Today’s post will be on how to create and fund a Bitcoin account.

Starting up in the crypto space can be tasking especially without any help or guidance.

Asides from being intrigued by the concept of cryptocurrency, most people find it difficult to understand how cryptocurrency works.

But not to worry, I will take you through how to get started and begin earning from cryptocurrency.

Hop on as we set out on this jolly learning ride.

Post Summary

This post will move in this sequence:

1. Cryptocurrency and What It Is: A Brief Explanation
2. How to Create a Crypto Account
3. How to Verify Your Crypto Account ( A Step-by-Step Guide)
4. How to Fund Your Cryptocurrency Account
5. How to Buy/Sell Cryptocurrency
6. How To Earn Passive Income in Cryptocurrency
7. Frequently Asked Questions (FAQs)
8. Conclusion

For easy navigation within the post, I have added links to the various sections.

So a click on any of the subheadings will take you to the details therein.

Now, let’s get to the business of the day.

1. Cryptocurrency and What It Is: A Brief Explanation

Cryptocurrency is a decentralized digital currency that is secured by cryptography.

It also serves as a medium of exchange at a person-to-person level.

Did you notice the bolded words? They are the very essence of cryptocurrency.

I will explain below.

Decentralized: No single entity has full control of it

Digital: It cannot be printed

Currency: It is money and can be used to exchange goods and services

Cryptography: A way of protecting information through the use of codes such that only the persons the messages are meant for can decode it.

Quite interesting, right?

To talk about Cryptocurrency is to talk about Bitcoin, which is the first Cryptocurrency that existed. 

The never-seen Satoshi Nakamoto founded Bitcoin in the year 2009 and then followed other cryptocurrencies called Altcoins.

Examples include: 

• Litecoin (founded by Charlie Lee in 2011)
• Ripple (founded by Chris Larsen and Jed McCaleb in 2013)
• Dash (founded by Evan Duffield and Kyle Hagan in 2014)
• Monero (founded by Monero Core Team in 2014)
• Ethereum (founded by Vitalik Buterin in 2015)
• And lots of others

Cryptocurrency transactions are recorded on the blockchain, a ledger containing all the transactions from the genesis block to the most recent block.

This is like the tip of the iceberg of what cryptocurrency is as there’s a lot more to it.

I will not be getting into the technicalities. Talk about the: 

• Mining
• Consensus Mechanisms
• Wallets
• Exchanges
• Trading types
• Fundamental and Technical Analysis, etc.

I embedded links to read all about these in full detail.

This is so as not to deviate from our focus today – creating a crypto account.

Let’s go see how to do that in the next section below.

2. How To Create A Crypto Account

Psst… Do you prefer a video guide? I included one for you right below.

Or, you can go ahead and read all about it!

In creating a crypto account, you need a crypto exchange; the same way you need a bank to create a Bank account.

Let’s say you have BTC to sell, you can interchange it for NGN or USD. Alternatively, you can sell it for ETH, BNB, DASH, etc.

There are many reputable exchanges for you to choose from; be it brokers, trading platforms, derivatives, non-custodial, P2P, CEX, or DEX.

But for the purpose of this post, I will be working with Bybit, a renowned crypto exchange built on customer-centric values.

Let’s see how to do this below.

Creating a Crypto Account

The following steps are involved when creating a crypto account with Bybit.

Step 1

Visit www.Bybit.com and click on ‘Sign Up’

Step 2

Fill out the form with your email/mobile number and password then click on ‘Create Account’.

You can equally sign up with your Google account.

Step 3

Check your email for the verification code and type it in.

Congratulations, you now own a crypto account!

To enable you to operate your account without any restrictions, you have to go ahead to verify your account.

I will show you how to do that in the next section.

3. How to Verify Your Crypto Account ( A Step-by-Step Guide)

To verify your crypto account, do the following:

Step 1

Log in to your Bybit account, click on your profile icon, and select ‘Accounts and Security’ from the drop-down.

Step 2

Scroll down to ‘Identity Verification’ and click on ‘Verify Now’.

Step 3

Go ahead and click on ‘Verify Now’ under the Lv.1 verification area.

Step 4

Choose your country and the identity document type that you can use is displayed. Pick one for yourself and click on ‘Next’.

But for the purpose of this post, I will be working with the BVN.

Step 5

Read through and understand the set of instructions given and then click on ‘Next’.

Step 6

Check the box to give consent to Bybit to process your personal data. Then click on ‘Next’.

Step 7

Type in your last name and your BVN. Then click on ‘Next’.

Step 8

Read the instruction, click on ‘I’M READY’, position your face in the frame for capture, and slowly turn your head around in a circle.

Step 9

You will get a notification that your face scan is successful.

Step 10

Check back on the verification board to see your verification status.

You can also click on ‘Edit’ as seen in the image below to make corrections to your data.

The team at Bybit will proceed to verify the details you provided and notifies you when done.

Now that you have created and verified your crypto account, the next step is to start trading crypto.

But then, you need funds to trade, right?

Let’s see how you will get the funds to your crypto account in the next section.

4. How To Fund Your Cryptocurrency Account

On Bybit, you can fund your account in 2 ways:

• Coin Deposit
• P2P

I will explain how each works below.

i. Funding via Coin Deposit

In funding our crypto account via P2P, all you need to do is log in and take the following steps.

Step 1

Click on ‘Assets’ and from the drop-down, click on ‘Deposit’.

Step 2

Select the coin that you want to deposit, choose the chain type, and click on ‘Acknowledge’.

Go ahead to copy the wallet address to deposit to or scan the QR code.

Step 3

Go ahead to deposit the coin to the copied or scanned wallet address.

