Here is How to Buy Bitcoin in Nigeria

Nigeria is a booming market for cryptocurrency right now, and here is how to buy bitcoin in the country using some of the leading platforms available.

How to Buy Bitcoin in Nigeria

When it comes to the selling and buying of bitcoin, Nigeria is at the forefront having the highest Google searches for Bitcoin after the US and ranking top in peer-to-peer transactions. If you are interested in joining the current revolution and being well informed on how you can trade Bitcoin safely in Nigeria, please read on.

What is Bitcoin

According to Bitcoin.com, Bitcoin in the practical sense is money that exists in a digital form.

Bitcoin Price Highlights

The price of Bitcoin is the current price at which bitcoin is being traded. It is determined by the buyer and seller. Despite this, its price varies across exchange platforms such as Coinbase and Binance because of market inefficiencies.

Within the past five years, Bitcoin has witnessed dynamic surges in its value rising to around $1,290 in March 2017, the highest ever it has been before then. This trend continued across the months getting to a peak of $19,783.06 nine months after on December 17, 2017.

Up till the year 2021, the price of Bitcoin continues to increase with surges and minimal decline along the way. On April 10, 2021, Bitcoin recorded its highest ever price to date some months after Elon Musk and Tesla announced their investments in Bitcoin peaking at above $60,000.

Though the value of Bitcoin in the crypto market suffered a crash to half this price in May 2021 due to rumors of Tesla selling its Bitcoin holdings, the price is still on the high side when compared to how it was a year ago.

The Features of Bitcoin

It is Decentralized

The very first and intriguing feature of bitcoin is its decentralization. This simply means that there is no central power or regulator as the case is with traditional currencies which are designed, issued, and managed by a central authority.

Transparent transactions

Bitcoin transactions are visible to everyone in the digital world of cryptocurrency though Individual Bitcoin assets are concealed to promote privacy and confidentiality which motivates positive trading.

Anonymity

It is to be stated here that the identity of users of Bitcoin remains anonymous and the chances of tracking transactions back to Bitcoin users are very minimal. This is to prevent online robbery or digital theft.

Fast transaction

When compared to other modes of transaction such as bank transactions, bitcoin transactions are faster.

Nonrefundable mode of transaction

Bitcoin transactions are a one-way mode of transaction. Any transaction made from a sender to a buyer cannot be reversed unless the buyer is willing to do so.

Digital Currency

Bitcoin is not a physical currency but a digital one. You can never carry a bitcoin in your purse or pockets in the form of notes or coins, but you can easily carry it on your phone or tablet.

Simple to use

Most of the time, to open and manage a bank account is quite tedious and long. This is not the case with a Bitcoin account. You can set up your account in a matter of minutes.

Value is determined by demand

The value or price of Bitcoin is not fixed like other assets. It depends on market dynamics. The value of Bitcoin is determined by the strength and volume of its demand.

How to Buy Bitcoin

If you are interested in buying Bitcoin in Nigeria and ready to explore the untapped benefits in the world of cryptocurrencies, there are different exchange platforms, brokers, and marketplace that can help you. Below is a guide on how you can go about this.

Buying Bitcoin on Binance

Binance is the biggest cryptocurrency trading platform on earth today, recording up to $2.46 trillion in May 2021 transaction volumes. The platform offers the largest trading base for listed crypto and offers the major trading pairs with leads like BTC, ETH, XRP, USDT, DAI, BNB and BUSD on the P2P front.

At present, to buy Bitcoin in Nigeria using the Binance platform will only be possible using the P2P platform it offers. Firstly, you need to register your new account using this process:

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You need to sign up for a new account and complete the KYC procedure

· Your driver’s license, international passport or national ID card will be needed

· You also need to link a bank account to your profile to use for the transactions

· You will be notified if your application is successful, and you can start using your new account.

How to buy Bitcoin on Binance P2P Platform

On the platform, log in to to your account, and navigate to the P2P page from your account dashboard.

Locate the the P2P and express tab and click on your preference
With the express tab, the platform matches you with the available sellers on the platform with you deciding
transfer the funds to the seller and wait for at lest 15 minutes
You will have to click on payment made tab to notify the seller
Your BTC will show up on your balance after the seller confirms receipt of payment made.

Buying Bitcoin on the Coinmama Exchange platform

Coinmama as an exchange platform was founded in 2013 with the mission of making simple how Bitcoin (BTC) is traded. The platform has more than 2.9 million users in over 190 countries in the world. It also provides the platform for some users in selected markets to sell their Bitcoin.

