Only a few days to the beginning of another decade and a lot of people have been asking one particular question, ‘Is it too late to buy or sell bitcoin with Naira in Nigeria. The short answer is: absolutely not!
The current total market cap of the crypto industry is under $200 billion (₦72.5 trillion). Companies such as Amazon and Apple have market caps of around $1 trillion which just goes to show exactly how young Bitcoin and the crypto market is as a whole. The technology is still in its early stages and you’d be crazy to write off blockchain and Bitcoin.
Many of today’s top companies are exploring the use of blockchain technology such as Facebook, American Express, IBM and many more. The number of companies that will use blockchain will only increase in years to come, and this will benefit the cryptocurrency industry as a whole.
Countries that are experiencing financial crises, corruption or hyperinflation (such as in Venezuela and Zimbabwe) are adopting cryptocurrencies faster than any other countries and it’s likely this will continue because Bitcoin can offer people financial freedom and protection from corruption due to its trustless, decentralised system. Less than 1% of the population use Bitcoin so it is still early, and definitely not too late.
When is the right time to buy Bitcoin?
As with any market, nothing is constant. Throughout its history, Bitcoin has generally increased in value at a very fast pace, followed by a slow, steady downfall until it stabilizes.
Use tools like Bitcoin Wisdom or Cryptowatch to analyze charts and understand Bitcoin’s price history. Bitcoin is a global decentralized currency and it is not affected by any single country’s financial situation or stability.
For example, speculation about the devaluation of the Chinese Yuan has, in the past, caused more demand from China, which also pulled up the exchange rate on U.S.- and Europe-based exchanges.
Global chaos is generally seen as beneficial to Bitcoin’s price since Bitcoin is apolitical and sits outside the control or influence of any particulate government.
When thinking about how economics and politics will affect Bitcoin’s price, it’s important to think on a global scale and not just about what’s happening in a single country.
How to invest and where to buy Bitcoins in Nigeria
You are in the right place if you have been searching for the most reliable and fastest website to easily invest, or buy your bitcoins from and also sell your bitcoins.
Are you looking to purchase bitcoins or you have bitcoins you are willing to sell? Well, you are in luck because of all the bitcoin exchanges that are out there now, we can only but recommend the best.
There are thousands of merchants that accept bitcoin across the world. For example, RedimIT accepts Bitcoins and dozens of other cryptocurrencies like Bitcoin Cash, Ethereum, Litecoin, etc.
How to sell Bitcoin in Nigeria
Signing up to RedimIT is incredibly easy. Create your account and fill in your details. You will just need to put in your name, username, e-mail, password and phone number. Accept the terms and conditions, and you can start trading.
Once you have signed up, you will receive an email asking you to verify your email address. After doing that you will be free to explore the platform’s various features. There is a watchlist to add all your favourite cryptocurrencies, a newsfeed to see the opinions of different traders and open trades, and you can also explore different markets that RedimIT offer.
The verification process with RedimIT is very quick and you would be fully verified within hours. This will give you full access to the platform, enabling you to buy and sell bitcoin instantly in Nigeria.
This article was written by Tolu Adedayo, a user acquisition specialist with expertise in growth hacking, SEO/PPC, content strategy/development, data analysis and inbound marketing.