web analytics

Bitcoin Trading Guide

On here, is the most detailed Bitcoin Trading Guide you’d ever find on the internet today. Buying and Selling of Bitcoins in Nigeria is one of the best ways of earning legit income online in recent time. For this reason, we have decided to walk you through, from A-Z, all you need to know about Bitcoin Trading in Nigeria, Africa and the world at large,

This is going to be a quite lengthy content, endeavor to read till the end, it might be the best few minutes of your life.

First Off, What Is Bitcoin?

Bitcoin, the subject matter, is a currency which is digital in form. It is designed and dealt with in electronic form. It is autonomous in that it is not controlled by anyone. Bitcoins, unlike dollars or euros, are not handheld being that they are in the softcopy – they are not printed out. People design Bitcoins and on the wider range – enterprises, small or large scale businesses, operating computers worldwide. It tackles arithmetic and statistical problems using software.

Bitcoin serves various functions, ranging from means of exchange in a business transaction, to the purchase of goods and services online just like the other conventional currencies such as dollars, euros, etc. Unlike the other printed currencies (Dollars, Euros, Naira and so on), Bitcoin is not controlled by any financial institution and it is not centralized. This decentralization makes Bitcoin immune to any form of control from external forces (government and financial institutions).

Bitcoin can be categorized as a cryptocurrency as it is the first instance of a growing form of currency.

Bitcoin As A Cryptocurrency? What Is A Cryptocurrency?

A cryptocurrency is a decentralized digital currency used for online transactions using cryptography. It is transferable as it is used as a medium of exchange in online businesses. Cryptocurrency is a secured form of money. It is not controlled by any financial institution or affected by economic changes of a particular country, that is, it is free from all sorts of regulations in the financial market. It is global as it can be used for any transaction all over the world. Cryptocurrency does not require third parties. This digital currency is a widely accepted financial instrument and not attached to any nation of the world. All cryptocurrency transactions are stored in a public ledger known as the blockchain. Bitcoin was the first invented cryptocurrency, created by Satoshi Nakamoto in 2008 and launched in the year 2009. Other common cryptocurrencies created thereafter are Litecoin, Ripple, Bash, Ethereum and so on.

Cryptocurrencies are global as they can be used for any transaction all over the world. It does not require third parties. This digital currency is a widely accepted financial instrument and not attached to any nation of the world. All cryptocurrency transactions are stored in a public ledger known as the blockchain.

Bitcoin was the first invented cryptocurrency, created by Satoshi Nakamoto in 2008 and launched in the year 2009. Other common cryptocurrencies created thereafter are Litecoin, Ripple, Bash, Ethereum and so on.

It has been said by many Bitcoin Professionals that Bitcoin is the best Cryptocurrency, no doubt, in Nigeria, it is justifiable.

See How to double your bitcoins.

Reasons Why Bitcoin is the Best Cryptocurrency?

Bitcoin is the most ranked Cryptocurrency that has ever been created in terms of its functions. Being the first invented, it gained more prestige and recognition than its counterparts – Litecoin, Ripple, Bash, NEM, Dash, Monero, Ethereum and some other Altcoins. Since its launch in 2009, it has survived many odds. It is the oldest and the most popular digital currency presently in the world. Here are some of the reasons why Bitcoin has widespread acceptance than other Cryptocurrencies. Need to mention, Bitcoin is the most common Cryptocurrency in Nigeria.

Below are some of the reasons why Bitcoin has widespread acceptance than other Cryptocurrencies:

  • Bitcoin is Reliable 

    Bitcoin as a cryptocurrency is very reliable compared to other digital currencies as it has faced many technological evolutions and challenges and scaled through. It is relentless in its improvement. There is no iota of panic when venturing into bitcoin trading. Investing in Bitcoin is safer and even more profitable than other cryptocurrencies or securities in the financial markets.

