Imagine someone thinking, “Let me create a digital currency and name it Bitcoin” in 2009, and now 1 Bitcoin is over $90,000 as of the time of writing. No wonder a lot of people are low-key obsessed with Bitcoin (BTC). I mean, I’d be obsessed too 🤷.
But before you join the crypto party, you need to know the rules of the game to avoid rookie problems. This guide is your cheat sheet to buying Bitcoin in Nigeria like a pro (don’t worry, everyone was once a newbie 😉).
What is Bitcoin?
When people hear of Bitcoin, they instantly think of the coin they can buy and sell. While this is true, it is also the network that the crypto is built on. That means Bitcoin is both a blockchain and the coin itself.
The Bitcoin blockchain manages and records every Bitcoin transaction or Bitcoin-related activity that happens in the crypto market.
Now to the cryptocurrency. Bitcoin was the first cryptocurrency to gain wide acceptance. It is built on the Bitcoin blockchain. Some people say the creation of the blockchain is more groundbreaking than the creation of the coin, but we would argue otherwise 😁.
Bitcoin was launched by an anonymous person or group of people called Satoshi Nakamoto in 2009. Since then, it has taken the front seat among the world’s existing cryptocurrencies.
For context, Bitcoin has a market capitalisation of over $1.4 trillion at the time of writing this post. The next cryptocurrency, Ethereum, has a market cap of over $300 billion. That’s a massive difference of $1 trillion (approximately).
What Can You Use Bitcoin For in Nigeria?
Crypto traders and investors buy Bitcoin in Nigeria for many reasons. The common reasons include the following:
Online Payments
One of the most popular uses of Bitcoin in recent times is online payments. Many businesses accept Bitcoin payments. These companies allow their customers to pay Bitcoin into their crypto wallets or directly using crypto debit cards.
For instance, global companies like Adidas, Microsoft, and Nike allow customers to buy gift cards with crypto. Also, some people working with foreign companies get their salaries paid in Bitcoin because it is a faster and sometimes a cheaper way to send money across borders.
Bitcoin Trading
Another common use case of Bitcoin is trading. Like most cryptocurrencies, Bitcoin experiences price swings that can make its price rise or fall. Depending on the time you enter the market, your coin may increase in value after some time.
So, you can buy, sell, and trade Bitcoin for potential profits. If you’re new to crypto, we’ve put together some effective crypto trading strategies you can consider for a start.
Crypto Investing
Some people earn a living from just crypto. For example, a trader turned an $800 investment into $7.5 million within a short period just by investing in a memecoin. The earliest investors of Bitcoin also made massive profits during the previous bull runs.
Besides, some people make money from Bitcoin mining. This serves as a source of income outside the usual trading.
What to Consider When Choosing Where to Buy Bitcoin?
So you want to buy Bitcoin instantly in Nigeria? Here’s what to consider when choosing a crypto trading platform:
Security
The security of your crypto funds is very important when it comes to choosing an exchange. You want to choose a reputable cryptocurrency trading platform that ensures their customers and funds are always safe.
Some security features to look out for include data privacy, password management, and two-factor authentication (2FA).
Transaction Speed
Transaction speed is also very important when looking to buy Bitcoin. Go for exchanges with instant transactions. Typically, your Bitcoin should arrive in your wallet within a few minutes if there are no network issues. The same applies to withdrawals.
Reliable Customer Support
You may experience transaction issues or have questions even when trading on the best cryptocurrency exchanges. At this point, the platform’s customer service is crucial. That’s why you should only buy Bitcoin at exchanges with reliable support to help when the need arises.
Low Fees
Virtually all exchanges charge fees – either for deposits, withdrawals, or transactions. But there’s no reason your fees should eat a lot into your money. That’s why you should prioritise exchanges with low fees when you want to buy Bitcoin in Nigeria.
How to Buy Buy Bitcoin With Naira on Quidax
Ready to make your Bitcoin purchase on Quidax? Follow the simple steps below:
- Sign up on the Quidax app or website
- Complete KYC
- Fund your Quidax Naira wallet using your bank account or the Pocket (Abeg) app
- Search for “BTC” in the markets section
- Enter the amount of BTC you want to buy and complete the transaction
Final Thoughts
Taking the first step is sometimes the hardest. But as you make the first move into the crypto world you’ve been hearing about, you can trust Quidax for buying and selling BTC instantly in Nigeria.
The best part is that you can buy Bitcoin with as little as N500 when you start trading on Quidax. You’ll also get access to a free beginner crypto course to help you learn the ropes before you start your crypto trading journey.
Disclaimer: This content is for educational purposes only and not financial advice. Please do your own research (DYOR) or speak to a financial advisor before making any investment decisions.
