Learn how to start cryptocurrency business in Nigeria. See the ideas, tools, and tips you need to succeed.
Trading on cryptocurrencies is one of the profitable and lucrative business you can do in Nigeria. Cryptocurrencies are digital currencies and these digital currencies can be stored inside wallets.
You can also purchase cryptocurrency and then market them at different prices. This tells you how to start cryptocurrency business in Nigeria and tips to succeed.
Read Also: How To Start Bitcoin Business In Nigeria
Types Of Cryptocurrency business in Nigeria to Invest In
Bitcoin (BTC) is the world’s first decentralised cryptocurrency created in 2009 by Satoshi Nakamoto, whose true identity is still yet to be confirmed. It follows a set of ideas first introduced in a white paper, published on October 31, 2008.
Bitcoin uses peer-to-peer technology to facilitate payments that require no central authority to operate. Individuals who contribute computing power to the Bitcoin network, also known as ‘miners’, are incentivised by rewards and transaction fees paid in Bitcoin. One Bitcoin is divisible to eight decimal places, and the smallest unit is known as a satoshi.
Ethereum is one of the fastest growing cryptocurrencies and it is like bitcoin. The currency came out in July of 2015 and the price then was less than a dollar. Ethereum now has a higher price and a $100 gives more than a 100 coin of Ether.
Example you may have to purchase all ether coin if you are not able to buy it and you can purchase it in bits. Open a wallet using block chain and purchase.
Ethereum on the Luno platform using your credit card. Transfer the block chain wallet or you can still retain it on Luno and then it grows.
This is another type of cryptocurrency that thrives in the market and it is a peer to peer type of cryptocurrency. The cost of Litecoin was $4 for each coin and this is worth $300 now. Its turn up is more than a hundred thousand and this happens in a few months.
Investing $100 of Litecoin can offer up to 2m and this is within months. You can purchase Litecoin in Changelly and then proceed.
Dashcoin is like the rest of the cryptocurrencies and it started in the 18th of January, 2014. The market price owns $900 for each coin already and you can invest in it. The subcategories of this coin include:
It has a price of $0.800227 and is one the branches of dash coin
It has a current price of $1.99 and is one of the branches of dash coin
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g. Ethereum Classic
The current price is $30.55 and is one of the branches of dash coin
Note that many of these cryptocurrencies are popping out and there are other examples. It is better to purchase them when they still have their freshness and that is below a dollar price. Note that there are risks that goes with dealing on cryptocurrencies and you can go to the coinmarket.cap.
Coinmarket.cap will display the new cryptocurrency and show the latest prices. Block chain supports only bitcoin, ethereum and bitcoin. If you intend to purchase more you can decide to obtain or get other means of saving your cryptocurrencies.
How Do You Store These Cryptocurrencies?
You can store these cryptocurrencies and the methods are:
1. Bitcoin Hardware Wallet
This is a hack-proof and electronic device that stores or keeps your coin in a setting that is offline. That is one of the best ways to store bitcoin. There are so many bitcoin wallets to choose from. See: 10 Best Sites to Buy Bitcoin in Nigeria | Best bitcoin wallet in Nigeria
2. Exchanging websites
Storing of cryptocurrencies is possible using websites for exchange and also once you make payments for cryptocurrencies your account is credited. This will then continue to grow and exchanging websites are more secure than what they are earlier.
What Are The Platforms Where You Can Purchase Cryptocurrencies?
This is a Bitcoin exchange company that has its headquarters in London with operations in Malaysia, Indonesia, Singapore, Nigeria, United Kingdom, etc.
At Luno, you can buy bitcoin in Nigeria with debit card. It facilitates buying and selling and paying through Bitcoin wallet services. It helps you to buy Bitcoin and Ethereum which is the second largest crypto currency in the world.
It is safe and secure as it has the most sophisticated Bitcoin security systems which have never been compromised.
For more information, visit their website: www.luno.com or download the app on Google play store and enjoy the quality service they offer.
This is one of the platforms and they facilitate a service that let’s you purchase Bitcoins using the local currency. The platform normally operate in most countries and this is by connecting sellers with buyers.
They operate the way LocalBitcoins does but there fee is lower. It is also a peer to peer marketplace and sellers and buyers can connect.
This is an exchanging platform that is fast internationally and you can exchange many cryptocurrencies here. The service gives the rates that are among the best in selling and buying cryptocurrencies.
Indacoin have their base in London and they let their users to purchase cryptocurrencies without opening an account. This is fast and also a simple way to omit certain verifications before purchasing cryptocurrencies.
This is an indigenous exchange website and they deal on cryptocurrencies. They are experts in selling and purchasing of cryptocurrency in the country.
This is one of the ways to invest in the small ones. You can purchase some of them using credit card while the rest can exchange using bitcoin.
Naira2USD is among the cryptocurrency exchangers and they are Nigerian. They offer better services and support exchangers in different currencies.
There is availability of the customer care service on online chat, phone call and WhatsApp. Funding methods are bank deposits, bank transfer and cash by person.
8. Instant Gold Nigeria
They are among the major currencies in Nigeria and they are Perfect Money and PayPal. This is before the coming of cryptocurrencies and here you can purchase many cryptocurrencies. There are offices in Port Harcourt and Lagos and you can contact them through phone call, BBM and WhatsApp.
Cryptocurrencies have a boom inside the country and they deal on many currencies. Nairaex is among the earliest exchangers and they have a huge customer base in Nigeria. You can contact this firm online chat, WhatsApp, phone call or at the office inside the state of Ogun.
The funding methods are bank deposit, bank transfer and cash. Ethereum, Litecoin, Bitcoin and Perfect Money are examples of currencies.
CEX trades on different cryptocurrencies and they have their headquarters in Europe. One can trade up to 9 currencies and they have different methods of exchange.
This is among the 126 cryptocurrencies and they do not charge $25 when making withdrawals. The method of funding let’s you fund in many currencies and the platform is similar to CEX.
Tips To Succeed In The Cryptocurrency Business In Nigeria
1. Purchase your cryptocurrency on time
Purchasing your currency on time will help you when it is time to sell or market them. The earlier you do that the more profitable.
ii. Verify exchangers
All the websites that pose as exchangers are not genuine and you have to verify you are dealing with a genuine exchanger otherwise you may invest in the wrong platform.
Read Also: 7 Functions of Nigeria Money Market
Cryptocurrency business in Nigeria is among the lucrative business you can do in Nigeria and there are many opportunities.
Digital currency trends across the globe and Nigerians can participate. Beware of fake exchangers and deal only with genuine ones. This is a branch of online business and you can trade on different currencies.
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