In this article, you will learn the best way to buy and sell bitcoin and other cryptocurrencies in Nigeria.
Bitcoin is a digital asset that makes use of public ledger known as blockchain as a record history of all transactions broadcast on the network. The digital asset requires a private key to spend the coin.
Bitcoin serves as a digital currency and aims to replace our traditional currencies (NGN, USD, EUR, etc) in future.
It can be used as a means of sending payment from and to anywhere around the world with just a minor network fee as transaction fee.
All it takes to buy bitcoin in Nigeria is the receiver's wallet address. With this, the seller can send bitcoin to any bitcoin wallet address of someone in any location.
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Difference between cryptocurrency and bitcoin
Before we dwell into buying or selling bitcoin and other cryptocurrencies in Nigeria, there's need for you to understand the difference between bitcoin and other cryptocurrencies.
Cryptocurrency is a general term used to describe a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. That means bitcoin is a cryptocurrency itself out of 1000s of cryptocurrencies we have in the world. It's the largest by market capitalisation as at the time of writing this article.
Each cryptocurrency utilises different networks and as such have different wallet addresses, so it's important to know the difference between any cryptocurrencies before sending or receiving them to a particular crypto wallet address as any error or mistake could lead to total loss of funds.
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Different types of cryptocurrencies in the world
There are over 1000 different cryptocurrencies in the world today with each cryptocurrency representing a unique project promising a novel and revolutionary technological solutions in the decentralised space. There are several categories of cryptocurrencies base on their unique solutions and industries they operate in, but here are the most popular and common categories of cryptocurrencies/crypto projects we have in the world today :
1. Peer-to-peer electronic cash system
These cryptocurrencies aims to replace the traditional centralised way of sending cash and payment. They provide a network through which electronic payment can be sent from peer to peer without any intermediary. The decentralised nature of the network makes it impossible for regulators to ban or for a single actor to confiscate funds, a problem peculiar with centralised payment network like banks. Some crypto projects even go further to add privacy features which protects the privacy of users transacting on the network. These types of crypto projects are often referred to as privacy coin. Examples of cryptocurrencies under this category include: bitcoin, bitcoin cash, litecoin, zcash, monero and others.
2. Decentralised applications (dApp) platform
These cryptocurrencies aim to provide an operating platform for the execution of smart contract (dApp). They provide an execution environment for decentralised applications to run on. Examples of cryptocurrencies under this category are: Ethereum, Polygon (Matic), Binance Smart Chain and others.
3. NFT and Metaverse
NFT is an acronym for non fungible token. Non fungible tokens represent tokens that are not identical and thus have different values. They are often used to represent art collections, in-game items or collectibles or any piece of work existing either digitally or physically. A lot of crypto projects today are related to NFT as it offers variety of opportunities in the gaming, art, and business world. Artists can now monetise their works by auctioning their piece of artworks in NFT marketplaces similar to the real world art auction. Examples of NFT related crypto projects or cryptocurrencies are: Origin protocol (OGN), BAKE, APE Coin, GALA and so many others.
Metaverse projects on the other hands are virtual reality projects. They aim to build a future world of 3D content publishing and social interaction. Virtual reality projects have been touted as the next technological advancements in future tech space that could change the way we work, socialise and play online. Some examples of cryptocurrencies relating to Metaverse or Metaverse coins are: Decentraland (MANA), Axie Infinity (AXS), Mines of Dalarnia (DAR), The Sandbox (SAND) and others.
4. DeFi (Decentralised Finance)
DeFi projects aim to bring financial functions into the decentralised world enabling crypto freaks to enjoy almost all functions of finance in the real world such as; saving, lending, borrowing and lots more, enabling participants to earn interest or return on their crypto assets. Examples of DeFi protocols are: Uniswap (UNI), Curve Finance (CRV), PancakeSwap (cake), Yearn Finance (YFI) and others.
5. Stable coins
Stablecoins are cryptocurrencies whose values are backed by fiat currencies like USD, EUR, GBP and others. Because every unit of a stablecoin in circulation is backed by equal value of corresponding Fiat currency, their values are stable relative to the value of the fiat currency and do not fluctuate like majority of cryptocurrencies value. Thus, stablecoins protect holders against drastic fall in prices experienced when exposed to other cryptocurrencies and serve as a more reliable means of value exchange in business transactions. Examples of most common stablecoins are USDT, BUSD, TUSD, USDC and several other stablecoins.
Challenges of cryptocurrency trading in Nigeria
Buying bitcoin can be difficult especially in some countries that is not supported by popular crytocurrency exchange in the world likewise is buying it through debit or credit card.
Exchanges that accept credit or debit card may not support certain countries making it difficult to purchase bitcoin easily with it. Even those that supports your country charges exorbitant amount of fees making it a no-go area!
