After understanding the concept of cryptocurrencies and bitcoins, the next thing for you to do if you want to become a bitcoin investor is to buy bitcoins.
Buying bitcoins has become easier in recent years. You don’t have to buy a full bitcoin, you can buy fractions of bitcoins using the Nigerian naira, Dollars, Pounds, any other fiat currency and also cryptocurrency.
4 Steps On How To Buy Bitcoins Online In Nigeria 2021
The first thing you need to do before buying bitcoins is to open a wallet, choose a cryptocurrency exchange, a secure internet connection, a method of payment, and personal identification documents depending on the platform you are buying bitcoins from. It is advised that you have your personal wallet outside of the exchange account.
The accepted methods of payments are the use of debit cards, bank accounts, and credit cards. You can also buy bitcoins with cash through the use of Bitcoin ATMs. To buy a bitcoin you must follow the following process:
1. Open A Personal Bitcoin Wallet
There are different cryptocurrency wallet providers that you can use to store your cryptocurrencies. We recommend popular wallets like blockchain and atomic wallets. Also, several exchanges offer crypto wallets on their platforms where you can store cryptocurrencies like Bitcoin.
2. Selecting A Cryptocurrency Exchange
The next thing you need to do is to select and sign up with a cryptocurrency exchange account. A cryptocurrency exchange allows you to buy, sell, and hold cryptocurrency.
It is advised that you use a cryptocurrency exchange that lets you withdraw your bitcoin to your personal wallet for security purposes. When creating a cryptocurrency exchange account it is safe to use two-factor authentication and using a unique and strong password. Examples of cryptocurrency exchanges are Coinbase, Kraken, Gemini, Binance. If you are new to cryptocurrency, we advise using Binance since it is the biggest crypto exchange in the world.
Another way of buying bitcoins is the use of Bitcoin ATMs. All you need to do is to insert your cash into the machine and use it to purchase your Bitcoin, which is then transferred to your personal wallet. Coin ATM Radar can help you to locate the nearest Bitcoin machine.
You can also buy bitcoins using the P2P Exchanges. This exchange enables more direct contact between the users, unlike other exchanges. Popular P2P exchange that you can use includes Bundle Africa, Bitfxt,nairaex.
3. Linking Your Exchange Account To A Payment Option
After creating an exchange account, you will need to upload personal documents depending on the exchange for identification purposes. The documents required will also depend on the country and region you are from.
When your identity and legitimacy has been confirmed, you will be required to add a payment option. You can link your bank account directly, or your credit or debit card. After you have successfully connected a payment option to your cryptocurrency account, you can now buy Bitcoin and any other cryptocurrency.
4. Safe And Secured Storage
When you have purchased your bitcoin, you have to make sure that it is stored safely in your personal wallet outside the cryptocurrency exchange. Having a personal wallet outside the cryptocurrency exchange reduces the risk of getting hacked and thereby losing your bitcoins.
Tips On How To Buy Bitcoins Online With Credit Card and Debit Card
Bitcoin is a digital currency that is becoming more popular by the day. It’s not backed by any government, but it can be used like any other form of money to buy goods and services.
You can often find exchanges online with different rates for buying bitcoins with dollars or euros, but you will have to use your credit card to purchase bitcoins.
But you can always make use of your credit card to buy from sites like Coinbase with the steps below:
- First, create an account on Coinbase and add your payment information (credit card) for verification purposes.
- Next, add the desired amount of coins that you want to purchase.
- And finally, click “Buy Bitcoin Instantly” and wait for confirmation of your purchase. Now go get yourself some bitcoin.
The process of buying bitcoins with a debit card is nothing different from the steps to buying with a credit card. And there are sites like cex.io that you can use to buy bitcoins using bank transfer.
How To Buy Bitcoins With Cash and Precautions To Take
This section will cover how to purchase bitcoins anonymously at a fair market price. It is worth noting that buying bitcoins from an individual without an escrow/person to supervise can be risky and both parties could be scammers and there may be no recourse should either party not follow through
Nonetheless, you could stay safe by meeting the person in a crowded area or use of bitcoin ATMs if you stay in an area with one. Follow the steps below to buy bitcoins from the bitcoin ATM.
Step 1: Find a Bitcoin ATM near you
The first to do is find Bitcoin ATM near, you can do this using Coin ATM Radar. It is worth noting that this site keeps all information about the ATMs, online status and the verification procedures.
Step 2: Access the bitcoin ATM Machine Near You
Access the bitcoin ATM machine near you and make sure you understand the user interface as the buying process varies slightly from BTM to BTM. However, the process is not so different.
Step 3: Enter the cash amount into the BTM
Enter the number of Bitcoins you want to buy using the keyboards, but it is important you recheck the figures before proceeding.
Step 4: Scan Your Wallets QR Code To Receive Your Purchased Bitcoins
The next thing to do is scan your wallet QR code and you can as well print a paper wallet if the ATM support it, then have it imported into your mobile wallet later.
Step 5: Insert Your Cash Into The Machine
The next thing to do after scanning your QR code is to insert your cash into the ATM, you will also see the address that the coins will be sent to at the side. Give it time to confirm the transaction after clicking on the “Confirm Purchase” button.
Frequently Asked Questions and Answer
Do you have questions on how to buy bitcoins? In this section, you’d find answers to common questions and other related topics.
Can I Buy Bitcoin With Cash Without Bitcoin ATM?
Do you want to buy bitcoin? Do you have cash on hand? Here are the steps required to purchase bitcoins with cash.
Step 1: Find a reputable bitcoin seller online or locally. There are many sellers available but only some will offer the best price and service levels. Ask around your network of friends and colleagues if they know where to find the best deals in your area.
Step 2: Buy bitcoins from that seller using cash as a payment method. You can then store them away safely offline in a wallet that only you control access to.
Can I Use UK Cash App To Buy Bitcoin?
The answer is yes. You can buy bitcoin with cash through the US-based app, Cash App. In order to do this, you need to create an account on the app and add your debit card information. Once that’s done, you’ll be able to instantly transfer funds from your bank account into Cash App.
From there, it will show up in a virtual wallet which you can use for various purposes including buying bitcoin or sending money back home as a remittance service. It’s important to note that when using Cash App for transactions of more than $10k USD per day or $20k USD per month, they may require additional KYC documentation such as ID verification and proof of residence before completing the transaction.
Can I Legally Buy Bitcoin In UK?
The question of whether or not you can legally buy bitcoin in the UK has been raised because the government is considering regulating cryptocurrencies. The Treasury Committee is currently conducting an inquiry into digital currencies and the way they are regulated.
There are also rumours that China may be looking to ban bitcoin trading, which could have a knock-on effect on other countries that rely heavily on China for their supplies. But what do all these things mean for people living in the UK?
The U.K.’s view on Bitcoin may differ depending upon where you live, but it’s still worth understanding how regulation might affect your ability to trade if you’re based in Britain.