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With cryptocurrencies having hit a total market capitalization of more than $160 billion, and trading at a record high of 1BTC at $2000, Nigerians should not be left behind in this massive transition in the world of money matters.
I’m saying this knowing very well, that Nigeria is one of the pioneers of Bitcoins in the great African continent, alongside Ghana, Kenya, Zimbabwe and South Africa, among others. Today, more than 10 African countries have opened doors to Bitcoins, with numerous startups, exchanges, and merchants using Bitcoins to facilitate payments.
Towards the end of July this year, Google classified the ‘Top 5 Countries Interested in Bitcoin Right Now’, and number 3 in the rank was Nigeria, after Bolivia and Colombia, and lastly Slovenia and South Africa.
The interest of these countries in Bitcoins is largely informed by continued exposure to exorbitant costs of cross-border transactions, poor banking infrastructure, lack of trust in government in directing monetary policies resulting in currency restrictions and uncontrollable hyperinflations.
However, the case of Nigeria is rather unique, as Google noted that in addition to overcoming expensive remittance solutions and the challenges of recession, most Nigerians perceive Bitcoin as a vehicle for investment, and rightly so! In light of this, not a single Nigerian can afford to be left behind.
But how do I get started?
It has rightly been said that you cannot be transformed unless you are informed, and that there is power in getting the right information. Today, there are many online sites with stories about Bitcoins, and while they can be helpful, the materials may neither be neither comprehensive nor structured progressively.
Before you start off any passive or active Bitcoin investments, you may want to consider signing up for advanced training. The iCoin Pro covers all the basic and technical aspects of cryptocurrencies at great length, and to help you visualize the process, you can watch a very professional video for free. The modules herein will introduce you to cryptocurrencies, blockchain technologies, how to acquire and use Bitcoins and Ethereum, as well as other coins. Step by step, iCoin Pro takes you through the investment journey, even with as little as $10 a day.
Additionally, there are many Bitcoin forums as well as Bitcoin groups on Facebook where you can sign up, and monitor trending stories about Bitcoins and altcoins.
A lot of information is shared on these platforms, and you would also have a chance to ask questions and post your comments, or even respond to questions yourself.
You could earn your first Bitcoins by simply doing that! That is to say, by spending time online, you could earn Bitcoins by watching promotional videos, clicking on adverts, liking or sharing or leaving a comment on ads, or by simply referring people to a website to generate traffic, subscriptions, and conversions.
Of all cryptocurrencies, the best record for financial security and stability lies with Bitcoin, but that is not to say other cryptos are to be dismissed.
The other way of investing is to buy Bitcoins at a cheaper rate, and sell them at profits. One good place for competitive rates is NairaEX, where you can interact with a variety of cryptocoins.
Whether you are a Forex Broker or an online merchant, NairaEX is a good place to get started for e-currency exchange services, within Nigeria or beyond the borders!
So far, you are either trading Bitcoins (buying and selling), or you are holding them as long term investment because of its scarcity and volatility.
However, the other silent way of investing through Bitcoins is to avoid fiat currencies for cross-border payments, as a way of saving up to 10% in transaction fees and unfavourable foreign exchange rates! At NairaEX, all you have to do from Nigeria is to open a Bitcoin trading account, and buy your initial set of Bitcoins. Other sites include Bitfinex, Bittrex, and Poloniex.
At blockchain.info, you could easily get a Bitcoin wallet, which works for both iphone and android app, and allows you to transact wherever you go. And whether your wallet is paper or hardware, by all means do not keep your Bitcoins at the exchanges, for here you could only be buying and selling, but not storing.
Coinbase is the other commendable place for Bitcoin wallets, using which you can send and receive Bitcoins, but buying and selling Bitcoins is yet to be supported in Nigeria using this wallet.
While there are a few other sites that claim to support Bitcoin wallets and exchanges, it’s important to deal with reputable exchanges, especially if we are talking about investing a huge amount of money. Remember, once Bitcoins are lost, it’s impossible to recover them, and no one is ready for that!
Thanks for reading!
~The information provided on iCoin Blog is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs. iCoin Blog does not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. iCoin Blog also may contain affiliate links and the owner of iCoin Blog may receive a commission.