I have invested in bitcoin because I have witnessed the financial shift of its potential and how it is rapidly taking over the universe’s financial system.
In this article, I am going to show you how to trade bitcoin in Nigeria and how to invest in bitcoin in Nigeria for serious profit.
It is quite obvious that most people are yet to accept bitcoin into their financial goals.
Johnmiracle Ejikeme
That was me in 2013 when bitcoin first launched and was traded for just $1, I rejected it because I taught it was a scam, bubble, or passing fad.
Just imagine if I had invested in bitcoin as at then when it was just $1 for 1BTC, how much richer I would have become now that it is more than $9,000 for 1BTC.
I have seen so many investors lost million of money on investment schemes and anytime something sounds too good to be true, then it usually is.
And at 2013 when bitcoin launch it sounded too good to be true.
- Bitcoin claims to give stability to people without access to basic banking services.
- It also claims to give security to people suffering due to hyperinflation or government currency controls.
I’ll admit, I was intrigued by this magic internet money, but I was looking for any reason that it could be doomed to implode.
But I was wrong.
I realized that not only did bitcoin have a real shot at completely changing the world’s financial system but it offered a chance for anyone to get wealthy.
And that why as earlier as possible I decided not to make the same mistake with Ethereum, and other Altcoins, and over time I have built real wealth with cryptocurrency.
Right Now in this article, I am going to show you how to invest in bitcoin in Nigeria and as well how to trade bitcoin in Nigeria for serious profit.
Meanwhile, I have no interest in dragging you to the history of bitcoin and how it came about.
You don’t need to know how it came about, you only need to know how to use it and make wealth.’
But for education purposes I will brief you a little about the existence of bitcoin.
Let fire down.
What is Bitcoin
Bitcoin is digital cash that’s not controlled by any government or banks, and it has turned little Joe’s into multi-millionaires.
Bitcoin is a fully-transparent, decentralized digital currency. It’s a form of digital cash that’s not controlled by any government. With it, you can transfer unlimited amounts of money instantly without expensive wire fees, and no government red tape.
You are sitting on the cutting edge of a financial revolution that’s never been seen before in the history of humankind.
Say goodbye to
- High fees
- Spending limits
- Capital restrictions
- Frozen accounts
- Administrative hassles, and
- Seized assets.
Welcome to the world of censorship-free money.
Welcome to the Bitcoin Revolution!
The birth of Bitcoin, the first cryptocurrency.
In 31 October 2008
Satoshi Nakamoto published the white paper called Bitcoin: A Peer-to-Peer Electronic Cash System, describing the functionality of the Bitcoin blockchain network. This day in Bitcoin history has carved the path for the events that followed.
In 3 January 2009
Satoshi Nakamoto, whose true identity remains a mystery to this day, mined the first block of the Bitcoin network, effectively piloting the blockchain technology. The first mined block is also known as the Genesis Block.
In 2 May 2010
The first recorded purchase of goods was made with Bitcoin when Laszlo Hanyecz bought two pizzas for 10,000 BTC. This day is still commemorated to date as the Bitcoin Pizza Day. At Ledger, we celebrated this with a limited edition Ledger Nano S.
In March 2010
The first cryptocurrency exchange appeared in the name of bitcoinmarket.com (now defunct). In July that year, Mt.Gox was launched as well.
In 2011-2013
Bitcoin managed to reach parity with the US Dollar in February. During this year, a few rivaling cryptocurrencies emerged: By May 2013, the cryptocurrency market counted 10 digital assets, including Litecoin, Ethereum. Another major crypto-asset joined in August in the name of XRP (Ripple)
Is Bitcoin legal in Nigeria?
The short answer is YES!.
SEC (Security and Exchange Commission) has declared that Bitcoin is a legal tender, but then it went forward to warn her citizen that cryptocurrency investment is risky and sometimes even fraudulent.
Watch the news report below:
The central banks cannot control or regulate bitcoin. The central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it.
So, in conclusion, cryptocurrency is now legal in Nigeria, giving the citizen the free will to buy, sell anytime.
How to Invest in Bitcoin in Nigeria and make Serious Profit
It’s true that you could have made a fortune by investing in Bitcoin in the early days, but hindsight is always 20/20.
There’s no way you could have known that Bitcoin would achieve so many milestones, and few ever thought it possible to see peaks as high as $1,200.
Now that there’s greater certainty on the possibilities of this technology, the big money is moving in and so can you.
Now, when I talk of investing in Bitcoin, what comes to your mind is!
Buying and Holding Bitcoin for years waiting for the price to be 10x the value you bought it before selling off.
Sure, but that’s a layman way to invest in bitcoin. With this phenomenon it will take you a long time, to build wealth, and how can you pay off debt? and live a financially free life you so desire?
There are more actionable ways to invest in cryptocurrency today and it not even a rocket science they are:
- Bitcoin Trading
- Smart contracts
- Airdrops and Presale
- Liquidity Provider
Bitcoin Trading
Now, instead of buying bitcoin and then holding for long hoping the prize will skyrocket before you sell.
You can actually buy low and sell high (Spot Trading), and then repeat the strategy again and again, while you keep making a profit.
A businessman is someone who buys at ten and happy to sell at twelve. The other kind of man buys at ten, sees it rise eighteen, and does nothing. He is waiting for it to rise to twenty, and when it drops to two he is waiting for it to get back to ten.
Smart Contracts
Another way for you to make wealth from Cryptocurrency is to partake in smart contract projects.
What are Smart Contract?
A smart contract is a computer protocol and in them, any algorithm can be encoded and then installed in the blockchain network and can never be changed or altered even by the creator.
