Learn everything you need to know about bitcoin and how it works for beginners in Nigeria. Bitcoin in Nigeria explained. In this article, you'll learn everything you need to know about where to sell bitcoin in Nigeria, best site to buy bitcoin in Nigeria, bitcoin companies in Nigeria and the legality of bitcoin in Nigeria.tiny.cc What is bitcoin Bitcoin is an electronic currency, a cryptocurrency that works using computer codes. It works by verifying transactions over a public distributed ledger called the Blockchain. Bitcoin was founded in 2009 by an anonymous user or group named Satoshi Nakamoto. How it works Bitcoin works using a public distributed ledger called a Blockchain to keep track of transaction records from the beginning of the first transaction till the latest transaction. Users of the Blockchain broadcast their transactions which is added to a block by the network nodes.
CoinCola maintains one of the lowest fees for transactions on its platform. Unlike other platforms that collect 2-5% as transaction fees, CoinCola charges just 0.7 per cent of your total transaction. This makes it a good platform to build your Bitcoin portfolio as you get close to full value for your Bitcoin. CoinCola is one of the safest exchanges without any history of scam problems. Your transactions are kept safe and the platform offers a full guarantee of your funds. The platform uses high-grade military protocols which ensures that your funds are kept safe from hacks or online attacks. With CoinCola you rest assured about your iTunes gift cards to Bitcoin transactions.
How to Exchange iTunes Gift Cards for Bitcoin on CoinCola? You have to get an iTunes gift card before trading on CoinCola which can be gotten from offline sellers or from a friend or family in a region that utilises gift cards. Ensure that you check the card to confirm that there are funds in it. The next step is to sign up for CoinCola on its official website. You have two options either to sign up via eMail or Phone number. You need to fill in your correct email or phone number as a verification code would be sent that would be used to complete this process.
Register And Make A Trade On CoinCola Today, Get 0.0001BTC Instantly. After signing up you would see the OTC option at the top of the desktop, move to the gift card section and create an offer with the option of accepting payments in BTC. Bitcoin wallet is where you keep your Bitcoin and there are two options which is either a hot or cold wallet. Hot wallet is an online wallet while cold wallet is storing your Bitcoin offline. CoinCola offers a hot wallet which is secure and this is an advantage as you can easily store Bitcoins gotten from transactions immediately on the CoinCola wallet copy the wallet address.
4. Initiate exchange transactions. After this, you initiate a trade on the platform by verifying the transaction rate for your gift card using the rate calculator TINYURL.COM after being contacted on by a buyer and click initiate. You also have to change the option of payment to the Bitcoin payment option instead of your bank account and you would be asked to input your wallet address. When the buyer confirms the iTunes gift card code, the equivalent value in Bitcoin will be released to your Bitcoin wallet and you would be able to access your funds via the wallet. P.s. For people who want to buy bitcoin with Naira instead of gift card, go to the page of buying bitcoin in Nigeria at CoinCola where numbers of guys are selling bitcoins with different prices and payments in Nigeria.
Bitcoin (BTC) is a digital currency that has grown tremendously over the past few years. Its growth has also an increase in Bitcoin-related activities in Nigeria. Apart from buying and selling Bitcoin to make a profit, some Nigerians use Bitcoin to carry out cross border transactions like paying for goods and services as well as receiving payments from clients. Some businesses use Bitcoin for Glinda Loder cross border transactions as it helps them cut transaction fees and Tinyurl.com reduce the time it takes to execute transactions. With Bitcoin, they can spend less than 1% in transaction fees compared to using the existing system charges of 10% while also executing these transactions in less than 30 minutes compared to 16 -72 hours.
As more individuals and businesses seek to use Bitcoin for transactions, the available places to buy bitcoin in Nigeria has also been on the rise. In this article, we have taken a look at 7 top places where you can buy and sell Bitcoin in Nigeria. Quidax tops our list of places where you can buy Bitcoin in Nigeria due to its ease of navigation that helps for both beginners and experts to sign up and start buying/selling cryptocurrency in a short space of time. Quidax is an African focused cryptocurrency exchange which appears to have a long term focus on facilitating remittance into Africa. Asides from an order book exchange their website also allows users to buy Bitcoin using their instant buy and sell feature.
