How To Conveniently Buy And Sell Bitcoin In Nigeria (2022)

Want to know how you can successfully buy and sell Bitcoin in Nigeria? This post is for you. In this post, you’re not only going to read about all you need to know about Bitcoin, but you’re also going to know the opportunities around it and how the world is fast embracing it.

But first of all, what is Bitcoin?

Table of Contents

What Is Bitcoin And How Did It Come About?

Bitcoin is a form of electronic money. A type of cryptocurrency that allows you the freedom to use your money without being ripped off by the wolves in banks and government charges. With Bitcoin, it means nobody – not the central bank nor the government – controls your money. So it’s one of the easiest ways to move money from one person to another: a peer-to-peer system without any intermediary.

Did you know that people actually started to consider Bitcoin when there was too many ripoffs, scams and fraudulent activities by banks and the government in the form of useless and cruel charges and taxes? So in a way, the Bitcoin blockchain network emerged as a result of oppressive and unfair actions of the rich and powerful against the ordinary men and women toiling for their money day and night.

It actually started in 2008 when people began to notice that their money saved in banks were being misused. They realized they were being duped, as banks were rigging the system while charging them exorbitant fees to keep and transact using their own money.

So to reverse the trend, Bitcoin pioneers decided to create a system that would “put the seller in charge, eliminate the middlemen, cancel interest fees, and make transactions transparent, to hack corruption and cut fees.” In this way, Bitcoin was born.

Is Bitcoin Safe for Transactions?

This is perhaps one of the most asked questions regarding Bitcoins and other cryptocurrencies. As with every new thing, you want to be sure of the safety of your real cash considering that Bitcoin is what we can call internet money. But hey hear this.

The fact that big names in the business world like Bill Gates, Warren Buffet, Mark Zuckerberg recommend it is really cool, isn’t it? How about big companies like Dell, Reeds, Microsoft to mention a few? Across the globe, the rapid rate at which businesses across platforms are embracing this new world of money is superb. So many online platforms now accept it as a means of payment, meaning you can now use it to buy physical or digital products and accept it as payment for goods or services rendered.

Now, let’s take a look at Bitcoin in Nigeria: how to buy and sell Bitcoin in Nigeria.

How to Buy and Sell Bitcoin in Nigeria

Gone are those days when the Nigerian business atmosphere dreaded dealing in Bitcoin because of fear of scams. With more and more technologically advanced systems in place, Nigerians are beginning to gain the trust of cryptocurrency. The good news is, you can now deal in Bitcoin or other cryptocurrencies without being swindled of your hard-earned money. No joking here. In this post, you will learn exactly how you can conveniently buy and sell Bitcoin in Nigeria.

To buy Bitcoin, you need to get a Bitcoin wallet. This is where your Bitcoin is stored.

Buying and Selling of Bitcoin: How It Works

To buy and sell Bitcoin in Nigeria, it is important you understand how the system works.

To begin with, let’s assume you’re Kay.

So if Kay wants to buy Bitcoin from any of the platforms, here’s how it would go:

Kay would have registered and verified her account on any of the exchanges given above.
Kay would have funded her wallet by depositing a certain amount of money through any payment options of her choice.
Kay will then identify a seller, a registered and fully verified seller (Let’s assume the seller goes by the name Fred.)
Kay will indicate or punch in the number of Bitcoins she wants to buy from Fred.
But the exchange platform (like Luno or BuyCoins) won’t release Fred’s Bitcoins to Kay yet. So neither Kay nor Fred has access to the amount of Bitcoin indicated by Kay.
Then Kay will pay an equivalent naira amount to Fred’s bank account and confirm that she has made payment.
Then Fred will confirm he has received the money.
And then the Bitcoin will be released to Kay immediately.

If you’re planning to buy and sell Bitcoin, we’ve researched for you a list of the best Bitcoin outlets where you can do that easily and safely.

1. Luno

Luno is a Bitcoin exchange platform that allows you the opportunity to buy and sell Bitcoin and ethereum easily. It’s a cool platform because it gradually gaining trust in Nigeria and because of its sophisticated technology and user-friendly interface, many Nigerians are beginning to trust dealing in cryptocurrency.

2. Kraken

Kraken is another beautiful platform to buy and sell Bitcoins. So if you’re looking for how to buy and sell Bitcoin in Nigeria, check out Kraken. As one of the biggest Bitcoin exchange platforms in the world, it provides users with a wide range of options to deposit money to buy and sell Bitcoin. To make a transaction, you can use a bank wire, ACH, SWIFT and SEPA.

3. NairaEx

NairaEx is also one of the best Bitcoin exchange platforms that solve your questions on how to buy and sell Bitcoin in Nigeria. It has a beautiful platform with an easy-to-use interface. To make your transaction seamless, NairaEx provides you with different means of payment: Cash, bank deposit, bank transfer or Perfect Money.

4. Quidax

Quidax is also cool if you’re looking for a platform to buy and sell bitcoin in Nigeria. It is easy, friendly and secure. One beautiful thing about Quidax is that it had one of the fastest deposit and withdrawal systems you can think of. It’s really cool.

5. Blockvilla

One of the top Bitcoin exchange platforms is Blockvilla. Not only is it easy, clean and secure, you also have the chance to invest your Bitcoin. So in case you don’t know how to trade Bitcoin, you’ve got the opportunity to invest and be paid your ROI. Pretty cool, isn’t it? It’s one of the best platforms to buy and sell bitcoin in Nigeria.

6. Remitano

When you talk of the best Bitcoin exchange in Nigeria, you cannot omit Remitano. Their platform is uniquely simple and friendly and they provide top-notch customer service. With its swap and investment system, it is one of the best platforms to buy and sell Bitcoin in Nigeria.

7. LocalBitcoins

Founded in 2012, LocalBitcoins is one of the best exchange platforms to buy and sell Bitcoin in Nigeria. Apart from having over 30 payment options, it has a unique and straightforward interface.

8. BuyCoins

BuyCoins also offers great Bitcoin exchange services. With this platform, you can buy and sell Bitcoin in Nigeria conveniently. Apart from its very fast payment system, the transaction is hassle-free on BuyCoins. Plus, there is a way you easily connect with the interface as a Nigerian, because the exchange is 100% proudly Nigerian.

9. Alphabits

One important thing that distinguishes Alphabits from the rest is its unique feature of a live chart display on the homepage. With that, the user gets to see how their stuff is doing in the market. Pretty cool, uhn? You bet. And their transaction fee is relatively low compared to others.

10. Bitpesa

If you’re looking to buy and sell Bitcoin in Nigeria, Bitpesa is another good option. It provides the opportunity to transact and exchange with Bitcoin on the platform. It has a nice interface that provides a good user experience.

Wrapping Up

With more and more technologies springing up in the Nigerian business world today, it’s not a surprise that dealing in cryptocurrency is no longer difficult. So if you’re looking to buy and sell Bitcoin in Nigeria, considering our carefully written guide would be very helpful.

Other Great Articles On The Blog