On here, is the most detailed Bitcoin Trading Guide you’d ever find on the internet today. Buying and Selling of Bitcoins in Nigeria is one of the best ways of earning legit income online in recent time. For this reason, we have decided to walk you through, from A-Z, all you need to know about Bitcoin Trading in Nigeria, Africa and the world at large,
This is going to be a quite lengthy content, endeavor to read till the end, it might be the best few minutes of your life.
First Off, What Is Bitcoin?
Bitcoin, the subject matter, is a currency which is digital in form. It is designed and dealt with in electronic form. It is autonomous in that it is not controlled by anyone. Bitcoins, unlike dollars or euros, they are not handheld being that they are in the softcopy – they are not printed out. People design Bitcoins and on the wider range – enterprises, small or large scale businesses, operating computers worldwide. It tackles arithmetic and statistical problems using software.
Bitcoin serves various functions, ranging from means of exchange in a business transaction, to the purchase of goods and services online just like the other conventional currencies such as dollars, euros, etc. Unlike the other printed currencies (Dollars, Euros, Naira and so on), Bitcoin is not controlled by any financial institution and it is not centralized. This decentralization makes Bitcoin immune to any form of control from external forces (government and financial institutions).
Bitcoin As A Cryptocurrency? What Is A Cryptocurrency?
A cryptocurrency is a decentralized digital currency used for online transactions using cryptography. It is transferable as it is used as a medium of exchange in online businesses. Cryptocurrency is a secured form of money. It is not controlled by any financial institution or affected by economic changes of a particular country, that is, it is free from all sorts of regulations in the financial market. It is global as it can be used for any transaction all over the world. Cryptocurrency does not require third parties. This digital currency is a widely accepted financial instrument and not attached to any nation of the world. All cryptocurrency transactions are stored in a public ledger known as the blockchain. Bitcoin was the first invented cryptocurrency, created by Satoshi Nakamoto in 2008 and launched in the year 2009. Other common cryptocurrencies created thereafter are Litecoin, Ripple, Bash, Ethereum and so on.
Cryptocurrencies are global as they can be used for any transaction all over the world. It does not require third parties. This digital currency is a widely accepte by many and not attached to any nation of the world. All cryptocurrency transactions are stored in a public ledger known as the blockchain.
Bitcoin was the first invented cryptocurrency, created by Satoshi Nakamoto in 2008 and launched in the year 2009. Other common cryptocurrencies created thereafter are Litecoin, Ripple, Bash, Ethereum and so on.
It has been said by many crypto trader that Bitcoin is the best cryptocurrency, no doubt, in Nigeria especially, it is justifiable.
Reasons Why Bitcoin is the Best Cryptocurrency?
Bitcoin is the most ranked Cryptocurrency that has ever been created in terms of its functions. Being the first invented, it gained more prestige and recognition than its counterparts – Litecoin, Ripple, Bash, NEM, Dash, Monero, Ethereum and some other Altcoins. Since its launch in 2009, it has survived many odds. It is the oldest and the most popular digital currency presently in the world.
Bitcoin has no fixed price and exchange rate and it fluctuates every time. It is not affected by economic change and policies of any country. Bitcoin is universal; it is not attached/controlled by any country of the world.
Historically, the price of Bitcoin responded to major economic events in the world like Greek capital controls, Yuan Devaluation in China, et cetera. More so, major economic fluctuations have contributed to past increase in Bitcoin’s price. Based on records, it was claimed that Cyprus’s capital controls shifted the world’s attention to Bitcoin which makes Bitcoin’s price increase in the 2013 bubble.
Bitcoin and cryptocurrencies, in general, have met with very favorable responses from individuals and businesses all over the world since their inception. Indeed, the level of enthusiasm is way beyond what the creators of these digital currencies expected. The same cannot be said for governments of countries all over the world, however.
Some countries have shown a positive attitude towards the digital currency, even encouraged it. Some are still straddling the fence, unable to decide whether acceptance of bitcoin will be helpful or harmful to them in the long run, while others have simply taken the coward’s way out and banned bitcoin until further notice. The ban in some of these countries is by the country’s central banking authority, some are by the nation’s government while in others, the central banking authority and the government act as one to place a ban on bitcoin, whether officially or in practice. Reasons for the ban range from fear and ignorance to protecting their national currency and attempting to build a new currency in the image of bitcoin.
Leaving aside countries that use Bitcoins, keep in mind that not supporting or recognizing bitcoin (a lot of countries are still in this position actually) and outright banning bitcoin (which is what we are about to discuss) are two different things as we list the top ten countries in the world that have placed a ban on bitcoin.
Major Countries Where Bitcoin Trading is Banned
In may 2014, the central bank of the South American nation of Bolivia, El Banco Central De Bolivia issued a statement saying,“it is illegal to use any kind of currency that is not issued and controlled by the government or an authorized entity” thus effectively banning the use of bitcoin and other cryptocurrencies in the country.
Also in the South American continent, the ban by Ecuador on bitcoin and other cryptocurrencies is perhaps the most meaningful of all the bans as they are planning to establish their own asset-backed virtual currency. The country passed a bill in the July of 2014, amending the country’s monetary laws and banning cryptocurrencies allowing the government to build a national electronic cash system. The ban on bitcoin shields the budding cash system from a superior and already established one.