Deposited coins appear in the Spots wallet.

Let’s see how it works with P2P.

ii. Funding via P2P

Funding your wallet via P2P involves the following procedures:

Step 1

Click on ‘Assets’ and then on ‘Deposit’ from the dropdown.

Step 2

Click on ‘P2P’

Step 3

In the P2P area, you can filter the ads to make things easy for you.

To do that, select:

• The coin you want to buy e.g. USDT, etc.
• The amount you will be spending
• The currency e.g NGN, etc.
• Your preferred payment option e.g bank transfer

Then click on ‘Buy USDT’ to buy the coin.

Step 4

Here, you will enter the amount you want to spend, read through the trade instructions (red box), and click on ‘Buy’.

Step 4

Go ahead and make payment to the account details displayed and click on ‘Payment Completed’.

You can also chat with the seller via the chat area (red box).

The coin will be sent to your funding wallet once the seller confirms your payment.

So this is how P2P funding works.

Watch this video to understand more about how P2P works on Bybit.

Hope we are still together?

Now you’ve created an account and funded your wallet.

The next thing is to start trading crypto.

Read on to the next subheading to see how to do that.

5. How to Buy/Sell Cryptocurrency

To start buying or selling crypto on Bybit, take the following steps:

Step 1

Sign in to your Bybit account and from the Home page, click on ‘Trade’ and then ‘Spot Trading’.

You will now go ahead to select the coin to trade (as seen in the image below – #3).

Step 2

From the Order book, select a Maker to buy from.

Makers are buyers and sellers who already set the price to sell or buy coins. The ones that come to buy or sell at the set prices are called the Takers.

The sellers occupy the upper side of the Order Book (the figures in red) while the buyers have the lower part (figures in blue). The yellow box between them shows the Spread i.e the difference between the lowest selling price and the highest buying price

Step 4

Choose the type of market you want to trade:

• Limit: Allows you to set the price at which to buy
• Market: Buys at the current market price
• TP/SL: Take Profit/Stop Loss allows you to set the price at which to stop trading

After that, enter the Order Value and then click on ‘Buy Bitcoin’.

The purchased Bitcoin is then sent to your Spot wallet.

Really simple, isn’t it?

Suggested Read: How To Trade Spot On Bybit With Zero Fees

If you will prefer to buy via P2P, just follow the steps listed under ‘Funding with P2P’.

Alternatively, read through this post to learn how to do that.

Now that you’ve learned how to trade, let me show you how to earn passively from the coins you’ve bought.

Check this out in the next section.

6. How To Earn Passive Income in Cryptocurrency

In the crypto-verse, there are possibilities of you earning from the coins that you hold.

So instead of leaving your coins idle in your wallet, you can take advantage of the Earn feature on Bybit to earn passively.

Under the Earn feature, you have the following products:

• Bybit Savings
• Dual Asset
• Bybit Shark Fin
• Launchpool
• Liquidity Mining

I will explain briefly how each works below.

Bybit Savings

This product offers a customized staking option on your fave coins.

When staked, you get to earn an annual percentage yield (APY) on the coins.

You can choose either the flexible product that allows you to un-stake your tokens at any time.

Or, you can go for the fixed product where you stake your coins for a stipulated period of time before un-staking.

You will find more information on this Earn Product in this post.

Dual Asset

This product allows you to earn higher returns in low-volatility markets. 

What this means is that you will be in profit whether the crypto market is going up or down.

As the name implies, you will be depositing a pair of coins – one stablecoin and another regular coin e.g. BTC – USDT, ADA – USDT, etc.

You get to earn returns of up to 500% APY with a wide range of token pairs and investment durations.

Learn all about how Dual Asset works from this post.

Shark Fin

Shark Fin is another Bybit product that helps you earn regardless of the market direction.

Here, you can make up to 20% APR and this is not fixed.

Each coin has its own APR offer and expiration date.

For full details on how this works, check out this post or video.

Launchpool

This feature of Bybit Earn is one that allows you to stake and earn tokens for free.

These tokens are traded on the Spot Market when they get listed on Bybit.

But you earn more profits if you stake them on the Launchpool before they go live for trading at the Spot Market.

Just as in the case of the Flexible Savings option, you can un-stake your tokens at any time.

Read this post for the full details on how this works.

Liquidity Mining

To earn here, you have to provide liquidity to liquidity pools where they are needed.

This works with liquidity pools based on the revamped automated market maker (AMM) model.

When you add liquidity, you can earn from the trading fees.

You also have the option of adding or removing liquidity at any time.

You can set this up in these 4 simple steps:

1. Select a liquidity pool
2. Enter the amount
3. Choose the leverage ratio
4. Submit your order and start earning

For more details on how this works, check out this page.

Now, these are the 5 ways of earning passive income from Bybit.

So far, I have taken you through how to create a crypto account, verify it, fund it, trade, and earn passive income from it.

Congratulations once more!

You are well on your way to becoming a crypto Amazon!

Before I round off, I answered some frequently asked questions in the next section.

You can check it out below.

7. Frequently Asked Questions (FAQs)

These are some of the FAQs you might have concerning crypto accounts and their use.

Join me in the next section as we conclude this post.

8. Conclusion

Having read this far, you are the real OG!

Hope it was worth it and that you learned a lot.

Let me get your thoughts on the following:

Do you think cryptocurrency is better than fiat?

On crypto adoption, do you see the government embracing crypto in the nearest future?

Or perhaps, you still have some questions.

Drop your answers and the questions you may have in the comment box below. Let’s interact.

For further queries, reach out via email at info@nigeriabitcoincommunity.com.

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