When people hear Bitcoin they have 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.
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.
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.
Regarding what can you do with cryptocurrencies 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. Cryptocurrencies can also be used to transfer money across borders faster & cheaper.
On how to start investing in Bitcoin in Nigeria, it’s pretty easy. A
You can start investing in Bitcoin with as low as 50 naira 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.
Creating an Account
- Go to Quidax.com and click ‘Create Account’ in the menu
- 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
Depositing Naira in your wallet
- Click on “Wallets” in the website menu.
- Select either “Bank Deposit or Card Payment”.
- 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 Quidax wallet will be credited with the value you deposited.
- Once your wallet is funded click on Instant Buy/Sell in the menu
- When the page loads Click on “Buy”.
- Select Bitcoin (BTC) as the currency to buy and Naira (NGN) as the currency to buy with.
- 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