With their Instant buy and well feature they enable the user to Bitcoin with just 200 NGN. A primary advantage this exchange has over a number of others in Nigeria is its funding and withdrawal options (bank transfer and card deposit) which are efficient. As well as a responsive support team. In addition, they also support other cryptocurrencies including Etherum, Ripple’s XRP, Litecoin and a couple of others. With this, you don’t have to look for where to store your bitcoin. You can easily store them in the Quidax bitcoin wallet. Local Bitcoins is a peer-to-peer secure platform where you can meet with sellers and buyers of bitcoin in Nigeria.
It functions as an escrow which matches buyers and sellers together. As an escrow what they do is to hold the seller’s bitcoin until the seller confirms that they have been paid by the buyer. This way, neither the seller nor the buyer gets cheated. Local Bitcoins commenced operations in 2012 and is available in 248 countries. Payment methods accepted by Local Bitcoins are Bank transfer, Cash, Web money, Paypal, Wire transfer and Western Union. But, because you are transacting with individuals on this platform, it’s important that you put a little thought into security as well. You are dealing with individuals directly with a faulty escrow system and thus there is a risk of loss of funds. Like Remitano and Local coins, Paxful is a peer-to-peer exchange. This means that Paxful is a convergence point where buyers and sellers meet to buy and sell bitcoin.
For businesses, Paxful offers a method for buyers online to pay for products and services using Bitcoin. Being a peer to peer exchange it does not provide wallet services. This gives room for users to store their own Bitcoin. While this can be advantageous, it can also prove to be otherwise when you are looking to perform fast transactions. Paxful has over 300 methods you can use to pay for Bitcoins on this platform. This is one of the reasons it is called the “uber of bitcoin” in Nigeria. There are fraudsters looking to scam unsuspecting individuals. So, security is of high importance when using this platform. There have been high-profile accusations on twitter from Nigerian users of locking their funds without cause. Ngexchanger is an Exchange where buyers and sellers meet and transact.
NGexhanger operates similarly to Remitano and Local Bitcoins in that they act as an escrow and also provide a platform where buyers and sellers meet and carry out transactions. Ngexchanger allows users to reach them using several channels including What’s App. The exchange does not only enable users to buy and sell Bitcoin but also Steem, EOS, Tron and Bitcoin Gold. 1000 per day. But with a verified account, you can buy and sell as much as you want. It usually takes 24 - 48 hours to get verified on Ngexchanger. SatoWallet is a relatively new cryptocurrency exchange that allows users to store and Tinyurl trade Bitcoin.
A couple of features that comprise Sato wallet is its Jiff Trading which enables users to perform transactions quickly. Satos supposedly represent tokenized shares in Satowallet. Asides from Bitcoin, Satowallet also supports some altcoins. Their application also supports wallet staking where users are allowed to store any proof-of-stake cryptocurrencies to earn staking rewards weekly from the general earnings received on the platform. NairaEx is a Nigerian based exchange. NairaEx allows you to buy Bitcoin on their platform. The minimum amount to buy Bitcoin on NairaEx is 30,000 Naira. The website does not offer two-factor Tinyurl.com authentication so you might want to be a little careful. But, they have a referral program in which verified users can earn a commission when people they refer sign up. Initially, they traded Bitcoin and other altcoins like Etherium, Litecoin and Bitcoin cash.
But have stopped trading altcoins and simply focus on Bitcoin. NairaEx has two deposit methods bank deposit and TINYURL.COM Perfect money. The exchange is only open to users in Nigeria. High difference between buy and sell price which means you don’t always get the best price on the market. Remitano commenced operations in April 2016 and currently supports 58 countries including like Algeria, Tinyurl.com United Kingdom, Philippines, Uganda, Russia and Turkey. What this means is that it is a more inclusive cryptocurrency platform. Remitano is a peer-to-peer exchange which means that it links up buyers with each other without holding users’ funds in a wallet. Payment methods allowed on Remitano are cash, bank transfer and debit/credit card payment. Cash payment works when buyers and sellers are close to each other and prefer this means of payment.
With Remitano’s escrow service, they curtail scam and ensure that both parties live up to their commitment. The escrow service works by holding up the bitcoin of the seller until the seller confirms that payment has been made by the buyer. Upon confirmation, Remitano safely releases the bitcoin to the buyer. There are three types of account on Remitano; Starter, Gold and Platinum. Sometimes, fraudsters still find a way in so security is of paramount importance. In a nutshell, buying Bitcoin in Nigeria can be easy especially if you select the right cryptocurrency exchange. Some of the exchanges listed here are easier to use compared to others. It is important that you select the exchange that is easy for you to understand and navigate in order to avoid any complications.
