How To Convert Bitcoin To Nigerian Naira
The number of Nigerians who own cryptocurrency is estimated at 22 million, which is 10.3% of the country’s total population.
Despite the crypto market’s downturn, it has not stopped Nigerians in their quest for more knowledge on cryptocurrency. According to a study by CoinGecko on Google trends, it was revealed that there was a surge in user curiosity from Nigeria, according to the search results. Fifteen countries were studied, and Nigeria ranked number one on Google search information about cryptocurrency. It seems like a large population of Nigeria is interested in learning more about crypto.
According to Beincrypto.com, The Nigerian population searched the most for the terms’ cryptocurrency,’ ‘invest in crypto’, and ‘buy crypto.’ Despite the decline in search intensity for ‘investment in cryptocurrency’ around the world since April, Nigerians often search for these terms.
Due to the increase in interest of Nigerians in Bitcoin and crypto as a whole, it is essential to educate them on how to convert Bitcoin to Nigerian Naira. This article includes a bonus recommendation of the best app to sell Bitcoin in Nigeria.
But first, let’s take a look at the basics.
What is Bitcoin?
In an article by Investopedia, it is written that Bitcoin is a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions.
Founded in 2009 by Satoshi Nakamoto, Bitcoin is the world’s oldest and most widely accepted cryptocurrency.
Bitcoin is the most popular crypto coin and the largest by market capitalization (367.52 billion)
Factors To Consider When Choosing a Crypto Trading App To Convert Your Bitcoin
Bitcoin trading is the act of buying and selling Bitcoin through an exchange platform. When searching for a suitable crypto exchange platform, there are a few things you need to consider, like a checklist, to ensure that you make the right choice. Because in the long run, the exchange platform you select to trade will affect your trading experience one way or the other, whether positively or negatively.
Below are the factors you need to consider when choosing the most suitable crypto exchange platform to convert your Bitcoin to Nigerian Naira.
- Availability of Bitcoin:
Most of the time, you do not need to worry about this, and this is because most crypto trading apps always have Bitcoin available to trade. After all, it is the most popular crypto coin.
Security is a factor that you cannot compromise. Security is a very vital aspect when selecting an exchange. Because of the sensitive nature of crypto assets, keeping your Bitcoin safe is wholly left to you. The wallet you decide to store your Bitcoin in needs top-notch security and must be equipped with two-factor authentication to add an extra layer of security to your assets.
- Customer Service:
If you encounter any issues during your trading process, an exchange needs to have a 24/7 available customer service representative you can reach out to and solve your problems. This aspect is often taken advantage of and overlooked, but people fail to understand that the availability of customer support also affects your trading experience. The customer service team is not only there to take complaints but also to answer various types of inquiries from new users or already existing users.
Different platforms offer different types of fees and amounts. They have additional charges such as deposits, withdrawals, and various transaction fees. Platforms may charge distinct amounts, some fair and some completely outrageous. When selecting a trading app, make sure you find out about their various fees and how much they charge, and pick the one you are most comfortable with.
Just like Fees, different crypto trading apps have their unique trading limitations. These limitations can come in forms, such as a limit on how much you can deposit, a limit on how much can be traded at a time, and even a limit to how much you can withdraw and how many times you can do all these. Time limitations can be daily, weekly, or even monthly.
Just like the point above, research and find out about their limitations and choose the platform with the limits you are most comfortable with.
As a new user, there are many things you are unaware of that go beyond what is on paper. When searching for an appropriate trading platform, you must seek out genuine existing users’ reviews to see how they feel about using it.
Best App to Sell Bitcoin In Nigeria – Breet App
We have discussed the elements of what makes a suitable crypto trading platform, so I’ll like to give you my recommendation. I’ll tell you about the best app to sell Bitcoin in Nigeria, Breet.
Breet is an over-the-counter (OTC) crypto trading app in Africa where users can receive, sell Bitcoin and convert it to Naira in less than five minutes with no third-party involvement, no deposit, trading, and withdrawal limitations, and no extra charges.
Because Breet uses an OTC trading method, the trading process only involves two parties- you and Breet.
