Bitcoin Forum

Sorry to post this here as this is my first post and my aim of creating this post is to focused on bitcoin investment.. I have 500,000 in our local currency but I would want to take that bold step to start it with my bitcoin journey, my friends who is into bitcoin directed me here and for that I decided to make topic because he was trying not to involved himself like, so that I wouldn’t blame him for anything lose or whatever that may happened to my funds so he directed of me to create topic and follow the guidelines they would be replying here.

I know this is nothing to some of you who has been here for decades or years as the case may be, but I just want this process to be productive and rewarding because I have planned to hold bitcoin for at least 4 or 5 years based on the information I had about halving, I don’t know how true this could be but I believe that my present here would never be regretted joining this forum and I believe to meet same like mind of people who will be that willing to open up to me to give me what I need to proceed my bitcoin investment journey.

Thank you for everyone who has made this forum a very interactive place and learnable centre. Please could someone who is that open to share things with me directs me well?

Welcome to the forum. First of all, don't entertain advice or offers from newbies or accounts with negative trust (a red trust number on their profile). There are tons of scammers looking to take advantage of newbies. Don't trust anybody blindly... do your own research.

So a lot of your success in purchasing Bitcoin will be dependent on where you live. Most exchanges will ask you for an ID these days so be prepared for that. One of the most popular and newbie-friendly crypto exchanges is Binance (https://www.binance.com/). They accept several different currencies and are relatively easy to use. I would research them and see if they are compatible for your needs.

Feel free to ask other questions here if you have them. I wouldn't respond to private messages from people as they are most likely scammers.

I'm sure other people will chime in with helpful (or semi-helpful) advice as well.



(dear readers: I'm not shilling Binance on purpose, but it is what it is)   

This post would had been better in the beginners and help section but it's okay since we're basically talking about bitcoin.
To be honest with you, that friend who initiated your ideal into bitcoin investment has done you good by referring you to this platform before you'd learn exceedingly here from most likely professional bitcoineers and enthusiast here. But if your friend can act so genuinely to you like that then you should give him benefits of reliability to an extend while you're still a beginner. Learning about bitcoin for beginners especially the skeptics like you're trying to put your investment risks as someone's responsibility.
You must also have to understand that every bitcoin investors is responsible of their own risks which I believe your friend had made it clear. So our options for you may not count and it's not right to ask you to buy bitcoin when you're not ready on your own to take the risks.
That your friend with his genuineness is best to guide your beginner level while you must play smart not to trust him with your private keys or seed phrase.

 I'd take the advice of Nutildah to heart because aside from their world of experience with fishing out scammers, they also have stayed on this platform for long to be able to how to point a newbie like yourself in the right direction.
Welcome to the forum and do well to have an open mind and also be consistent here because that's the only way you can learn.
 Although your friend did well by introducing you to this place, it would have been more better if they were able to give you a little heads-up on what and what to expect on your Bitcoin journey.

Thank you sir/ma
Thank you for pointing out to binance exchange and currently they do not offer services within our locality and our trading pairs has been removed so most people do not like using it to fund except for trading alone.
For about trust you mentioned I have seen some profile around that are being painted light orange or do I say red, I have been wondering about them but I am happy you pointed it out here as well couples with that of personal messages you just mentioned as well. I wouldn’t listen to any messages secretly except it being posted openly here where everyone would see what others are saying, I am also making more findings to see I how I can find exchange that are so friendly to us to fund my account.

It's indeed what it is and Binance is a best exchange to use since 2017.

Another it is what it is is  ;D
Reminder: do not keep your money in online accounts. (https://bitcointalk.org/index.php?topic=5421039.0)

Binance has been a great exchange since 2017 but nothing guarantees that it will be a good one in the future. Storing fund and cryptocurrencies on any centralized exchange is always a terrible fund storage practice.

It's not your key, it's your coins.

Some people may be quick to criticize the action of your friend, for not giving you the information you need, but rather pointing you to where you can get the information you seek and also interact with others like yourself who are investing in bitcoin. I think it is good for you, because your friend has made it so so that you do not start depending on him, and as he said blame him for whatever negative outcome of your investment. He has set you on the path of independence, which is good because on this path you get to make informed decisions.

