoin transactions can safely transfer your money abroad at under low rate. The Localbitcoins exchange currently allows for integrated remittance competition as you can directly send Naira as Bitcoin abroad and receive Bitcoin as Naira within a matter of minutes to your bank account via the other localbitcoins users!

To Invest Your Bitcoin:
Practical example for 1 Bitcoin deposit with different compounding settings:

A)
Invested amount - 1 BTC
Duration - 30 days
Compounding - 0%
Total return -  1.85 BTC*

B)
Invested amount - 1 BTC
Duration - 30 days
Compounding - 50%
Total return -  2.10 BTC*

C)
Invested amount - 1 BTC
Duration - 30 days
Compounding - 100%
Total return -  2.43 BTC*

* (this includes your  1 BTC capital & 8% withdraw fee)

To join Click BitSea