When considering a cryptocurrency investment, many people consider bitcoin as their number one crypto coin in their investment plan. Bitcoin is a digital currency created in January 2009 by Satoshi Nakamoto. Bitcoin has over the last couple of years gained popularity in Nigeria. In this article, we will look at how to invest in Bitcoin in Nigeria using crypto platforms.
What is Bitcoin?
Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. Each and every Bitcoin transaction that’s ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. That’s by design: Core to their decentralized nature, Bitcoins aren’t backed by the government or any issuing institution.
What you can do with Bitcoin
There are many things you can do with Bitcoin in Nigeria, for example, you can use it as an investment plan to diversify your assets; buy and sell bitcoin by making gains off the price fluctuation. You can use Bitcoin to pay for goods and services, and also can be used as a means of money transfer across borders easily.
How to invest in Bitcoin in Nigeria
If you want to invest in Bitcoin in Nigeria, it is very easy. you can buy and hold Bitcoin as an investment. No matter where you choose to hold your Bitcoin, people’s philosophies on how to invest it vary: Some buy and hold long-term, some buy and aim to sell after a price rally, and others bet on its price decreasing. Bitcoin’s price over time has experienced big price swings, going as low as $10,145 years back and as high as $42,703.10 today. You can start investing in Bitcoin for as low as 5000 Naira using Bitmama.
How To Use Bitmama
Bitmama is one of the best crypto exchanges in Nigeria. It is very easy to use for bitcoin trading. Follow these steps to buy Bitcoin in Nigeria using Bitmama:
To invest in bitcoin in Nigeria, you can easily access the Bitmama web app from a browser on any device or download the Bitmama app from the app store or play store. Follow these simple steps to buy bitcoin on Bitmama:
1. Sign up for an account
To sign up, you will be required to provide basic information about yourself to register. This usually takes about 1 to 3 minutes.
2. Fund your account
To buy bitcoin in Nigeria, you will need to fund your account with NGN. We make this easy through bank transfer. From your dashboard, tap Buy and select fund to fund your wallet. Follow the prompts to instantly deposit the amount you want. This will reflect in your account immediately.
3. Buy bitcoin
Select Bitcoin on your dashboard once logged into your account and enter the amount you want to buy in NGN. Once you confirm the transaction, your bitcoin will be added to your wallet. You can send it to other Bitmama users or send it to other external wallets. You may also save it securely in your wallet until you need it or learn how to sell bitcoin in Nigeria.
Buying, selling, and trading crypto are some of the strategies you can use when investing in Bitcoin. When it comes to long-term holding, you can choose to keep your cryptocurrencies in your Bitmama account.