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With N5,000 You Can Now Buy Bitcoin

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With N5,000 You Can Now Buy Bitcoin

Here is a simple step-by-step guide to help you buy small amounts of Bitcoin quickly and safely for your future purposes in the digital economy.

Convincing the average Nigerian to invest in digital finance has been quite a task over the past few years, and there have been many cases over the past decade that have heightened distrust of many in the digital economy.

Many others have been distracted by the very large amounts of input required at the entry points of these digital markets. Many have applauded the reliability of physical goods and fiat currencies versus the speculative and volatile nature of digital “money,” and for many who have some stomach for risk and trust the system enough to try the high-end cost -Entrances deterred them.

With N5,000 you can now buy Bitcoin | Nairametrics

The reality of the world economy compared to that time; The trade wars, pandemics, and lockdowns that have crippled economies, the recession, and the severe depreciation of crude oil that has suffered from the livelihoods and livelihoods of people call for an easier entry point.

To further justify this, with the rise in BTC values ​​and, consequently, the profitability and rates of the dollar against the naira, which informed and inspired more and more thousands of investments in digital currencies, there is an increasing need for subsidy views and simple ones Transactions and exchanges for easier access, transition, and benefit to the common/middle man who wants to “cool” buy the money that BTC can give way.

A common misconception that comes up a lot for new investors and many parties interested in BTC and one of the questions asked is:

  1. How do I make my very first investment in Bitcoin and

  2. What is the minimum amount I can invest in BTC?

  3. Do I need a million or tens of thousands of Naira to make my first BTC purchase?

Let’s answer the questions backward:

3. No, you don’t need millions, you don’t need to invest in cryptocurrency. However, if you have the same economic rule for cryptocurrency. The higher the investment, the higher the likelihood of better profitability.

2. There is fantastic news for those new to the crypto community: you can buy any fraction of a single bitcoin! And in Nigerian terms, you can already buy 5,000 (# 5000) fractions of BTC. The smallest unit of Bitcoin is called “Satoshi”. It represents one hundred millionth of a Bitcoin, or 0.00000001 BTC, and is named after Satoshi Nakamoto, the anonymous founder of Bitcoin. These smaller units pave the way for tiny Bitcoin chunks and ensure that you can purchase insanely small denominations.

1. Acquiring Bitcoin is not as difficult as flying an airplane. With a little help or research, you can safely put your money in a system that guarantees a guaranteed percentage return.

Here is a simple, step-by-step guide to help you buy small amounts of Bitcoin quickly and safely.

I. Choose your shopping platform intelligently:

You need to carefully choose the trading platform that is most suitable for the transaction when trading cryptocurrencies, whether you are buying or selling. Whether via a standard exchange or a peer-to-peer network, there are two ways to trade digital currencies.

ii. Periodic transactions versus peer-to-peer networks:

Let’s start with the standard cryptocurrency exchanges to better understand these two options. These are the companies or centralized organizations that take, buy, sell, and match with individuals. This exchange will match you with a business partner and make it easier to securely convert your cryptocurrency or fiat to bitcoin and vice versa.

So that they can carry out transactions directly, these platforms connect the buyer with the seller, while the escrow service ensures the security of BTC. Third-party arbitrators can only attend if a dispute has been filed. Otherwise, there will be no further human intervention in the trade.

iii. Create a digital wallet:

Create a digital wallet that securely stores your wallet address and keys, preferably offline for safekeeping. This will serve as a bank for transactions and storage of digital values ​​and assets. Do your research to find recommendations for digital wallets. Choose wisely as this could be a waste of your investment.

iv. Do your shopping:

After creating the account and wallet, the next step is buying. There are various offers that are tailored to individual preferences and needs. Choose the offer that best suits your preferences. Using the online bitcoin calculator tools, find the bitcoin equivalent of the amount you want to buy, then click the “Buy Bitcoin” button.

Next …

v. Entry fee:

Enter the amount of bitcoin you want to buy. It is important to always know the minimum trade amount when buying small amounts of Bitcoin. Get started at $ 10, $ 20, $ 50 and more.

vi. Choose your currency:

Specify the currency you will be used to buy Bitcoin. If you ever forget to include one, it will be selected automatically with an accuracy of 99% based on your location.

vii. Choose the payment method:

Clicking the “Buy Bitcoin” button will take you to a drop-down list where you can select the payment method you want. You can choose from hundreds of payment methods. Cash deposits are among the most common via wire transfer; several online wallets such as PayPal, Skrill, and Neteller; iTunes and Amazon gift cards, cash in person; and altcoins like Ethereum, Litecoin, Ripple, and many more. Remember that these payment methods will affect the price of your transaction. Bank transfers and other traditional forms of payment generally have lower fees than less common ones.

viii. Find the offer you want:

You can press the “Search” button after entering all the required information. This will take you to a list of the offers available on the website. Hundreds and even thousands of offers are available.

Ok, take a break here. Before proceeding …

ix. Review every detail of the transaction:

Once you find the perfect deal, remember to look at every detail and read all the terms and conditions set out by the seller. This will help you understand which agreement to adhere to. You should click “Buy” when you are satisfied with the terms and offers.

X. Complete the transaction:

Click Buy to open the trade with the dialog box and instructions. Click the “Mark As Paid” button after you have completed the transaction instructions, submitted all required documents and files, and made the payment. The transaction will expire if you don’t click on it and the bitcoin will be returned to the seller in escrow.

The transaction cannot currently be canceled by the seller. Only the buyer can cancel the transaction at any time. This is the only time the seller’s bitcoin is moved from the escrow to the seller’s wallet if the buyer cancels the transaction.

If followed exactly, buying bitcoin with just # 5000 is as easy as buying hundreds of thousands. Now you have no more reason not to invest in the future and have your share in the digital economy.

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