How to open an account on Coinmama

Go to the sign-up page to create your account. Fill in your email in the allocated spaces as well as your country of residence to get started.
Thereafter, click on the verification link sent to your email

Verification

Complete the requested form to confirm your identity and safeguard your account.

Thereafter, you will be required to upload an ID to approve you for purchase. Choose the ID type you will like to upload based on your country of residence. Take a photograph of the front and back of your ID with your phone camera with all four corners visible and clear image and text, then upload them to your account.

Then, write “Coinmama” and date on a piece of paper. Hold the paper and the ID you’ve just uploaded and take a photograph of yourself. Ensure your face, ID, and paper note are visible. Then upload the photo to your account.

After successfully uploading, click to submit. Your form and documents will be reviewed by the verification team for verification. If everything is okay, you will be approved to buy Bitcoin online with Coinmama within fifteen minutes.

How to buy

Sign in to your account to buy bitcoin. Select the cryptocurrency (Bitcoin) you want to buy and the currency of your choice

Select the package of your choice and input your desired amount, thereafter you can tap “buy”

Input your selected third party wallet address

A confirmatory link will be sent to your email to confirm your wallet address, click on it if it is correct

After your payment has been approved and the wallet address confirmed, the coins will be immediately delivered to your wallet.

Buying Bitcoin on the Luno Exchange platform

Luno has been in the cryptocurrency industry since 2013 with transactions worth more than 14 million dollars. The platform has customers in over 40 countries.

Must-Read: FIVE CRYPTOCURRENCIES WITH MORE THAN 10,000% ROI IN 2021

How to open an account on Luno

First, you need to go to the sign-up page to create your account. Similar to that of Coinmama

Verification

Complete the requested form by filling in your first name, middle name, gender, date of birth, phone number address, city, and zip code. You can also click on the ‘I’ve confirmed my email’ option in the Luno app. After which you will be automatically verified with the submitted phone number and personal details.

If not, you will be required to upload a document for verification (driving license, identity card, or passport). Open the Luno app and sign in, tap Profile on the Menu, navigate to Settings, select Upgrade. The document is required to show your identity number, name, date of birth, and a clear photo.

You may also need to confirm your address. To get this done, you will upload a photo or an ID which contains your name, address, residency, and issue date. This ID must not be older than 3 months.

How to deposit

Open the Luno app and sign in
Select Wallets from the menu
Choose your local currency wallet
Select Deposit
Choose the method with which you’d like to top-up your wallet
And follow the on-screen prompts from there

How to buy

Verify your identity on Luno.
Deposit to your local currency wallet, once it reflects in your wallet, then you can proceed to buy.
Thereafter, you can simply tap the specified amount on the homepage screen to buy or specify the amount of your choice. Then pay or make use of Luno Exchange.

Buying Bitcoin on Coinbase

Almost all users begin their crypto journey through Coinbase. The platform has been in the cryptocurrency industry since 2012 with quarterly trade worth more than 335 billion dollars. The platform has more than 56 million verified users, 8,000 institutions, and 134,000 ecosystem partners in over 100 countries.

How to buy on Coin base

Sign in to Coinbase. Account creation and verification quite like Coinmama
Choose either Buy / Sell on the upper right-hand side.
Select the Buy field to choose the asset you’d like to purchase.
Specify the amount you’d like to buy either in crypto or your local currency.
Choose your payment method.
Click Preview Buy to verify your purchase (you can always click the back arrow to make a change).
If your details are correct, click Buy to complete your purchase.

Buying Bitcoin on eToro

eToro is a social trading network founded in 2007. It is among brokers hosted on trusted brokers.ng. You need to register an account on the platform to buy bitcoin.

Opening an account involves:

Uploading a valid ID (ID Card or Passport) and a proof of address (electricity, water bills, etc.), through eToro’s platform. Approval takes less than a day.

To buy Bitcoin on eToro:

Select a bitcoin exchange or trading platform, in this case, the eToro trading platform
Ensure your account is verified
Deposit through your preferred deposit method and buy bitcoin fractionally.

Buying Bitcoin on plus 500

Plus 500 is a trading platform founded in 2008 which allows for the trading of cryptocurrencies among other commodities such as Forex and ETFs.

It is among the brokers hosted on trustedbrokers.ng. Though it is one of the main trading platforms in the United Kingdom, it is not open to customers from Nigeria.