Your privacy is paramount, so you do not have to worry about the involvement of intermediaries, and you do not need to wait to find a buyer for your Bitcoin.
The trading process is quick and seamless, and the withdrawal process is even faster and more stress-free.
Breet uses an automatic settlement, where you can receive your cash in your local bank account immediately after completing the transaction. So you do not need to withdraw your Naira manually.
Note that you have the freedom to turn the automatic settlement feature off or leave it on. If you wish to leave your funds in your Breet account, you are free to do so.
Breet is also available in Ghana and plans to expand to other African countries soon.
Supported Cryptocurrencies on Breet
Asides from Bitcoin, Breet also supports cryptocurrencies such as:
- Ethereum (ETH)
- Litecoin (LTC)
- Tether (USDT)
- Dogecoin (DOGE)
- Bitcoin Cash (BCH)
Each crypto coin has its unique wallet, with Tether having three USDT network wallets- ERC20, MATIC, and TRC20.
How to Generate a Bitcoin wallet address On Breet
Generating a Bitcoin wallet address on Breet is simple and requires a few steps.
- Log in to your Breet account
- On the home dashboard, click on BITCOIN
- Tap GENERATE WALLET
Your Bitcoin wallet address is displayed in two ways:
- As a QR code to be scanned easily by the sender.
- It is also written out and can be copied to clipboard.
As a bonus, you can click on the share icon to share it in multiple ways.
After your wallet has been generated, you can check the current Bitcoin exchange rates in Nigerian Naira or Ghanian Cedis (displayed in USD)
How To Convert Bitcoin To Nigerian Naira
We have discussed what Breet is and how to generate a Bitcoin wallet address on the platform, now, let’s take a look at the step-by-step process of how to sell Bitcoin for Naira on Breet.
- Copy your unique Bitcoin wallet address or scan the QR code. You can receive Bitcoin into it from anywhere, at any time.
- There are different rates for different ranges of Bitcoin amounts in USD received in your wallet. The corresponding naira value will automatically be added to your naira wallet after the transaction is complete.
- Once Bitcoin is sent to your wallet address, you have to wait for a minimum of 3 confirmations from the blockchain network.
- After this, the Naira value is added to your balance.
Remember, if you want the payment automatically sent to your bank account after completion, you can turn on AUTOMATIC SETTLEMENT in settings.
Why You Should Use Breet
Breet has various features which make the trading process stress-free from start to finish. Let’s take a look at some of those features and attributes.
- Instant Fiat Payment:
With Breet, you can convert your Bitcoin to Naira and withdraw straight to your local bank account within seconds.
- Two-Factor Authentication:
Breet does not take the safety of your crypto assets lightly. It uses 2FA for an added layer of security to keep your account and funds safe.
- No Hidden Charges:
When using Breet, be rest assured that you are getting the most out of your assets, as they do not charge any hidden fees.
- No Limitations:
Upon completing the advanced KYC, all daily limitations will be removed, and you are free to withdraw any amount from your balance as often as you like.
- 24/7 Customer Support:
Breet support is available at any time of the day, all week, to attend to any inquiries that you may have. You can reach a representative by emailing [email protected] or call/WhatsApp at 08090569499, or you can use the LIVE CHAT button in-app.
Since Nigerians lack affordable financial services, they are now embracing cryptocurrencies. Crypto is becoming an alternative way to store and transfer assets.
A report by the crypto trading platform, Kukoin revealed that 33.4 million Nigerians, which accounts for 35% of the population aged 18 to 60, currently own crypto assets or have traded them over the past six months. Also, 52% of Nigerian cryptocurrency investors allot over half of their assets to cryptocurrencies. 65% of Nigerian crypto investors make fiat deposits to crypto.
Another important finding is that 70% of Nigerian investors intend to grow their crypto investments over the next six months. This means that the adoption of cryptocurrencies in Nigeria is rising rapidly.
But even with the adoption of cryptocurrency, there comes a time they need to convert their crypto back to fiat currency, in this case- Naira.
By using Breet, they can sell their Bitcoin and convert to Naira seamlessly and quickly.
Note that none of the information given in this article is financial advice.