How to buy and sell digital currency to naira
Iwa Salami does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. Nigeria recently became the first African country to introduce a digital currency. It joins the Bahamas and the Eastern Caribbean Central Bank in being among the first jurisdictions in the world to roll out national digital currencies. A digital currency is a means of payment or money that exists in a purely electronic form. They are different from existing electronic central bank money , which is provided by central banks but can only be used by banks and selected financial institutions. When financial institutions pay each other, they pay in reserves from accounts held with a central bank.
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- Sell Bitcoins for Naira, gift cards for cash, gift cards for Bitcoin on Quchange
- Bitcoin passed $50,000—here's what you need to know about the popular cryptocurrency
- Crypto 101: Cryptocurrency on the African Market
- EVOLUTION OF THE NIGERIA DIGITAL CURRENCY: THE e-NAIRA (Part 1)
- 1 XBT to NGN - Convert Bitcoins to Nigerian Nairas
- Nine things you need to Know About e-Naira
- Nigeria launches its central bank digital currency eNaira
- “Is this the end?” Nigerian crypto-traders confront latest state hurdle
Sell Bitcoins for Naira, gift cards for cash, gift cards for Bitcoin on Quchange
A vendor counts out Nigerian naira banknotes inside a shop at the Ikeja computer village market in Lagos, Nigeria, on Monday, March 29, However, the process of obtaining Bitcoin has become very easy. There are a lot of alternative means of buying Bitcoin these days; you can either buy from an exchange, or an independent exchanger.
Whichever option you choose, you can now pay using Naira via; cash, bank deposit and bank transfers. Bitcoin is a digital currency or asset depending on the perspective, its benefits cannot be overemphasized, and it is sometimes referred to as digital gold. As it is, the increased value of Bitcoin and the depreciation of the Nigerian Naira has boosted bitcoin adoption in Nigeria.
If you have made up your mind to buy Bitcoin, you can buy it easily with the Naira. These steps will guide you on how to buy Bitcoin using Naira. Owning Bitcoin is just like having money in your bank account; your wallet will serve as your bank account while Bitcoin serves as the currency, the wallet is where you will store the Bitcoin.
There are three types of wallet to choose from, this include the Web wallet, mobile wallet or offline wallet. You have to be careful when choosing a wallet, because some wallets are vulnerable to hack. After creating a wallet, keep your key or password safe, anybody who gains access to your wallet has access to your Bitcoin.
If you stay within Nigeria, buying bitcoin directly with cash comes with a lot of advantages. First, it is convenient, private and transactions are fast. Using Naira to buy Bitcoin can get you Bitcoin within just an hour. There are P2P platforms that will help you find people who are willing to sell within your locality, example Bitmama P2p exchange, LocalBitcoin, paxful etc. These platforms allow you to find sellers in your area who accept cash.
After creating an account, the next step is to select the amount of Bitcoin that you want to buy, and then place your order. Once a seller sees your order and is willing to sell to you, he will contact you directly.
Once the seller sees the proof he will transfer the Bitcoin directly to your Bitcoin wallet. The entire transaction process will not take up to one hour to be completed. The process is simple and your privacy is secured because you will not be divulging any personal information. Before you agree to buy from a seller, do a background test on their previous trade history and feedback from their previous clients.
Take note that these platforms charge you a flat rate on each purchase, usually 1 to 5 percent on each purchase. Finally, you should know that the Bitmama platform allows you buy and sell bitcoin and Ethereum in Naira.
The platform also allows you trade against the USD. However unlike other exchanges, Bitmama sells directly to you. So, you do not have to worry about losing your funds. It is an easy to use platform that can allow you pay via your credit card from the comfort of your home.
How To Buy Bitcoin in Ghana. Remember Me. Get Changera. Shop like a local anywhere you go. Thursday, February 3, Top apps to trade Crypto coins How effective are Bitcoin trading bots? Can I buy Bitcoin using Nigerian naira? July 25, Share on Facebook Share on Twitter. Create a Bitcoin Wallet Owning Bitcoin is just like having money in your bank account; your wallet will serve as your bank account while Bitcoin serves as the currency, the wallet is where you will store the Bitcoin. Why Buy Bitcoin with Naira If you stay within Nigeria, buying bitcoin directly with cash comes with a lot of advantages.
