You have come to a point that you have decided that you will invest in Bitcoin, Ethereum, Litecoin, Electroneum or any other cryptocurrencies in Nigeria, this article is concise and straight to point guide for you. It is an eye-opener.
The world has gone digital, only those who queue into the trend will survive. Bitcoin and some other cryptocurrencies are here to stay. No matter the part of the world you are living today including Nigeria, you will agree with me that bitcoin, the king of all cryptocurrencies is the air and many investors are making money from it.
If you have not started making money from cryptocurrencies, I want you to take the advantage now and invest.
“The way to make money is to buy when blood is running in the streets”, John D. Rockefeller, the world’s richest man in the late 1800s. “The world does not pay you for what you know; it pays you for what you do” Talk is cheap but I added thought is cheaper.
Right here below, I will show you steps to take with real examples how to invest in bitcoin or any other cryptocurrency in Nigeria and start making money from it. I will also show you how I have done it over some past months.
Meanwhile, if you want to know what cryptocurrency is and how it works, you read up; what’s cryptocurrency and how it work? I have earlier written that article for you.
How to invest in Bitcoin and other cryptocurrency
I discovered that there are 3 practical ways to invest in bitcoin or any other cryptocurreny. Two of the three methods can be applicable to Nigerians.
These methods I named;
1. Fixed cryptocurrency investment method (long term investment)
2. Cryptocurrency trading (short term investment)
3. Bitcoin Mining
1. Fixed cryptocurrency investment – this is long term investment of any cryptocurrency. You remember your fixed deposit in the bank? This is similar to what you do when you leave your money in your Nigerian bank account as fixed deposit for a very long time; let’s say, 2 – 4 years.
In cryptocurrence investment, digital wallet is your bank. Digital wallet is use to save or store your currency. There are many different digital wallets for cryptocurrencies saving. Examples include; Blockchain wallet, Coinbase wallet, Coinomi, Luno, Electroneum wallet, Paxful wallet and so on.
To start long term investment of cryptocurrency, the simple steps to take are;
• Create a wallet or an account. Bitcoin and Enthereum are saved or stored in blockchain wallet. So, if you want to invest in Bitcoin or Enthereum, you have to open a blockchain wallet. Bitcoin can also be store or save in paxful wallet. If you want to invest in Litecoin, you open coinomi wallet. Electroneum is saved or store in Electroneum wallet. The cryptocurrency you wish to invest in will determine the type of digital wallet you will open. You can open a blockchain wallet here and electroneum wallet here.
Currently, I am using 4 wallets – blockchain, paxful, coinomi and Electroneum for my cryptocurrency investment and trading. Blockchain wallet is secured and popular that’s why I’m using it but it delays transactions. Sometimes, a transaction done with blockchain can take up-to 3days or more before it will be confirm. So, my better alternative is Paxful wallet because transactions are faster confirms on it. I am also using coinomi wallet because of my litecoin investment and electroneum wallet because I also invest in electroneum. You must not invest the way I do but you can start somewhere.
• Fund your wallet. Learn how to fund your bitcoin wallet in Nigeria . You can fund your wallet with any amount. Fund wallet or account with any amount of money you can afford to leave for fixed number of years.
What is the magic of investing long term in cryptocurrency? Most cryptocurrencies appreciate in value over years. Here is a typical example of how bitcoin price increases in a space of 3 years.
According to Wikipedia history and price of bitcoin, one bitcoin (1BTC) on April 2014 falls around $400. Today, 15th December 2017; 1 BTC is over $17000 and all time high remain around $19697.
Then in 2014, $1 = ₦160 and 1BTC = $400
Hence, $400 = ₦64,000
Today, $1 = 360 and 1BTC = $17000. If you invest ₦64,000 bitcoin in 2014; today you will be having a total return of approx. ₦6,120,000 (17,000 x 360)
This how powerful investing in cryptocurrency can be! This is not MMM! You may not be able to invest up-to 1BTC now but you can start by investing in those newly developed cryptocurrency that has brighter future. Example is Electroneum (ETN). As of today, one Electroneum (1ETN) is ₦30. It was initial ₦46 when it came into the market but it has fall around ₦30 as of today. The ones I saved, I am not sure I will be ready to sell it out in near future. Don’t mind me o, I will sell it off if the value appreciate.
Given two paying coins, one low priced, the other high priced, I would prefer to deal with the former.
