Everything you need to get started with cryptocurrency.

Everything you need to get started with cryptocurrency.

There are many exchanges where you can buy bitcoin with Naira, but if you are looking for an exchange that’s been around since inception, here you go! NairaEx.

You’ve probably heard of Bitcoin, but you probably don’t know the rest of what it means.

This series of guide will give you all the information you need to learn about cryptocurrency in as little time as it takes to set up a new bank account.

Where to buy/sell cryptocurrencies. Safely storing your cryptocurrency.

KEY TAKEAWAYS

  • The value of Bitcoin is derived from its adoption as a store of value and payment system, as well as its finite supply and decreasing inflation.
  • Although it is nearly impossible for Bitcoin itself to be hacked, it is possible for your wallet or exchange account to be compromised. This is why practicing proper storage and security measures are imperative.
  • You can also purchase bitcoin through mainstream services such as PayPal and Robinhood.
  • One way to own bitcoin indirectly is by investing in companies that have bitcoin on their balance sheets.

Before You Buy Bitcoin

Privacy and security are important issues for Bitcoin investors. Anyone who gains the private key to a public address on the Bitcoin blockchain can authorize transactions.

1 Private keys should be kept secret—criminals may attempt to steal them if they learn of large holdings. Be aware that anyone can see the balance of a public address you use.

The flip side to this public information is that an individual can create multiple public addresses for themselves. Thus, they can distribute their stash of Bitcoin over many addresses. A good strategy is to keep significant investments at public addresses that are not directly connected to ones that are used in transactions.

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Anyone can view a history of transactions made on the blockchain—even you. Although transactions are publicly recorded on the blockchain, identifying user information is not. On the Bitcoin blockchain, only a user’s public key appears next to a transaction—making transactions confidential but not anonymous. In that sense, Bitcoin transactions are more transparent and traceable than cash because all of them are available for public view, unlike private cash transactions. But Bitcoin transactions also have an element of anonymity built into their design. It is very difficult to trace the transacting parties—i.e., the sender and recipient of the bitcoin—on the cryptocurrency’s blockchain

Step 1: Choose a crypto trading service or venue
Step 2: Connect your exchange to a payment option
Step 3: Place an order
Step 4: Safe storage

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