The ease of purchasing bitcoin by just entering card details makes it the best method of purchasing bitcoin without hassle. However, in countries like Nigeria where cryptocurrency transactions are banned by CBN (Central Bank of Nigeria), the most viable option is peer-to-peer crypto transactions where buyers and sellers transact with each other without intermediary.
In this article, I'll be sharing the best method of buying and selling bitcoin easily without delay in payment. We all know how many bitcoin exchanges can be slow in processing withdrawal into bank accounts. This method here profers direct solution to buying and selling bitcoin easily in Nigeria.
Best crypto wallet app in Nigeria
You need a cryptocurrencies wallet to buy bitcoin or any cryptocurrencies. There are several crypto wallet apps that can be used to buy bitcoin in Nigeria. The crypto wallet is where your bitcoin will be received and stored after buying just like your normal Nigerian bank account.
You can make use of centralised exchange wallet like that provided by Binance as your crypto wallet app or use an online decentralised crypto wallet app like Trust wallet to store your purchased bitcoin.
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Different methods of buying and selling bitcoin in Nigeria
You have learnt the difference between bitcoin and cryptocurrencies and the different types of crypto wallets available for buying and selling bitcoin in Nigeria. Now, it's time to learn the different ways by which you can buy and sell bitcoin and other cryptocurrencies in Nigeria.
Buying and selling bitcoin through WhatsApp group
WhatsApp group is one of the easiest way bitcoin and cryptocurrencies users in Nigeria trade directly with each other peer-to-peer. It provides a platform for buyers and sellers to meet and transact with one another using a trusted party as an escrow to prevent scam.
I created a WhatsApp group where such buyers and sellers can meet and transact directly with one another. To read more about the WhatsApp group and how to join, follow this link
Note that escrow is a service provided by the admin of the bitcoin WhatsApp trading group to protect the assets of members or traders of his group against scammers. A fee will be charged for the escrow service provided.
Reasons why you should exchange your bitcoin using this method
Instant payment. Payment is instant after receiving bitcoin and transfer of bitcoin to buyers is immediate after receiving payment. Most bitcoin exchange in Nigeria take time before paying their customers but with this method payment is instant as you are dealing directly with a trader.
No registration. Exchanging your bitcoin to cash may require compulsory registration with an exchange website but with this method, there's no need for such registration. Buying and selling is direct and easy between members.
No identity verification associated with most exchanges. No need of submitting your identity to unknown people on the internet. Submitting identity on website which is risky can be difficult and time wasting considering the time it may take for completing verification.
Safe transaction. Buying and selling bitcoin in Nigeria can be risky because you may end up in the hands of fake websites and exchanges but with this method, your transaction is safe as you can make use of the service of a trusted escrow. I provide the escrow service myself to secure transaction.
Follow this link to start buying and selling bitcoin using WhatsApp group
Buying and selling bitcoin using peer-to-peer exchange
Another method by which you can buy and sell bitcoin and cryptocurrencies in Nigeria is through P2P exchange supported in Nigeria.
P2P exchange offers a website or app through which buyers and seller can trade with each other with the exchange secure escrow service. P2P exchange locks cryptocurrency in escrow until the buyer makes payment and the seller confirms and releases crypto to the buyer from the secure escrow.
Using P2P exchange is very simple but if you are new to cryptocurrencies and P2P exchange, you are vulnerable to scammers. So, using a P2P exchange might require you to learn how the platform function and the rules to get started.
To get started with P2P exchange, you can register on Binance. Both sites provide P2P service for their members.
Buying and selling cryptocurrencies directly using a trusted crypto vendor in Nigeria
Another way you can buy and sell cryptocurrencies in Nigeria is through trusted online crypto vendor. The trade is carried out on WhatsApp directly with the vendor. It's much easier and faster as the transaction is peer-to-peer.
To buy or sell bitcoin directly with a trusted online crypto vendor, follow the instructions below:
- Read terms and conditions. Click here to read through and accept the terms of service before you proceed.
- Send detailed message of what you want on WhatsApp. Ensure you've read the complete instructions before you send a message on WhatsApp otherwise your message may not receive a response if you don't follow the terms and instructions correctly. Once you have fully read and agreed to the terms and full instructions given, follow this link and give details of the transaction you want to carry out. Details include what cryptocurrencies you want to buy or sell, the value/amount and other information necessary.
- Then wait patiently for my response. I will either ask for further information or let you know the amount you will receive in Naira in your Nigerian bank account or the amount of cryptocurrencies you will receive base on the information you provided above. Note that you may not receive a response if you don't follow the instructions given or provide complete details of what you want.
- Express readiness to make payment by requesting for the account to remit payment to. Once you make it clear you are ready to proceed with the transaction, you'll receive further directions or details of my account to which you can remit your payment.
