How to Buy Bitcoin in Nigeria?

If you read our last article you should be familiar with what a bitcoin is. However, just in case you missed it, I will do a quick recap to get you up to speed so you can be well on your way to buy bitcoin in Nigeria.

What is Bitcoin?

Bitcoin, referred to as BTC in short form is a type of cryptocurrency that exists only in digital form. Think of it as a digital currency that only exists online. And due to its digital form, BTC is free of bank control, allowing its holders’ complete authority. 

Bitcoin transactions only occur with the combination of public and private keys (basically a set of long digits and addresses that are unique to each individual holder of BTC). You can freely share the public key to anyone you wish to conduct transactions with, but the private key should be kept secure as it serves as a signature for a transaction on the blockchain. 

What was the purpose for the creation of Bitcoin?

The digital currency Bitcoin was made to solve the challenges of middlemen (banks), boycott the transaction fees charged and collected by financial institutions and take away the power exercised by banks and governments in the control of currencies. It is believed in many quarters that Bitcoin was created by one Satoshi Nakamoto in 2009, and its price went off the charts in 2017.

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Bitcoin, unlike paper currency, has no single authority; thus giving holders the power over their money.

The total supply of BTC is capped at 21 million globally. As of the time of writing this, there are almost 18.5 million BTC’s mined in the world, and the flow of new coins is halved every four years. It is expected that after the year 2140, no new BTC will be mined.

This digital currency (like others) is traded on in marketplaces called “bitcoin exchanges”. That means people can buy, sell, or transfer their bitcoins from wallets using these exchanges.

However, before you can buy bitcoin, you must first own a wallet. Wallets are like software on your computer or mobile phones that store BTC’s just like a traditional bank account. You can refer to the previous article for more details on bitcoin wallet.

How to Buy Bitcoin in Nigeria?

Now you know what bitcoins and bitcoin wallets are, let’s talk about how you can acquire this virtual currency.

But first, it is important to keep in mind that bitcoin transactions are irreversible, conducted securely using a fast global network, and are often done pseudonymously.

Bitcoins can either be bought:

• Online, OR
• In-person.

To purchase BTC online, you have to deposit money into an online exchange that connects buyers and sellers. Upon the acceptance of your money, you then place an order for a bitcoin of the same value. It is similar to how you buy stocks. ‘Money’ here does not refer to physical cash, as most exchanges accept bank transfers, credit card payments, and even Paypal payments. You need to note that these transactions usually attract a fee for every trade made. However, these fees differ from one platform to another.

One such crypto exchange is Easy Crypto Nigeria. Here, buying cryptocurrencies like Bitcoin is so simple and less time-consuming. You can buy BTC in less than 2 minutes! 

Easy Crypto Nigeria is simple, safe and smart. 

If that doesn’t appeal to you, another method is to buy in person through a Bitcoin ATM. This looks and works just like a conventional ATM used in cash withdrawals. However, the Bitcoin ATM allows you to trade cash for BTC or vice versa. A few months ago, Nigeria joined other countries in employing such technology, with the first one installed in the state of Lagos. Generally, some of this machine supports buying and selling BTC, while some others only allow you to buy BTC with fiat money.

With that said, there has been a growing interest in bitcoin amongst Nigerians. Recently, Nigeria topped the bitcoin search list on Google, with states like Delta, Ekiti, Osun, Ondo, and Ebonyi driving that search traffic on the web.

Why should you buy bitcoin?

There is no doubt that there are differing opinions about bitcoin and other virtual currencies. However, as time passes, and cryptocurrency becomes more integrated into the mainstream media, it will gradually gain more public validation. 

If you are one of the people in this “doubting” category, allow me to enlighten you with a fascinating fact. 

In August 2020, data by Blockchain.com revealed that Nigeria and nine other countries made the list of increased transactions on its Blockchain wallet. Nigeria held the fifth spot, recording a 10.7 % increase and having 60% usage of the wallet.

Still don’t get it? Nigerians are embracing bitcoins! BTC alleviates the worry of taxes, high transaction fees, and stringent regulations from financial institutions and is becoming the future of money.

In its foresight of this development, the Nigerian government has sent some transaction bills aimed at giving legal backing and regulating framework of the emerging digital-financial sub-sector of the economy to the National Assembly for consideration and passage. 

Nigeria’s Attorney General of the Federation and Minister of Justice, Abubakar Malami, on July 28, 2020 gave some of the names of these proposed legislations as Electronic Banking Act, Digital Management Act, Electronic Evidence Act and Electronic Transaction Act.

Basically, governments around the world trust bitcoin and its features, thus legally verifying the digital currency.

Lastly, in its blockchain report for the year of 2020, JP Morgan argues that companies like stock exchanges are using the blockchain. It noted that “the crypto market continues to mature, and cryptocurrency trading participation by institutional investors is now significant.” The report by the U.S banking giant recognized 2019 as the year for the “rise of digital money.”

To conclude, the steadily growing public interest to buy Bitcoin in Nigeria indicates that cryptocurrency is gradually being accepted as an alternative to the standard currency used in the country. 

Take this time to learn more and consider purchasing your own bitcoin, or any other cryptocurrency through Easy Crypto. 

Disclaimer: This article is not an investment advice. However, at Easy Crypto Nigeria, we are open to giving further information, clarification and counsel on the subject matter. Please contact our team for more information or discussion.