Would you love to learn how to create bitcoin wallet? or want to learn how to open bitcoin account in Nigeria easily and Fast? Then you are in the right post.
Bitcoin has far become so popular that it’s now everywhere online! Many fellows have been asking how they can get to know Bitcoin more so I have decided to explain all the basics plus ins and outs.
What is Bitcoin?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
How to Open Bitcoin Account in Nigeria, Create Wallet and Make Money
The first step to getting started with Bitcoin is to get a bitcoin wallet which would be explained below in some short and simple steps.
A Bitcoin wallet is like a bank that helps store all your obtained Bitcoins. There are different Bitcoin sites where you can create a bitcoin wallet for free, examples are:
But I personally recommend blockchain.info because I have been using them for quite some time now and have had no issues with them, though other Bitcoin wallet websites are ok too, So am going to be using Blockchain.info.
Now that you’ve had knowledge about a Bitcoin wallet it’s time you get to know how to create a bitcoin wallet which would be explained below:
How to Create Bitcoin Wallet using Blockchain
Step 1.Visit blockchain.info and click on Wallet >>Get a Free Bitcoin Wallet. This registration would require you to input your email address and other necessary information. Make sure to provide the correct details
Step 2. You would be asked to confirm your email make sure to do so, and also take / note down your wallet ID because it is what you are going to be used to Login to your Bitcoin Wallet (Blockchain).
Step 3. Now that you are all set, it’s time to fund your Bitcoin Wallet
How to Fund Bitcoin Wallet in Nigeria
Now there are two ways to fund your Bitcoin wallet
This process is free but I personally do not recommend it because most of the bitcoin mining sites end up being a scam. Example of some sites that allows you earn free bitcoins is bitminer.io,coinn.io, e arnfreebitcoins.net and lots other.
I am not condemning the sites but I share from my own personal experience, while there are scams there are also legit ones. So it’s up to you.
If you are in need of a legit one that pays well, then I highly recommend http://moonbit.co.in All you need to get started with moonbit.co.in and start earning free bitcoins is signup for coinpot.io get your email address and signup for http://moonbit.co.in and start mining and earning bitcoins.
Get a Bitcoin mining rig
Bitcoin mining is a very competitive niche to get into. As more and more miners come on board with the latest mining hardware the difficulty to mine increases each day. Before even starting out with Bitcoin mining you need to do your due diligence. This means you need to find out if Bitcoin mining is even profitable for you.
The best way to do this is through the use of a Bitcoin mining calculator. Just enter the data of the Bitcoin miner you are planning on buying and see how long it will take you to break even or make a profit. However, I can tell you from the get go that if you don’t have a few hundred dollars to spare you probably won’t be able to mine any Bitcoins.
Once you’ve finished with your calculations it’s time to get your miner. Make sure to go over our different Bitcoin mining hardware reviewsto understand which miner is best for you. Today, the Antminer S9 is the newest and most powerful miner
Buying Bitcoins from Individuals
This is the most recommended way because the transaction is discussed between two parties i.e. You (The buyer) and the second party (The seller). But you have to trade carefully as there are scammers everywhere Apart from this there are also sites online where you can buy bitcoins e.g. Naira4dollar.com, localbitcoins.com, nairaex.com, etc.
You can search on google with the keyword “Buy Bitcoins in Nigeria“. Now that you know how to fund bitcoin wallet in Nigeria here you might be asking“How to Double my Bitcoins or Earn Bitcoins”
There are many ways you can double your bitcoins:
Ways to Earn Bitcoins Free and Perhaps Make money from it. There are many sites you can invest your Bitcoin to get double in few days/months but in the process of doing this, you have to be careful!
You could search up google for “Invest in Bitcoins” and there’d be a lot of them available. You simply join the programme and help a member of the community with some bitcoins and you in return get some % of your investment.
Let’s take for instance you join the programme and invest $10 bitcoin, you get 100% or the % stated at the end of the month, weekly etc..
Warning: I highly don’t recommend this method as its called HYIP [High yield investment program] with high risk. You may lose your money in the process. It’s risky so you can expect the site to shutdown at anytime without notice.
What do I recommend then?
You can buy bitcoins and hold it for a long time and when the value grows you earn profit. The second most recommend for you is to buy altcoins like electroneum and hold it for long time.
Last but not the least you may want to ask “How Do I convert this bitcoins to Cash”?
How to Convert Bitcoins to Naira and Send to your Local Bank Account
To convert your bitcoin to cash, follow the below explanation.
After growing your bitcoins, a great way to convert it to physical cash is to sell it!
Bitcoins rate increases day by day and many people are in need of it either for investment, for resale etc.
So you can actually sell your bitcoins for cash! Some sites you can sell your bitcoins are Naira4dollar.com, you can check google for sites where you can sell your bitcoins instantly, you get paid the cash directly to your bank account while you send them a number of bitcoins required.
So I believe by now I have been able to explain to you in details How Bitcoin Works.
Legit Nigerian Sites to Buy and Sell Bitcoins Legally
If you are looking for Best and Trusted Nigerian sites where you can buy and sell bitcoins, then check them up below.
Naira4Dollar is operated by Sunej Global Ventures LTD which is a registered company with CAC with over 7 offices.
The company is registered to provide e-commerce services, Internet Marketing, ICT, e-currency exchange, etc.
On Naira4dollar you can buy your bitcoins either for re-sell, investment etc. While you can also, sell bitcoins if you want to convert your bitcoins to cash. Apart from buying and selling bitcoins.
You can also refer people to them and earn good referral commissions.
To get started you should head into Naira4dollar.com and register then carry out your transactions.
I have personally used them, and their service’s fast and trusted. So you have no fears transacting
Instant Gold Nigeriawas established in the year 2007. You can look this up on the All Who is Entry Website.
It is a total e-business solution provider that specializes in the provision of fast, reliable and efficient e-currency exchange service to the clients who desire to buy and sell online with ease.
If you are looking for a reliable site to buy and sell your bitcoins then Instangold is here.
Look no further than Nairaswitch! NairaSwitch provides the tools you need to purchase and Sell Bitcoins in Nigeria. Buy and sell Bitcoins in Nigeria via Bank transfer, Perfect Money, and Web money at fair and competitive market rates in Nigeria. All you need do is Register on Nairaswitch and you are on your way to buying and selling of bitcoins.
NairaEx is a leading Nigerian Bitcoin exchange where users can buy and sell Bitcoin, perfect money and other e-currencies with Nigerian Naira at best rate. Sign up for Nairaexand start buying/selling your bitcoins.
Winkpaymentis another Nigeria site where you can buy/sell bitcoins You can read more about Winkpayment on their About Us page.
eTradeXchange is an independent exchange service under the Registered name AOL RESOURCES. On eTradeXchange you can buy and sell bitcoins here in Nigeria. Signup with eTradeXchangeto buy and sell your bitcoins.
Learning how bitcoins work should not be a problem anymore, however, I encourage you to keep on exploring and learning. That is the best way to get to know anything easily and fast.