How to invest in Bitcoin in Nigeria

Bitcoin, a digital currency created by Satoshi Nakamoto in January 2009 has over the last couple of years gained popularity in Nigeria.  However most people who have heard of it aren’t sure what it is while some others are curious as to whether or not it is legal. For others, the question is how they can use Bitcoin. This article will discuss how to make money and invest in Bitcoin in Nigeria.

WHAT IS BITCOIN

Bitcoin simply put is digital money (cryptocurrency). This means that it is different from Naira and the US Dollar which make use of paper. Bitcoin was created to make it easier to transfer money between countries, some even refer to it as ‘borderless money’. Bitcoin unlike other regular currencies isn’t controlled by a single person, organization, or government, but rather it is controlled by Bitcoin users all over the globe.

IS BITCOIN LEGAL?

In certain countries it has been tagged as illegal but it is difficult to restrict people from using bitcoin. In Nigeria, however, there are no laws or policies against cryptocurrency use. In Nigeria, Bitcoin is 100% legal 

WHAT CAN YOU DO WITH BITCOIN

You can use bitcoin;

1. As an investment vehicle to diversify assets

2. As a form of trading to make profits off price fluctuations, just like forex trading.

3. To send money across borders quicker and more cheaply.

WHY INVEST IN BITCOIN

Nigeria is not only one of the top countries that invests in Bitcoin, but it’s also one that loves to invest in Bitcoin. Before we can answer the question of how to invest in Bitcoin to make money, it is important to understand why so many people have made investments in this crypto asset.

1. Bitcoin is Deflationary

You might be asking yourself, “How much do I expect to earn over the long-term if I invest $100 today in bitcoin?” The answer is that your position should increase in value. But unlike fiat money, which can be printed indefinitely, only 21 million bitcoins can ever be mined as this is how it was programmed.

Bitcoin’s supply is limited, so as the demand for it increases, its asset’s price will also increase. This makes Bitcoin deflationary. Investors want to hold value in deflationary assets, rather than inflationary ones.

2. Secure, Transparent, and Decentralised
The problem with today’s currencies is that they are centrally controlled. The central banks and the governments decide how much money to print, where to place them, amongst other things.

Meaning money is not in full control, and we don’t know where every exact unit has gone through or is being spent. On the other hand, Bitcoin allows you to securely own the money you have and to also have total control over it. The data in a decentralized network such as Bitcoin is immutable.

3. The First of its Kind

Although convincing someone is easy, convincing someone to invest in Bitcoin can be difficult. As an established asset that has been around for more than a decade, Bitcoin is also valuable because it is the first of its kind.

As many platforms have found use for Bitcoin, it has been accepted by many. Many other cryptocurrency competitors have also attempted to use the same technology. How then do you convince clients to invest in Bitcoin? Bring up the deflationary, centralised and unique properties of Bitcoin.

HOW TO INVEST IN BITCOIN IN NIGERIA

It’s now easy to invest in Bitcoin unlike years ago when Bitcoin was first introduced to the world wherein it was difficult to invest in the currency. Now, platforms such as Remitano, and Binance make it easy to buy Bitcoin from Nigeria. Binance, the world’s largest crypto exchange, has more than 13 million users.

Start investing in Bitcoin as low as N5000. You can fund your account using your debit card or by bank transfer. You only need to create an account, deposit Naira in your wallet and then buy bitcoin.

NB: Deposit via debit card has temporarily been suspended due to CBN regulations. You can deposit and withdraw via the P2P section in Binance. It is simple and fast. After you have signed up and verified your account, go to the section P2P.

The following steps will help you invest in Bitcoin in Nigeria with Binance

1. Create an account

This step usually takes only about 1 to 3 minutes.

• Go to Binance.com and you will immediately see a signup form
• Fill in your details, submit and verify your email via the link sent to your email
• Go to ‘My Account’ and click on verify your identity

2. Deposit Naira into your wallet

• Click on “Wallets” in the website menu.
• Next, click on “Deposit” On the next screen click on “Deposit Fiat”
• Choose naira from the currency Menu
• You have the option to choose the method you want to deposit. A debit card or bank transfer
• Click Continue
• If you selected bank deposit, enter the details of how much you want to deposit and click on ‘Pay’ or ‘Submit’.
• For card payment enter your card details and click Pay. If you selected bank deposit make a transfer to the account details, ensure to include the ‘Deposit Reference Code’ in the transfer summary.
• Once you’ve completed the deposit, your Binance account will be credited with the value you deposited.

NB: Due to CBN policy, make use of the method below to deposit naira

Depositing naira in your wallet via P2P

• Click on “Wallet” on the website menu and select “P2P”
• Next, click on “P2P Trading”
• On the next page, ensure you choose “Buy”, in the fiat box, select “NGN” which is an abbreviation of Naira. You will get a warning of the risk, accept.
• There are many offers to choose from, select convenient offers with high completion rate.
• Enter the amount of Naira (NGN) you want to deposit.
• You will now be taken to the completion page. The trader’s account number will be displayed. You can make the payment using bank transfer.
• After you have completed payment click on Transferred.
• The money will be deposited into the account as soon as the trader confirms that payment.

NB: The phone number of the trader will be displayed right there. You can call them. You should also know that for your safety, the trader account in Binance is frozen until trade is completed

3. Buying Bitcoin

• After your wallet must have been funded, click on “Wallet” then Fiat or Spot in the menu
• When the page loads Click on “Buy” beside bitcoin
• In amount to spend, enter the amount you wish to purchase. Example: If you want to buy N5,000 worth of BTC, type 5,000 in the field.
• Alternatively, you can switch to “amount to buy” using the double arrows to the right of that field. In this case, type in the amount of the asset you want to buy. Example: If you want to buy 0.5 BTC, type 0.5 in that field.
• Check and confirm all the details.
• Click “Buy”
• Click on “Wallets” in the menu to check if your account has been eligible.