HOW TO SELL BITCOIN IN NIGERIA
SELL BITCOIN IN NIGERIA: Selling part or all of your cryptocurrency for fiat has never been easier today than in, let’s say 2010, with the availability of various exchange platforms, the advent of peer-to-peer trading, and as a direct means of payment for goods and services.
SELL BITCOIN IN NIGERIA
If there ever was a way to gain financial freedom, tackle financial corruption totally or strive for financial equality in a society one way or another, the one answer will always be BITCOIN! Yes, bitcoin. Surely, most people know of have heard about bitcoin and how valuable it is, and they desperately want to have it. The sad thing is most people don’t know what makes it valuable and why there’s an absolute need for it’s existence, as important as this is, it is not something we would dive into today.
SELL YOUR BITCOIN FOR NAIRA
There are various ways by which you can sell your bitcoin in order to receive naira, and we will be looking at some of those methods below. First, we will categorize them into 3 major methods, and next under these methods we will look at ways by which we can effectively do that if there are any sub-methods.
In the introduction section above, we already mentioned the 3 methods, but for clarity, they are;
- Trading on centralized exchange platforms
- Peer 2 Peer Trading
- Paying directly for goods and services.
– CENTRALIZED EXCHANGES
Trading on Centralized Exchanges (or CEX) requires users to go through various levels of KYC verifications to ensure the safety of transactions and reduce the risk of fraudulent activities. Examples of these exchanges include Binance, OKX, MEXC, DartAfrica, KuCoin, Bundle, Luno etc.
On all of the above-mentioned CEX, you can store, deposit or withdraw your bitcoin, except DartAfrica which does not hold or allow direct deposit of assets for security reasons, you just make use of their affiliate link to add the amount of bitcoin you wish to sell and get paid directly instantly to your Nigerian or Ghanian bank account without third party interference.
Other CEX mentioned above require you to either make use of their P2P platforms or Cashlink service, which can be challenging sometimes as peers may not deposit full amounts or they don’t respond on time. So, you can say DartAfrica is not a CEX technically, probably what makes it efficient.
– PEER 2 PEER TRADING
As the name suggests, p2p trading involving bitcoin requires a seller and a buy, where sellers bring the amount of bitcoin they wish to sell and the buyer gives them a currency exchange rate.
The trade is conducted on this agreed-upon rate, and the seller receives payment directly to their bank account.
CEXs also provide P2P services, but the CEX determines the rate at which the trade is conducted, the timeframe in which it is conducted and disputes can be raised in cases of problems rising during the trade. CEX also provide a feedback section to the buyer, and seller to rate their performance during the trade.
– DIRECT PAYMENT
Nowadays, there are various stores and service providers that accept the fiat equivalent of bitcoin as a form of payment. This makes buying and selling more efficient, fast, and transparent, which is what most people want.
All you just have to do is ask the seller to provide a QR code for you to scan and make payment directly from your wallet, or you could ask for their address, but you can make errors while typing, so the QR code is safer and faster. The QR code will automatically input the destination address and network, you just input the required amount and almost instantly they receive it and you get a receipt.
In conclusion, there are various ways to sell your bitcoin for some Naira, it boils down to which you’re comfortable with or that is available to you at the time.
Bitcoin is the future of finance, soon there probably wont be a need to convert back to fiat.