Dipo Olowookere
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.
