Selling your Bitcoin to Naira can be a herculean task for most Nigerian online earners; hence this topic is one of the most sought-after topics online. We will be providing answers as to how you can efficiently convert your Bitcoin to Naira.
Before we go into that however, it will be pertinent to give a brief insight on what a Bitcoin is.
So what is a Bitcoin?
With the recent boom in the I.C.T sector, a lot of Nigerians especially the youths have sought ways to take full advantage of the opportunities therein. This has led to a lot of legitimate businesses and activates being carried out online. One major problem experienced by these people however, is the mode and method of payment as many of them have been underpaid or completely shortchanged as a result of the many bureaucracies involved in some of the conventional online payment systems. Some of which have Nigeria in their blacklist and hence people cannot get cash payments for legitimate jobs done online.
This trend has since been reversed with the coming of one of the most popular cryptocurrency, the Bitcoin. A Bitcoin can simply be defined as a digital currency. It can also be called electronic cash. It is a new way of storing and moving money, as payments received in Bitcoin can easily be converted to cash of any currency in the world. But let us look at how you can convert Bitcoin to Naira.
How do you Convert Bitcoin to Naira?
Here, we will only be providing you with trusted and secured ways you can easily convert your Bitcoin to Naira. To convert Bitcoin to Naira, You must:
- Have a Bitcoin Wallet: This is the first thing you need to do. Because Bitcoin transactions can only be made through a Bitcoin wallet. A bitcoin wallet is synonymous to a profile you create with a company that provides this service and which allows you to do transact in Bitcoin and other cryptocurrencies. There are several companies that offer this service like Luno, Blockchain.info, etc. Search and choose the one you consider most appropriate and the one that suits your needs.
- Fund your Bitcoin Wallet/Account: Once you have created your Bitcoin Wallet, You will need to fund it to enable you transact. There are several online companies that offer these services, but you have to be careful and do your research meticulously to avoid falling victims to fraudsters. www.MyTopExchange.com is a credible bitcoin exchanger in Nigeria. You can contact them to assist you in funding you bitcoin wallet. Once you have found a credible bitcoin selling site, order your bitcoin to fund your wallet.
- Register with an Exchange Site that supports Naira transaction: There are many sites that buy or exchange bitcoin for cash, but not all of them support Naira transactions, so you have to search for a credible exchange site that support Naira transaction. www.mytopexchange.com comes in useful here again. Have used them several times to sell my bitcoin, and they would credit my bank account within few minutes. Note however, that there are sites that support both wallet and payment system like Luno, Localbitcoin which makes the whole process quite easy, and there are sites that only support payment systems e.g. GeneX. You may decide to use either one of these sites or the two of them as they complement each other seamlessly.
Once, you have fulfilled the above criteria, you are now set to convert your bitcoin to Naira at any given time required. Also ensure that you are consistently updated on the exchange rates so as not to be shortchanged.