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Home / Bitcoin Guide / Introduction to Bitcoin in Nigeria

Introduction to Bitcoin in Nigeria

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Nigeria has long been the greenest Bitcoin pasture in Africa. With the undeniable benefits of bitcoin and the need to get the unbanked onto a stable and simple platform, NairaEx is launching to change the fortunes of Bitcoin. Bitcoin has the potential and NairaEx aims to utilize it in their latest venture which will open the portal for Bitcoin transactions from Nigeria. The country has often been recognized as the financial and cultural hub of Africa and now is the time to demonstrate what Bitcoin can do for the country.

What is Bitcoin?

Simply describe bitcoin is a digital currency. In simpler terms it is money which can be transferred electronically. Developed before 2011, Bitcoin has risen above the ranks swelling to values of an excess of 1000$ at its peak. This has been deemed a considerable rise from the humble beginnings of the currency when it was valued at a fraction of a cent. NairaEx aims to utilize the power of bitcoin to provide a more stable and healthy monetary system allowing Nigerians to access the wealth and power of Bitcoin. Traditionally Bitcoin wallets would be used to transfer Bitcoin from one person to another in a matter of seconds, but with NairaEx the purchase and transfer of Bitcoins becomes instant!

Currently there are just over 14 million bitcoins in existence each with a value of $240. Ultimately the whole market is worth an excess of $3.25 Billion with steady growth occurring every day.

What Can I Use It For?

Bitcoin has many uses being much more versatile than your conventional currency. Many have highlighted the potential bitcoin has in the remittance industry due to its flexible nature. One can send money to and from Nigeria in a matter of seconds and at near no cost at all. Whilst the remittance industry is dominated by giants like Western Union, Bitcoin provides a cheaper and light weight way to send financial support to the ones you love.

The investing opportunities present by bitcoin are immense, compared to traditional forex trading. Just keeping bitcoin is seen as a long term investment as Bitcoin prices are constantly changing. For example just holding bitcoin for a week can yield profits of over 5% with no action being done. However there are always risks involved when trading and using digital currencies so please never invest more than you can afford.

Bitcoin can also be used for everyday purchases. These include shopping for electronics or simply buying food. With the number of retailers accepting bitcoin increasing at an exponential rate you too may be in a Bitcoin friendly neighborhood without knowing it.

How Do I Get Bitcoins?

Bitcoins can be obtained a huge variety of ways. Initially the first bitcoins were obtained by mining. This process used the processing power of a computer to generate a bitcoin. However as of recent times, this process has become much harder, harder so due to the introduction of ASIC technology. The significant investment required for profits to be reaped has also put many of this method. So with the introduction of NairaEx, you can purchase bitcoins at competitive prices using Naira! This new revolutionary exchange allows for instant purchases of Bitcoin and also allows you to sell Bitcoin at will to obtain Naira when needed.

NairaEx is the latest and by far the biggest project aiming to bring the power of Bitcoin to the masses. Combining a rewarding and safe environment for the purchase of Bitcoin, there are plenty of reasons for experimenting with Bitcoin. With a 1000 Naira bonus for all members and even a referral system which rewards you for trades made by referrals, Bitcoin can be earned and bought a huge variety of ways.

Visit www.nairaex.com to buy and sell Bitcoin in Nigeria via Bank transfer, PerfectMoney, and Web money at fair and competitive market rates in Nigeria.

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  • IbukunOluwa Shotubo

    This is a good initiative… Thanks for bridging the gap.

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