Almost everyone have somehow heard of Bitcoin. Most people usually heard about it in passing but don’t know what it is. For some others, their question is if it is legal and how can they start, while for some others the question is what can they do with Bitcoin. In this article we will look at how to invest and make money from Bitcoin in Nigeria.
What is Bitcoin?
Bitcoin is simply digital money, meaning that unlike Naira or US Dollar that makes use of paper, Bitcoin is completely paperless. It was created with the intention of making it easier to move money from country to country, some even call it borderless money. Bitcoin, unlike regular currency (fiat), is not controlled by any single individual, organisation or government rather is controlled by Bitcoin users around the world.
Is Bitcoin Legal?
As to whether it is legal, in some countries it has been tagged as illegal although it is difficult to restrict people from using bitcoin. However, in Nigeria, there are no laws/policies against the use of cryptocurrencies. Bitcoin in Nigeria is 100% legal
What you can do with Bitcoin
Regarding what can you do with Bitcoin in Nigeria, a couple use cases are: using it as an investment vehicle to diversify your assets; trading by making gains off the price fluctuation just like forex trading. Bitcoin can also be used to transfer money across borders faster and cheaper.
How to invest in Bitcoin in Nigeria
On how to start investing in Bitcoin, it’s pretty easy. A couple years ago the reverse was the case but with platforms like Binance, investing in Bitcoin from Nigeria is seamless. Binance is the largest crypto exchange in the world with over 13 million users around the world.
You can start investing in Bitcoin with as low as N50 and can fund your account with either your debit or via bank transfer. All you need to do is Create an Account, Deposit Naira into your Wallet and then Buy Bitcoin.
Note: Due to CBN regulations, deposit via debit card is no temporary suspended, you can deposit and withdraw via P2P section of Binance, it is easy and fast. Once you sign up and verify your account, just go to the P2P section.
Follow these steps to invest in Bitcoin in Nigeria using Binance:
1. Creating an Account
- Go to Binance.com and you will immediately see a signup form
- Fill in your details, submit and verify your email via the link sent to your email
- Go to ‘My Account’ and click on verify your identity
2. Depositing Naira in your wallet
- Click on “Wallets” in the website menu.
- Then click on “Deposit.” On the next screen click on “Deposit Fiat”
- Select naira from the currency Menu
- You can choose the method you want to deposit. A debit card or bank transfer
- Click on Continue
- Enter the details of how much you want to deposit and click on ‘Pay’ or ‘Submit’ if you selected bank deposit.
- For card payment enter your card details and click Pay. If you selected bank deposit make a transfer to the account details, ensure to include the ‘Deposit Reference Code’ in the transfer summary.
- Once done your Binance account will be credited with the value you deposited.
Note: Due to CBN policy, use the below method to deposit naira
Depositing Naira in your wallet via P2P
- Click on “Wallet” on the website menu and select “P2P”
- Now you click on “P2P Trading”
- On the next page, ensure you select “Buy”, in the fiat box, select “NGN” which is an abbreviation of Naira. You will get a warning of the risk, accept.
- You will see different offers, select convenient offers with high completion rate.
- Input the amount of Naira (NGN) you want to deposit.
- Now, you will be taken to the completion page. You will see the account number of the trader. Make the payment to the account number using bank transfer.
- Once you have made payment, click on Transferred, next.
- As soon as the trader confirms the payment, the money will be deposited in the account.
- Note: You will see the number of the trader right there, you can call them. Also know that for your safety, the trader account in Binance is frozen until trade is completed
3. Buying Bitcoin
- Once your wallet is funded click on “Wallet” and then Fiat and Spot” in the menu
- When the page loads Click on “Buy” beside bitcoin
- In amount to spend, enter the amount you want to buy. Example: If you want to buy N5,000 worth of BTC, type 5,000 in the field.
- Alternatively, you can switch to “amount to buy” using the double arrows to the right of that field. In this case, type in the amount of the asset you want to buy. Example: If you want to buy 0.5 BTC, type 0.5 in that field.
- Confirm all the details.
- Click “Buy”
- You can check if you have been credited, by clicking on ‘Wallets’ in the menu.
Note: You can also use the P2P method to buy bitcoin directly
Bitcoin price in Naira
Below is bitcoin price in Naira.