  • Bitcoin is Recognized Globally

    Bitcoin is the most popular and it is also the most widely used among the cryptocurrencies. It is widely supported in that it has more investors, exchanges, software, and hardware than the other virtual currencies. Bitcoin has the accessibility factor and globally recognized, unlike the rest. In fact, you can buy and sell bitcoins anywhere in the world.

  • Bitcoin is Flexible

    In addition, Bitcoin can be easily exchanged for other digital currencies while it is rare for any cryptocurrency to be converted to bitcoin. This is more reason why Bitcoin Trading is a nice bet. It is the most acceptable digital currency that can be used for online transactions all over the world. Apart from this, Bitcoin, unlike the other cryptocurrencies, can be converted to fiat currencies i.e. the conventional world currencies like Dollars, Yuan, Euros, Pounds, etc. using the Visa or MasterCards. It can be converted to any currency of the world. Bitcoin can as well be converted to Naira. Bitcoin is not only useful online but also offline in real life (day-to-day) transactions.

  • Bitcoin Trading is more Profitable

    Bitcoin trading is profitable in the sense that Bitcoin’s rate of profit earning is outstanding among other cryptocurrencies. The world is diverting into its trade more than any other digital currencies. There is the tendency of its being the world most valuable currency in few years to come. Bitcoin trading is astronomical, that is, it is highly profitable as you invest just a little and gain a lot from it. Its exchange rate changes rapidly favoring the investors.

  • Bitcoin is Secured

    Bitcoin trading risk is very low although some cryptocurrencies have high-profit potential they are very risky. Apart from the online transaction, Bitcoin enables you to secure your assets purchased online as all transactions made with Bitcoins are recorded in a public ledger called the Blockchain. It has low scam risk. No fraudulent act is allowed in Bitcoin trading.

  • Bitcoin Has High Value

    The world’s most highly rated currency is Bitcoin. It comes after the most valuable fiat currency in the world – The US Dollars. It is gaining more value than the US Dollars and there is a high possibility for Bitcoin to be a universally used currency in the future.

  • Bitcoin Is Relatively Scarce

    Bitcoin is very scarce which makes it very valuable than the other digital currencies. The amount of Bitcoin to be created at a point in time is very limited. According to records, 80% of Bitcoins have been mined and already possessed and its production rate decreases by half every year, this makes Bitcoin a rare currency, hence, its treatment like Gold and Diamond.

In conclusion on why Bitcoin is the best Cryptocurrency, Bitcoin is a universally recognized digital currency which has survived the test of time. Not only has its value/exchange rate increase over the years since its inception, but because it is undoubtedly the most widely used among the cryptocurrencies.

Why You Should Trade In Bitcoins.

You might be wondering why you should choose to trade in Bitcoin and not the securities (stocks, bonds, etc) in financial markets. Bitcoins have so many benefits than the normal traditional currencies and securities in various business transactions. It removes the need for third parties and also avoids any form of restriction.

The cost of sending and receiving Bitcoins is usually very low compared to other forms of currencies. It requires just a token for the sending process and sometimes it is absolutely free and this is available to both regular and new users looking to invest in Bitcoin. The sending fee is basically to hasten the transaction. The data size of the transaction determines the fee amount and not based on the number of Bitcoins involved.

Bitcoin transactions are usually secured and dependable as exchanges made through digital currencies are reliable. There is no panic about cases of fraudulent acts whatsoever. Bitcoin Investment t is a risk-free form of investment. Also, Bitcoin traders can sell their Bitcoins at a discount which aids more sales.

Also, depending on how much money is being transferred through the Bitcoin network, profit can be made in short-term which implies that you are not required to tie your money in long-term plans before the profit could be earned.

Now, back to the subject matter, Bitcoin Trading.

What Is Bitcoin Trading?

Bitcoin Trading is a form of business transaction using Bitcoins as a form of exchange. Since bitcoin is a volatile form of cryptocurrency which entices various transactors. Each Bitcoin’s bubble in history makes Bitcoin trading more popular as it appears in the global news which makes its price to rise each time. Bitcoin Trading, unlike other financial exchanges, is global and it does not need any verification before trading.