- Send payment and wait for your transaction to be processed. Notify with payment receipt and send the Nigerian bank account details or crypto wallet you want payment to be sent to, then wait for the transaction to be processed.
Screenshots of successful transactions with customers to proof legitimacy
The above screenshots show few out of the many transactions carried out with crypto buyers and sellers.
Terms of Trade
Kindly read the terms and conditions that apply to your use of information on the present page you are reading. Subsequent update may be provided to these terms without your prior notice and it's your duty to regularly visit the page for updates. Your usage of the information thereof or exchange service shall signify your acceptance of these terms and you shall be bound as follows:
1. Definition - "I" or "me" refers to the owner of this blog, the provider of this service. "You" or "your" refers to the reader of this information who wish to or has contacted me for the exchange service. "Information" or "this information" refers to the blog article on this page where these terms are originally found.
2. Mode of operation and rules of engagement - All our transactions shall be carried out on WhatsApp. Note that transaction once entered is final and nonrefundable.
All communications with me must be strictly on WhatsApp, no calls of any form is necessary or allowed. Do not abuse the WhatsApp call feature. Do not WhatsApp call me without following the instructions outlined in this article first. Do not WhatsApp call to call my attention if you know you are not ready to carryout any successful transaction.
You are advised to be detailed about your enquiry or needs as message with no specific details of what you want might not receive a response.
I reserve every right to refuse a transaction with you or refuse to respond to your message. If your message hasn't been responded to, it's usually because:
a. I wasn't available as at the time your message was delivered or was busy responding to other messages. Kindly exercise a little patience if you've followed the instructions given and your message is yet to be responded to.
b. You didn't follow the instructions given or have not provided clear and complete details of what you want.
c. You've violated the terms and conditions.
d. Your message has already been addressed.
It's always important to go straight to the point and follow instructions given when sending your message to save time for everyone.
You may send a WhatsApp message with details at any time of the day which will be responded to during my working hours or when I'm active. You may not WhatsApp call outside of these working hours (working hours is between 8:00 am to 11:59 pm GMT+1).
Be courteous, civil and respectful in your interaction as unruly/mannerless behaviour or violation will result in instant blocking!
You may only use WhatsApp call, in moderation, as a means to call my attention to your message only if all the following conditions are met:
a. You have followed all the instructions on your part and ready to proceed to carry out a successful transaction. If you are not sure you'll end up making a successful transaction, no need to use WhatsApp call, wait for a response.
b. You've not gotten response from me for more than 5 minutes of sending your message within my working hours (8:00 am to 11:59 pm GMT+1).
c. Your transaction is urgent.
I understand you may have transactions to complete urgently, I also respect people's time and would make sure I process all transactions as fast as possible. If I'm already processing your transaction, you do not need to call me as I would always respond with an update when your transaction has been completed. Your transaction would usually be completed within 5 to 10 minutes, on average, depending on the volume of your order. If I've not responded to you, please ensure you have provided details of what you want, then you may proceed to use WhatsApp call after 5 minutes of no response.
Any misuse of the WhatsApp call in a manner that constitutes disturbance or abuse will result in blocking.
Do not contact me if you are not serious or ready to transact. If I notice you are not serious or only wasting my time, I'll stop responding to your message or even block you. If you are worried about getting scammed, check screenshots of successful transactions provided here, if still not convinced, no need to contact me.
3. Prohibited use - You shall not use this service in connection with any criminal or illegal activities.
All payment funds used must belong to you or you are authorized to use them.
4. Privacy notice - You agree that I may use the screenshots of our transactions on this blog or any platform for the purpose of marketing.
5. Rejection or delay of Payment - Since the use of a bank account or the making of an electronic funds transfer may be limited by your agreement with your financial institution and/or by applicable law, I'm not liable to anybody if I delay or do not complete a transaction as a result of any such limit, or if a financial institution delays or fails to honor any credit or debit to or from an account.
6. Disclaimer - In no event will I be responsible or liable for any damages or losses of any kind, including direct, indirect, incidental, consequential or punitive damages arising out of your use of this information or exchange service.
7. Limitation of liability - TO THE EXTENT PERMITTED BY APPLICABLE LAW, I WILL NOT BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL, RELATING TO YOUR USE OF THIS INFORMATION OR EXCHANGE SERVICE.
8. Indemnification - To the extent permitted by applicable law, You will indemnify, hold harmless and defend me, at Your expense, from any and all third-party claims, actions, proceedings, and suits brought against me, and all related liabilities, damages, settlements, penalties, fines, costs or expenses (including, reasonable attorneys' fees and other litigation expenses) incurred by me, arising out of or relating to your use of this information or exchange service.