Buying Bitcoin on marketplaces such as Localbitcoin

LocalBitcoins is an escrow service that serves as a crypto marketplace helping to match bitcoin buyers and sellers. Users are free to advertise trades for any payment method they choose. Below are five steps you can follow to buy bitcoin:

Step 1: Register

Step 2: Search for advertisements

After registration, go to the main page, and search for offers.

Step 3: Select an advertisement

From the list shown, select offers.

Step 4: Pay the seller

Evaluate the offer and pay

Step 5: Mark payment complete

Click the paid button and the transaction will reflect in the wallet

How to store Bitcoin

In the same way money or cards are stored in a purse or handbag containing a wallet, bitcoins are also stored on the phone or computer desktop hosting a digital wallet whether web-based or on hardware.

Bitcoin Price Outlook

Though Bitcoin has struggled over the past few months, even falling by more than half in April 2021, many analysts that bitcoin may overtake the U.S dollar as the dominant form of global finance by the year 2050 which puts the price of Bitcoin at above $66,000 by the end of 2021.

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What the big-ticket financial companies buying into Bitcoin could mean in 2021

Bitcoin is having much of a renaissance.

While the cryptocurrencies like bitcoin were never properly considered dead, over the past few months we’ve seen their prices steadily increase, and as of the time of this writing, the value of Bitcoin has broken into a new high of $24,000.

For regular people, it’s easy to read this as a comeback: The strong, unstoppable bitcoin many economists predicted three years ago before the value suddenly crashed is finally coming true. Bitcoin is, then, poised to become the de-facto currency of the future, and everyone should rush to purchase all the tokens they can.

There is certain logic to this reading, and in all honesty if you saw the price data without getting any extra information you wouldn’t be wrong to expect so.

But we do have extra information. Not long after Bitcoin’s value spiked, data was released pointing out a single company, in this case, PayPal had made purchases equaling all of the tokens that had been created over a month.

Financial data from other companies shows that financial giants like Square, Stone Ridge Holdings, and MicroStrategy have also invested millions of dollars in Bitcoin recently. But what does this mean? Does this mean they’re preparing for a cryptocurrency-fueled economy?

Hedging their bets – or why simpler answers are better

No, it doesn’t. While certainly having a large amount of Bitcoin would give these companies a boost if cryptocurrencies were to suddenly move our global economy, there’s no expectation that such a thing will happen in the short-to-mid term. Crypto adoption has grown steadily, and there’s a decent chance we’ll see cryptocurrency transactions as a regular thing… by 2030 or so. Not by 2022.

What these companies are doing instead is an old, common practice for financial giants: They’re buying gold. Only, it’s digital gold.

And they’re doing this because… well, because they don’t trust the economy.

Vital Read: The 7 Must-Know Rules of Cryptocurrencies and Stock Market Investment

The recession hasn’t hit in full force… yet

Economists have been predicting a major economic recession for years, partly thanks to historical data that shows the economy works in cycles, and the longer a period of growth and stability lasts the more imminent a recession becomes. Warnings had been written since 2015, arguing that the correct thing to do would be to get ready for a recession.

And then the recession hit, during March 2020. Stock markets went down. The Dow Jones wiped all of its earnings from the previous year in a single day. Chaos ensued, at least among certain circles.

But soon after, the markets recovered. Taking a look at them today, and it’s almost like nothing happened. Many stocks are at all-time highs. Indicators went back up. Was it the shortest recession in history? No, it wasn’t.

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A variable called Coronavirus

The Coronavirus pandemic played a part in the express recession we saw back in March. As it turns out, it’s also part of the reason the apparent recovery was so quick.

The truth is, we’re still in a recession – it’s just not noticeable because economic indicators have shifted due to the pandemic. The economy is currently working at half of its capacity, but we don’t notice it because most of us have been locked up, or nearly locked up, for too many months.

With a vaccine approved, however, the pandemic won’t last much longer – although it won’t be gone in just a couple months either. And once that happens, tens of millions of people will have to face the harsh realities of workplaces closing, unemployment soaring, and the largest number of evictions we’ve seen since the housing bubble burst.

All those things are actually happening as we speak, but we don’t see them, or feel them, because of lockdowns and protections that have been put in place… but will be lifted soon.

Bitcoin is the new gold

Companies have been buying Bitcoin largely because they know this. As it stands, the world is on the brink of a huge recession, and we’ll see it unfold sooner rather than later. While that doesn’t mean the economy will inevitably shatter.

