Litecoin is a cryptocurrency that was created by Charlie Lee, a former Google engineer, in 2011 as a fork of the Bitcoin core client. It is often referred to as the “silver to Bitcoin’s gold” and has become a popular alternative to Bitcoin due to its faster transaction times and lower transaction fees. Litecoin shares many similarities with Bitcoin, including its decentralized architecture, cryptographic protocol, and limited supply.
However, Litecoin seeks to address some of the limitations of Bitcoin, specifically in terms of transaction speed and cost. While Bitcoin transactions can take up to 10 minutes to process and are subject to high fees during times of network congestion, Litecoin transactions are typically processed in 2.5 minutes and require lower transaction fees. Additionally, Litecoin’s mining process is designed to be more accessible and less resource-intensive than Bitcoin’s, allowing for a wider range of individuals to participate in securing the network. If you are looking to buy Litecoin in Nigeria, there are several ways to do so. In this article, we will explore some of the most popular methods.
How to buy Litecoin in Nigeria
Choose a cryptocurrency exchange
The first step to buying Litecoin in Nigeria is to choose a cryptocurrency exchange. There are several exchanges that allow Nigerians to buy and sell cryptocurrencies, including Litecoin. Some of the most popular exchanges include Binance, Luno, and Quidax. These exchanges allow you to buy Litecoin using Nigerian Naira (NGN).
Register an account
Once you have chosen an exchange, the next step is to register an account. This involves providing some personal information such as your name, email address, and phone number. You will also need to provide a form of identification such as a passport or driver’s license.
Verify your account
After registering an account, you will need to verify your identity. This is a requirement for most cryptocurrency exchanges and involves providing additional documentation such as a utility bill or bank statement to confirm your address.
Fund your account
Once your account is verified, you can fund it with Nigerian Naira (NGN). Most exchanges accept bank transfers and debit card payments as a means of funding your account.
With your account funded, you can now buy Litecoin. To do this, simply navigate to the Litecoin trading page on your chosen exchange and place a buy order. You will need to specify the amount of Litecoin you want to buy and the price you are willing to pay.
Withdraw your Litecoin
After buying Litecoin, you may want to withdraw it to a personal wallet for safekeeping. This involves providing the wallet address and sending the Litecoin from your exchange account to your wallet.
Litecoin has been relatively well adapted by Nigerians, especially among the cryptocurrency community. The ease and speed of transactions, as well as the low fees associated with Litecoin, have made it a popular alternative to Bitcoin for sending and receiving payments.
In Nigeria, Litecoin can be bought on various cryptocurrency exchanges and peer-to-peer trading platforms. As mentioned in one of the steps above, some of the popular exchanges that offer Litecoin trading include Quidax, Binance, and Luno. Additionally, merchants and businesses in Nigeria are also starting to accept Litecoin as a form of payment, further increasing its adoption.
Furthermore, the Litecoin Foundation has been actively involved in promoting the use and adoption of Litecoin in Africa, including Nigeria. In 2019, the foundation partnered with the blockchain firm Cred to launch a new interest-earning wallet, which allows Litecoin holders to earn interest on their holdings. This move was aimed at increasing the appeal of Litecoin as a store of value and a means of investment in Nigeria and other African countries.
DartAfrica is looking to expand its crypto assets to include currencies like Litecoin, so users can, whenever they want, exchange their Litecoin for fiat. DartAfrica is a web-based platform that can be useful for individuals who want to convert their cryptocurrency holdings into local currency for various purposes, such as paying bills or making purchases with their local fiat. Comparing DartAfrica to other exchange platforms or conventional financial institutions, it offers no transaction costs, which makes up the perks of using it. The site additionally provides excellent exchange rates, quick and secure transactions, and a simple-to-use interface. To exchange available assets (USDT, BTC, USDC, ETH, and BUSD) on DartAfrica:
- Head over to their website to register in very few quick and easy steps.
- Next, log in to your account and click “Security” to create a transaction pin for authorizing withdrawals.
- Click on “Account Details” to set up your local bank account.
- Click on “Sell Coins”, and select the coin you wish to deposit. Enter the USD amount (min $20).
- Click “Sell Now” and a barcode (and wallet address) is provided for you to deposit the equivalent amount you wish to sell. Once the deposit is complete, you can monitor your transaction in the “Trades” section and after 2 block confirmations, the equivalent fiat is deposited in your account. This can be viewed on your “Dashboard”.
- Click “Withdraw funds” and enter the amount you wish to withdraw to the already set up account in step 3. Your local bank is credited instantly with no hidden charges.
While the adoption of Litecoin in Nigeria is still in its early stages, it has shown promising growth and potential. With its fast transaction times, low fees, and increasing merchant acceptance, Litecoin may become a popular cryptocurrency choice among Nigerians in the years to come. Buying Litecoin in Nigeria involves simply choosing a cryptocurrency exchange, registering an account, verifying your identity, funding your account, buying Litecoin, and withdrawing your Litecoin to a personal wallet. It is important to choose a reputable exchange that is secure and has a good track record of customer service. Also, remember to DYOR (Do Your Own Research) always.