Consider these coins, NEO ($72) and Cardano ($0.53). Instead of spending $360 to buy 5 units of NEO, I would acquire 679 units of Cardano.
If Cardano ever appreciated by $1, I would have $679 if I sold it.
But NEO would have to increase by $135 per unit to gain as much as you would have gained on cardano.
You would agree with me that an appreciation of $1 is much easier established than a rise of 135.
2. Cryptocurrency trading – this is another method of cryptocurrency investment. It is a short term form of investment. Do you remember forex trading? Cryptocurrency trading is just like forex trading. However, in bitcoin or other cryptocurrency trading; you may not need the service of a broker. Again, what you trade is not foreign currencies but rather coins. You can trade on your own.
How can you start trading cryptocurrency like bitcoin?
• Create a bitcoin wallet or account on blockchain.
• Fund your wallet.
I have shown you how to fund your wallet or account before. Let’s say you fund your wallet with 0.04BTC, which is ₦60,000 or thereabout. Keep an eye on bitcoin as it appreciates in value for 2weeks, 3weeks, and 4weeks or even up to month. If the value rises up to (30 – 50) %, sell it off and start all over again.
This means at your first trading you made more than ₦20, 000 from the short term investment. Look, you may not start immediately if the price is fluctuating.
There are many market places where you can buy and sell cryptocurrency with no Hassle. They include; Bit-z, Huboi, Binance, Bitfininex and Mercator
You can give cryptocurrency trading a trial by starting with little money – ₦5,000; ₦10,000; ₦20,000; ₦50,000; ₦100, 000 and so on. No amount is too small.
You will tell me now I don’t have money; how can I invest in cryptocurrency. If you don’t have money to invest, then; try to do some work to earn money. You can do some work online and some companies will be ready to pay you in bitcoin or even dollar which you can easily exchange to bitcoin or any other cryptocurrency. However, this can only be possible if you have the knowledge of how to make money online. I will advice you learn possible ways of making money online. This is because investment requires money but one good thing about cryptocurrency investment is that you can you can invest any amount you want.
• Exchange your cryptocurrency to Naira or use it in Nigeria. Now, you have acquired bunch of cryptocurrencies in your wallet, how do you use it in Nigeria. You need to head to exchange sites to exchange your cryptocurrency to Naira.
The internet is filled up with fraudsters. There are a lot of exchange fraudsters’ sites that claim to be legitimate cryptocurrency exchange site. So, you have to be careful at this point otherwise you will labour in vain. I know you wouldn’t want to be a victim. Therefore, you need be cautious. Here are some genuine exchange sites I know as of the time this article is written; nairarex, coindex and localbitcoin.
To minimize internet exchange fraudster, I have created bitcoin and cryptocurrency exchange whatsapp group chat where genuine cryptocurrency seller and buyers in Nigeria strike deals one-on-one. In the group chats, my admins do the work of these exchange sites and charge little or no money for the transactions. If you want to know how the bitcoin and cryptocurrency exchange group chats works, then join the group. Please message me if you are interested to join the bitcoin and cryptocurrency exchange whatsapp group.
Bitcoin Mining in Nigeria
3. Bitcoin Mining – the last but not the least on how to invest in crypto currency is bitcoin mining. I wouldn’t want to call it, ‘cryptocurrency mining’ because I don’t know how other cryptocurrency are being mined. If any other crypto currency is being mined apart from bitcoin, I don’t know. In bitcoin mining, you will use your computer and special bitcoin mining hardware and software to compete with numerous miners to solve complex mathematical problems which are use to serve as protection for bitcoin transactions. If you were lucky and your hardware cracks a problem, you will be rewarded with some bitcoin.
To start up mining bitcoin, the first requirement is to install bitcoin miner software on your PC. Practice with demo version before kicking off.
Meanwhile, I am yet to try out bitcoin mining. This website here explains bitcoin mining in detail.
To summarize cryptocurrency investment in Nigeria and making money; once again, cryptocurrency have come to stay. I have started making money from cryptocurrency investment right here in Nigeria and many others do too. I am not saying you should invest. No, what did I just say? You should invest. Remember however, that every investor is a risk taker. But don’t just take risk. If you must take risk, take a calculated risk. Shine your eye!!!
I will like you to read these 5 things you need to know before investing in cryptocurrency in Nigeria. This will help you decide if actually you will invest or trade any cryptocurrency in Nigeria.
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