This is not Financial Advice
A lot of people want to buy bitcoin but have questions they want answered. So, in this write-up, I’m going to be answering 31 questions asked by our friends about crypto and bitcoin in Nigeria.
For the sake of originality, I have not edited or removed any questions asked. I answered every question I got -which made me answer some questions multiple times.
I do not want this post to be a long write-up, so, I answered as quickly and as brief as possible. Remember to always do your own research, before you get into anything regarding money.
So, if you are comfortable with me, let’s get straight at it.
31 questions about Crypto and Bitcoin in Nigeria Answered.
1How to Invest in Bitcoin in Nigeria
There is no one size fits all answer to the question of investing in Bitcoin in Nigeria. This is because there are quite several options you can explore and still be in profit. Such as;
- Buy crypto and HODL (i.e hold for the long term)
- Trade bitcoin on exchanges.
- Buy and sell to people around you.
- Buy bitcoin and invest in Bitcoin savings -as you have on Binance.
2How to buy Bitcoin in Nigeria
Buying bitcoin has become very easy these days. There are various options or mode of payments, as there are lots of exchanges to buy from. So, the following are the steps to invest in bitcoin in Nigeria.
• Choose an exchange to use.
There are lots of exchanges you can choose from. And even more, come up by the day. My tip is that you remain careful where you buy from. I use Binance because I love to be careful. So, I try to advise my friends to use Binance too.
• Create an Account
On any exchange you have selected, you’ll need to create an account and complete the KYC verification procedure. (I recommend Binance, because their P2P is the safest, and you pay very cheap fees too).
• Decide how much Bitcoin you want to buy.
If you are in Nigeria, then you are buying with the P2P option, which is why I recommend Binance, there are other exchanges you can buy from too, like this, this, this, and more.
• Buy your Crypto -using P2P.
I’m assuming you’re buying from Binance, so I’ll show you how to buy on Binance using P2P. Check it here.
3Where can I buy Cryptocurrency in Nigeria?
There are various platform you can buy crypto from -they are called Exchanges. We recommend:
However, I use Binance mostly.
4Is Cryptocurrency legal in Nigeria?
Yes, and No.
Yes, because it is not banned. No, because the Central bank of Nigeria prohibited its affiliate institutions from facilitating crypto transactions.
5Can I buy Bitcoin of 5000 naira?
Yes. You can buy Bitcoin of 5000 naira. As a matter of fact, you can buy Bitcoin with as low as #500 -which is less than $2. Choose the right crypto exchange, select how much crypto you want and make payment. Follow the steps we’ve listed earlier in this article.
6What is the minimum to invest in Cryptocurrency?
There is no Minimum -simple.
If you have #500 you can buy any crypto. So, the minimum depends on the least amount your Crypto exchange accepts.
7Which is the best Bitcoin wallet in Nigeria?
There are many Bitcoin wallets in Nigeria (or used by Nigerians). The issue of the best wallet is subjective. There are lots of options, perks and costs with some of them. Mind you, a wallet is different from an exchange.
So, the most used wallet in Nigeria is the Blockchain wallet. There are other wallets like Mycelium and many other good ones.
For the blockchain wallet, download it from your app store, set it up, and you’re good to go.
8How much is $50 worth of bitcoin in Naira?
Not stable. (e. g $50 X #450 = #22,500).
The $50 worth of bitcoin in Naira depends on the current exchange rate. So, let’s assume the current rate is #450 per dollar. That means $50 worth of bitcoin is $50 X #450 = #22,500.
9Can Nigerians still trade on Binance?
Yes. I still do.
Nigerians can still trade on Binance. There is no reason yet why not. Although, for some time now, verification on the platform has been impossible for Nigerians -which means Nigerians may not create new accounts on the exchange. But so far, those who already own verified accounts can still trade.
10Why is Bitcoin banned?
Bitcoin or the other Cryptocurrencies are not banned in Nigeria.
The Central Bank of Nigeria (CBN) banned banks and regulated financial institutions from facilitating cryptocurrencies. This means you can’t buy or sell crypto through any CBN-regulated institution. The CBN has also come out to clarify that they did not ban cryptocurrency. They, however warned that it is not legal tender. And that they would not mediate when any transaction goes wrong.
Find the CBN statement here.
11How many bitcoin will 5000 naira buy?
You can buy bitcoin as a whole, or as fractions or fragments. What you get per time depends on the price of Bitcoin at a time. Also, you should consider the current dollar exchange rate when calculating the price.
12Is Bitcoin banned in Nigeria?
No. Bitcoin, though not accepted as a legal tender, is not banned in Nigeria according to the Central bank of Nigeria.
13Can I buy Bitcoin with Naira?