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As mentioned in our previous article, tinyurl.com Bitcoin demand is growing in Nigeria. During economic uncertainty, people are looking outside of local Nigerian bonds and currency to store value, and Bitcoin searches have tripled in Nigeria. These are the most popular and reputable, Nigerian Bitcoin Exchanges. Nigeria is a market with over 177 million people 33 million of which are between the ages of 18-35 a target demographic. The Naira is Nigeria’s currency. 1353.44. This is a huge potential for arbitrage, Tinyurl.com for our advanced traders out there. If one can buy Bitcoin on Coinbase at spot, then transfer to Nigeria exchanges, there’s a tremendous profit.
But a reason these high prices exist is due to the difficulty in arbitraging. Accounts on both ends need to be verified, then there are fees, withdrawal and deposit times. The large price difference is due to the difficulty in arbitraging Bitcoin between the countries. If people were able to do it, the price difference would be much smaller, tinyurl.com but many investors don’t feel comfortable in arbitraging like this. ICE3X, initially launched as a South African exchange has opened up a Nigerian Bitcoin Exchange for trading, another prominent nation in the continent of Africa. This is another potentially enormous lucrative market for ICE3X to gain a foothold in.
The company has created a partnership with a Nigerian payment processor VoguePay. With this strategic alliance users will now have the capability of buying and selling bitcoins using the Nigerian Naira directly from VoguePay wallets. ICE3X (pronounced ‘ice-cubed X’), launched in January of 2015, as the first Nigerian Bitcoin exchange. LocalBitcoin is a P2P (peer to peer) platform allowing it’s userbase to exchange Bitcoin amongst themselves through a variety of payment forms, everything from in person, to gift cards, and bank wires. Nigerian users usually fund their purchase of Bitcoins via Perfect Money or Western union. The main variable in utilizing local Bitcoin is the method of which buyers and sellers use. Each one has a different level of fee and risk risk to each party.
The most secure way in our experience has been face to face transactions for buying / selling Bitcoin with the least secure for us thus far being Paypal. Your mileage may vary, still utilizing LocalBitcoin in Nigeria is another method of conducting Bitcoin transactions for citizens of Nigeria. BitX has rebranded itself as Luno. Luno allows Nigerians to buy and sell bitcoin instantly using the BitX app on Android of iOS. Users will have the ability to trade naira against bitcoin on the BitX Exchange. Luno has a great feature that provides a wallet service to its users. This is different than NairaEx, which requires a separate wallet in order to obtain a Bitcon address. 4m in funding as of now. Luno states on its website “no extra fees will be levied” when you use them to buy.bet9ja.com Better yet Luno has no fees for depositing Naira with the site, bank fees may apply however. Luno does currently charge a small fee each time you withdraw from them however.
On the surface, digital coins may not seem like a good idea in a country where corruption is rampant and stacks of hard cash are often smuggled overseas. Yet West Africa's biggest economy has the world's third-largest bitcoin holdings as a percentage of gross domestic (GDP), behind Russia and New Zealand, according to Citigroup. That may be because blockchain technology—public, online ledgers that underpin cryptocurrencies—is liberating Nigerians sidelined by the global financial system as it dramatically improves the ease of doing business. Olaoluwa Samuel-Biyi, a slight 27-year-old entrepreneur, looks the part of an aspiring corporate disrupter, dressed in skinny jeans with dishevelled hair. He first considered using cryptocurrency when credit card firms and Glinda Loder other established payment providers refused to partner with his global remittance company, deeming the venture too risky. He realised that the only way he could solve the problem was to use cryptocurrency. Banks were “very tedious” and payment companies “generally exploitative”, he said.
Bitcoin was the first cryptocurrency to be created in the world. It is powered by the blockchain technology. It is a virtual currency that can be used for the purchase of goods and services. Bitcoin has numerous values which we shall enumerate in this article. The following are the merits of bitcoin and why you should invest in it. Every currency in the world is subject to inflation. Most of these currencies are controlled by the government, and government policies can influence the currencies. Countries like Zimbabwe, Germany, and others have faced high inflation due to war, bad economic policies, and other things. Anytime a currency loses value, the purchasing power of that currency is reduced, and people will have to pay a lot of the currency to buy goods and services.
Bitcoin, on the other hand, as a monetary policy that is dictated by code and has been set up so that it has a low inflation rate due to the slowing down in the creation of new bitcoin over time. So, there is no danger of too much currency being in circulation. Bitcoin makes use of the blockchain technology. The blockchain is a public ledger that is publicly available to all. All transactions can be viewed and confirmed on the blockchain. The address and amount of cryptocurrency sent can be viewed. This makes bitcoin transparent and more open. But even with the transparency of the blockchain, there is no possibility of identity theft as real names are not used.