From the above, governments still can do a lot to minimize the impact – having an impending recession doesn’t precisely fill people with hope and trust in fiat currencies.

So they turn to values as a way to hedge their bets. They buy precious metals. They stockpile goods. And, in 2020, they also buy Bitcoin – a largely speculative virtual currency that many have predicted will withstand a recession.

That’s why companies are investing. It’s not because the Bitcoin future is coming, but because they believe Bitcoin will hold its value better than the USD in case of a recession. And they may be right, or they may be wrong – but the risk is worth taking nonetheless.

Should I run and invest, then?

Hold on, you should first slow down a bit.

Investing right now might be a good move. Or it might be a bad one. Investing six months ago would’ve been a brilliant move, but then again hindsight is 20/20.

How the Bitcoin market develops from here on isn’t clear, because it depends largely on how those huge companies act in the future. As long as they keep holding, and investing into, Bitcoin tokens, the price should remain stable and even go higher.

But as soon as one of these companies decide to cash out? A huge influx of offer vs stagnant demand will spell a price crash. On top of that, this price crash happening is a matter of when rather than if – because it will happen.

However, we don’t know when. It could take two years. Or it might happen next week.

Shall you invest in Bitcoin right now, then, you should see it as playing the lottery. Variables entirely outside of your control will dictate whether you win or lose, and every day you’ll face the question of whether you want to jump off the ship now, or risk another day.

You may win big. But you may also lose big, if you are nit timing the market.

How Celsius Has Outperformed Bitcoin In 2020

The CEO of Celsius recently reported that the digital asset has outperformed Bitcoin so far this year up to tune of 2,000 percent. Here are the facts.

Crypto lending is fast becoming a trend in the crypto space with diverse platforms taking off in 2020. With already over $8 billion in value, the crypto lending market is expected to experience continual and somewhat steady growth.

The idea is to replace greedy intermediaries while also ensuring that users substantially earn passive income per week on their crypto holdings, especially in comparison to interest rates of fiat-based savings scheme. This birthed the slogan “Banking is an essential need of the world, but banks in itself are not needed.”

According to expert, crypto loans and Bitcoin are championing the surge towards the massive adoption of cryptos due to the simplicity of investment. Several crypto start-ups such as Celsius are spearheading novel monetary policies in the digital asset space, with over $8.2 billion in processed loans.

Celsius Network (CEL) – A Quick Overview

Celsius is a democratized cryptocurrency savings platform that operates on the blockchain and offers lending and borrowing services “just like the big banks do with traditional assets,” but in a more structured manner, without holding on to all of the generated profits. The entirety of the Celsius network is based on its CEL token, which can be used to take loans, send money P2P, get interests or even HODL if you like.

The Celsius network supports a wide range of cryptos, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and other altcoins like Dash (DASH), Bitcoin Gold (BTG), EOS and Zcash (ZEC). In February 2020, the company began offering its liquidity providers compounding interest on cryptos deposited in its digital wallet.

Despite the instability and economic uncertainty induced by the COVID-19 pandemic, Alex Masinsky, the network’s CEO, has said that the use case of the digital asset has experienced massive growth and has continued so.

Celsius Performance Spurred by Decentralized Finance Protocols

Since the introduction of the Celsius token – CEL – in 2018, the crypto has experienced substantial soar in price and has leveraged on decentralized finance (DeFi) protocols to expand its userbase, most notably in the past few months in 2020.

The ripple effect of the DeFi integration has now seen CEL shoot more than 9 times its price in January 2020 and has continued on this path with a surge of over 1700% since the crypto market flash crash in March.

Currently, CEL is valued at over $1.35 per unit and hold its place among the top 50 crypto assets ranking 42 with a market cap of over $330 million, which is a 227% increase from what was recorded at the start of September 2020 (just over $100 million).

Bitcoin Performance in 2020 So Far..

The crypto flash crash of 2020Q1 spared no digital asset, not even Bitcoin (BTC). During the start of the year, Bitcoin took off at about $7,200, with a market cap of over $130 billion.

By the end of March, the market value of the world’s top-ranking digital asset had dropped to about $6,400 and a market cap of about $117.8 billion. The 11% drop in price and about 9.4% drop in market cap is attributable to the Coronavirus pandemic.

At the moment, BTC is valued at over $13,500 per unit, with a market cap of over $250 billion, and hold its place as world’s no. 1 crypto asset. Doing the mathematics, this leaves BTC at about 1.9x its price at the start of the year, and a surge of over 110% since the flash crash of March 2020. At the start of September 2020, BTC was valued at over $11,600, when juxtaposed with its current price, that’s about a 16% increase in market price.

