OK, so you’ve learned the basics about bitcoin, the next step is to get some bitcoins. But how? This guide will tell you what you need to know.
You can buy bitcoins from several exchanges where the likes of 247xchanger.com has a better review.
You can pay for them in a variety of ways, ranging from hard cash to wire transfers, or even with other cryptocurrencies, depending on where you live.
First, get yourself a bitcoin wallet
Next, you will need a place to store your new bitcoins. In the bitcoin world, they’re called a ‘wallet’ but it might be best to think of them as a kind of bank account.
Depending on the security levels you want, different wallets will provide different levels of security. Some act like everyday spending accounts and are comparable to a traditional leather wallet, while others tout military-grade protections.
The main options are: (1) a software wallet stored on the hard drive of your computer, (2) an online, web-based service or (3) a ‘vault’ service that keeps your bitcoins protected offline or multisig wallet that uses a number of keys to protect the account.
Most have their vulnerabilities: if you store bitcoins locally on your computer, make sure you back up your wallet regularly in case the drive becomes corrupted; and online web wallets employ varying degrees of security against hackers, from quite good (multi-factor authentication) to quite poor (ID and password).
How to Buy Bitcoin in Naira from 247xchanger
- Sign up and complete your account verification. Account verification is not needed for payment via cash deposit in person, however, your ref ID number must be written on the teller.
- Proceed to create a Bitcoin buy order and fill the order form appropriately.
- Go to your bank and pay or make an Internet bank transfer(verified users only) for the corresponding value in Naira.
- After payment, you should come back to the website and notify us of payment. You can also upload your proof of payment (teller, payslip, statement or transfer screen shot etc).
How to Sell Bitcoin to 247xchanger
- Login to your account at 247xchanger and create a Bitcoin sell order
- Proceed to transfer the described amount in bitcoin to the 247xchanger bitcoin address shown on the confirmation page. (Kindly complete the payment as soon as possible or before countdown timer expires)
- Funds in naira will be deposited into your bank account. This usually takes between 4 – 24 hours, and can exceed 24 hours depending on the volume of the sell order.