How To Buy Bitcoin In Nigeria

Bitcoin, which is virtual or digital currency, is one of the biggest things in the world right now. Like all other cryptocurrencies, it exists with blockchain. What this implies is that Bitcoin is one-hundred percent decentralized, meaning the central bank or government cannot control or regulate it. It is an efficient tool of transferring money to any place in the world over a decentralized network, which is an excellent alternative to the regular currency fiat money controlled by the government.

If you're living in Nigeria, you're exposed to the shaky economy and devaluing Naira stemming from lack of development and poor government policies, this is an important reason why it is necessary to find alternate means to preserve the value of your money. Beyond the fact that Bitcoin is a great investment, as it's value appreciates overtime, it is also important as it keeps your money out of reach of the government and its regulations. 

On the 5th of February, the Nigerian government through the CBN banned Bitcoin transactions using Nigerian accounts, this has made purchasing Bitcoin a bit more tedious than it normally was. However, it is still possible to buy and sell Bitcoin in Nigeria.

To buy Bitcoin anywhere, you generally need two things:

1. A wallet : This is a place to store the Bitcoin, just like normal wallets holds money.

2. An exchange : This is a platform which facilitates the trading of crypto, it's like a digital market, where you go to trade one thing for another, just that in this case, you're trading crypto.

Most time however, the wallet and exchange come in a single app, which makes it even easier.

There are numerous apps for this in the app store,it is however important to pick one which enables peer2peer transactions. Unlike a regular exchange where users buy crypto directly from the exchange, in a peer2peer exchange the user buys from another user, with the exchange standing as middle-man. This is necessary with the current crypto ban which makes it almost impossible to purchase Bitcoin directly from an exchange.

Some of the best apps you can use which enable P2P in Nigeria include Binance, Bundle, Bitcoins, Remitano, Paxful, Quidax and BitValve.

- Step one is downloading whichever app you choose from the app store. For example, Bundle.

- After downloading the app, you'll be required to take the following steps:

- Register with your phone number and email and verifying.

- Set up a password, it has to contain a maximum of eight characters and contain at least one uppercase letter, one number, and one special character.

- Set up your BVN or provide a valid means of identification.(This depends on the app you're using)

- Login to Your Account.

 The next step after this is to add funds to your account. Depending on the app you're using, the button to do this can be anywhere. On Bundle, it's at the top right corner on the homepage, it says "Add cash."

- After clicking on it, you'll be asked to indicate the amount and type of cash. 

- As soon as you have set up your payment method and confirmed, you'll have funds in your account to be used to purchase Bitcoin.

How To Buy Bitcoin

- If you're using Bundle, there are tabs indicating "Buy" and "Sell" on the homepage. Since you want to buy, click on "Buy."

- Type in the amount of Bitcoin you want to buy in naira. You have a one minute window, so you shouldn't waste time.

- The Bitcoin will be credited to your wallet the moment the peer you're matched with confirms payment and the transaction finishes processing.

Things You Can Do With Bitcoin After Purchase

Option 1 : Transfer Bitcoin to External Wallet (Luno)

If you're going to be keeping the Bitcoin for a long time, or don't want to keep all your Bitcoin in one place, you can always transfer the Bitcoin to an external wallet. Examples of safe and popular external wallets include Luno, and Coinbase wallets. All you have to do is download the app from the app store and sign up. After you download, you'll need to sign up and go through the basic verification processes.

- Verify your phone number

- Verify your email

- Upload your NIN or any means of identification you're asked to.

- Login

To transfer Bitcoin to a Link wallet, you should open the Luno app and click on the "Wallets" options displayed at the bottom of homepage.

- After that, click on "Receive."

 - You'll be asked to create a receive address and name it. After you do that, you get a code for the wallet. You should copy this code, as it's the wallet's address. 

- Return to Bundle and click on the "Withdraw" option, you will be served with various options including "Send to external wallet." 

- Click on the "Send to external wallet" option and insert the address of the wallet you copied from the other app.

- Confirm transaction.

That's it, you've successfully transferred your crypto!

Option Two : Sell The Bitcoin

Now that you own Bitcoin, you can decide to sell it at a later date. 

On Bundle, click on the "Withdraw" button. The position of this button will vary depending on the app but it's clearly displayed on the homepage in the Bundle app. After clicking on it, you'll get a lot of options, click on the second option, "Withdraw with P2P Express."

- Create an account for your money to be deposited in, or confirm the account previously linked to the app.

- Indicate the amount of Bitcoin you wish to sell.

- As soon as the transaction is processed, you'll have your money transferred to the account.

If you transferred your BTC to an external account, you'll have to transfer it back, as Luno and Coinbase do not currently support peer2peer transactions in Nigeria. 

Option 3 : Purchase Gift Cards Or Pay For Services

You can purchase giftcards from different companies and pay for services with your Bitcoin. 

-Click on the "Withdraw" button and select the "Buy Gift cards" option. You'll be directed to Bitrefill, which offers over 3000 gift cards and vouchers of various companies.

- Search for the company you want by typing it into the field.

- Type in the amount you would like a gift card or voucher for.

- Confirm transaction.