How To Get Bitcoins For Free in Nigeria (Complete Guide)

How To Get Bitcoins For Free in Nigeria

Bitcoin is a digital currency that has been on the rise in recent years. With its price surging more than 1200% in 2017, the question isn’t “Is Bitcoin worth it?” but “How can I get Bitcoins for free?” Nigerian bitcoin users are quickly coming to realize the benefits of bitcoin over Nigeria’s own currency (Naira). As an easy alternative to cash, this digital money is becoming more and more popular with Nigerians. Here are some ways you can learn about bitcoins and how you can get bitcoins for free.

What is Bitcoin?

Bitcoin is a digital currency, the first of its kind, that has been around since 2009. At its simplest level, bitcoin is simply a secure network that functions with the issuance of a cryptographic currency. On the Bitcoin network, there are millions of “miners” that confirm transactions by “mining” and this process is called “mining” because it is a costly and repetitive process. Unlike traditional currencies, there is no central bank that controls the Bitcoin network, which makes it different from the USD and other fiat currencies. The result is the need for a decentralized, peer-to-peer network, which cannot be controlled by a government or any central bank. There are two types of Bitcoin: Bitcoin (BTC): The simplest and most commonly known type of bitcoin.

How to get Bitcoins for free

Here are some basic steps to Get Bitcoins:

  • Create A Bitcoin Wallet

First of all, you need to look for a digital wallet, a bitcoin wallet is a program or website used to store or store bitcoins for transactions, it could be a store or even a store. A provider who provides software that can contain bitcoins. bought. … are stored and sold. In fact, you can run it on your laptop, laptop or smartphone.

  • Get A Bitcoin Wallet

Then you need to register with an e-wallet, you will create a free account that will allow you to store your bitcoins, the e-wallet seller will give you the option to convert your local currency to bitcoins, so the more in your available local currency, the more bitcoins you can buy with the current bitcoin value.

  • Connect Your Bank Account To A Bitcoin Wallet

Once registered, merchants must link their bank account to their business account. For this reason, several verification steps need to be performed. Once the verification is complete, you can start buying bitcoins and get to work.

  • Buy And Sell Bitcoin

As a beginner, when you make your first purchase, your bank account will be debited and you will receive bitcoins. A purchase is made in the same way as a purchase. Remember that bitcoin prices change over time. The e-wallet you are using will show the current bitcoin exchange or conversion rate. Before buying, you must know the exchange rate.

  • Bitcoin Mining

Since the experts introduced Bitcoin, Bitcoin trading has increased and even increases every day. Bitcoin’s value has also risen with its popularity.

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It is simply a new form of currency that many traders find attractive because in some places Bitcoin is even used to buy and sell goods. Many online stores also accept bitcoin for real-time purchases. not a bad choice for Nigeria.

I hope that as bitcoin becomes more acceptable and valuable, we will see a new version of online bitcoin scams. So one thing to keep in mind: We currently have exchanges along with other companies that allow us to easily transfer funds to and from exchanges. Never transfer money to bitcoins.

The Benefits of Bitcoin

At the moment, it’s difficult to compare bitcoin and other digital currencies with Naira because bitcoin doesn’t exist in Nigeria. However, I want to create a benchmark so that anyone can compare the differences. Bitcoin doesn’t require “security” from the government to work; it also allows you to transfer bitcoin to someone without needing the person’s identity and it’s cheaper for merchants than using Naira. Digital money that you can use to shop anywhere without having to carry cash has many advantages, but only if you use bitcoins to make payments and not just save and hold. I won’t get into the benefits of holding and having more bitcoin than your Naira but I will highlight the advantages of using bitcoin to make transactions.

Conclusion

With the advent of bitcoin, many Nigerians are beginning to realize that their standard of living has become so much better. Now, people are able to buy consumer goods like electronics without handing over their hard-earned money. People are also able to purchase goods from eBay, Amazon and AliExpress without having to pay exorbitant fees, and by using bitcoin.

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