Can i sell bitcoin in nigeria
Bitcoin Nigeria. The popularity of cryptocurrencies such as bitcoin continues to grow in Nigeria. To get a piece of this pie, it is important to get ample information on how to buy and sell Bitcoins in Nigeria. Just like the Internet, it is difficult to regulate cryptocurrencies. The Central Bank of Nigeria has warned banks and financial institutions against dealing with companies that engage in cryptocurrency in Nigeria. There are 3 different types of Bitcoin exchanges; all of which are applicable in Nigeria.
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Can i sell bitcoin in nigeria
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Content:
- Accelerating bitcoin trading in Nigeria
- How to start investing in Bitcoin in Nigeria
- 5 Best Trusted Apps Platforms To Buy and Sell Bitcoin Securely in Nigeria
- How Can I Buy Bitcoin In Nigeria In 2022? Beginner’s Guide To Wealth
- How to buy and sell Bitcoin for profits
- Buy and Sell Bitcoin in Nigeria instantly
- BitX launches bitcoin services in Nigeria
- Bitcoin 'Can't Be Stopped': Nigerians Look to P2P Exchanges After Crypto Ban
- How to sell bitcoin in Nigeria using P2P trading
Accelerating bitcoin trading in Nigeria
The surge means for many exchanges that there are hundreds of people looking to open a wallet, buy or sell cryptocurrencies. If you are a beginner in Nigeria, getting around to invest in bitcoin can seem complicated but it is much easier when you break it down into steps.
The first thing you need to realise is you do not need to buy a whole bitcoin at once. Each bitcoin is divided into a unit of cryptocurrency known as Satoshis.
It is divisible down to 8 decimal places 0. This means a single Satoshi is equal to one-hundredth millionth of a bitcoin or million Satoshis is equal to one bitcoin. So you can buy any number of units depending on your risk appetite. The amount you can buy from different exchanges can vary.
While there are other ways of buying bitcoin, experts recommend going through an exchange for beginners. Exchanges also help you keep track of your transactions. Exchanges come with a wallet. Binance IOS or Android is the third most downloaded wallet in , according to a list from Apptopia. Hence, you will need to download a wallet from the Google Play Store, create an exchange account, and provide your personal identification documents if you are using a platform that requests for Know Your Customer KYC.
Most exchanges would let you pay with your debit card or transfer directly from your account. There are two main ways to buy bitcoin on Binance, by linking your debit or credit card or bank account or buy cryptic directly from other users with peer-to-peer trades.
Linking your debit card, credit card, or bank account is one of the easiest ways to buy bitcoin. Experts also recommend that you do not buy bitcoin with a credit card due to the volatility that the cryptocurrency market experiences. Once you have your wallet connected and linked, the next stage is to buy bitcoin. A number of exchanges allow you to buy bitcoin with your local currency like the naira. You will need to deposit money into the wallet and this comes at a cost.
There are varying fees for a bank deposit. It is important to research the fees associated with each payment option to help choose an exchange or to choose which payment option works best for you. After successfully depositing the amount you have selected, the next action is to click the buy button.
Selling the bitcoin asset you bought is nearly the same process. Rather than select Buy, you go for Sell and the amount you want to sell. You can sell bitcoin to buy another cryptocurrency. But if you sold it for fiat money you can cash out the funds into your bank account. After each withdrawal is confirmed, your Binance Coin BNB will be sent from your wallet onto the Blockchain to be validated on the way to the destination address. In the process, a Transaction ID or Hash will be made.
Copy your TxID Transaction hash and put it into the search space. After clicking the search button yellow button on the right , transaction information in Blockchain will appear on the webpage. After confirmations in Blockchain meet the requirement of your destination address, your coins will be sent to your destination address within 24 hours.
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How to start investing in Bitcoin in Nigeria
The legal status of cryptocurrencies varies substantially from one jurisdiction to another, and is still undefined or changing in many of them. While some states have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. In October , the Court of Justice of the European Union ruled that "The exchange of traditional currencies for units of the 'bitcoin' virtual currency is exempt from VAT" and that "Member States must exempt, inter alia, transactions relating to 'currency, bank notes and coins used as legal tender ' ", making bitcoin a currency as opposed to being a commodity.