What Is Driving the Performance of the Celsius Network?

The impressive growth experienced by the Celsius Network in the past few months of 2020 is attributable to the company’s policies and product offerings. Unlike banks which offer meagre interest rates to its users, Celsius distributes 80% of its rake-ins.

Another important performance driver is the security architecture adopted by the company regarding its wallet. Celsius wallet is provided by PrimeTrust and FireBlocks, both with a crypto-insurance scheme that covers insider theft, external hacking and loss of private keys.

Who wouldn’t large interest rates and a multi-secured crypto lending platform, even in the middle of a pandemic! Thus far, it is reflected in the magic of DeFi

Final Thoughts

Although it is common knowledge that BTC is the world’s most accepted and recognized crypto asset, but it has been outclassed in terms of performance by several other assets such as the Celsius (CEL) Network. Based on the prices and market cap changes observed within the period of comparison, Celsius has clearly outperformed BTC by over 1000% in previous months, which is a remarkable achievement.

The Price Volatility of Bitcoin and Cryptocurrencies Explained

Bitcoin is one investment that jolts a lot of people out of their financial amnesia. Why is price volatility a feature of cryptocurrencies? Read more..

4 REASONS FOR THE VOLATILITY OF THE GLOBAL PRICE OF BITCOIN

There is no doubt that Bitcoin is the pioneering cryptocurrency , and it came to human consciousness when it was introduced in 2009 when the legendary Satoshi Nakamoto launched his whitepaper, “Bitcoin: A Peer-to-Peer Electronic Cash System.” Bitcoin was then floated and lots of successes and as minor setbacks have been recorded so far.

One of the concerns associated with the Bitcoin is its relative volatility, compared to traditional fiat currencies. This concern has further strengthened the stance of many people on Bitcoin as a risky investment and a sham; with both investors and digital currency users growing cynical despite evident massive potential benefits.

Bitcoin’s value has displayed massive volatility historically. For instance, within a three-month period from October 2017 to January 2018, the price volatility of the Bitcoin approached nearly 8%, more than double its volatility in the 30-day period from December 2019 to January 15, 2020. It is thus important to understand the several factors driving Bitcoin’s volatility.

Read Also: How To Invest In 2020

Speculation

As with other investments, news reports determine the buying or selling decisions of most investors. News ranging from statements credited to luminaries in the tech or investment sphere, security breaches and new regulations by regulatory authorities and governments usually trigger responses in the Bitcoin market. This corresponds to the law of demand and supply.

It is therefore important to try not to allow emotions to lead you in making critical investment decisions. It is also important to be abreast with up-to-date market information in order not to make huge losses or miss opportunities to make a good spread.

2.Poor Management Of Exchange Platforms

This has also been seen to generally affect the market value of the Bitcoin. One example is the price instability that occurred around November 2018 when rumours of security issues and poor management plagued Mt. Gox exchange.

Prior to this, Bitcoin had reached an all-time high of around $1200 and dropping by about 39% in about three days. Many users experienced challenges withdrawing their funds at that time, resulting in widespread panic.

Another massive price crash was triggered early in February when Mt. Gox Exchange filed papers for bankruptcy in Japan. The price of Bitcoin was around $911 at the time, but it crashed to $260 in under two weeks as a ripple effect of that move.

Read: Which Cryptocurrencies Should You Invest In 2020?

3.Government Policies

Policies in support (or not) of the Bitcoin also determine the direction of the digital coin’s value. Validation in form government recognition portends positive things for the crypto space.

Institutional parties understand that this trend is inevitable, pushing them to work on policies intended to gain as much social benefit from digital currencies as possible. This gives comfort to those who hold traditional views on financial systems; making a smoother move to an economy where digital currencies play a more critical role in global trade.

4.Lack Of Consensus In Community Governance

This has also contributed to the instability in the value of the Bitcoin. An example of this influence was observed in 2017 when an increase in block size led to a hard fork that resulted in different blocks with different rules, thereby, birthing Bitcoin cash.

These and other similar periods of uncertainty in the community on the rules of Bitcoin, as well as its future, have mostly had negative consequences on Bitcoin prices.

Conclusion

It is of utmost importance to understand the several price-determining factors allied to Bitcoin in order to take full advantage of the bull and bear periods to maximize profits.