In a raw sense, the smart contract makes way for multi-level marketing (MLM) in cryptocurrency. That’s a unique system that cannot be hacked but then the profit is dependent on recruiting.
So the more you recruit people in a smart contract project, and also open higher slot the more cryptocurrency you earn, dependent on the one the smart contract is built upon.
With verified transparent smart contract project you can accumulate a lot of cryptocurrency for yourself within a short period of marketing.
Click a button below to learn more about smart contract project.
Airdrops and Presale
Airdrops is simply “giveaway” it is a marketing system that involves sending free coins to individuals for free, or requires completion of minor task. It all boils down to creating awareness of a new virtual currency or token.
Presale is a marketing strategy that’s employed by a crypto startup to raise fund before the actual launch of their ICO (initial coin offering), but then the risk associated with presale is a bit fuzzy (token presale scam) and investors are advised to be strategic when involving in presale token.
Liquidity Provider
Anyone can become a cryptocurrency liquidity provider and make passive income.
The best part of it all is that you don’t need to be a crypto expert, and you don’t need any special knowledge or tools to become a crypto liquidity provider.
Moreover, providing liquidity for the cryptocurrency pool is not actually a risk-free business, but the risk can manage thus, providing a safer way to earn without actually trading.
I wouldn’t want to go in details with that, because I have already written a tutorial from the ground up on how to become a crypto liquidity provider and earn more token, here is a guide for you.
How to Trade Bitcoin in Nigeria: The Beginners Guide
You can increase your profit potential exponentially if you understand how to trade Bitcoin on the markets and catch waves of volatility.
The best part is, it actually doesn’t matter what the long term value of Bitcoin will be because you can make money no matter which way the price goes.
No need to sit around and wait with a buy and hold strategy. As a Bitcoin trader, you can make returns as high as 60% per trade if your timing is right.
You see, rather than buying and waiting for the price to go up, you can actually take advantage of the volatility and make money when Bitcoin goes up and when it goes down.
If you look at any market’s charts, you’ll notice that prices tend to move up and down. Like the chart below, markets tend to trend up, panic down, and then move in a sideways range.
You can also repeat this process several times over to compound your returns. Bitcoin is a new technology that has many risks and rewards.
It’s best for you to learn the ropes before you risk money.
My goal is to teach you the ins-and-outs of Bitcoin, the best potential ways to profit from it, and to help create the next Bitcoin success stories that will be in the news line.
Here’s what makes Bitcoin trading so simple: there’s an extremely low level of competition.
Most people who trade Bitcoin have zero professional training. They overtrade the markets and make moves based on emotional whims.
The beautiful thing about trading Bitcoin is that it’s easy to learn and anyone can participate.
Many financial markets require minimum portfolio sizes of at least $25,000. Bitcoin and other cryptocurrencies have no minimum account or trade size requirements.
You can literally trade with 5 bucks! but then how do you get started as a beginner.
How to Trade Spot on Binance Exchange
Visit the Binance exchange (www.binance.com/free-registration), click on [Login] at the top right of the page to log into your Binance account.
Then click on any cryptocurrency on the home page, and go directly to the corresponding spot trading page.
Here is the trading page interface.
- Binance Announcements
- The trading volume of trading pair in 24 hours
- Sell order book
- Buy order book
- Candlestick chart and Market Depth
- Trading Type: Spot/Cross Margin/Isolated Margin
- Type of order: Limit/Market/Stop-limit/OCO(One-Cancels-the-Other)
- Buy Cryptocurrency
- Sell Cryptocurrency
- Market and Trading pairs.
- Your latest completed transaction
- Market Activities: large fluctuation/activities in market trading
- Open orders
- Your 24h order history
- Binance customer service
Let’s take an example to buy BNB. On the top of the Binance home page, click on the [Trade] option and select [Classic] or [Advanced].
Go to the buying section to buy BNB and fill in the price and the amount for your order, then click on [Buy BNB] to complete the transaction. You can follow the same steps to sell BNB.
- The default order type is called a limit order. But if traders want to place an order as soon as possible, they may switch to [Market] Order. By choosing a market order, traders could make a transaction instantly at the current market price.
- If the market price of BNB/BTC is at 0.002, but you want to buy at a specific price, for example, 0.001, then you can place an [limit] order. When the market price reaches your set price, your placed order will be executed.
- The percentage shown below the BNB Amount box refers to the amount of BTC you wish to use to buy BNB.Put the amount and buy crypto.
Crypto Spot Trading Terminologies and their Meaning
- Limit Order: A limit order is an order to buy or sell cryptocurrency at a specific price.
- Market Order: A market order is a buy or sells order to be executed immediately at the current market price.
- Stop-Limit Order: A stop-limit order is an order when Once the stop price is reached, the stop–limit order becomes a limit order to buy or sell at the limit price or better.
- Stop Price: A stop price is a price in a stop order that triggers the creation of a market order.
- Order Book: An order book is a list of orders that determines which orders can be fully or partially executed.
- Trading Pair: A trading pair is a possibility of trading one coin to the other e.g Bitcoin Vs Ethereum ( BTC/ETH).
- Open Order: A market order that is not yet filled or executed.
- Close Order: A market order that has been executed or filled.
Conclusion
I have seen, and read how bitcoin trading has changed the lives of many, but then that was not just what motivated me.
I needed to be financially free, and stress-free from all bank charges, stamp duties, card maintenance, and all sort of limitations.
Like, damn that what like bondage. I need a free monetary system that allows me to make as much as I want without having to go through offices or paperwork.
And then I figured out cryptocurrency is the way, so I dedicated my time to study it, and make it my no.1 financial priority, and since when I made this decision.
I am no longer living behind my credit card bills, and I also want to teach as many as I can.
Hope you find this guide explanatory.