What is Bitcoin?
Bitcoin is a digital currency that operates via the blockchain. Bitcoin is popular because it serves as a store of value and is cheaper and faster than traditional cross-border means of payment.
How Bitcoin works
Let’s use a basic example:
If John wants to send or receive BTC from Jane, he doesn’t need third party approval. This form of direct transaction is referred to as peer-to-peer transactions.
How to trade bitcoin on Patricia
To trade bitcoin on the Patricia website, you must have a bitcoin wallet.
To buy BTC, you’ll need to have some money in your Patricia wallet.
To sell BTC, you must have BTC in your Bitcoin wallet.
- Click on “Trade BTC” at the bottom of your screen
- Select either “Buy or Sell” to proceed with your trade.
To Send or Receive BTC on Patricia, you need to have BTC sent to your Patricia BTC wallet address.
- Click on “Wallet” on your Dashboard
- Select Bitcoin Wallet
- Proceed to send or receive BTC in your Bitcoin wallet address
How to Make Money with Bitcoin
Investing in any type of currency or cryptocurrency is a huge risk, but bitcoin has proven to be of high value that ensures more gain than loss. With the consistent rise in value, this is a major motivation for many to invest
To further explain this, let’s do a quick math.
In 2016 1 bitcoin was at $956. Now bitcoin is over $50, 000.
If John bought 1 bitcoin in 2016 for $956 (Approx N273,315) , at $50,000+ he would be (approximately N19 Million) richer today. And the trick is you don’t have to buy 1 Bitcoin. So another illustration is this, if Tolu had bought 0.5BTC ie. half of 1BTC, Tolu would have 9.5 million from an initial N136,000 naira worth of BTC. Tolu and John are what you would call “early adopters”.
It’s not too late to start now.
You can still buy BTC for as low as N5,000 or more, depending on how much you’ve decided to start with. You can also buy and hold for it to appreciate (which it usually does) by just leaving it in your wallet, and then sell off the margin. Or you could learn Margin or FOREX trading (which are a bit more complex).
So Why Does Bitcoin Appreciate Faster than Fiat Currencies?
Traditionally, BTC appreciates really fast because of its exchange, but we’ve had cases where its value diminished drastically. In 2011, there was a massive drop of 68% which didn’t balance out until 2013.
However, since the end of 2016 into 2017, it has somewhat been stable and seems to be on a stable course.
Is Bitcoin Reliable?
BTC is built on a Blockchain, so it would be almost impossible for BTC to be compromised. However, wallets can be infiltrated, that is why there’s a 2-factor authentication to restrict unauthorized access to your wallet.
There are 21 million bitcoins in total, and as at February 22, 2021, there are 18.58million BTC already mined and in circulation. BTC works with the law of demand or supply, so the higher the price, the lower the demand. And the higher the price, sellers will supply more of an economic good.
Can Patricia invest in BTC for me?
See Patricia as a BTC bank, where we give you a wallet to buy, sell and store BTC. What sets us apart is the fact that we offer you the option to spend BTC by using most services on our platform. For example, you can pay for subscriptions, purchase airtime, and pay for utilities using the ‘Refill’ service. You can also convert your excess airtime to cash using the ‘Airtime to Cash’ feature.
Naturally, Patricia would not invest for you, but would guide you on how you can own BTC and make the best choices with it.
What does the CBN ban mean for crypto?
There’s a misunderstanding concerning the CBN ban. There’s no ban on crypto, as it is not controlled by the government. The CBN only put a ban on crypto exchange involving regulated banks and other financial institutions.
Despite this restriction, you can still exchange crypto on the Patricia mobile app and website using our Peer-to-Peer feature. Peer-to-Peer payments are safe and they secure digital funds transactions between individuals using personal bank accounts, without third party involvement.
Here’s how it works:
In order to initiate P2P withdrawal on the Patricia website, follow these detailed steps:
Step 1: Go to the Patricia website, go to your Naira wallet which has been created for you specifically for the P2P withdrawal service.
Step 2: Choose withdrawal amount. The P2P service only allows for withdrawals.
Step 3: To withdraw, you will be directed to a P2P withdrawal option. Input the amount you wish to withdraw into your primary (personal) bank account.
Step 4: Input your PIN which you must have created during the sign up process, to confirm your transaction.
Step 5: You will be paired to a peer within the P2P network which is powered by Vaunt.
Step 6: Your funds will be transferred within 2–4 hours after confirmation. You will be asked to confirm that you have received your payment.
To start your crypto-verse journey with Patricia, all you need to do is:
First, you need to join the digital bank space by signing up with a reputable bitcoin exchange merchant like Patricia to get your own bitcoin wallet and address.
Secondly, check the bitcoin market value. Simply check how much bitcoin is worth to know how much you want to buy.
The third step is the buying. Note that you don’t have to break the bank to buy/invest. Like every investment, you can decide to start small with whatever amount you’re comfortable with.
The fourth step is where we tell you how to get your ROI. That is, how to make profit off your bitcoin investment. Let’s say you buy bitcoin at $9217, you will have to set a target to make sure you sell off at 10,000.
As nobody knows when it can rise above your set target, you need to always be at alert and monitor the market for any changes.
You can have a monitoring App where you can get alerts and information on trades. You could make thousands of profits and even more in 10 minutes, a day, 6 months or a year.
All you need to do is be patient, buy and store your BTC with Patricia and when your patience has paid off in terms of profit, sell it to Patricia too — win-win situation.
You can download the Patricia app to begin your crypto journey.
N.B: Just like every trade, there will be gains and losses. Patricia advises you to be prepared for both. Enjoy a seamless experience on our platform.