The element of speed is a leading factor in the case of money transfers, which the conventional and traditional methods of transferring money wouldn't bring about. But things changed with the emergence of Bitcoin and other cryptocurrencies.
Bitcoin is a decentralized digital currency used for transactions on the blockchain without the existence of a central authority, hence making intermediaries irrelevant.
Bitcoin is in its early stages of development, but it's gaining more popularity each passing day.
Nigeria is a country with the highest number of cryptocurrency holders in Africa. The country also ranks as one of the top 10 in the world when it comes to digital currencies. That’s why many residents have been looking for ways to use Bitcoin in Nigeria or be able to transfer money through BTC and by the help of Bitcoin services.
In this article, we’ll tell you all about the best ways to use Bitcoin in Nigeria.
It’s been more than a year since the central bank of Nigeria (CBN) banned cryptocurrency transactions and facilitated payments for crypto exchanges. Nonetheless, Nigerians have continued to use Bitcoin in Nigeria as a digital asset in their transactions and money transfers. According to a report in 2021, the crypto market in Nigeria and other African countries grew by 1200 per cent in one year, with Africa holding the third-fastest growing crypto economy in the world.
If you are also living in Nigeria or are planning to transfer money or initiate a business there, we’ll tell you all about the ways you can pull the plug on crypto sanctions in Nigeria whether as a resident or a remote investor.
Regardless of the sanctions in Nigeria, there are a number of ways to use Bitcoin in Nigeria:
The first is P2P transactions. P2P platforms will enable you to buy Bitcoin indirectly and with the help of an intermediary. So you don't get to buy the asset from the Nigerian bank but rather from another person. Who provides P2P transactions? There are many P2P services on the market you can choose to use Bitcoin in Nigeria from including PayPal, PayPax etc.
Another way is getting a Bitcoin wallet to use Bitcoin in Nigeria. Bitcoin wallets function pretty much the same as any other real-life wallets. After buying Bitcoin at your favored price, You can use your wallet to store your BTC. Every wallet has a customized address. You can then share this address with others to receive payments on your wallet. PayPax provides a safe and secure wallet for you to easily use Bitcoin in Nigeria or anywhere else in the world.
Bitcoin can be used in an everyday medium in Nigeria, due to its decentralized nature and high speed. You can use Bitcoin in Nigeria as a payment method to pay for utility bills, tickets and other services. No sign of conventional ways to go to the bank in-person or time-consuming bank transfers. Transactions with Bitcoin take 5–20 minutes and the fees are considerably lower.
To transfer Bitcoin to your bank account in Nigeria you’ll be in need of a reputable and secure exchange service to use Bitcoin in Nigeria and transfer it to your account.
Our recommended exchange service is PayPax. PayPax is a safe and secure foreign exchange and international payments processor with the best exchange rate for your currency to fiat exchange.
The provided exchange rates and Bitcoin price on PayPax are updated based on mid-market data and will make you free of using conventional methods and poor rates.
This is absolutely the best way for you to be able to use Bitcoin in Nigeria as well as anywhere else in the world.
This is also another feature brought to people of Nigeria as well as several other countries of the world by PayPax. PayPax will give you the possibility to convert your Bitcoin to cash with a few easy steps.
All PayPax participants can convert their Bitcoin to cash simply by going to a representative office, having their ID card and receiving their cash.
As a Nigerian, you no longer need to worry about what to do with your Bitcoin in Nigeria. PayPax is the most convenient way to use Bitcoin in Nigeria, transfer it to anyone you like or use it as a means for payments.