The rate at which Nigerians are now buying cryptocurrency is growing geometrically. There is no doubt access to the Internet has made the buying and selling of bitcoin easy.
Nigerians are also tapping into the cryptocurrency opportunity to fight poverty because there are many platforms to buy Bitcoin in Nigeria. These platforms have made converting Bitcoin to naira easier than ever.
For Nigerians to get bitcoin in Nigeria and easily convert Bitcoin to naira is now undoubtedly a convenient process. We can now find many Nigerian youths taking up trading because of the ease to buy Bitcoin with Naira. The ‘buy process’ usually doesn’t take long once users follow due instructions especially on reliable platforms like Remitano.
Opportunities and solutions
It is an undisputed fact that cryptocurrency has provided several opportunities. While some individuals see this as an opportunity to provide quality exchange services, few others see it as a way to dupe people off their hard-earned money. The fear of scams is why most Nigerian traders are scared to use local exchanges. They prefer international platforms that allow them to buy bitcoin with Naira.
There are many ways to get Bitcoin in Nigeria. One easy way is opening an account on Remitano. On Remitano, you have the opportunity to become a bitcoin trader without any professional training. This is because of how their website and service has been built.
It suits any user, either you’re new to trading or you’re an expert. However, you might need to verify your identity before using some mode of payment, while some others won’t require verification. It takes a few minutes to open an account and start buying Bitcoin with naira on Remitano.
Let’s check out some other ways to get Bitcoin with Naira.
Buy Bitcoin in Nigeria with bank transfers
Bank transfer has made any form of trading easy. Whether it is grocery shopping, buying gadgets, or trading bitcoin, you can complete a transaction in a few minutes via bank transfer. Peer-to-peer exchanges allow you to buy bitcoin with naira from sellers using the bank transfer option.
Bank USSD codes and mobile applications make it easy to transfer money to bitcoin sellers. The seller drops account details, you pay the naira equivalent of BTC to the seller’s account, and you receive the bitcoin in your wallet after the seller confirms the deposit. It is also a perfect option for converting your bitcoin to naira, you simply sell to the buyer and receive the equivalent in your bank account.
When using this option, make sure the seller’s name matches the account name you are paying to avoid scams.
Buy Bitcoin with gift cards
This process is also a common way to get bitcoin in Nigeria. Once you purchase a gift card, either Amazon or iTunes with cash and you activate the card, the next thing to do is to scratch the back and have the receipt available with you.
You can find the gift card option on platforms like Coincola. Simply choose the option of buying Bitcoin with gift cards, your browser will be directed to another page. On this page, you’ll have different traders and rates to purchase your Amazon or iTunes cards. The traders will give you the option of paying back with bitcoin.
Buy Bitcoin with Naira on Local p2p groups
This process involves buying bitcoin from closed or open social media groups. This process is risky because people easily get scammed on these platforms. There are hundreds of WhatsApp peer-2-peer groups where you can buy bitcoin with naira.
Some of them are paid groups, but the majority of them are free. The paid groups are secure because the admins go through the pain of verifying each member’s identity and act as escrows to ensure that every trade is successful.
You can also convert your bitcoin to naira on these local p2p groups. There’s a 60% chance that you will get scammed on the free p2p groups, so avoid them as much as possible.
Debit card purchase
Many exchanges now allow you to buy bitcoin in Nigeria with your debit card. This instant option also makes it easy for Nigerians to buy bitcoin with naira. The Naira equivalent of BTC will be deducted from your bank account, and your bitcoin wallet will be credited immediately. Make sure you have sufficient money in your bank account to avoid delays.
The Bottom line
There are many platforms available for buying bitcoin with naira in Nigeria. But you have to be careful and conduct adequate research when buying on these platforms because some of them have a history of scams. So, you should choose a platform like Remitano for a seamless and secure way to buy bitcoin in Nigeria. In addition, you’ll have a secure wallet to keep your bitcoin.