Economy
How to Invest in Bitcoin and Convert to Naira: A Comprehensive Guide
Bitcoin has become a popular investment and trading option for the youths in Nigeria. This is because the entry barrier is lower than traditional investments, and the returns also tend to be higher. This is what makes Bitcoin attractive to many investors. However, its volatility should also be taken into account; this is why understanding how to invest in Bitcoin and convert to Naira is crucial if you’re looking to follow this path.
In this guide, you’ll learn an overview of Bitcoin investment and how to make informed decisions and confident money decisions in the crypto market.
Understanding Bitcoin
Bitcoin is a decentralized digital currency whose primary attraction is its lack of a central authority. BTC’s growing acceptance and adoption are due to its transparent yet secure system that can be used on a global scale. However, it is not without its own risks, such as price volatility and regulatory uncertainties. Understanding these aspects is essential before investing in Bitcoin.
Investing in Bitcoin
To invest in Bitcoin, you’ll need to choose a reliable crypto exchange that operates in Nigeria, create a secure wallet, and decide on an investment method. There are various ways you can earn with Bitcoin; some are:
- Buying and Holding
This is one of the most popular, less risky, and passive ways to grow your Bitcoin investment. It is also a long-term investment type, so you need to be patient while waiting for your investment capital to accumulate profit.
2. Trading
Trading is more risky than investing, and to succeed, you need technical know-how. You also need to keep a close eye on your price charts, as the profitability of this investment type depends on short-term price movements in the market.
3. Mining
This is when you use specialized hardware to become a network validator and secure the network while mining new coins. Mining is on the more expensive side as its hardware and electricity costs don’t come cheap.
4. Staking
Staking is when you invest some amount of BTC, hold it in a wallet, and use it to validate transactions on the network and earn rewards. Aside from the initial investment capital, you don’t need so much as it is a more passive investment.
5. Bitcoin-Based Funds
These include exchange-traded funds (ETFs) and mutual funds. They give you the opportunity to gain from price movements without owning Bitcoin yourself. These Bitcoin-based funds are managed by professionals and are diversified to spread the risk.
Selling Bitcoin for Naira
The crypto terrain is rockier than it is in the rest of the world. However, with so much enthusiasm and resilience, Nigerian traders continue to push forward. To make it easy to sell Bitcoin for Naira, the best option to do this with is the Breet app.
Breet is a crypto-selling platform that is available in Nigeria and traders and is the best alternative to all other ways to sell Bitcoin. It is an over-the-counter (OTC) solution that processes transactions at the speed of light, is extremely secure, and offers some of the best rates in the crypto market.
Because it is dedicated to crypto-to-cash and crypto-to-crypto transactions without the option of storing crypto, it directly deposits the converted Bitcoin to local bank accounts, so that process is seamless.
Here’s how to sell your Bitcoin for Naira on Breet:
After downloading the Breet app on your Android device or iOS device, follow the prompts to sign up. Alternatively, you can just use the web app to register. After registration, it’s time to complete your KYC registration. Also select your default currency (Naira or Cedi), then input your bank account. Now, let’s sell some BTC:
- Navigate to the “Crypto-to-Cash” section and select “Bitcoin.” You’ll then see your unique wallet address, generated during sign-up. Simply copy it or scan the QR code to send your ETH.
- Breet automatically detects the incoming BTC and displays the conversion amount in NGN. Just sit back and let Breet take care of the rest.
- Once the transaction is confirmed, your NGN balance will be updated. You can then withdraw your funds directly to your bank account.
Pro-Tip: For a smoother experience next time, consider enabling “Automatic Settlement” to have your funds deposited directly into your bank account without any extra steps.
Conclusion
Investing in Bitcoin and converting it to Naira can be a rewarding venture if done correctly. By understanding the basics of Bitcoin, choosing the right investment method, and using Breet to sell for the most profitable and seamless experience, you can navigate the crypto world like a boss. Remember to stay informed, exercise caution, and only invest what you can afford to lose.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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