How to Convert BTC to Naira?
In recent years, Nigeria’s currency and banking system have been less than stable. Although inflation is reasonable, banks and ATMs are hard to reach for most citizens. Moreover, many Nigerians don’t have IDs – which further limits their access.
Given this situation, two solutions have sprung up. The first is a number of disconnected payment systems that are, in principle, similar to PayPal. These use mobile phone numbers to verify users’ identities, giving people a simple way to transfer funds.
The second solution is to use cryptocurrencies. This solution has a number of advantages, like decentralization and being a true alternative to using the Nigerian Naira at all.
Given how trust in the national currency is low – many people prefer to use Chinese Renminbi and the US Dollar – cryptocurrencies may be a better long-term solution. In this article, we’ll look at how you can convert BTC to Naira (and vice versa) quickly and easily.
BONUS: CoinCola Now Allows You To Buy Bitcoin With A Gift Card And Offers $5 Bonus.
Why use Bitcoin?
As we already mentioned, trust in the Naira is low. Although inflation is under control right now, the currency has gone through wild fluctuations before and may do so again. In comparison, Bitcoin is relatively stable.
Another reason to use Bitcoin is that it has, so far, accumulated value with great consistency. Profits are guaranteed, but compared to the Naira, Bitcoin is a lot more likely to gain rather than lose value.
A third reason to use Bitcoin is that it lets users make instant payments without using a mobile payment system. This means one can avoid centralized services – and make transfers without having a mobile phone or local number.
The last reason is particularly advantageous to people who want to, for example, send money both inside and outside Nigeria. Mobile platforms are limited to users with national numbers – but Bitcoin can be used anywhere, anytime.
How to convert Bitcoin to Naira and vice versa?
There are multiple ways to exchange Naira for Bitcoin. Most of them involve trading with other users. Remember: Bitcoin isn’t governed by a central bank. It’s worth whatever people are ready to pay for it – meaning a central platform or company won’t liquidate it for you.
You can exchange Bitcoin for Naira via gift cards. You can do so using the local mobile payment systems. You can even use cash if you find a traded partner who lives in your area.
The simplest way to complete an exchange no matter what payment method you want to use is via using our OTC platform. OTC stands for “Over the Counter” – and diet simply means that you can directly trade with other people.
One advantage of using CoinCola is that you can use whichever payment method you want: gift cards, bank wires, etc. Another important advantage is that you can rely on CoinCola’s staff members to help you settle any disputes quickly, professionally, and reliably.
As a final benefit, CoinCola also has an exchange platform you can use to trade coin pairs without transferring funds anywhere else. If you want to be able to exchange Bitcoin for Naira and trade crypto tokens anytime you want, this is a valuable, important feature.
To learn more about our platform and what we can do for you, just visit the page of Bitcoin Trading In Nigeria on CoinCola and make your first transaction(s) today!