Ignore anyone who offers you private help in your messages, and feel free to ask publicly whatever questions you have concerning bitcoins, this is how we all learned. As you have the intentions to invest, also plan towards security because that is very important.

Welcome to the forum. I guess the 500k you have in your local currency is not the only cash you have with you that you want to use to invest in Bitcoin. If that's the only cash you have with you at hand, don't invest all in Bitcoin without keeping some money for an emergency funds (emergency money is an amount set aside for uncertainties, so that you won't sell your Bitcoin at the wrong time when you are not ready to do that).

I wish you luck as you are taking the bold step to invest and hodl Bitcoin for long term. You can apply the DCA strategy whenever you have spare money to invest in Bitcoin.

First of all, you're welcome to the forum and congratulations to your friend, at least, the very fact that he doesn't want to put himself under pressure by not directly introducing you to an investment startegy is not something that's all too bad.

Bitcoin investment is for everyone regardless of your level of knowledge and that you even have an amount in place to start with makes it more easier to start at least from somewhere. Don't procrastinate buying now that you have the money or else, you risk spending the fund on something that doesn't worth it. With bitcoin, you're sure that buying won't lead you to loss so, you're right on track even if you buy with your savings.

First of all, welcome to the forum. If your local currency is worth $500,000, you absolutely must get a hardware wallet. My advice to you is not to trust online wallets, even if they are the world's most secure exchanges. Large amounts of Bitcoin to be HODL, should definitely be stored in a hardware wallet like Trezor. This may be the best option for your money's security. I'm also optimistic about the halving. I hope the next halving will bring Bitcoin prices to their best.

Now you just exposed yourself having a certain amount that you want to invest in Bitcoin, you shouldn't have made mention of how much you have, I am suspecting that you will be getting PM from some scammers on here already, I am sorry to announce that scammers are also available on this forum.

A newbie like yourself are the easiest target, so avoid any PM and do your own research, create an account on Binance and trade your fita into Bitcoin using Binance peer to peer option, I suggest using blue wallet or electrum if you don't already have a hardware wallet.

About if now is a good time to start buying bitcoin is tricky because Bitcoin have grown so high in the past two years now, I wish you come asking this question in 2023 it would have been a good entry for you, now I believe it is even more unsafe to buy Bitcoin than it was two years ago.

The decision is yours to make from here on, dyor.

Since you want to invest with 500,000 of your local currency, which would have been better if you had added the dollar equivalent so we could know how much your looking at, and from what you've said, your keen to investing that amount, I would advise you start investing gradually using The Dollar-cost Averaging (DCA) strategy, this strategy allows you to invest either every week or monthly a certain amount from the entire capital you've set out to invest in bitcoin investment, this process allows you grow your portfolio step by step and helps make the environment familiar to you based on your frequency as a newbie.

Bitcoin investment is a nice investment choice, I also learnt about bitcoin from a friend till date I’m always ready to know more about bitcoin. Holding for 4 or 5 years is considered a long run investment journey and beyond 5 years, the amount also matters and for a newbie starting with a huge amount is okay while some prefer starting with something little gradually. They’re other important things you need to know about bitcoin investing firstly security matters and privacy, many fail to under how to keep their private details a secret which might attract scammers, as a newbie you don’t have to share any information regarding your wallet secondly holding a backup fund will help sustain your investment for the long run for example emergency funds etc, there’s still more to learn about bitcoin.

First of all, I would like to extend my greetings and congratulations to you on behalf of the Bitcoin Forum. No one will force you to do anything about your investment because it is your personal matter whether you will invest. No one will interfere here, but if you want to invest 500k in your local currency, then I will definitely tell you to invest in the DCA method. If you want to invest, you should be careful when choosing a wallet after investing, especially since the security of your wallet depends entirely on you. If you cannot secure it, then there is a possibility that it will be compromised. Moreover, if you want to invest in Bitcoin and hold it for the long term, then you should know the various risks of investment and the various risks of storage before investing. Remember that your wealth will depend on your security.

Not your key not your coins..

Welcome my friend. Please visit this forum often, as there's a wealth of knowledge for you to learn and broaden your horizons. However it's also important to remember that this forum isn't entirely clean; there are many scammers, so be careful. Oh and one more thing: if you're really interested in learning everything about Bitcoin, this forum is indeed at the top of the list. As the name suggests and your involvement in starting to invest, I'd greatly appreciate it. But most importantly, keep your investment in a cold wallet.

