5 Mistakes That Bitcoin Buyers Mostly Make

Bitcoin is one of the widely used digital currencies independent of a central monetary agency. This decentralised payment network offers many advantages, including anonymous transactions, transparency and accessibility. No wonder many people want to buy and sell Bitcoins in Nigeria.

Are you one of them? Before you proceed, it pays to know the top mistakes Bitcoin buyers make, so you can avoid them and prevent issues that could cost you more in the long run.

1. Timing the market

Some buyers think they can time the market, and there is always a good time to invest. If the price decreases, be patient and wait a bit more, as it could go down further and produce a better deal.

2. Investing in Bitcoin without research

Even if you’re joining the bandwagon on Bitcoin, take some time to learn more about it. With enough knowledge, you can understand the risks, navigate the blockchain confidently, and know how to mine. So, remember to do your homework before you buy or sell Bitcoins in Nigeria.

3. Ignoring the security issues

Always prioritise your security and safety when trading cryptocurrency. Bitcoins are purchased and sold without a centralised agency to oversee them. That means you’re on your own. Decentralised ledgers may carry out transactions, which can be seen by everyone on the blockchain. The entire process can become complicated, too.

Your reputation could be at risk if you forget the ledger and lose the entire amount. When that happens, you cannot recover what you have lost.

4. Buying only Bitcoins

Other cryptocurrencies and traditional investments are available, so try to venture and expand your portfolio. Avoid investing over 5 or 10 per cent of your money in Bitcoins, and try common investments, such as stocks, real estate, mutual funds, and shares. Moreover, make sure you have a cushion or an emergency fund before investing in anything, including Bitcoin.

5. Buying and selling at the wrong place

Find and use a secure and reliable platform that lets you buy or sell Bitcoins in Nigeria quickly and safely. Some of the best platforms are apps you can download from the App Store or Google Play. They are easy to use and lets you buy or sell Bitcoins with a few taps anytime, anywhere.

About the author:

This article is written by Damilola from Quchange. Quchange is the best and most secure trading company, where you can sell/exchange your gift cards which you have won and get instant Cash/Naira. Trading is made easier with Quchange, as it offers a wide range of gift cards to exchange for cash. Join our community of more than 40k satisfied customers and begin your trading journey with us. Download our app for seamless trade, with instant payment on your account.