WHAT IS THE MOST EXPENSIVE COIN IN NIGERIA? Cryptocurrencies have become increasingly popular in Nigeria, with many people investing in them as a means of storing wealth or as a way to make a profit. While there are many different types of cryptocurrencies available, some are more valuable than others. In this article, we’ll take a closer look at the most expensive cryptocurrency in Nigeria.
As of March 2023, the most expensive cryptocurrency in Nigeria is Bitcoin. Bitcoin is a decentralized digital currency that was created in 2009 by an unknown person using the name Satoshi Nakamoto. It operates on a decentralized network, which means that it is not controlled by any government or financial institution.
Adoption Of Bitcoin In Nigeria
Bitcoin has become the most popular cryptocurrency in Nigeria due to its widespread adoption and acceptance as a means of payment. Many businesses and merchants in Nigeria now accept Bitcoin as payment for goods and services, and it is widely traded on various cryptocurrency exchanges.
Price of Bitcoin in Nigeria
The price of Bitcoin has been extremely volatile over the years, with its value fluctuating rapidly based on market demand and other factors. In late 2017, Bitcoin reached an all-time high of nearly $20,000 per coin, but it subsequently experienced a sharp decline in value. Since then, the price of Bitcoin has risen and fallen several times, and as of March 2021, it is trading at around $60,000 per coin.
Other Cryptocurrencies Asides Bitcoin
Other cryptocurrencies that are also popular in Nigeria include Ethereum, Binance Coin, and Cardano, among others. These cryptocurrencies have also experienced significant growth in value over the years, but they are not as expensive as Bitcoin.
Ethereum, which is the second-largest cryptocurrency by market capitalization, has a growing user base in Nigeria. It has gained popularity due to its smart contract capabilities, which allow developers to build decentralized applications on top of the Ethereum blockchain. Binance Coin, which is the native cryptocurrency of the Binance exchange, is also gaining traction in Nigeria. This is because Binance has become one of the most popular cryptocurrency exchanges in the country, and users can use Binance Coin to pay for transaction fees on the exchange at a discounted rate.
Dogecoin, a meme-inspired cryptocurrency, has also gained a lot of attention in Nigeria, particularly among younger investors. This is largely due to the hype around Dogecoin on social media, as well as its low price point, which makes it more accessible to retail investors.
Overall, while Bitcoin remains the most dominant cryptocurrency in Nigeria, other cryptocurrencies are gaining traction in the country, and their popularity is expected to continue to grow as more Nigerians become interested in digital assets.
It is important to note that investing in cryptocurrencies is not without risks. Cryptocurrencies are highly volatile and can experience rapid price changes. It is crucial to conduct proper research and seek professional advice before investing in any cryptocurrency.
Trading Bitcoin
Nigerians trade Bitcoin for various reasons, including investment, remittance, and as a means of payment. Bitcoin offers Nigerians a way to invest in a relatively new and exciting asset class with the potential for significant returns. The decentralized nature of Bitcoin also makes it an attractive option for remittance, as it allows for cheaper and faster cross-border transfers. Furthermore, the high inflation rate in Nigeria has led many Nigerians to turn to Bitcoin as a store of value and a hedge against the depreciating local currency, the Naira.
How To Exchange Bitcoin For Fiat On DartAfrica
DartAfrica is a very new and quickly expanding cryptocurrency trading platform that aims to make it pleasant and easy for users in Ghana and Nigeria (for the time being) to sell cryptocurrencies for fiat. DartAfrica offers support for popular cryptocurrencies like USDT, USDC, ETH, and BTC and has plans to increase this selection in order to cater to a wide range of consumers with various preferences.
The platform also provides simple navigation, quick and secure transactions, and a user-friendly design. To efficiently use DartAfrica:
- Visit their website to register in just a few simple steps.
- Create a transaction pin by logging into your account and selecting “Security” to authorize withdrawals.
- For instructions on creating a local bank account, click “Account Details”.
- Choose the coin you want to deposit by clicking “Sell Coins.” Put the USD amount (at least $20).
- By selecting “Sell Now,” you will be given a barcode and wallet address to deposit the equivalent amount you intend to sell. After two block confirmations, the corresponding amount of fiat is transferred into your account. You may track your transaction in the “Trades” area until the deposit is complete. You can see this on your “Dashboard.”
- To withdraw money to the account you’ve previously set up in step 3, click “Withdraw funds,” then enter the desired amount. Without any additional fees, your local bank receives a quick credit.
One of the many potential benefits of using DartAfrica is the fact that there are no transaction fees, unlike other exchange platforms or traditional banking institutions.
Finally, with the increasing acceptance of Bitcoin as a means of payment, more Nigerians are using it to make purchases online and in physical stores. Overall, the unique features of Bitcoin make it an attractive option for many Nigerians looking for alternative investment and payment options. Bitcoin is currently the most expensive cryptocurrency in Nigeria. Its widespread adoption and acceptance have contributed to its popularity and value. However, it is essential to exercise caution when investing in cryptocurrencies and to seek professional advice before making any investment decisions.