You can buy Bitcoin in Nigeria with Naira if the exchange you choose has the Naira listed. There are quite several exchanges in Nigeria today, and all have Naira listed. One of the most popular is Binance, which we recommend.
14How much is ripple to Naira?
Ripple as well as other cryptos are volatile. This means the cost of ripple to Naira depends on the current price of the asset per time. While calculating, determine the current price, and multiply it by the exchange rate of the dollar to Naira.
15How many Naira is 1bitcoin?
Multiply the price of 1 bitcoin in dollars, by the exchange rate of a dollar to naira today. For instance, if 1BTC is $50,000 and $1 is #450, then the cost of 1BTC would be $50,000 X #450 =22,500,000.
16How can I sell my bitcoin in Nigeria?
Sell to us.
Or, you could sell to friends around you, or via exchanges like Binance, through P2P. We also buy bitcoins, USDT, XRP, and many other digital and cryptocurrencies. Simply contact us Via WhatsApp, and we’d buy whatever volume you have to sell. Start a conversation with us here or click the image above.
17Where can I buy bitcoin cheap in Nigeria?
18How do I convert Bitcoins to cash?
Sell, or convert on an exchange.
You can sell your crypto on any exchange and withdraw them directly to your bank (not currently available to Nigerians). If you are in Nigeria, you should sell through the P2P option. Or sell to us. Click the image above to start a conversation with us. We buy any Volume of Crypto.
19How can I start buying and selling Bitcoin in Nigeria?
For anyone in Nigeria who wants to buy and sell crypto, they can use the exchanges listed above to buy and sell bitcoin in Nigeria.
20What is the minimum amount to invest in Bitcoin in Nigeria?
Actually, you can start with whatever you have. Provided the exchange you chose permits you to buy with that little amount.
21How can I make extra money in Nigeria?
- Invest in Crypto
- Get a side hustle.
- Learn a high income skill
- Start a digital business.
22How can I get Bitcoins for free?
Do simple tasks to earn free crypto.
There are games you play and earn crypto. Some apps may allow you to earn crypto when you complete some surveys, watch ads, or do some other basic stuff. Find any of these, and start getting bitcoins for free.
23How many Bitcoins are left?
As of the 13th of January, 2021 (my birthday) there were 18.6 million BTC in circulation. this is about 88.57% of the total predetermined maximum BTC of 21 million. This means that there are approximately 2.4 million left to mine. at the current rate, it will take about 119 years to mine the remaining 11.5% of the supply. A lot of the 18.6 million BTC mined are lost forever.
24Who owns the most bitcoin?
It is said that he has made a fortune of over $34.9B from Bitcoin. However, no one knows the individual with the most number of Bitcoins.
Nobody tells of how many bitcoins they own, so it is hard to know or keep records of who owns the most. Also, some institutions own bitcoins too.
25Has anyone got rich from Bitcoin?
Millions are getting rich from it.
There are millions of people getting rich trading and investing in Bitcoin. So, has anyone gotten rich from bitcoin? Yes. And just to add, millions are also getting their hands burnt too.
26What does Bill Gates think of Bitcoin?
Not my kind of thing.
Bill Gate has not been positive about Bitcoin. He is pessimistic about the idea, and believe it is not as promising as it is believed to be.
27Can a Bitcoin crash?
Yes, but No.
Bitcoin could crash if there was anyone in charge of it. But it is a decentralized currency, so chances of crashing are low. However, it is volatile, so the price may fluctuate greatly.
28Why is Cryptocurrency banned in Nigeria?
It is not banned
I know you may have got lots of negative answers as you searched.
But like we explained somewhere above, Crypto wasn’t banned. Yes, the CBN banned banks from facilitating Crypto transactions but didn’t ban the citizens from buying or owning crypto. That may sound like a paradox, but it’s the truth.
Later on, the CBN came up to say they didn’t ban crypto, even though it is still not a legal tender in the country.
29What will bitcoin be worth in 2030?
More than $200k.
Well, that’s just a figure, since we may not know the future. No one knows what bitcoin will be worth the next minute.
30How many Bitcoin should I own?
As much as possible.
If you believe in the project, you can own as much as possible. But remember to do your own research (DYOR), and not invest so much you can’t afford to lose.
31Bitcoin buyers in Nigeria
Do you have Bitcoins to sell, and you need bitcoin buyers in Nigeria? Sell to us at InspiredFully, and get paid in less than 5 minutes. Any volume you have, we’re buying.
Our rates are the hottest in the market. Contact us on WhatsApp or click the image above.
So, those are my 31 answers to the questions I got. Ask your questions in the comment section below. If you have answers to any of the questions already answered, do chip in your answer too, using the comment area below.
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Cryptocurrencies are highly speculative and volatile investments. You could lose 100% of your capital. Consult your financial advisor. This is not financial advice.