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How to Buy Bitcoin in Nigeria: A Simple Guide on How to Safely Purchase, Store and Sell Bitcoin

How to Buy Bitcoin in Nigeria: A Simple Guide on How to Safely Purchase, Store and Sell Bitcoin

Voted as one of the top emerging markets for blockchain technology adoption, Nigeria has shown a lot of potential in becoming the next frontier for crypto and blockchain. Even though we’ve seen many people lose money because they didn’t do their research before investing in an ICO, there are still Nigerians who believe in the potential of this new type of digital assets. If you’re reading this…you must be one of those that see opportunity in buying Bitcoin. There are various ways to buy Bitcoin but none is risk-free. We researched and tested various ways to buy Bitcoin safely in Nigeria to help you make an informed decision on how to invest in it.

 

What is Bitcoin?

Bitcoin is a digital asset that is wholly virtual. It was created to address issues of financial inclusion, accessibility and decentralization. Bitcoin is a cryptocurrency that can be used as a payment method to purchase goods or services – it’s a form of payment that is borderless and decentralized. You can trade it, invest it or use it to buy products and services online or even offline. Bitcoin is a global currency that is not tied to any particular country or government. It’s a digital asset that can be used for peer-to-peer transactions and buying goods and services. Bitcoin has proven to be a safe haven for people who want to protect their money from high inflation rates, unstable currencies and government impositions. Most importantly, investing in Bitcoin is a great way to diversify your investment portfolio.

 

How to Buy Bitcoin in Nigeria

The first thing you have to do before you buy bitcoin in Nigeria is to find a reliable exchange where you can safely and securely buy bitcoin and other cryptocurrencies. There are some Nigerian exchanges but they’re not all licensed and reliable, so we recommend you use exchanges outside of Nigeria. There are various ways to buy Bitcoin but none is risk-free. We researched and tested various ways to buy Bitcoin safely in Nigeria to help you make an informed decision on how to invest in it.

 

Why Should You Buy Bitcoin?

Bitcoin allows you to send and receive money around the world immediately, securely and at a very low cost. You don’t need to open a bank account or pay any banking or transaction fees. You can receive payments from anywhere in the world and it converts your money into bitcoins automatically. You can store your money in bitcoins and it’s safe from government impositions. Your money is also safe from banks and other financial institutions that might collapse or be hacked. You can also send money to people in different countries without incurring huge fees from traditional remittance services like Western Union. Bitcoin is also highly liquid and can be easily converted to your local currency. It also has a strong network and it has proven itself to be resilient against government crackdowns and other attempted attacks on the network. If you want to send money abroad, you can do it with lower fees and faster.

 

How to Buy Bitcoin Using NairaEx (Nigeria’s only licensed crypto platform)?

NairaEx is one of the most trusted and reliable ways to buy bitcoin in Nigeria. It’s a fully licensed exchange where you can buy and sell bitcoin, ethereum and other cryptocurrencies. NairaEx is an over-the-counter (OTC) platform where you can trade bitcoin in Nigeria. You can visit their website and place an order to buy bitcoin. When you make an order, you will be paired with someone who wants to sell bitcoin. NairaEx’s bitcoin buying platform charges a fee for every transaction. They have a tiered fee structure based on the amount of bitcoin you want to buy.

 

How to Buy Bitcoin via an Over-The-Counter Dealer?

Over-the-counter (OTC) dealers are people who buy and sell cryptocurrencies like bitcoin and ethereum privately. They operate outside of regulated exchanges. OTC dealers are not licensed and you have to be careful with whom you transact. You should only transact with reputable OTC dealers and make sure you do your due diligence before making a transaction. There are a couple of ways you can buy bitcoin from OTC dealers: - Visit their shop and make a payment. - Meet them in person and make a cash payment. - Send them a private message and make a payment via mobile money or bank transfer. You have to be careful when dealing with OTC dealers because they’re not regulated and they’re not monitored by any financial authority in Nigeria. If you get scammed by an OTC dealer, there is no way you can report them and get your money back.

 

How to Buy Bitcoin Using a Peer-to-Peer Exchange?

Peer-to-peer (P2P) exchanges are websites where you can buy and sell bitcoin with other people. These exchanges don’t have an inventory of bitcoins and they don’t keep your money like an exchange that holds your funds. They act as a platform where you and other people buy and sell bitcoin. You can visit one of the P2P exchanges online and create an account and then buy bitcoin with your money. P2P exchanges are risky because you don’t know who you’re trading with. They are unregulated and they don’t verify their users. You can visit one of the top P2P exchanges in Nigeria and make a transaction.

 

Other ways to buy bitcoin in Nigeria

There are other ways to buy bitcoin in Nigeria. If you’re interested in diversifying your investment portfolio and want to buy bitcoin, you can do it through one of the following ways: - Buy Bitcoin using an online broker. - Buy Bitcoin using a Bitcoin exchange. - Buy Bitcoin using a Bitcoin ATM. - Buy Bitcoin using a Bitcoin trading platform. A reputable broker will help you buy bitcoin and other cryptocurrencies and make the transaction through a regulated exchange. You can also invest in bitcoin through a trading platform like eToro or invest in an ICO.

 

Final Words

Now that you know all the ways to buy bitcoin in Nigeria, you have to decide which way is best for you and your situation. The most important thing is that you select a reliable method that you feel comfortable with. Remember to do your research, understand the risks involved and protect yourself from scams and frauds. We hope this guide helped you make an informed decision on how to invest in bitcoin.

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