A lot of people have heard of Bitcoins, but not everyone knows how they work. Bitcoins are a digital currency that can be used to buy and sell items over the internet in Nigeria.
But what is it? Where do you get them? How do you spend them? Is it safe?
we have put usp this article for you to teach you everything you need to know about buying and selling bitcoins. From the history to the risks and regulations, we’ll cover everything you need to know about bitcoins and leave you with a better understanding of this exciting new form of currency.
What are bitcoins?
Bitcoin is a type of digital currency, like PayPal or credit card. Bitcoins were created in 2009 by an anonymous person, or group of people, using the alias Satoshi Nakamoto.
The “coins” can be used to buy and sell items over the internet. For example, you might use a bitcoin to purchase a book from Amazon.com. Spend less. Smile more.
How to buy bitcoins in Nigeria
You can buy bitcoins on online exchanges, or you can trade them. Trading is the preferred method if you want to make money trading bitcoins. If you are simply looking for bitcoins to purchase items, then buying them on an exchange will be fine.
If you decide to buy bitcoins on an exchange, all of the exchanges provide some sort of wallet service. This is a place where you store your bitcoin after they’ve been purchased. They also provide a place where you can spend your bitcoin by using an address generated by the exchange itself.
After purchasing your first batch of bitcoin, it’s always recommended that you store them in your own wallet that only has access to your public address and private key, not one provided by the exchange. This ensures that if something happens with the site, your bitcoins are still safe.
If you are just interested in purchasing items, however, using an online wallet service on an exchange should suffice.
How to sell your bitcoins in Nigeria
Perhaps you’ve found a bunch of bitcoins on your old hard drive and want to make some money. At the time, Bitcoins were only worth pennies per coin. Now, they’re worth a pretty penny.
Or maybe you’re in it for the long haul and want to invest in Bitcoin with hopes that it will one day dethrone the dollar as the world’s currency.
Whatever your reason for wanting to sell your bitcoins, there are a few things you’ll need to do before they’ll be worth anything:
First, you’ll need to find where they are stored. If you have an old hard, chances are any bitcoins on it have been lost for good unless you have a backup somewhere else or can remember your password. You can use this guide from Wired Magazine to figure out how to recover a forgotten password.
Next, if they’re not on your hard drive, they’re probably sitting in a digital wallet with most popular exchanges like Coinbase or Blockchain. You can check out our post about these wallets here if you don’t know what that is yet.
Finally, once you’ve located them, make sure they’re still worth anything by checking their current value against BTCUSD (Bitcoin vs the US dollar) at this.
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Top 5 Apps To Buy And Sell Bitcoin in Nigeria
1.    Binance
Binance is one of the most reliable exchanges in terms of buying and selling Bitcoin in Nigeria. It has a peer-to-peer marketplace where you can connect with Nigerians and trade Bitcoin. The platform is trusted by a lot of Nigerians, but you have to complete KYC validation before having access to the various trading products. You can use the app in over 180 countries in the world, and it has two-factor authentication to protect your Bitcoin and other digital assets. The app has over 40 million visits every month.
2.  ByBit
ByBit is another crypto exchange available in Nigeria where you can quickly trade Bitcoin. They also have a P2P market where you can sell or buy Bitcoin to Nigerians. Bybit is one of the fastest-growing platforms in the world, and it has a considerable audience size. You can also trade your Bitcoin and other assets on the platform without any Verification, no KYC is required. It is one of the best apps to buy and sell Bitcoin in Nigeria
3. Busha
Looking to buy and sell Bitcoin in Nigeria Busha app is for you. You can buy bitcoin and also sell instantly using your bank card with no stress. Busha allows users to buy, swap, and manage their digital currencies. With zero transaction fees, and guaranteed security of your crypto assets you know this app is worth installing. An amazing user interface that can be used for both novice and beginners. Install and start to trade.
Download Busha on Android and IOS.
4. Koinal: Apps To Buy And Sell Bitcoin
Koinal app helps you buy and sell bitcoin in a simple three steps. Yes, just three steps. You can buy using your credit or debit cards and also have your currencies deposited in your wallet fast and in a secure many without any extra charges. The app is basically designed for beginners by eliminating the long process they will have to follow in other apps. The security level is great. So you know your assets are well secured.
Download Koinal on Android and IOS.
5. Bitstamp
Whether you are a beginner or a seasoned investor, Bitstamp offers you all you need in building a nice trade portfolio. You can buy and sell bitcoin using this well-designed app. On the app, you can buy and also sell using your bank credit or debit card. And the transaction is instant. The developers have users in mind so they designed its dashboard to be simple and easy to use. You can also trade other cryptocurrencies on the app.
Download Bitstamp on Android and IOS.
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6. DigiFinex: Apps To Buy And Sell Bitcoin
DigiFinex is a world-leading crypto finance platform that is well known in many countries of the world. With a proven track record so you can trust them. The app is safe, easy to use, and fast in buying and trading bitcoin. You can buy and sell from your phone wherever you are it’s safe to trade and allows you to manage your assets. With a simple interface and a nice design, you can be sure to have a nice experience.
Download DigiFinex on Android and IOS.
7. IDeyPay
IDeyPay is a mobile app that has its users at heart. On the app, you can buy and sell Bitcoin and other digital currencies with a start amount of as little as $10. You can buy, store and also sell with ease. The platform has a nice security system to help you secure your Bitcoin. You can also set your price per bitcoin to let buyers see your asking price. Both beginners and experts will find the app fascinating because of its nice features.
Download IDEYPAY on Android