First of all. you need to have a basic understanding of what Bitcoin is, before deciding whether to invest or not.
It's better to invest in something you understand and like (which is expected to be something good/right). If Bitcoin is it, it becomes difficult to shake or decieve you into making wrong choices with Bitcoin as you become convinced that using it is the right thing to do and you know how to use it.


Understanding Bitcoin:
Bitcoin is simply a peer-to-peer (or person-to person) electronic cash (or currency) system. Its currency is also called Bitcoin or BTC in short (while the System/Network it's based on is still called Bitcoin).
It was created to give users (members) full control over their money, and to enable them transact directly with each other instead of the transactions going through a third person (third-party). The idea basically is to enable members of the Bitcoin network transact directly with each other on accounts (unlike bank accounts) they fully control, without passing through a third-party. It's like a community of global users who are their own banks.
The peer-to-peer transaction helps lower transaction cost, even when a sender is sending from any country to a reciever in another country. And users having control over their bitcoins helps prevent the possibility of the funds getting lost or inaccessible if a custodial bank for example, that otherwise controls the funds ceases to operate, gets hacked or wrongly freezes owner's account..


To safely use Bitcoin in the manner described above, make sure your device is secure/clean enough, then download a Bitcoin Blockchain (recommended for advanced users with lots of data), or simply download a reputable non-custodial Bitcoin Wallet, you can search this forum for recommended safe wallets to use. Install and open the wallet, then generate your Bitcoin keys (often called seedphrase). Write down the keys on a paper or/and a solid object... preferably, create multiple copies of the object/paper with the keys written on them and store in different safe locations just incase you lose one copy, you can rely on the other..Note that the keys can also be used in many other Bitcoin compatible wallets if you decide to change your wallet to another (this is part of what makes Bitcoin really nice). Back to the Wallet, on the wallet interface, look for "Recieve Bitcoin" to obtain your Bitcoin Address where you can recieve bitcoins sent by people (or yourself) who have the address.



Another nice thing about Bitcoin are:
* you need little to zero permission to join. It doesn't ask you where you are from, or who you are,  your name, etc. Anyone can effortlessly join. It has global members. And most importantly, you fully control your fund, no one can take it away from you unless they have access to your private keys. So, make sure only you have access to the keys by storing it secretly and safely.
* It's fully decentralized, has no central office or administrator(network members are the admins), it exists and operate globally, Can be used, sent and received in any country where members exist

Welcome to the forum mate. Firstly I commend your enthusiasm and willingness to learn before jumping into Bitcoin investment. Everyone here started somewhere and taking the time to understand how things work will save you a lot of stress down the line. You’re already on the right path by coming here to ask questions instead of rushing into it.

Just take things one step at a time, read through older threads so you'll have a better understanding of the forum, learn how wallets and exchanges work and don’t hesitate to ask questions when you’re unsure about something. Bitcoin is a long-term game, so patience and understanding go a long way.

Also, make sure you take note of everything nutildah said above. He’s been around here for over a decade and really understands how the forum works. Everything he mentioned about avoiding scammers and doing your own research is very solid advice so make sure to apply it as you begin your Bitcoin journey.
Good luck

You will learn a lot from this forum and I understand your friend for not wanting to bear the responsibility in case you end up doing something. Not to scare you or anything but since we are talking about money, it could be sensitive for most.
You do not need to be doubting us or your friends or whoever you may have heard about halving. It is true and you can just check previous cycles and you can observe how much the price has risen between years. What we say about bitcoin is based from the past and you can check it yourself.

Before you invest, you have to take some time to learn about Bitcoin. You should learn how to use wallets so that you know how to set them up and send your coins to them. I don't know the currency you are referring to, but you can consider buying a hardware wallet if the funds are huge. You should also learn how to protect your wallet from hacks because there are many criminals out there who are looking for ways to steal from you. At this stage, just focus on buying only Bitcoin. Don't be deceived by influencers or shitcoin promoters who might want to push you to buy these worthless coins.  

Bitcoitalk is a good place to start your Bitcoin journey. Welcome to the forum.   