How it works There are P2P platforms that will help you find people who are willing to sell within your locality, example Bitmama P2p exchange, LocalBitcoin, paxful etc. Bitmama Team. Related Posts. Weekly crypto roundup: WhatsApp plans to implements crypto payments in-app December 13, Crypto weekly news and Market update roundup November 22, How to Store Bitcoin September 28, Recent Comments.
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Bitcoin passed $50,000—here's what you need to know about the popular cryptocurrency
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Crypto 101: Cryptocurrency on the African Market
There are several factors an individual might want to consider before converting cryptocurrency into cash. Cryptocurrency is now a popular investment option for younger people but you can't exactly spend your crypto in order to pay for your dinner. Well, you can if you want to choose from a few limited options as big businesses get on board but for the most part, people still need to convert their crypto into cash. The good news is that this is very easy to do. Having said that, there are several factors an individual might want to consider before converting their cryptocurrency into cash. Digital tokens are extremely volatile and their values fluctuate a lot so if your timing is wrong you potentially stand to lose money. On the other hand, a risk-averse investor, seeing the uncertainty around digital currencies, might consider converting their digital money to fiat currency.
EVOLUTION OF THE NIGERIA DIGITAL CURRENCY: THE e-NAIRA (Part 1)
What coin do you want us to list? There are now thousands of coins available, but you can tell us the ones you wish to see here soon. Easy steps to Swap, Buy or Sell. Swapping, Buying or Selling any coin?
1 XBT to NGN - Convert Bitcoins to Nigerian Nairas
However, with the increase in Bitcoin adoption in Nigeria , more crypto exchanges have now focused on the Nigerian market. Hence, making it easier for the average Nigerian to buy Bitcoin on their platform. Look through. LocalBitcoins is a peer-to-peer platform that enables Nigerians and other users to buy and sell bitcoin among themselves. On the platform, you can trade directly with another person, make payments, and get value instantly. LocalBitcoins offers escrow protection for every trade which is meant to ensure the bitcoins and both traders are safe.
Nine things you need to Know About e-Naira
Williams, who is now based in Ghana, was told to visit the bank branch in Nigeria where he had opened the account if he wanted to retrieve his funds. Six days early, the CBN had indeed instructed banks to close the accounts of listed individuals who had allegedly traded cryptocurrency in contravention of a 5 February directive. Curiously, however, that directive had not placed any new ban on cryptocurrencies. It was quite a leap to go from that guidance to ordering banks shut down individual accounts. Yet some banks not only complied with the CBN but took its cue further. FCMB, for instance, instructed its nationwide network of branches to flag any bank accounts of year-old customers with a high volume of transactions. Some people use cryptocurrency for day-to-day transactions through apps like Lazerpay or to purchase foreign imports of clothes and electronics.
Nigeria launches its central bank digital currency eNaira
Cryptocurrency has become very popular among millennials since it became mainstream. Unlike a few years ago when the acceptability of the digital currency was still doubtful, it has now gained sufficient acclaim to qualify for use in making or receiving payments and also as an investment vehicle to hedge against inflation. Cryptocurrencies are completely decentralized, meaning that they are not governed by any central bank or monetary authority.
“Is this the end?” Nigerian crypto-traders confront latest state hurdle
With mainstream firms such as PayPal and JPMorgan also lending legitimacy to the cryptocurrency by investing it it and adding it to their platforms, industry experts say that this time bitcoin might be here to say. At its most basic level, bitcoin is a decentralized digital currency. Invented in by Satoshi Nakamoto — a pseudonym for an unknown person or group of people — bitcoin's appeal has long been its decentralized platform. That means that it's not under the purview of any national government, and can be resistant to the effects inflation has on traditional currency. Unlike ordinary money, which can be printed by a country's government, bitcoin can only be created by powerful computers through a process called "mining. Unlike traditional currencies which are backed by things like gold and silver, bitcoin's value comes from the trust that investors have in the blockchain network it is built on.
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. Most of that has been on Paxful , which has 1. Bitcoin and other cryptocurrencies have been popular in Africa for a number of reasons, but wealth creation is arguably the priority for most users.
Almost everyone have somehow heard of Bitcoin. For some others, their question is if it is legal and how can they start, while for some others the question is what can they do with Bitcoin. In this article we will look at how to invest and make money from Bitcoin in Nigeria.
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