Often times, it has to do with buying and selling of Bitcoins for profit. Looking for how to purchase Bitcoins? It is easy to buy them via online exchange. It can be gotten from Bitcoin exchange websites and other websites that are easily accessible. Bitcoins can also be purchased offline through a physical transaction with a local merchant.

Bitcoin Trading For Beginners…

There are many factors which make Bitcoin Trading an enticing deal. Bitcoin varies from time to time. It is volatile, that is, its price fluctuates rapidly. It has no definite exchange rate. This gives Bitcoin traders the opportunity to explore the period when Bitcoin exchange rate is relatively high thereby increasing their profit. Bitcoin has no fixed price and exchange rate and it fluctuates every time. It is not affected by economic change and policies of any country. Bitcoin is universal; it is not attached/controlled by any country of the world.

Historically, the price of Bitcoin responded to major economic events in the world like Greek Capital Controls, Yuan Devaluation in China, et cetera. More so, major economic fluctuations have contributed to past increase in Bitcoin’s price. Based on records, it was claimed that Cyprus’s capital controls shifted the world’s attention to Bitcoin which makes Bitcoin’s price increase in the 2013 bubble.

More and more reasons exist why you should trade Bitcoins. Especially, trading bitcoins in Nigeria has been known to be highly profitable, judging by the fact that there are so many Bitcoin Exchangers in Nigeria and living bitcoin earnings testimonies, it is easy to tell how bitcoin trading is highly profitable.

Bitcoin and cryptocurrencies, in general, have met with very favorable responses from individuals and businesses all over the world since their inception. Indeed, the level of enthusiasm is way beyond what the creators of these digital currencies expected. The same cannot be said for governments of countries all over the world, however.

Some countries like the USA and Japan have shown a positive attitude towards the digital currency,  even encouraged it. Some are still straddling the fence, unable to decide whether acceptance of bitcoin will be helpful or harmful to them in the long run, while others have simply taken the coward’s way out and banned bitcoin until further notice. The ban in some of these countries is by the country’s Central Banking authority, some are by the nation’s government while in others, the Central Banking authority and the government act as one to place a ban on bitcoin, whether officially or in practice. Reasons for the ban range from fear and ignorance to protecting their national currency and attempting to build a new currency in the image of bitcoin.

Leaving aside countries that use Bitcoins, keep in mind that not supporting or recognizing bitcoin (a lot of countries are still in this position actually) and outright banning bitcoin (which is what we are about to discuss) are two different things as we list the top ten countries in the world that have placed a ban on bitcoin.

Major Countries Where Bitcoin Trading is Banned

  • Bolivia

    In may 2014, the central bank of the South American nation of Bolivia, El Banco Central De Bolivia issued a statement saying,“it is illegal to use any kind of currency that is not issued and controlled by the government or an authorized entity” thus effectively banning the use of bitcoin and other cryptocurrencies in the country.

  • Ecuador

    Also in the South American continent, the ban by Ecuador on bitcoin and other cryptocurrencies is perhaps the most meaningful of all the bans as they are planning to establish their own asset-backed virtual currency. The country passed a bill in the July of 2014, amending the country’s monetary laws and banning cryptocurrencies allowing the government to build a national electronic cash system. The ban on bitcoin shields the budding cash system from a superior and already established one.

  • Iceland

    On the 19th of March, 2014, the Central Bank of Iceland issued a statement in which it explained that dealing in bitcoin and other virtual currencies violates the Icelandic Foreign Exchange Act which says that the Icelandic currency cannot be taken out of the country and foreign currencies also cannot be used in the country. Seems complicated, but when you are a tiny country trying to stay unnoticed and self-sustained, nothing is complicated. The statement released says, “There is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. For this reason alone, transactions with virtual currency are subject to restrictions in Iceland.”