An old friend of mine was the one who first introduced me to Bitcoin investment.
 Back then, he never told me about BitcoinForum directly, but he used to outsource his posts and pay a small amount to get his content written.
 It’s been about 6 years since we went our separate ways, and now he runs his own account independently.

Since you learned about this forum through an old friend of yours, I personally really liked the gratitude of your friends for it. you are welcome to this forum and everyone will accept you warmly and many reputable members have helped you with various suggestions. My suggestion to you is to know and understand all the rules and regulations of the forum well then slowly analyze Bitcoin and finally move towards bitcoin investment. It will be good for you if you maintain DCA first and move towards investment. Like you, I'm also a new member and I'm also learning about bitcoin from here.

Welcome and next time, dont mentioned the amount of money you are holding this is to avoid getting scammed this is online community dont traut anyone and follow forum ratings if you must transact with anyone here, lastly buying bitcoin with a long term goal is the ultimate to do and make sure you take the step at rhe right position of the market, for your own good avoid altcoins as much as you can and focus on bitcoin for now until you are able to build a portfolio for yourself.

Welcome to the forum. It’s better to get to know the forum first and learn from the different points of view of the members and carefully evaluate them and apply it on which you think will be more helpful for you. You know, I understand the stance of your friend as investing particularly a significant amount is already very risky for us, for all investors. And for certain reason, he doesn’t want to be blame if ever you experience losses rather than making good profits in the end. But I must say, no one can tell what will be the future of your investment, but rest assured, if you can apply proper risk management and invest at your own risk, you will never be at loss in the end.

You are in the right track, welcome to the forum. First of all, I want you to understand first the risk involved in bitcoin and how would you manage it right. Do not rush yourself investing into bitcoin for the sake of immediate and bigger profits, but care to listen first from the veterans of this market. And most of all, learn from the experience of early investors, so you won’t end up repeating their same mistakes again and experience the same losses. It’s good to invest in bitcoin, but it’s wiser to understand it first before you will pursue investing with caution.

Congratulations to you and your old friend for coming to this forum. If you have not invested in Bitcoin yet, you can definitely be advised to invest now. The market has had a major impact on the market due to Donald Trump's tariff policy, which has caused the market to temporarily crash. If you have not invested, you can invest half of your time now. Moreover, if you want to invest, you have to do it according to your own plan, especially no one will force you to invest. If you think investing will be good for you, then you can invest.

First of all, welcome to the forum!
My first question for you would be, is the money you are talking about saved with you, is it prudent money for you? Prudent money is that which is not necessary for you to meet your basic needs. That is, even if the money you are willing to invest is lost in some way, it will not have a negative impact on your life. If you are not brave enough to put this money under prudent funds, then do not invest with this money. You can allocate prudent money from your regular income and invest DCA with it.

Since you are a new person in the forum, I would like to give you an advisory thread and a thread to learn about investment -

• Best advice about cryptocurrency. (https://bitcointalk.org/index.php?topic=5545189.msg65430809#msg65430809)
• Long-Term Investment. (https://bitcointalk.org/index.php?topic=5528051.msg65003143#msg65003143)

Have you noticed the market situation today? If you are observing the market situation today and can accept this risk of the market, then investment will be enough for you and if you cannot accept this market situation, then Bitcoin investment will never be enough for you. Suppose you have 500,000 dollars which you mentioned, now you have invested with this 500,000 dollars as your friend said, now in this dumping market situation you have lost a lot, if you cannot accept it, then by investing in Bitcoin you will be in more danger, so you first of all have to know about Bitcoin investment, you have to know about the market and accept everything, if you can accept everything, then you will go ahead and invest and hold it for the long term, you will definitely be successful, in the dumping and pumping situation of the market, you can never panic and sell in panic, if you sell in panic, then you will not understand the profit or loss very well.

Welcome to bitcoin talk my brother , your friend has done pretty well by bringing you here to learn more about bitcoin related matters.

One thing real bitcoin enthusiasts are very good in is that they love making their own research on every information regardless, they always want to verify every information before accepting it.

You are just new in the system and in the forum as well, in as much as their are still some dudes that are here to educate you on things you need to know it’s still very important you make your own findings so as to be pretty sure on what you are into. Navigate round the entire threads on the forum and you will get to find out some crucial things your self that will be of great help to you in your bitcoin journey.

