This is a pretty common question and enquiry in the crypto space. Where can I get to buy Bitcoin in Nigeria.
First off, please understand that this asset i.e Bitcoin is a decentralized asset. This means it is not controlled by any persons, groups of persons, company, government etc. it is an asset that you can buy with your fiat currency, in our case the Naira at any point or time of any given day.
Before you begin to buy Bitcoin or any other altcoin (any cryptocurrency apart from Bitcoin are known as altcoins) you will need a wallet to store it in. it is not a safe proposition to buy your Bitcoin and leave it on an exchange. There are different types of cryptocurrency wallets we will discuss them below
- Desktop wallets: this is a Bitcoin (or any other crypto) wallet whose desktop app you can download on a desktop or laptop computer. It is very important to note that in the process of opening any form of cryptocurrency wallet you should write down and keep in a very safe place the private keys (a string of alphanumeric sequence i.e a string of numbers and alphabets) or passphrase (a group of words) that is generated as you download the wallet. This is your access to your Bitcoin/crypto in the event that your laptop/mobile device is stolen or crashes. Each wallet also comes with a public key. This public key is what is used to receive Bitcoin/cryptos. You can send your public key to someone who wants to send you some Bitcoins for example. Whenever Bitcoins are sent to your public key that amount of Bitcoin appears on your wallet.
- Mobile wallets: mobile wallets are wallets that are downloaded into mobile devices. These are the most commonly used bitcoin wallets as you may have imagined. As in the desktop wallet, you go to the google app store or IOS app store type in Bitcoin wallet. Download anyone you like. Example a are Blockchain wallet, coinomi (I personally use this. It’s a multicrypto wallet i.e you can store a lot of cryptocurrencies apart from Bitcoin in it), jaxx wallet. Store your private key or passphrase in a safe place.
- Paper wallet: this is a form of wallet that you download and print out. As the name implies, it ends up in a paper form. You will need to keep the printed paper wallet in a very safe place. A paper wallet in addition to the private and public key also has a public spend key. It with these keys that you will generate the electronic form and retrieve your Bitcoins.
- Hardware wallets: these are also known as offline wallets as they are hardware much like flash drives. They are the only forms of Bitcoin/crypto wallets that costs money. Examples are
- Ledger nano S
- Trezor one
- Keep key
- Tresor T
- Safe T mini
- Cool wallet
Now that we have discussed where and how to store your bitcoins. Lets now consider the steps to converting your fiat i.e Naira into Bitcoins. There are a couple of platforms that offer this service. Namely
- Nairaex.com: This is a company located somewhere in Ogun state. I have personally used their services without any hassles. You simply have to go on the platform, register with your email address, follow the visual prompt which will lead you to state how much worth of Bitcoin (in Naira) you would like to purchase. The platform then generates a Bank account that you will send the amount to. You will need to present at the bank physically so you can have a copy of the teller and receipt after the transaction. You will need to snap a picture of these (receipt and teller) and send the picture to an email address they provide. You will also need to send your Bitcoin address (i.e your public key) to this email. This service is a little cumbersome and a lot of people will be skeptical of sending money to an unknown entity without any guarantees of receiving their Bitcoin
- Luno.com: This is probably the easiest way of buying Bitcoin in Nigeria. Download the luno app and complete your registration. You will also need to complete a KYC (know your customer. This involves uploading a picture of a valid ID card or any other means of identification) to be able to increase the limit of fiat (i.e. Naira) that you can load up per month to purchase Bitcoin (you can actually begin using the platform without KYC but the amount of Bitcoins you can purchase per month will be limited). Once you register on the platform, you can easily complete your Bitcoin purchases from the comfort of your home with your debit card (ATM card). This is the service I personally use to purchase my Bitcoins as it is very easy and comfortable to use. The transactions are totally electronic without the need to interface with any human.
- Remitano.com: This platform provides escrowed peer to peer (P2P) market place for the safe sale and purchase of Bitcoin. Simply download the app, register with your email and you are good to go. The great thing about Remitano is that they operate an escrow service. That means the seller cannot take off with the buyer’s money. The money for the purchase is paid into an escrow account, an account run by the platform. When the payment into the escrow account is confirmed then the Bitcoin is sent to the buyer. If the Bitcoin is not sent by the seller all the buyer need do is to request for his/her money and it will be transferred. If the buyer tries to be smart and denies the transfer of the bitcoins all Remitano need do is check the transaction on the blockchain (all transactions on the blockchain whether that of bitcoin or any other cryptocurrency has a transaction hash with which the transaction can be monitored on the blockchain)
- Localbitcoin.com: This is a service much like remitano. But unlike remitano, their services are froth with a lot of problems. They are also a peer to peer Bitcoin market place too. Their services are however frothed with a lot of irregularities and inconsistencies.
Storing your Bitcoin……….
If you purchase your Bitcoin from luno, your Bitcoin wallet address (i.e your public key is credited automatically). After funding your luno account, simply click on the “BUY BITCOIN” button and the purchase is made immediately.
If you are purchasing from any of the other platforms however, you will need to copy you public key i.e your bitcoin wallet address (it is an alphanumeric string containing numbers and alphabets) and send it to the seller. Please DO NOT try to write it out, it is mportant to copy and paste. DO NOT try to write it out. If you miss out any single number or alphabet, the sent Bitcoin will be lost forever. After copying and pasting. Try and double check that what you copied is correct. To do this, simply note the first three and the last three alphabets and numbers in the address, ensure these first three and last three numbers/alphabets are correct as pasted.
If you would like to know how to begin to get involved and invest in decentralized blockchain startups, bitcoin and other cryptocurrencies click here
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