Before I dig into the crux of what this post is about, I need to first emphasize one of the key reasons Cryptocurrency is of an important point of interest.
Bitcoin craze was supposed to take us to the moon, literally. However, in the past one year, we have seen the prices of cryptocurrencies take a downward slope, the dip occurred so many times. Although the virtual currencies have retained some measure of admiration, the scare of a track record of price instability and a lingering concern of its long-term viability is nagging.
Because I don’t have a crystal ball, I have no idea what the very short-term portends. However, if #Bitcoin can manage to hold $8k, it will have demonstrated a MAJOR decline in downside volatility…and corresponding increase in upside stability!
— Andy Hoffman (#HODLBTC) (@Andy_Hoffman_CG) July 31, 2018
Related Post: Trouble for Bitcoin? CBN Calls Cryptocurrency a ‘Gamble’, Set to Make Announcements
The interest in Bitcoin and its ‘brothers’ seemed to have peaked in Nigeria during the heydays of the Mavrodi Mondial Moneybox (MMM) Ponzi scheme. It all started when MMM’s operators began asking their victims to use Bitcoin following the Central Bank of Nigeria’s clamp down on their activities.
Recall that about 3 million Nigerians lost varying amounts of money to the Ponzi scheme but as far many were concerned Bitcoin was now the future.
Nigeria has experienced one of the strongest ‘bitcoin hype’ waves since the inception. Countries which have less efficient payments systems, less liquid currencies and more volatile exchange rates are in theory more likely to see a surge in demand for alternative payments system. pic.twitter.com/bs3EqHWrjj
— Crypto Experts (@CryptoExpertsNL) July 29, 2018
Being the risk-takers that we naturally are, many are still willing to wager on the cryptocurrency train. It is for this potentials investors that Bitkoin Africa has developed the BuyCoins app, an instant cryptocurrency exchange in Nigeria.
Related Post: Again, Bitcoin’s Price Plunges to Below $10,000 as Regulations Stiffen
A brief about BuyCoins
In February this year, with the sudden popularity in the cryptocurrency market, Bitkoin Africa launched BuyCoins, an app that supports multiple cryptocurrencies. Before then, Nigerians who were interested in buying Ethereum and Litecoin had to first buy Bitcoin and transfer it to a foreign exchange.
New BuyCoins App Enables Nigerians to Buy Cryptocurrencies on their Smartphones – https://t.co/bppWkMv4Dq via @BitcoinAfricaio #bitcoin #litecoin #bitcoincash #ether #nigeria pic.twitter.com/gATCzj7HZS
— BitcoinAfrica.io (@BitcoinAfricaio) July 29, 2018
Although it was previously on Beta mode and only accessible through a waitlist developed by the company, the transactions on the platform are instant and very seamless. To move up the waitlist, users had to sign up and refer people. The more people they referred to the platform, the faster they moved up the list.
Related Post: Bitcoin Gold Rush! Despite all odds, Bitcoin Now Trades for $10,903
How the BuyCoins App Works
Unlike Bitkoin Africa, the BuyCoins app is not peer-to-peer, so users would not have to wait or look for traders before they can buy or sell. In fact, users can sell and buy cryptocurrency with ease and within a minute.
First, you have to sign up for a free account on the BuyCoins using either the iOS or Android applications.
For users who already have a Bitkoin Africa account, simply sign in with your email address and password. Then, you will be required to verify your identity using your Bank Verification Number (BVN), bank account, and phone number.
Then, you can begin to buy or sell cryptocurrency within seconds!
Our portfolio company @bitkoinafrica just launched buycoins, a mobile app for Nigerians to easily and securely buy/sell BTC, ETH, LTC, BCH with NGN. It’s available on both iOS and Andriod today! s/o to @timigod and @ireaderinokunhttps://t.co/LZRC661eLs
— Yele Bademosi (@YeleBademosi) July 21, 2018
Interestingly, there are no transaction fees; you only need to select a coin and pay with your bank account or debit card.
Related Post: Cryptocurrency Crisis: Bitcoin’s Price Falls As China Bans Domestic Exchange
My Take on the BuyCoins App
The BuyCoins app seems like an excellent option to invest your money since it has eliminated a number of key limitations.
However, like some Nigerians, I am a bit unsure of what extent the prices of cryptocurrencies are being influenced by market volatility. This is particularly because bitcoin has gone through its craze-and-sober moments in the recent past and still does not appear to be out of the woods yet.
On the flip side, BuyCoins would have to contend rigorously with the existing entrenched suspicion for platforms that demand sensitive data input such as BVN, account details etc. It will take a great dose of credibility for users to be so trusting to let out these details, even for investment purposes.
Therefore, my advice is–if you must invest, do so wisely.
This article does not necessarily reflect the opinion of Technext.ng and its owners.
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!