Buying bitcoin and other cryptocurrencies could be a tart tedious process especially for newbies.
In this guide we explain the complete process of buying cryptocurrencies online, storing, selling, transferring and any other stuff you can do with your money.
Don’t forget, your bitcoin or any other cryptocurrencies you hold is money. Just like the Dollar or Naira or any other fiat currency cryptocurrencies can gain or lose value. That is to say their value can depreciate or appreciate.
That’s why bitcoin in mid 2017 was worth $20,000 but today, it’s about $4,000.
So, what’s the first thing you need to know about buying bitcoin? First you have to do a bit of research on bitcoin and other cryptocurrencies. It’s not just about buying bitcoins but about being smart in buying bitcoins.
We have a guide on bitcoin, it will be nice of you to do some background reading.
Secondly, before you start buying bitcoins or any other cryptocurrency, it’s best that you have a wallet. I’m talking about an electronic wallet, and it could also be a hardware wallet. Wallets store your bitcoins and other cryptos like your physical wallet and bank does.
The crypto you are buying is more or less like a line, or some lines of codes. An address that will be interpreted by the system to mean money. So wallets are apps and devices that store the bitcoin addresses or codes for future use.
Wallets are most necessary so as to forestall easy theft of your coins, you are not to share the details of your wallet with anyone or app or website.
Only the address of your wallet is needed. To learn more about how wallets work and how to create one, read here.
Next, you should know that buying crypto in Nigeria can be done through exchange markets or P2P (peer to peer) solutions whereby you ask if others have and want to sell.
In the next part of this post, I will explain how P2P and exchanges work in Nigeria and how to make the best of them.
Kindly note that, this is a four part post. Do follow up by reading the other posts. And don’t forget to add comments or make suggestions. Thank you.
See you in the next post.