  • China

    A common misconception is that China has banned the use and trading of bitcoin in the country. This is not true. The country is in fact, one of the biggest bitcoin trading markets in the world. The cryptocurrency ban in China is strictly on financial institutions and their employees, preventing them from using or engaging in any transaction involving bitcoin. They are prohibited from using bitcoin in their banking operations and trading with or servicing the bitcoin industry. Individuals have no such restrictions, however.

  • Russia

    In a statement released by the Russian Prosecutor General’s office on the 6th of February, 2014, the use of the digital currency, bitcoin was prohibited by the Russian government. The prohibition is based on a 2002 law signed into effect the Russian President, Vladimir Putin which states that “the official currency of the Russian Federation is the Ruble. Introduction of other monetary units or money substitutes is prohibited.”

    The country also blocked access to bitcoin websites but this has been overruled by a court in Ural and a precedent has been set to overturn all bans on bitcoin websites.

  • Thailand

    Thailand reportedly has a bitcoin ban in place as a result of a ruling by the Bank of Thailand on July 29, 2013. However the ban is not being enforced it seems, as bitcoin businesses are able to get licenses and conduct business in the country.

  • Vietnam

    Vietnam placed a ban on the use of bitcoin by financial and credit institutions back in the February of 2014, the reasons that were given being the ease of use of the currency for criminal purposes and its high risk for investors(if only they had seen the future). A statement by the central bank of the country said, “All bitcoin exchanges that allow users to trade anonymously, therefore, can be used to launder dirty money, sell drugs, hide from paying taxes, exchange and pay for illegal activities.”

    Bitcoin is not banned for personal use but it is highly discouraged.

  • Bangladesh

    It is an outright criminal offense carrying a penalty of up to 12 years in prison to use or trade in bitcoins in Bangladesh. The Bangladesh bank released a statement in September 2014 regarding and warning against the use of bitcoin or any other decentralized currency. The statement reads, “Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto-currency is a punishable offense.”

    The ban is an enforcement of the Foreign Currency Control Act of 1947 of the currency which regulates trading in foreign currency without the permission of the central bank.

  • India

    There is reportedly a bitcoin ban in India currently also as BTCXIndia, the country’s first and largest Bitcoin exchange was recently forced to close up shop by their bank despite complying with the KYC and AML standards. A notice released by the exchange says, “We have today been informed by our bank that they will no longer serve bitcoin businesses. We have investigated the possibility to operate through other banks, but it seems this is a general policy in India as of today.”

  • Kyrgyzstan

    The use of bitcoin as a form of payment is prohibited in Kyrgyzstan. The National Bank of the Kyrgyz Republic issued a statement in August of 2014 declaring the Kyrgyzstani Som as the only legal tender in the country and bitcoin and other cryptos as illegal tenders. The statement says, “Under the legislation of the Kyrgyz Republic, the sole legal tender on the territory of our country is the national currency of Kyrgyzstan som. The use of ‘virtual currency’, bitcoins, in particular, as a means of payment in the Kyrgyz Republic, will be a violation of the law of our state.”

There is no law prohibiting the buying and selling of bitcoin, however.

These are the top ten countries in the world in which bitcoin is banned currently either officially or in practice. A few others include Taiwan, reportedly due to a high-profile kidnapping of a Taiwanese billionaire in which ransom was demanded to be paid in form of bitcoin and Sweden where a slight ban is placed on bitcoin in the scrap metal and waste products industry.

The list is subject to change however as there are still a remarkable number of countries still undecided in the step to take about bitcoin. And even the ones who have decided might still change their minds. So we just have to wait and see. However, you can easily trade bitcoins in Nigeria and other countries where Bitcoin is accepted.

Now, How To Buy And Sell Bitcoins in Nigeria For Profit?

Bitcoins trading is very profitable, as earlier mentioned. It involves the process of purchasing Bitcoins at a lower price and selling at a higher price or when the Bitcoin price is favorable. It is advisable to invest money you are willing to lose because it is not every time the bitcoin exchange rate is favorable. The first step to take when embarking on Bitcoin trading is to open an account with a reliable online exchange site. After the verification of your account (which will require an e-mail account), it requires adequate monitoring in order to make the profit through purchasing and selling of Bitcoins.

