Bitcoin is taking Nigeria by storm. If you are looking at how to get Bitcoins in Nigeria, you likely want to become part of the Bitcoin revolution yourself. Here, we’ll, therefore, look at how to fund a Bitcoin wallet and start investing.
How to Get Bitcoins in Nigeria – A Beginners Guide
How to get started with Bitcoin is simple. All new investors need to do is decide how much Bitcoin to purchase. New investors can then head to Nigeria’s own locally operated Bitcoin exchange NairaEx.com.
At NairaEx, Nigerians can buy Bitcoin instantly using bank cards and GTB 737 transfers. Nigerians can also buy Bitcoin cheaper than on international exchanges. However, no one should ever rush to buy Bitcoin.
Before looking at how to get Bitcoins for the cheapest price, Nigerians must understand how to store Bitcoin safely.
How to Get Started with Bitcoin
Bitcoin is not like regular cash. If you ever accidentally lose Bitcoin you own, it is gone forever. To keep coins safe, new investors, therefore, need to learn how to use a Bitcoin wallet.
How to Get a Bitcoin Wallet
There are three different types of Bitcoin wallet. These are commonly referred to as hardware, app, and paper wallets. Hardware wallets are the most secure wallets to consider using. However, hardware wallets can also be expensive.
If you are new to the world of Bitcoin, your best option when looking at how to store coins, will be to use a reliable mobile app wallet. At present, three of the best mobile apps for Android, IOS, and PCs include:
Before looking at how to get Bitcoins from exchanges like NairaEx, you should download one of the above wallets and set it up to receive new Bitcoin.
How to Set Up a Bitcoin Wallet
Setting up Bitcoin wallets is always slightly different. However, there are three steps that all new wallet users should make sure to complete.
- Before attempting to add any Bitcoin to your wallet, backup your wallet by writing down a 12 or 24-word seed phrase when prompted.
- Make sure that this seed phrase is correct and make sure that your Bitcoin wallet is password protected.
- Store a copy of your seed phrase somewhere ultra-secure.
If you ever lose your phone or have it stolen, a password on your app wallet will prevent anyone from stealing your Bitcoin.
Even if you never have your phone returned, you will also be able to re-download your wallet on a new phone. Once you do this, you will be able to restore your previous Bitcoin balance using your 12 or 24-word recovery seed phrase.
How to Get Bitcoins now That You Have Bitcoin Wallet
After backing up your Bitcoin wallet, you will need to set up a Bitcoin wallet address by selecting ‘Bitcoin’ from a drop-down list of coins. When doing this, always make sure to select ‘Bitcoin’ and not familiar-sounding (but very different) coins like Bitcoin Cash and Bitcoin SV.
Set Up Your Wallet to Receive Bitcoin
When you add a Bitcoin wallet address to an app wallet, your wallet will provide you with a Public Key made up of a long string of letters and numbers. Typically this will look similar to the below:
This is the key that you need to give to NairaEx (or other exchanges) when you buy Bitcoin. It is vitally important, though, that you do not mistake a Public Key for a Private Key.
Both Public Keys and Private Keys look similar. However, you should never give your Private Key to anyone. If you do, they will be able to access your Bitcoin.
How to Get Bitcoins and Store These Safely
Now that you have a Bitcoin wallet, you can buy Bitcoin safely on NairaEx and other exchanges. To do so, simply create a new exchange account, verify your identity, and fund your account with Naira.
When your NairaEx account is funded, you can buy Bitcoin and have coins you purchase immediately sent to your new Bitcoin wallet. Just remember that if you do not back up any wallet before using it, you could risk losing Bitcoin you buy forever.