The bitcoin boom in Nigeria, a nation with 206 million residents that now has the biggest Bitcoin (BTC) economy in the African region — has been attributed to several factors. The factors include the country’s failing national fiat currency and the resourcefulness and assertiveness of a youthful and tech-savvy population. Residents in Nigeria can still buy, sell, and trade BTC in Naira and other crypto assets.
Using Naira, Purchase Bitcoin And Other Virtual Currency Assets
There are various options for purchasing cryptocurrency in cash utilizing naira or some other fiat currencies, including:
- Using a service to locate a local supplier who accepts cash payments.
- Finding a Bitcoin Wallet and purchasing directly. It should be noted that Bitcoin fees are considerably higher than other payment methods.
A Guide to Purchasing Bitcoin and Other Cryptocurrencies in Nigeria
You can buy virtual currencies in Africa by pursuing these three steps regardless of which console or service you use.
1. Select a Crypto Wallet
A crypto wallet is required to store the bitcoin you purchase. You may use a wallet provided by a cryptocurrency exchange or a wallet to which only you have private key access.
2. Choose Where to Purchase Your Cryptocurrency
There are numerous crypto forums to choose from. These are classified into three broad classifications:
Brokers of cryptocurrency:
Brokers offer convenient payment options, such as the ability to purchase cryptocurrency with fiat currency. Crypto brokers typically have paper currency on-ramps that include simple payment methods such as money transfers or debit payments.
Platforms for trading cryptocurrencies:
These are systems that support users to exchange Bitcoin and other cryptocurrencies. Exchanges make it simple for traders to make payments in fiat currencies into online wallets, which they can then use to purchase desired crypto assets. It should be noted that some countries have placed restrictions on Nigerian citizens in the aftermath of the CNB ban.
Exchanges between peers:
Individuals can conduct direct negotiations using P2P exchanges. Buyers are paired with vendors who specify the price and payment methods they accept. Once a purchase is initiated, the monies are held in a conveyancing system until the seller confirms payment. This method provides more privacy.
3. Purchase Cryptocurrency
The final step is to buy the cryptocurrency you want. For newbies, purchasing from an intermediary or exchange that accepts naira payments is best.
To use the most centralized platforms, you must first create an account. Depending on the system and the registered location, you may also be required to provide personal data as an aspect of a Know Your Client process.
Verifying your individuality with a valid identity document is part of the KYC process. Most platforms require this before allowing you to purchase something. After your profile has been verified, you’ll need to decide which cryptocurrency to buy or how much and the best payment method to use.
Nigeria’s economic decline has accelerated the acceptance of Bitcoin and other digital currencies to unprecedented levels. The surge means many people seek to open a wallet and purchase or sell cryptocurrencies on many exchanges. If you are a newcomer in Nigeria, getting started with BTC in Naira may appear complicated, but it is much simpler when broken down into the steps outlined above.