Also, Bitcoins can be exchanged for other cryptocurrencies, this is known as Altcoins Flipping. We have over forty (40) digital currencies on various online exchange sites. This Bitcoin exchange to other digital currencies can bring about profit for the Bitcoin traders. In addition, you can transact with a Bitcoin trader who is willing to sell at a price lower than the current Bitcoin’s exchange rate. To avoid the loss of Bitcoins, it can be secured online with your exchange provider.

Bitcoin can also be traded on margin in other to increase profit you stand to earn from any movement in the market. Bitcoin margin trading is trading with borrowed funds and not funds of your own. There are fees associated with using margin funds.

All in all, below are some steps to follow when it comes to Bitcoin Trading.

Steps To Start Making Money Trading Bitcoins.

  • Create A Bitcoin Wallet and Sign Up To A Bitcoin Trading Platform

    First off, when becoming a Bitcoin trader, you need to sign up to a Bitcoin Exchange platform (preferably one that gives you a bitcoin wallet). Most bitcoin exchange platforms are set up for the purpose of trading Bitcoins just like stock exchanges. There are many options when it comes to selecting a bitcoin exchange platform. Some considerations should be observed to select the best, some of which are: Location, fee, and liquidity. However, some are very well recommended, like Bitmex, Bitfinex, Bitstamp, Coinbase, Kraken e.t.c

    Once you sign up to any of the platforms of your choice, fund your account with Bitcoins and start trading bitcoins.

  • Develop a Bitcoin Trading Strategy and Study The Pattern

    Trading bitcoins in Nigeria without a good strategy is like going to battle with your bare hands, no weapons. Don’t rush into bitcoin trading without having properly studied the bitcoin market, else you’ll rush out. Develop a good strategy and study the strategy very well. Don’t be hasty, it’s one of the most common mistakes for bitcoin trading beginners.

  • Practise, Practise, and Practise!

    Remember that only hands-on experience can make you a proficient bitcoin trader. Years of experience in bitcoin trading is enough to teach you how to stay calm under market pressure, be patient and keep the aim. So, practise a lot, learn patience and you are on your way to be successful as a bitcoin trader.

Some More Information About Bitcoin Trading in Nigeria

The most important focus is on the ever-fluctuating market. To be able to make money with bitcoin in Nigeria, you need to be conversant with market updates. You have to keep your Bitcoin Conversion tab always open.

Just like the trading of fiat currencies, you can buy bitcoins at a cheaper price and sell at a higher price or hoard until the price becomes favorable, this is the most important factor when it comes to bitcoin investments in Nigeria.

However, no business would strive without an effective promotion strategy. This is no exception. You need to lay own your tactics and plan your promotion means that you believe would be most effective.

With all these well put in place, you are on your way to be successful trading bitcoins in Nigeria.

On here, is the most detailed Bitcoin Trading Guide you’d ever find on the internet today. Buying and Selling of Bitcoins in Nigeria is one of the best ways of earning legit income online in recent time. For this reason, we have decided to walk you through, from A-Z, all you need to know about Bitcoin Trading in Nigeria, Africa and the world at large,

This is going to be a quite lengthy content, endeavor to read till the end, it might be the best few minutes of your life.

Selling Bitcoins In Nigeria / Ghana / Other Countries – How It Works

Very simple. Contact us on Whatsapp at +6283141553228 or by clicking the button below. Subsequently, we’d request the amount of Bitcoins you have for sale. Then we ask you for your preferred payment method (Naira, Ghana Mobile Money, RMB or Paypal). Once terms are good, you proceed with the Bitcoin Payment and send a screenshot of payment made. We then credit you within 5minutes.


Finally, See Testimonials Below!

Still in doubt? Below are the comments of some of the traders who were nice enough to drop feedbacks after trading with us.

Do NOT follow this link or you will be banned from the site!