Let’s face it, if you’re reading this, you have an interest in the cryptocurrency scene. You’ve probably made up your mind that you want to jump into the cryptocurrencies and take advantage of the craze that is Nigeria – or at least start off with earning some money online just for the heck of it. So how do you get started? I’ll be looking at what cryptocurrencies actually are, how to get started on the Nigerian scene, and some platforms you need to know about.
Here is how to get started On Nigeria Cryptocurrency Scene
Learn More About Cryptocurrencies and How It Works
The first thing to do is to start researching what crypto is and more about the market. One of the places you can learn about cryptocurrency is Coin Decimal which is packed with lots of information about crypto, finances, business, and lifestyles.
You also need to understand that the crypto business is not rocket science and not magic. You might gain or lose your money as the prices are always unstable. Again, your assets always remain the same even though the prices go high and down. With Coin Decimal, you will learn a lot about your personal finance and other business opportunities.
Find a reliable exchange
You need an exchange platform where you can use your local currency to buy any coin you want. There are a hundred and a thousand coins out there to choose from and profit from. A local exchanger is one of the best but we will talk more about that later in this article.
Some reliable exchangers in Nigeria are Remitano, Roku, and Binance which are currently dominating. There are other individual exchangers out there that you can use and exchange Naira for any coin. An example is Naira2dollar and others.
Get a wallet to store your coins
You need a place to store your coins. There are many types of wallets you can use to store cryptocurrencies. It’s important to understand the difference between them and choose the right one for you.
If you want to buy any type of cryptocurrency, you’ll need a wallet. A wallet is a piece of software that stores your coins and allows you to send and receive them.
I won’t be talking much about the various types of wallets but be sure to check out the blockchain council website as it directly explains the various types of wallets.
Join Groups and Buy from Trusted Sellers
WhatsApp, Facebook, and Telegram are your sure eCommerce platforms for peer-to-peer trading these days. Not only do these apps allow you to connect with your friends and family, but they also allow you to do business with people around the world.
WhatsApp groups are a great way for people to meet up and buy items from each other and that includes crypto trading.
You should be careful here and deal carefully because while it is easier to find buyers and sellers, it is also very possible to come across scammers out there and you can lose your hard-earned money like the speed of light.
How much can I use to start Bitcoin in Nigeria?
This question is been asked multiple times and the answer is relative to the capacity of your investment. In fact, you can start a Bitcoin business with as low as N50 in Nigeria but what is Bitcoin to you?
In general terms, it’s preferred to use the term cryptocurrencies as there are thousands of other coins released daily that newbies termed bitcoin.
Your chances of buying and profiting from bitcoin these days are slim and so investors tend to go with other new coins which come with their own potential. Some of these new coins give your part of their coins for free or cheap in form of Airdrop, ICO, etc.
Sometimes, you can buy these new coins for as low as N100 and as high as N10 million Naira. Be careful when making an investment decision not to fall for coins that won’t yield any results for you.
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