A lot of people trade bitcoin, but very few countries do it as actively as in Nigeria.
For the past few years, more and more Nigerians are trading Bitcoin as a means of making money online on peer-to-peer (p2p) platforms like Remitano. These types of platforms allow you to exchange Bitcoin to Naira, and vice versa.
But before we continue to talk about how to trade bitcoin in Nigeria, let’s dive deeper into what exactly is Bitcoin.
What is Bitcoin (BTC)
Bitcoin is money!
This is the simplest definition we can give to Bitcoin.
Money is said to be a recognisable entity of value generally accepted as a means of payment for goods bought or sold and services rendered in a market. Bitcoin fulfills all these criteria. The major difference between Bitcoin and the fiat money we are used to is that Bitcoin is digital money.
Bitcoin being digital simply means that it does not exist in physical form. Bitcoin, which is popularly known as BTC, was created in January 2009 on a technology called the blockchain by a mysterious person named Satoshi Nakamoto, whose identity is still unknown.
The blockchain is an immutable, trustless network that cannot be controlled by any single body – whether they are banks or governments. Information or transactions made on the blockchain cannot be altered or destroyed.
These properties make Bitcoin the best form of money, possibly in our known history! With BTC, you are your own financial institution, where you can spend money anytime without any restrictions. And no one can take it away from you, not even the government.
How and When did Bitcoin become popular with Nigerians?
Nigerians began to acknowledge Bitcoin as a better alternative to Naira during the economic recession in 2016. The price of Dollar skyrocketed as high as 400 Naira to 1 Dollar from the previous 150 Naira to 1 Dollar. As a result, the costs of goods and services also increased. Nigerians started looking for ways to capitalize on the high exchange rate.
Some Nigerians began freelancing on platforms such as Fiverr and Upwork while others began trading Bitcoin. Trading Bitcoin become a better alternative option to making money online because it seemed to be resistant from being affected by economic recessions.
In 2017, Bitcoin went through a massive bull run as it reached an all-time high of almost $20,000. The bull run caused an influx of Nigerians in the crypto space, as Bitcoin is now seen as an exciting and promising means of investment.
One major advantage of Bitcoin for many young men and women in Nigeria is the ease of online payment. People doing online jobs including freelancers can now easily get paid in Bitcoin for their services because payment platforms like Paypal and Stripe are restricted in Nigeria.
Factors that Affect the Prices of Bitcoin
Similar to other trading markets like stocks and forex, several factors affect the price of Bitcoin. Bitcoin price can change when top financial institutions, big e-commerce platforms or governments announce their acceptance or rejection of Bitcoin.
It can also occur when top cryptocurrency exchanges announce the listing or delisting of BTC. Another major cause of Bitcoin price movement is the sudden deposit or withdrawal of a large quantity of Bitcoin, which is usually the work of Bitcoin whales.
How to Turn Bitcoin to Naira in Nigeria
1. Through Escrowed Remittance
The use of cryptocurrency exchanges such as Remitano helps to avoid the high foreign exchange rates and transfer fees as Nigerians. This type of platforms offer escrowed services to better protect traders and reduce the risk of falling victim of scams.
All that is needed is a wallet address to exchange Bitcoin to Naira directly into a Nigerian bank account. Choosing cryptocurrency exchanges instead of conventional exchange platforms helps save time and money.
2. By Investing
Just like gold, Bitcoin is also scarce. This is because there is a limited supply of Bitcoin as there are only 21 million BTCs in circulation! The scarcity of Bitcoin almost guarantees its high demand in the future and its price is predicted to soar high in the nearest future, so ‘HODLers’ (people Holding on for Dear Life) see Bitcoin as a high-profit long-term investment.
In 2015, the price of Bitcoin was less than 300,000 Naira. Fast forward 4 years later, Bitcoin is now worth over 2 million Naira! This is over 600% return on investment (ROI).
3. By Day Trading
As profitable as Bitcoin is, one has to invest a significant amount to make a lot of money. On the other hand, trading, which involves buying and selling of Bitcoins within a short span of time is one of the fastest ways to make money with Bitcoin.
Similar to the forex and stock market, day trading involves buying at a lower cost and selling at a higher price. One major perk of trading Bitcoin is its volatility, which means there is often a sizeable margin between every rise and fall of Bitcoin’s price. This can happen several times in a day and allows for several trade entries every day.
Where Can you Trade Bitcoin?
Now that we’ve covered Bitcoin in detail, you must be wondering where and how you can begin trading Bitcoin as soon as possible.
Well, there are several platforms you can buy and sell Bitcoin such as Binance, Bitfinex, and Poloneix among many others. These platforms are top-ranking trading platform but there are some restrictions based on your geographic location.
In Nigeria, buying Bitcoin with fiat or debit cards like Mastercard, Verve, and Visa might not be possible due to the restrictions. The next best platform is the Remitano peer-to-peer trading platform which is also as great as the other platforms.
One major benefit of Remitano is that it supports the Nigeria banking system and profit made from trading can be deposited directly into your bank account. No doubt, Remitano is the leading cryptocurrency exchange platform in Nigeria.
How to Trade on Remitano?
Buying and selling Bitcoin on Remitano is a lot easier than other platforms.
All you need to do is to register with your email address and then pass the KYC (Know Your Customer). The KYC process helps ensure that Remitano remains a safe place to buy and sell bitcoin and other listed cryptocurrencies.
Once you complete the KYC, you can begin trading Bitcoin with Naira directly from your bank account!
Buying and selling of Bitcoin on Remitano can be done in just a few steps.
Buy Bitcoin with Naira on Remitano
Step 1: From the homepage https://remitano.com, scroll down and you’ll find lots of available sellers. Each seller has a display of his ratings, sale limit and the preferred bank.
For additional information on a particular seller, click on the seller’s name. Once you are satisfied with a seller’s trades and reputation, click on the ‘Buy’ button on the seller’s tab.\
Step 2: Enter the amount of Bitcoin you want to buy. Since you’ll be depositing into your Remitano wallet, click on ‘Buy BTC’ to open the trade.\
Step 3: Copy payment details of the seller from the trade page.
Access your internet banking and pay the seller through INSTANT TRANSFER.\
Step 4: Then click on the [I have paid seller] button and wait for the seller to confirm.\
Once the seller confirms, your Bitcoin would be instantly deposited into your Remitano Bitcoin wallet.
To Sell Bitcoin
Step 1: From the homepage which is https://remitano.com, scroll down, you’ll find lots of available buyers. Each buyer has a display of his ratings, buy limit and the preferred bank.
For additional information on a particular buyer, click on the buyer’s name. Once you are satisfied with a buyer’s reputation, click on the ‘Sell’ button on the buyer’s tab.\
Step 2: Enter the amount of Bitcoin you want to sell and then click on ‘Sell BTC’.
Step 3: Fill in your preferred bank account details and click on ‘continue’ to open trade.\
Step 4: Wait for the buyer to transfer money into your account. When you receive money, click on “I have received payment” to release bitcoin to the buyer.
Note: DO NOT CONFIRM PAYMENT UNTIL YOU ARE SURE THAT YOU HAVE RECEIVED THE MONEY. Trades cannot be reversed after completion.
Trading bitcoin in Nigeria is no longer as difficult as it used to be, all thanks to Remitano – the leading cryptocurrency exchange in Nigeria. All it takes is a few minutes to complete your KYC and you can begin trading Bitcoin as soon as possible!
Article Source: Remitano Forum