HOW TO USE BITCOIN TO TRANSFER MONEY TO NIGERIAN BANK ACCOUNTS
USE BITCOIN TO TRANSFER MONEY
USE BITCOIN TO TRANSFER MONEY: As the popularity of Bitcoin and other cryptocurrencies continues to grow, people are beginning to explore different ways to use them. One of the popular ways is to transfer money to bank accounts in different countries, including Nigeria. This article will discuss how to use Bitcoin to transfer money to Nigerian bank accounts.
Before we delve into the steps involved in using Bitcoin to transfer money to Nigerian bank accounts, first understand that Bitcoin is a decentralized digital currency that is based on a blockchain network. The blockchain is a distributed ledger that contains all the transactions that have ever taken place on the network. Transactions on the Bitcoin network are verified by network nodes through cryptography and recorded on the blockchain.
Now, let’s look at the steps involved in using Bitcoin to transfer money to Nigerian bank accounts.
Step 1: Get a Bitcoin Wallet
The first step in using Bitcoin to transfer money to Nigerian bank accounts is to get a Bitcoin wallet. A Bitcoin wallet is a digital wallet that allows you to store, send, and receive Bitcoin. There are several types of Bitcoin wallets, including desktop wallets, mobile wallets, web wallets, and hardware wallets. Choose a wallet that suits your needs and preferences.
Step 2: Buy Bitcoin
The second step is to buy Bitcoin. You can buy Bitcoin from a cryptocurrency exchange / centralized exchange / p2p trading, or a Bitcoin ATM (if available). To buy Bitcoin from a cryptocurrency exchange, you will need to create an account on the exchange, verify your identity, and link your bank account or credit card to the exchange. Once you have bought Bitcoin, it will be stored in your Bitcoin wallet.
Step 3: Find a Reliable Bitcoin to Naira Exchange
The third step is to find a reliable Bitcoin to Naira exchange. You must sell your Bitcoin for Naira to transfer money to a Nigerian bank account. There are several Bitcoin to Naira exchanges available, including DartAfrica NairaEx, Quidax, Bitmama, Binance P2P, Binance CashLink, Bundle, Busha, etc. Choose an exchange that has a good reputation and offers a competitive exchange rate.
Step 4: Sell Bitcoin for Naira
The fourth step is to sell your Bitcoin for Naira. You can do this on the Bitcoin to Naira exchange you chose in the previous step. You will need to provide your bank account details to the exchange to receive the Naira.
Step 5: Transfer Naira to Nigerian Bank Account
The final step is to transfer the Naira to the Nigerian bank account. Once the Naira has been credited to your account on the Bitcoin to Naira exchange, you can withdraw it to your Nigerian bank account. You will need to provide your bank account details to the exchange to make the transfer.
How To Sell Bitcoin For Naira and Transfer Directly to Your Local Bank
We will be talking exclusively about DartAfrica mentioned in step 3 above. The sole reason for this is simply because it is the fastest and easiest to use among all the others mentioned. You can proceed to sign up on DartAfrica, which is a super-fast, reliable, and very easy-to-use platform to convert your cryptocurrency into fiat instantly.
All you need to do is complete your initial sign-up and update your profile with all the necessary information to ensure you have a seamless transaction every time you make use of the web application.
The unique thing about DartAfrica is that they don’t hold any of your cryptocurrency, they just help you to convert it to fiat and deposit it directly in your bank account. To make use of the DratAfrica web application;
- Log in to your new or existing account and click on Sell Coins.
- Navigate through and pick the cryptocurrency you wish to sell (ETH, USDC, USDT, BUSD, BTC, etc.). Note that the minimum amount you can sell for now is $20. This automatically calculates the amount of coin you will need to sell and the amount you will receive in NGN.
- Proceed to click Sell Coins Now, and instantly a wallet address for the cryptocurrency you wish to sell is generated (barcode and address). All you need to do is copy the wallet address or scan the barcode with your Luno wallet and transfer the required amount to DartAfrica.
- When you’re done with the step above, proceed to the DartAfrica dashboard to see your trade ongoing. After 2 block confirmations, your fiat is deposited into your DartAfrica account and you can instantly withdraw that into your local bank account within minutes.
Using Bitcoin to transfer money to Nigerian bank accounts is a simple process. You will need to get a Bitcoin wallet, buy Bitcoin, find a reliable Bitcoin to Naira exchange like DartAfrica, sell Bitcoin for Naira, and transfer the Naira to the Nigerian bank account. Always ensure that you use a reliable exchange and keep your Bitcoin wallet secure to avoid any loss of funds.