There is no central data hub for bitcoin. There is nothing like a massive or central data hub. All transactions have their own proof of validity and their own authorization protocol for processing of the transactions. The blockchain data is broken into several pieces around the world so, this data can’t be hacked or compromised due to its decentralization. 20,000 in December 2017. Ethereum and other cryptocurrencies also saw their values increase tremendously in that period. If you invest in bitcoin, you can potentially reap a lot of returns on your investment. 100,000 at some point in the future. More and more people are using bitcoin now. More companies are accepting it.
So, bitcoin is becoming mainstream. And most of all, this is happening all around the world. People buy bitcoin in Nigeria to be able to send money abroad, people buy bitcoin in Zimbabwe as a store of value, and people buy bitcoin in South Korea to benefit from its potential increase in value. As the popularity of bitcoin increases, more technology is being created to support bitcoin and make it better. The Lightning network, for example, part of this inventions. All these will make bitcoin transactions faster, reduce transaction wait times and improve the blockchain technology that powers bitcoin. As the acceptability of bitcoin increases and it becomes more mainstream, the merits of bitcoin will increase. The technology to support it is also increasing. More miners are going into bitcoin mining to mine coins. Bitcoin is portable, and you can carry around millions and even billions worth of it around without anyone knowing. A lot of startups around the world are now being powered by bitcoin. We are barely touching the surface of what bitcoin will be used for. There is a lot of positives to be gained. Investing in bitcoin now will be a wise decision.
What is the best Luno Alternative? Luno is one of the top global bitcoin exchanges. It came as a choice alternative to Coinbase especially for countries where Coinbase does not support the “buy and sell” feature. Luno did not only support more countries but it also integrated a trading room to its platform. So, Luno Users can Buy and Sell bitcoin in their native currency, store bitcoin, send and receive it as well as trade it. All this can be done on a web browser or using a mobile app. It also expanded its supported currency to include the Ethereum Ether ETH.
Its customer support use to be poor in the past but in resent time, Luno has made a commendable improvement in its customer service. It now has a very active live chat. The response to questions is almost immediate. Its email service is now also efficient. I received a response within 5 minutes of sending an email. I have not had any serious issue or loss of funds using Luno, tinyurl.com however today based on requests for the alternatives to Luno, I am going to talk about the top 5 alternatives to Luno. Note: My selection is based on only exchanges that share similar characteristics with Luno.
Coindirect is a South African Exchange launched in 2018. This exchange combined the features of Luno and Remitano. It also supports more cryptocurrencies and countries than these two exchanges combined. Users can buy and sell bitcoin by a P2P system or through a debit/credit card (SA only). A user can also trade, swap and tinyurl.com store over 34 other cryptocurrencies. Coindirect also has an App for more flexibility. Coindirect is one of the best alternatives to Luno. However, Coindirect has its downs. Depending on your country, the trading volume might be low.bet9ja.com This will definitely improve with more users joining. Also, unlike Luno where you cannot buy bitcoin using credit card/debit card of your country, you can only do this if you are in South Africa. Outside South Africa, you can only buy and sell via P2P. This a top Luno alternative based in Nigeria.
It has an edge over Luno in terms of speed of withdraws execution. Withdrawal request on Luno is processed 3 times a day; Monday to Friday. 8 am, 11 am and 3 pm. Quidax withdrawal usually takes 10 to 30 minutes Monday to Sunday. If it exceeded this time, contact customer support. Quidax offers the same service as luno but with more supported cryptos; i.e an exchange to buy and sell Bitcoin using Credit/Debit card or bank app and a trading room to trade these currencies. On the downside, Quidax does not have a mobile App and it’s ‘buy and sell’ features is available to only users in Nigeria.
Guava is a cryptocurrency exchange built to provide cryptocurrency exchange services to the African Market.tinyurl.com It’s one of the simplest and newbie friendly exchange I have come across. You can’t get confused on this platform. Guava was Launched in January 2019 and its rapidly gaining ground. It offers one of the lowest transaction fees. It also has a ‘Live Chat’ to answer quarries. This exchange is similar to Luno. To buy bitcoin on guava, first, you fund your guava naira wallet then you can either buy bitcoin on the ‘Instant Buy’ or trade in the ‘Trade Room’.tiny.cc Guava currently supports 3 cryptocurrencies; Bitcoin BTC, Ether ETH and Ripple XRP.