The forum is the most suitable platform for buying Bitcoin or getting information related to investment. In this platform, if someone asks any question related to Bitcoin, he can get the right answer. Moreover, in case of any problem, he will not only know about one but also the opinions of many users, which will help him to gain deep knowledge about investment related issues.

To know something specific about any topic, the answer can be found by creating a new topic in Beginners and Help section and if deep knowledge is needed, then there are numerous topics there. If someone reads them patiently, then he will definitely be able to gradually become experienced about Bitcoin.

Yes, it is important to watch the market conditions because we saw Bitcoin create a new ATH in full in this historic Uptober but now the market is showing a different attitude again, which has completely created a recession. However you are right that if he analyze the current market situation and if the OP can accept today's market fluctuations and market risk, volatility, then maybe investing will be enough for him. It seems that this dip is welcome for those who are still collecting Bitcoin at the moment as it will give them the opportunity to spend more to collect Bitcoin. It is to be hoped that the price of Bitcoin will eventually recover in the long term, so if the person mentioned here can invest in the dumping and pumping conditions of the market through proper analysis and making the necessary financial management, he will be able to understand the profit or loss well in the future.

I have no intention to invest on any other coin except bitcoin and of course wallet is important on investing, though since yesterday I have been making my findings and moving around this forum to know things that I should know that would also lead me to successful investments. And yes, I have to understand that Electrum wallet is non custodial wallet which is also an open source wallet, meaning it’s a bit reliable than other wallet, and again hardware wallet is good as well but currently I have electrum wallet downloaded.

I am still moving round to explore how the forum works better moreover that of the do and don’t because I was told that the forum is always strict in terms of rules and regulations and I am doing that to know more about the community.

Welcome to the forum. As it seems, you've got all the guidance that you need to start your journey, and hopefully you will read through this thread and won't leave it to first grow and then die without paying any attention to the posts made in it. With that being said, I would like to throw my two cents on the topic as well.

I wouldn't give you any advice on what platform you should use, because you have already been given that advice. However, I would tell you to make sure that you understand everything properly before you start making investments, and the most important thing is to understand what time will be the right time for you to do it. If you are willing to invest all your money at once and then hold, then I would suggest that you wait for the bear market to hit and then you should buy at the bottom, or at least when the market goes down.

However, if you are willing to use the DCA method, which is to buy with a fixed amount after every week, or month, etc., until you have invested all your money, but this strategy is mostly useful for those who wish to keep doing that and aren't limited to a specific amount. So, I would suggest that you wait, let the market go down, and then make your purchase and then hold, because if you buy now, and then if you see Bitcoin going down to $50k in the bear market, you will feel very bad.

What it could be wrong about halving? halving happens every 4 years and that's also a sign when the bull run will come. Every cycle that we are in, after the halving there goes the bull run. Just like what we're having right now, we're in a bull although a correction has happened lately but it's a year ago when the halving has happened and the price was under $100k and it was $60k exactly a year ago. So, you've got now an idea of how halving goes and the effect of it to bitcoin's price.

Welcome aboard it is great that you are talking the time to learn before investing in bitcoin everyone start somewhere and doing your research first will save you a lot of trouble later go slow read older post learn how wallet and exchange work and don’t be afraid to ask questions bitcoin is all about patience and understanding also listen to what nutildah said he is experienced and give some solid tips about avoiding scams and doing your own research you are definitely on the right track.

First of all, let me welcome you to this great forum. Actually, your friend has done you nothing but the best, and I assure you that being here will not be a regret to you, because you get your destination in this bitcoin journey investment.

As a newbie, avoid being scammed by any stranger. Don't trust some newbies' accounts with red tags; some are scammers. Try as much as possible to acquire some little knowledge on the bitcoin investment journey; frequent research would help you also. Honestly, you have indeed taken a nice step and have the goodwill to invest for long-term financial growth. Note that there's high risk in cryptocurrency investment, so the investment requires lots of patience and endurance. Don't think when you start today that you'll get your profits the next day; at least the 4 to 5 years you planned to hold would be better. Once again, welcome to this forum. Please don't come for only investment; try to follow all the rules and regulations of this forum as well.

