The business of OTC Bitcoin trading in Nigeria have seen a tremendous growth in the country, coupled with the increase in the value of one dollar to naira at the black market.
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Many Nigerian youths have joined the business of buying and selling of Bitcoin with many having no prior knowledge of what Bitcoin is all about.
Since the lockdown due to the adverse effects of COVID-19, we have seen an increase in the number of persons joining the cryptocurrency community ranging from the non-academics and otherwise for Bitcoin trading business in Nigeria.
Any Nigerian youth looking to make money now, will only look out for what they call ‘imu oru’, which simply means apprenticeship in Bitcoin trading business against naira.
In a recent survey by Diutocoinnews with most Nigerian youths in Nigeria around the crypto community at the Universities. You will come to realize that they engage in this type of trading mostly using informal trading platforms dominated by WhatsApp and Telegram groups.
“The actual volume in Africa, I would estimate that it’s at least five to eight times higher than any actual volume number that you can find, just based on the amount of money that moves through these dark pools, essentially, through these Telegram and WhatsApp groups.” Chris Maurice (CEO Yellowcard.io)
You can easily find a Nigerian youth on a 2-3 months apprenticeship to learn how to open a Bitcoin wallet, read dollar value to naira and how to send and receive Bitcoin for the Bitcoin Trading business.
The key things they learn include:
- How to Open a Bitcoin Wallet
- How to Send and Receive Bitcoin
- Naira to Dollar Daily Exchange Rate
- Websites to Check Dollar and Bitcoin Prices.
Once a newbie can open and send out Bitcoin, mostly using Blockchain Wallet, he knows what is Bitcoin. Most of them refer to all Bitcoin wallets as Blockchain (BC) which usually cause issues when their delay in transactions due to delayed confirmation on the Bitcoin network.
There is no proper knowledge of how these things work while they move millions of naira everyday. Most of them, don’t know how to check transaction status off the Blockchain wallet. “If it is not confirmed on the wallet, it is not sent or received yet.”
Quick Facts: Blockchain is the name tagged to that technology that powers the recording, sending and receiving of Bitcoin and other cryptocurrencies. The Bitcoin’s Blockchain Network records the transaction details of the Bitcoin you send and receive. Check blockchain.info for full stats by pasting your wallet address on the search tab.
They also forget that Blockchain Wallet is just a wallet among other Bitcoin wallets you can use for sending and receiving Bitcoin.
Additionally, you can know the status of your transactions by copying the ‘transaction id’ of the transaction from whichever wallet you used and paste it on any Bitcoin explorer like blockchain.info to see the full status of your transaction(s).
Remember also that you can retrieve your wallet back when you loose access to your password. Get your private keys from the settings tab on the blockchain wallet. Your private key is the only key to getting your funds back in the case of wallet or phone loss. And also when you lose your wallet password.
Key Facts to Have in Mind When Starting Your Bitcoin Business:
- Have your Bitcoin Wallet Private keys with you in case you lose your password.
- You can check the status of Bitcoin you send or receive by checking blockchain.info via pasting your wallet address on the search bar.
- You can also confirm if someone actually sent you Bitcoin or whether you actually received same by copying the transaction id and pasting it on the search tab via blockchain.info.
- Blockchain Wallet is not the only Bitcoin wallet, its just a type of Bitcoin wallet, that you can use.
Moreover, Bitcoin can change in value even when someone sends it to you at that very moment. For example $100 sent today can become $98 in the next hour due to the volatility of the price of Bitcoin.
Also keep yourself up to date with news and updates about the wallet or tools you are using to avoid glitch in transactions.
These tips are considered paramount to getting you ready to the Bitcoin Trading business in Nigeria.