How To Calculate Bitcoin To Naira: Bitcoin is the most volatile cryptocurrency, other crypto tends to follow the Bitcoin trends. If Bitcoin is on a downward spiral, 70% of crypto coins will follow this trend, might not be at the same degree but the pulling power of Bitcoin can’t be ignored.
How To Calculate Bitcoin To Naira
Calculating the value of your Bitcoin is relatively simple when you trade with an over-the-counter platform like Dart Africa. You just have to know the amount of Bitcoin in your wallet and input it into an exchange calculator like the one on Dart Africa’s platform. The Naira value of your Bitcoin will be displayed for you, however, you might want to do the calculation yourself, to do this you need to get the currency exchange rate i.e Naira to dollar rate, and multiply it by the dollar value of your Bitcoin.
For instance, the current exchange rate at Dart Africa is N585/$, if you want to sell a $100 worth of Bitcoin, the value will be 585 multiplied by 100 = N58,500. Getting the value for your Bitcoin in Naira is as easy as that.
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Tips for every crypto investor
1. Perform your due diligence
In this modern digital age, there is even access on the path to crypto investing enlightenment, hence there is no excuse to invest with little to no understanding of the asset you are about to invest in. Almost every single coin has easily accessible whitepapers online and a profile that contains information about the founders, investors and developers. This is done to gain trust from the public and you can see for yourself the kind of individual or group you are trusting with your funds.
From the heavily traded to the most niche, you can easily check the project’s website or a simple online or social media sweep will help you brush up your knowledge on potential future investments. If it is impossible to tell how the coin operates and more importantly, makes money, then it would be wise to ignore such an investment opportunity.
2. Don’t place all your crypto-assets in one basket
Common investment knowledge triumphs when it comes to cryptocurrency investment: diversification is key. Just as financial consultants urge having positions in different types of stocks and other investment channels, diversification is also essential for any profitable crypto portfolio.
You’ve done your research, so now seize the opportunity to invest in multiple crypto assets, NFTs, tokens, DeFi, Smart Contracts and others. As one example, you can invest across different sectors which serve different use cases. Establishing a diversified portfolio will help you along your route toward realizing potential future cryptocurrency profit.
3. Opt for an alternative personal email
Using a regular email account places you as a crypto investor at unnecessary risk of vulnerability to a data breach. To overcome this risk, it is advised to have a unique account just for your crypto businesses, you should add a two-factor authentication system for an extra layer of security. No matter what, ensure that two-factor authentication is used for every service that offers it (for example both your email account and your exchange and Wallet account should require two-factor authorization to access). Likewise, make sure to use a dedicated two-factor application (such as Google authenticator, or Authy) as opposed to using SMS for two-factor authorization (these are liable to social engineering hacks).
4. Understand the uses for both cold and hot wallets
Cryptocurrency can be kept on an offline “cold” wallet like Trezor, or an online “hot” wallet like Binance, Trust Wallet and the likes. Ease of access makes hot wallets a more desirable option for new crypto investors. However, as convenient as hot wallets are, they are exposed to being hacked just like anything that is stored online, whereas cold wallets are not able to be hacked (if proper cryptocurrency ethics are maintained). Ideally, it’s best to store cryptocurrency you plan on saving for a long time or the larger portion of your cryptocurrency portfolio in a cold wallet and keep only a small amount that you might use daily in a hot wallet.
Additionally, one common mistake made by many newbies in crypto is mistaking exchanges for wallets. Although it might seem convenient to keep your crypto assets online at an exchange, a common saying you might come across is ‘if you don’t own your keys (private keys), then you don’t own your bitcoin’. And when you keep your crypto portfolio on exchanges, you don’t own the keys. This can become crucial when exchanges go down, get hacked, or both. Take the time to research different wallet providers, there are lots of amazing options available today.