5 Best Trusted Apps Platforms To Buy and Sell Bitcoin Securely in Nigeria
This Paxful review showing such a positive outlook for crypto in India is huge news. The good news for local crypto enthusiasts is that cryptocurrency is not illegal in Pakistan, rather it falls in a gray area as the government has no specific rules against it. If none of these work for you, you may want to reconsider using PayPal as other options can be more secure and quicker than this. Getting Bitcoins via eToro is by far the easiest and most-beginner friendly way. Besides, PayPal, it also supports a multitude of other deposit methods. Introduction in Crypto Trading Get the latest news and best offers from the crypto community by joining our newsletter. After the purchase is complete, the account will be updated to reflect the amount of crypto purchased and the current value. The site will also display the amount of Bitcoin in terms of the chosen fiat currency. Seller Support — Once buyers connect to sellers over live chat, sellers walk buyers through the Bitcoin exchange process.
How Can I Buy Bitcoin In Nigeria In 2022? Beginner’s Guide To Wealth
If you are looking for a way to buy Bitcoin in Nigeria , or convert your local currency to Bitcoin , you are in the right crypto trading platform. As one of the leading crypto peer-to- peer P2P platforms in the world, Bitmama enables you to buy Bitcoin instantly and use it as you see fit - be it trading or sending money online or making payment anytime ,anywhere. No need to deal with additional costs that come with remittances via traditional financial institutions. Bitcoin can be bought directly on our marketplace, or converted from supported fiat or other digital currencies on our cryptocurrency conversion service.
How to buy and sell Bitcoin for profits
No one is certain what will happen tomorrow. The price can either increase or dip some more. Because of this uncertainty, every Nigerian needs to know when and how to withdraw their profits to buy the dip. There are five major ways to buy Bitcoin which are the spot exchanges such as Coinbase, and Binance, etc. Out of the five, only four are available to buy Bitcoin in Nigeria.
Buy and Sell Bitcoin in Nigeria instantly
Chipper Cash , the African cross-border payments app, has finally added the ability to buy and sell bitcoin across Africa on its app. According to Chipper Cash, the new service will now allow anyone with a Chipper Cash account to buy bitcoin using any of the following currencies:. Chipper Cash is also one of the most popular payment methods for crypto P2P platforms in Africa. Some of the more popular P2P exchanges that use Chipper Cash as a payment method include:. This move by Chipper Cash now means that traders have more options to buy and sell bitcoin in the above countries which may result in chipping away of huge crypto volumes on these P2P platforms. Open a Paxful Bitcoin Trading Account to get started! Follow us on Twitter for latest posts and updates. Save my name, email, and website in this browser for the next time I comment.
BitX launches bitcoin services in Nigeria
These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. Seven months after Nigerian banks were barred from enabling cryptocurrency transactions, bitcoin remains an actively traded asset in the country, partly due to the presence of platforms that enable peer-to-peer transfers.
Bitcoin 'Can't Be Stopped': Nigerians Look to P2P Exchanges After Crypto Ban
RELATED VIDEO: How to sell bitcoin in Nigeria with PaxfulAt this point in the financial history of the world, we know now that Cryptocurrency has come to stay. Initially, it was received with mixed reactions, some financial institutions even spoke out against it. And when Bitcoin fell majorly last year, it seemed as though it was the end for all things. Bitcoin is the most valuable of all cryptos, the most widely accepted in Nigeria and in other parts of the world.
How to sell bitcoin in Nigeria using P2P trading
As the value and acceptance of Bitcoin continues to increase, you as a trader may get tempted to sell your holdings for cash. However, when you do choose to sell Bitcoin, try not to jump the gun as you could miss out on a bigger payday! People who have never have sold Bitcoin before may find it confusing, but as long as you have access to a digital currency exchange, you will always have plenty of ways to turn Bitcoin into a fiat currency. It is obvious that crypto-investors always have worries about the right and the wrong times to turn their coins to cash. The worries get multiplied by the velocity at which Bitcoin rises and falls every time, giving less time for even established traders to make a right decision.
Learn to trade Bitcoin in Nigeria in 5 easy Steps. Also, see the Best Bitcoin Trading Platforms. All those seeking to trade Bitcoin in Nigeria have 2 options. In this guide, we have detailed the steps for trading Bitcoin as a CFD through reputed Forex brokers.
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