Nigeria is currently pioneering the biggest Bitcoin (BTC) market on the African continent with its 206 million inhabitants. The country’s faltering national fiat currency and a young, tech-savvy populace have all been cited as contributing causes to the increasing demand for Bitcoin in Nigeria.
According to a report by Binance, Nigeria tops the list of African countries with the most cryptocurrency adoption. This guide will give an overview of why and how Nigerians are purchasing cryptocurrencies.
Why should I buy Bitcoin?
1. Bitcoin is decentralized
The fact that this digital asset class is decentralized is important when studying how to buy Bitcoin in Nigeria. This implies that a single entity or institution does not own Bitcoin.
This means that if you store your Bitcoin tokens in a private cryptocurrency wallet, only you have access to your money.
2. Bitcoin supply cannot be manipulated
Bitcoin is ungoverned by a single government or central bank making it impossible to influence the Bitcoin supply. As such, it cannot experience the same problems with inflation as the Naira.
On the other hand, the blockchain protocol-controlled underlying code regulates the Bitcoin supply. A new block is verified every 10 minutes, resulting in the creation of 6.25 more Bitcoins. This rule, encoded in Bitcoin’s source code, cannot be changed thanks to Bitcoin’s decentralized nature.
Additionally, there will never be more than 21 million Bitcoins.
3. Quick and affordable international transactions
Every Nigerian who frequently sends or receives money overseas knows that using the Nigerian Naira might result in extremely high remittance rates. Additionally, you might discover that it takes a few days to receive the money.
But with the best cryptocurrency exchanges like Binance, you can securely complete Bitcoin transactions in under 10 minutes, regardless of the location of the sender and recipient. Furthermore, fees are typically only a few dollars for each transaction, no matter how much you receive or send.
How much is Bitcoin in Nigeria?
Like any other marketable asset class, the price of Bitcoin fluctuates throughout the day. The price of Bitcoin has dropped by 44% in the last six months. So, it is advisable to think of Bitcoin as a longer-term investment. You can now avoid concentrating on sudden increases and dips in price.
Bitcoin’s price in terms of its all-time high reached close to $69,000 in late 2021. Since then, the digital asset’s value has decreased to as low as $33,000 in 2022.
Although there has been a significant decrease from the previous peak, this is typical for Bitcoin. That is to say that there have been many bull and bear cycles since 2009, when Bitcoin was first introduced.
How Can I Buy Bitcoin in Nigeria?
Before you can start trading, you need to buy cryptocurrencies first. One of the safest and easiest ways to buy bitcoin in Nigeria is via Binance P2P.
Unlike the typical cryptocurrency exchanges, P2P marketplaces allow you to buy cryptocurrencies directly from other users using your preferred payment method and local currency.
With more than 300 payment options and 70 local currencies, Binance P2P, the top peer-to-peer marketplace, facilitates zero-fee cryptocurrency transactions for millions of users worldwide.
With the P2P Express for beginners, you get a simple-to-use channel that helps you get the best price and complete trades. You don’t have to consider contrasting prices, payment methods, or your trading partner.
To place an order, simply select the cryptocurrency you wish to purchase and enter the desired quantity in Naira. For a smooth transaction, the Binance matching engine will immediately locate the best offer from a reputable, experienced merchant.
However, the Binance P2P provides more complete capabilities for intermediate to advanced users, such as a more comprehensive interface with a full selection of ad postings and a section devoted to bulk cryptocurrency transactions.
And you can also skip to the P2P Block Trade section if you’re looking to perform a sizeable crypto transaction with expert block traders.
Step-by-step on how to buy on Binance P2P
● Step 1. Log in to your Binance account and click [P2P Trading] on the homepage banner.
● Step 2. On the P2P page, click the [Buy] and the crypto you want to buy (taking USDT for example), and then select an ad and click [Buy].
● Step 3. Enter the Naira amount you want to spend, and the system will automatically display the amount of crypto you can get. Click [Continue].
● Step 4. The system will automatically match your buy order with a seller’s ad on the market. You will see the payment details here. Please transfer the funds within the time specified by the seller and click [Transferred, Next] after it is completed.
● Step 5. The seller will then check that they have received your payment and release the crypto to your account.
To learn more about P2P trading, please visit the Binance P2P trading FAQ.
If you are new to crypto, you can also visit the Binance Academy to learn more about cryptocurrencies, blockchain technology, and other financial-related topics for free.
You can also enjoy the Binance Earn feature which offers a suite of products to grow your crypto holdings passively.