You can exchange, sell or buy Bitcoin through various methods and platforms depending on your location, preferences, and requirements.
In this article, we will briefly cover what Bitcoin is, the types of wallets, and where to buy & sell Bitcoin securely with peace of mind in Nigeria without getting scammed.
What is Bitcoin
Bitcoin is a digital cryptocurrency that has garnered significant attention and popularity since its inception in 2009. At its core, Bitcoin is a decentralized digital currency that operates on a technology called blockchain. This blockchain technology is a distributed ledger that records all transactions across a vast network of computers, ensuring transparency and security.
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The creation of new Bitcoins, a process known as “mining,” involves solving complex mathematical problems through powerful computers. This process is essential for maintaining the security and integrity of the Bitcoin network. Over time, the difficulty of mining increases, ensuring a controlled and limited supply of Bitcoins. The total supply is capped at 21 million, which gives Bitcoin a scarcity value similar to precious metals like gold.
Bitcoin transactions are stored in blocks, and these blocks are linked together in chronological order, forming a blockchain. This technology eliminates the need for intermediaries, such as banks, in the transfer of value. Transactions are verified by a network of nodes (computers) through a consensus mechanism called Proof of Work (PoW).
The Best Bitcoin Wallet
The “best” Bitcoin wallet depends on your specific needs and priorities, including security, convenience, and features. Here are some of the top Bitcoin wallets in various categories, each excelling in different aspects:
Best Bitcoin Hardware Wallets:
Ledger Nano X: Known for its security and user-friendly interface, this hardware wallet supports a wide range of cryptocurrencies, including Bitcoin.
Trezor Model T: Another popular hardware wallet with a strong reputation for security and ease of use.
Best Bitcoin Desktop Wallets:
Electrum: A well-established desktop wallet that offers advanced features, security, and compatibility with hardware wallets.
Exodus: Known for its user-friendly interface and compatibility with multiple cryptocurrencies. It also offers a built-in exchange feature.
Best Bitcoin Mobile Wallets:
Electrum and MyCelium are good Bitcoin mobile wallets due to their RFB (replace by fee) function, which is used to pump or increase the mining fee after the Bitcoin has been sent in a situation where you used a low mining fee (transaction fee) for faster confirmation.
Safepal, Trust Wallet, etc, are also highly regarded mobile wallets for their security, ease of use, and support for numerous cryptocurrencies.
How to Buy Bitcoin With Naira
You can use these steps as a general guide for purchasing Bitcoin from any reputable exchange or service. Please make sure to do your due diligence and research the specific platform you intend to use to ensure it is trustworthy and compliant with Nigerian regulations. Here’s a general process:
Create a Bitcoin Wallet:
Before you can buy Bitcoin in Nigeria, you’ll need a Bitcoin wallet to store your digital assets. Choose your best type of wallet, as discussed above, and then proceed.
TopUpGold is one of the reputable digital currency exchanges in Nigeria that has been in business for over 10 years.
Go to www.TopUpGold.com and create an account, then proceed to their user guide page, which will guide you on how to use the website and the basic things needed while buying Bitcoin in Nigeria. Endeavour to go through their user guide page together with the notice on the order page to avoid getting into issues.
You can reach them through any of the channels on their Contact Us page.
On TopUpGold, you will have to provide your Bitcoin wallet address where the funds will be sent. Endeavour to provide the right wallet address from your Bitcoin wallet.
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How to Sell Bitcoin For Naira
If you have been looking for where to sell Bitcoin in Nigeria, TopUpGold is your best shot. Just like you have to buy, it is just the reverse on TopUpGold.com. You provide your bank details on the website, and once your transaction is approved, you send the Bitcoin to their wallet address on the order page; once confirmed, they will send the Naira equivalent to your bank account. Go to www.TopUpGold.com and sell your Bitcoin with peace of mind.
Best Bitcoin Exchange in Nigeria
There is a lot of local Bitcoin exchange in Nigeria, but the ones that have stood the test of time are the likes of www.TopUpGold.com, www.Naira4dollar.com, www.InstaGold.ng, www.nge.ng, etc. You can research them.
Bitcoin Exchange Rate in Nigeria
The exchange rate in Nigeria is not stable; the same goes for the dollar value of Bitcoin. To know the current exchange rate for a dollar worth of Bitcoin, you have to check the website of your preferred local exchange—the likes of www.TopUpGold.com, www.Naira4dollar.com, etc.