On the 19th of March, 2014, the Central Bank of Iceland issued a statement in which it explained that dealing in bitcoin and other virtual currencies violates the Icelandic Foreign Exchange Act which says that the Icelandic currency cannot be taken out of the country and foreign currencies also cannot be used in the country. Seems complicated, but when you are a tiny country trying to stay unnoticed and self-sustained, nothing is complicated. The statement released says, “There is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. For this reason alone, transactions with virtual currency are subject to restrictions in Iceland.”
A common misconception is that China has banned the use and trading of bitcoin in the country. This is not true. The country is in fact, one of the biggest bitcoin trading markets in the world. The cryptocurrency ban in China is strictly on financial institutions and their employees, preventing them from using or engaging in any transaction involving bitcoin. They are prohibited from using bitcoin in their banking operations and trading with or servicing the bitcoin industry. Individuals have no such restrictions.
In a statement released by the Russian Prosecutor General’s office on the 6th of February, 2014, the use of the digital currency, bitcoin was prohibited by the Russian government. The prohibition is based on a 2002 law signed into effect the Russian President, Vladimir Putin which states that “the official currency of the Russian Federation is the Ruble. Introduction of other monetary units or money substitutes is prohibited.”
The country also blocked access to bitcoin websites but this has been overruled by a court in Ural and a precedent has been set to overturn all bans on bitcoin websites.
Thailand reportedly has a bitcoin ban in place as a result of a ruling by the Bank of Thailand on July 29, 2013. However the ban is not being enforced it seems, as bitcoin businesses are able to get licenses and conduct business in the country.
Vietnam placed a ban on the use of bitcoin by financial and credit institutions back in the February of 2014, the reasons that were given being the ease of use of the currency for criminal purposes and its high risk for investors(if only they had seen the future). A statement by the central bank of the country said, “All bitcoin exchanges that allow users to trade anonymously, therefore, can be used to launder dirty money, sell drugs, hide from paying taxes, exchange and pay for illegal activities.”
Bitcoin is not banned for personal use but it is highly discouraged.
It is an outright criminal offense carrying a penalty of up to 12 years in prison to use or trade in bitcoins in Bangladesh. The Bangladesh bank released a statement in September 2014 regarding and warning against the use of bitcoin or any other decentralized currency. The statement reads, “Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto-currency is a punishable offense.”
The ban is an enforcement of the Foreign Currency Control Act of 1947 of the currency which regulates trading in foreign currency without the permission of the central bank.
There is reportedly a bitcoin ban in India currently also as BTCXIndia, the country’s first and largest Bitcoin exchange was recently forced to close up shop by their bank despite complying with the KYC and AML standards. A notice released by the exchange says, “We have today been informed by our bank that they will no longer serve bitcoin businesses. We have investigated the possibility to operate through other banks, but it seems this is a general policy in India as of today.”
The use of bitcoin as a form of payment is prohibited in Kyrgyzstan. The National Bank of the Kyrgyz Republic issued a statement in August of 2014 declaring the Kyrgyzstani Som as the only legal tender in the country and bitcoin and other cryptos as illegal tenders. The statement says, “Under the legislation of the Kyrgyz Republic, the sole legal tender on the territory of our country is the national currency of Kyrgyzstan som. The use of ‘virtual currency’, bitcoins, in particular, as a means of payment in the Kyrgyz Republic, will be a violation of the law of our state.”
There is no law prohibiting the buying and selling of bitcoin, however.
These are the top ten countries in the world in which bitcoin is banned currently either officially or in practice. A few others include Taiwan, reportedly due to a high-profile kidnapping of a Taiwanese billionaire in which ransom was demanded to be paid in form of bitcoin and Sweden where a slight ban is placed on bitcoin in the scrap metal and waste products industry.
The list is subject to change however as there are still a remarkable number of countries still undecided in the step to take about bitcoin. And even the ones who have decided might still change their minds. So we just have to wait and see. However, you can easily trade bitcoins in Nigeria and other countries where Bitcoin is accepted.
Now, How To Buy And Sell Bitcoins in Nigeria For Profit?
Bitcoins trading is very profitable, as earlier mentioned. It involves the process of purchasing Bitcoins at a lower price and selling at a higher price or when the Bitcoin price is favorable. It is advisable to invest money you are willing to lose because it is not every time the bitcoin exchange rate is favorable. This requires adequate monitoring.
Also, Bitcoins can be exchanged for other cryptocurrencies, this is known as Altcoins Flipping. We have over forty (40) digital currencies on various online exchange sites. This Bitcoin exchange to other digital currencies can bring about profit for the Bitcoin traders. In addition, you can transact with a Bitcoin trader who is willing to sell at a price lower than the current Bitcoin’s exchange rate. To avoid the loss of Bitcoins, it can be secured online with a reliable exchange provider.
Selling Bitcoins In Nigeria / Ghana / Other Countries –
How It Works
Contact us on Whatsapp at +2348034557351 Subsequently, we’d request the amount of Bitcoins you have for sale. Then we ask you for your preferred payment method (Naira, Ghana Mobile Money, RMB or Paypal). Once terms are good, you proceed with the Bitcoin Payment and send a screenshot of payment made. We then credit you within 5minutes.
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