Bitcoin and other cryptocurrencies are fully digital equivalent of money and currency put together. There share properties with assets like Gold and Stocks. The fact that no-man can just wake up and dilute it is one of its greatest economic strengths and why it attracts experts.
How to get started: There are 2 categories of people:
- Technical People — you understand administration of data, passwords, tokens, data recovery, OS and cybersecurity
- Non-technical people — you are more on the business side but are not very technical in technology related things.
For Technical People
this tutorial is not for you. You can google your way to the answer but in case you feel you can handle the technical basics
Download a Wallet Software
A bitcoin wallet is like your local bank where your bitcoin/crypto money is stored.
You can choose and download a wallet from here:
Android — https://bitcoin.org/en/wallets/mobile/android/?platform=android&step=5
iOS — https://bitcoin.org/en/wallets/mobile/ios/?step=5&platform=ios
Feel free to geek around with anyone you choose, they are generally free, tested and safe. Download on your preferred platform and install.
Desktop based wallets may be preferred since they have less tendency to get lost.
During installation, you will be asked to provide or given some passphrases/passcodes/passwords, ensure you write them on paper.
For Non-technical People or You don't like technicality
You can use special platforms known as exchanges to manage your money. Essentially you have to trust them. Trusted and Popular ones include:
For easier support for Nigerian Naira:
Buying Crypto online follows a general guideline across many website
Logon to any other above
- Create an Account
- Some will require you verify by uploading your BVN, Drivers License or some other basic identity documents needed for KYC.
- Follow the guidelines to connect a Personal Bank Account or Add a VISA or Mastercard Debit/Credit card
- Fund Your Wallet With Them. This is done by doing a bank transfer to their designated account which will be provided on the site for you. Start with 5–10k. 10k recommended.
- You can then buy/sell bitcoin from/to your funded wallet.
- From the local wallet, you can send money out to your real bank account or send the bitcoin you have bought to your local wallet described above
Remember the security basics.
In the cryptocurrency world, your password or passcodes is essentially your only access to the money. Pls write them down meticulously. There is no bank branch or office or customer support you can visit or call to retrieve your bitcoin if you loose your password, your bitcoin may be lost forever. Although there could be some life-line if you choose to keep your bitcoin with third party websites like the above. However for those who keep theirs in a personal wallet as mentioned above, be careful.
Do you know that what Kobo is to Naira, Satoshi is to Bitcoin (except that 100 Kobo — 1 Naira, 100 million satoshi — 1 BTC)