Can I buy Bitcoin using Nigerian naira?

Buying bitcoin and other crypto coins with Naira in Nigeria hasn’t been all easy. 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. Once you’ve bought Bitcoin, you can hold it in your wallet, spend it or exchange it for other forms of currency. These steps will guide you on how to buy Bitcoin using Naira.

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. 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.

Why Buy Bitcoin with Naira

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.

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. 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. You will receive the account number of the seller and you’ll transfer the money (Naira) directly into the sellers account. Once you’ve made the transfer, you need to upload a proof, either a screenshot of the bank transfer, or a picture of the deposit slip. 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.

Also Read

How To Buy Bitcoin in Ghana

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Featured image credit: [File: Adetona Omokanye/Bloomberg] via Aljazeera