Bitcoin is an innovative payment network. It is also a new type of currency. You might want to know more information about this new payment. Keep reading and learn about Bitcoin investment in Nigeria.

Bitcoin investment in Nigeria

It is easier to explain what is Bitcoin by saying "Bitcoin is money". Today, it is popular all over the world. A lot of people send money to their relatives, families and friends using this amazing form of money. Besides, you can also receive payment through Bitcoin wallet.

There are some strategies for earning money with Bitcoin in Nigeria. Buying or selling Bitcoins is an easy way to make some money. It is like a stock market. You can buy it at a low cost and sell when the price has increased. Bitcoin is a volatile currency. It means that the rate can grow or fall during the day with a difference of 10-100 dollars per Bitcoin.

The reserve of Bitcoins is always limited. Nevertheless, you can invest in it for the future. Bitcoin can become an investment with high profit for Nigerian citizens mostly because of the behavior of Nigerian Naira in the foreign exchange market.

In 2015, five Bitcoins cost $1.000. This means each Bitcoin price was $200. In 2016 the situation was the same. Five Bitcoins cost $2.915 as every Bitcoin was $583. The equivalent Naira rate was N1 078 550 for five Bitcoins.

Nigerians who are engaged in business in Africa and around the world can save a lot of money on the fee for transferring money if they send it in Bitcoins. This can reduce the commission by up to 10% . Bitcoin exchange is a very useful way to save your money. It is available around the world.

Bitcoin account

Bitcoin is an international electronic currency. It does not belong to any company, state or individual. As a redult, today Bitcoin is the first decentralized means of payment in the world.

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Want to know the best part?

There are some advantages of Bitcoin exchange in Nigeria you should know:

1. High level of security. No one can block a Bitcoin wallet. It does not depend on international and local laws, central banks or religion. Your account is available only to you. Banks cannot control it. You create your wallet anonymously.

2. Cheap transactions in every part of the world. It does not matter where you are now. The payment for the transfer does not depend on the location or amount. Even if it is less than $1, you can send money to anyone.

3. Convenience. Unlike banking operations, Bitcoin transactions can be carried out anytime, day or night. You can choose a suitable time for yourself.

4. Instant transfers. You know that bank transactions often take too long. They can take up to 5 days to be completed. But when you use Bitcoin, you don't have to wait. Your money transfer will be made within a few seconds. But when it is a large amount of money it can take 40 to 60 minutes.

5. Protection against inflation. National currencies annually depreciate by 1-20%. Bitcoin is supported by a limited number of units (21 million) and is protected from inflation.

To create an account you need to register on the website. There are a number of sites for this. For example, blockchain.info or coinbase.com. It is very simple and it won't take you much time.

Today Bitcoins are compared to gold. Their current price is $3.447 while the price of gold falls behind at $1.259. They promise a huge breakthrough by the end of the year. Now, Bitcoins have the authority and are becoming even more popular. It implies stability and long-term viability.

Bitcoin is a very useful and necessary way to make transactions with our money. It operates without authority or central banks. All transactions are carried out by participants of the network. Bitcoin has open source code. It is known all over the world. Anyone can become the member of the Bitcoin tribe. It opens new horizons of different opportunities. But...

Note: It is still not recognized by any regulatory agency in Nigeria. It is very risky and also volatile.

So before investing your money think twice!

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