Of course this topic is worth discussing but it would have make alot of sense if you had  posted it in the right board which is (beginners and help board.) but I know for a fact that you're still new in this space so you're not conversant with some certain things here but that's by the way.

Talking about having 500,000 of your local fiat and have chosen to invest into bitcoin, first I will quickly advise you not to put all of this funds into bitcoin. Reason been that you're yet to have an emergency fund and reserve funds which this above mentioned funds is very essential in your accumulation journey, but if you also have your emergency fund and back up funds or reserve funds available or you have a good cash flow then you're free to use that fund to stack as much as you like and HODL for Long term investment. Of better still you can maintain the ongoing buying of bitcoin that's if you still have the capacity.

$500k? Calm down!

I have went through OP history post and no currency was mentioned but from the way he is saying Binance isn't working and other things he saying, he is likely from Nigeria. He mentioned that Binance isn't allowing people to buy because the trading pair was recently.

In 2023-2024, Binance and the Nigerian exchange had their fight due to tax evasion, money laundering and acclaimed terrorism sponsorship in Nigeria and because of that the Nigeria service was discontinued. You can trade other trading pairs but you can't trade any local currency that is affiliated with Nigeria, not in p2p or direct by from our banks, that's what OP is saying.

I want assume that OP is saying ₦500,000 which is a decent amount in local currency but if that amount is converted to dollar, that's going to be around $340 max, that amount may not be able to buy much Bitcoin but it's going to be a starting point. As start, he can continue to do DCA if he plan to do not like he said and be ready too.

It comes with having your money on your device and knowing that just clicking on a wrong link may make you lose all the money you have worked hard to earn. Being responsible for holding our own coins makes us more critical of every and any information which is a good thing. It allows us to be more secure especially these days where fake news are adamant.

Though not everyone has some critical thinking skills so practice this first and foremost

Welcome to the community, which you can get a lot of knowledge, information and skills throughout your crypto space journey, with the current price of the bitcoin we are on the all time high and for me its not recommendable to make a buy as of now because anytime happens it will probably crash the market, so as of now with date today from the price of 124k btc we are now sitting around 112k which is how many percentage we goes down so if you bought during that OP date for sure you are one of the frustrated investor of the bitcoin too. But still your goal is for 4-5 years which is another cycle of the bitcoin just indure the pain right now.

Your friend who directed you to this forum did so because he or she wants you to learn first before starting your Bitcoin investment  and that is the best thing they could have done. Coming here to learn and make decisions on your own, like getting your Bitcoin, is a great first step.Seriously, it’s not that easy to hold Bitcoin unless you have some level of knowledge about it. You may face some challenges on your Bitcoin journey, so my advice is to calm down and learn first. After gaining some basic knowledge, you can begin your Bitcoin journey.

One important thing to keep in mind is this: never invest money you plan to use in the near future to buy Bitcoin. Otherwise, you may be forced to sell it later at a loss. Also, when you start your Bitcoin investment journey, try to build up an emergency fund. That way, if problems arise in the future, you’ll be able to solve them using the emergency funds without touching your Bitcoin.

I will not say buy now and hold it will be like a financial advice and in forums like these no one should give you a financial advice and you should not follow any but follow privately yep, means you can't blame anyone for the choices you make and if you follow or liked someone's ideas but that person is talking in first person then you can't do anything haha.

Well don't know how much your currency is in dollars but let's say it is $1k and that amount can buy good satoshi amount.

Your plan is to buy for 5 years holding which is great because you can see at least one halving and bull cycle but you can't make enough with this amount, really it would be good to know the local currency name or at least the value in $ anyways, bro you must invest more if you want to hold bitcoin for long term because waiting all these years for a small reward is really very disappointing believe me, I am not saying you have buy all at once.

You can learn about dca and can follow it to invest in bitcoin. It will be easy for you if a bear run comes. Be aware it is not a financial advice.

If you have enough money, then of course you can convert it to Bitcoin, Bitcoin is the only right place to invest for the future. If you can be financially successful in the future, then you should definitely establish a relationship with Bitcoin investment.
Because choose a strong wallet at the beginning, and choose Bitcoin to eliminate financial shortages in the future. Because if you deposit Bitcoin, which is the touch point of this modernity today, you will definitely be more successful later.

Reading through the OP, I sniffed that you're a Nigerian as suggestive as your use of lingua construction is. So, I can offer you this suggestion from that perspective. 500k should be around $340 as it's right now. I don't know how hefty your financial strength is but I think it's a huge fund to play with anyway.

As for the bolded, Bitget is the next best thing after Binance for Nigerians and the exchange allows Nigerians transact on P2P. If you're new to P2P go for it. Don't start with Bybit as it will be difficult for you to sieve through the mass of scammers there.

Welcome here mate your did well to have introduce you to the forum, this is one place you can learn more about bitcoin investment and how you can maintain buying bitcoin and hodl for years.

If you can active and consistent in the forum and keep reading post you will learn fast besides investing in bitcoin is very difficult to understand.

If you have the right wallet you can start buying bitcoin with little as you can and it should be your discretionary income use the dca strategy when buying bitcoin consistently you can buy it every week or monthly when you have your discretionary and hodl for 4-10.

Are you talking from your ends or from my ends about emergency funds and reserve funds?
Anyone who could uses such amounts to invest in bitcoin should be able to have reserve funds or emergency funds or discretionary funds in their custody. However, you need to know that there are people who comes here are aware of the risk of investment and has other funds in reserve but just want to gamble with little they feels they can but not using all their funds for investment. While speaking you could speak for yourself about emergency funds and or maybe if you have discretionary fund it would also help you much better than it is or before investing.

Actually I have listened to the topic of discussion and the reply of nutildah about buying Bitcoin from exchange popularly known as binance, but it seems like binance p2p has been delisted in your area, I also sudgest that you go for bitget or bybit, because those two are actively working in some areas that fiat p2p doesn't work. But if those two doesn't work again then ask people around your locality about exchanges where you can buy Bitcoin from exchange perhaps you will see someone who will show you, after which you will verify your account and fill the necessary information and upload your KYC documents then from hence you can be able to buy BTC with your local fiat and you can as well download a non custodial wallet like electrum wallet or meta mask where you can be sending your coin to from exchange.

Welcome to the forum mate. Good thing you ask your concern in the forum so that you will be enlightened with different perspectives and encouragements. And for me, what your friend did simply creates a direction for you. You don’t want to rely on him on everything about bitcoin, so you need to learn on your own by posting your own concern in the forum. And by simply investing even just a small amount, you are already starting to establish your relationship with bitcoin.

Don’t start risking with a huge amount when you’re still beginning to invest. Invest with caution first and slowly learn the process to invest. And as long as you never rush into buying and selling your coins, you’ll be always safe here.

My advise simply is not to do anything about your investment plan in secret since you are barely new and don't trust any body to be saint or helper as I'm sure you might have been getting PM of other newbies soliciting to help you, don't fall for that. Always share your challenges openly here and you will get an honest help or support if users here see that you are not just trolling or trying to be funny with yourself. So be sincere to seek the knowledge you want. By the way, bitcoin is a good investment asset. If all you have in your local currency is 500,000 then don't invest all, you need to have some by the side to sustain yourself because you also need patient for your investment to yield profit.

Okay, you have taken a good step, if you have enough money, then you can invest it. Since you have a lot of money in your local currency, then you can definitely invest in Bitcoin. But you have to first get an idea about the investment and you have to have enough knowledge and experience, otherwise you can face losses by investing. Moreover, you have to plan how long your investment can be, if you do it for a short time, then you can face losses. So you have to have a plan to invest for a long time, which will help you gain high currency. If you can invest in Bitcoin and hold it for a long time, then you will definitely be successful, in that case you have to be patient enough. And while investing, you do not invest with full money, but you invest according to the percentage so that if the market is unstable, you can buy it again.

I guess Judith87403 was only just trying to tell you Mr poster that having an emergency fund is very necessary in your Bitcoin investment. Because you literally didn't say you have extra emergency funds when you mentioned the 500,000 in your local fiat. Because literally we thought maybe the 500,000 was the full capital you had in your possession, and was looking for alternative on best advice on how to go about investing in Bitcoin. Because I personally would have also advice you invest half and keep half for emergency funds. Because 5yrs is actually a long period, just as you claimed that's the timeframe which you intend to hold.