Bitcoin has gained popularity in the past decade as the digital currency has brought about a new change to the financial market which has destabilized the conventional financial institutions. Bitcoin has become immensely popular due to it being an attractive investment as well as a currency that encourages cross border payments with low transaction fees.
There has also been a rise in the popularity of the coin in Nigeria as several youths in the country have taken to Bitcoin trading and investment in the past four years since the fall in the value of the Naira. The Bitcoin boom in 2017 also increased the popularity of the coin in the country as many holders became instant millionaires within the short period of investment.
Bitcoin has also grown in terms of adoption with over 10,000 merchants in Nigeria accepting the currency as a means of payment in 2018.
Newbies to cryptocurrency would be wondering if it is possible to buy bitcoin online with the Naira. The answer is yes as there are several platforms that allow Nigerians to purchase Bitcoin with Naira. These platforms are reputable and have been in the business for several years providing an adequate environment for safe Bitcoin trading and investments.
Some of the key crypto platforms that accept Naira to Bitcoin transactions are highlighted below:
NairaEx
NairaEx is one of the top Bitcoin exchange platforms which allows Nigerians to purchase Bitcoins with Naira. There are several options as users can use bank transfers, bank deposits, perfect money or debit card transfers. The platform has a major advantage over other platforms due to the diverse payment options offered on the exchange which makes it an attractive option to the average Bitcoin enthusiast in Nigeria.
NairaEx is less into privacy than other local exchanges which is a worry if you intend to hold your Bitcoins on the platform for a long period of time which is a major disadvantage for the platform.
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Local Bitcoin
LocalBitcoin is a unique escrow service that connects bitcoin buyers and sellers. This platform does not directly sell Bitcoin but facilitates transactions between buyers and sellers and users can choose diverse payment methods that suit them.
LocalBitcoin is big in security and is one of the platforms where private Bitcoin transaction takes place and it has become popular in recent years in Nigeria as the platform connects different countries.
CoinCola
CoinCola is a Bitcoin exchange based in Hong Kong but has started to gain traction in other regions. Just like LocalBitcoin, the exchange serves mainly as a facilitator for trading between users on the platform. CoinCola takes just 0.7% of your total transaction which is one of the lowest available in the market, also the platform has some of the best privacy features with strong encryption protocols which makes transactions safe.
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How to Buy Bitcoin on the platforms listed above
The three platforms listed above generally follow a similar procedure with only slight changes on each individual platform
- Open a free account
The first step is to visit the website of your preferred platform and register with your email address and personal password. Once you get confirmed the website would request for your information ensure that you fill the right details about your name, mobile number and date of birth.
You would also be required to verify your identity which can be done with a government-issued document such as National identity card or international passport.
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- Get your Bitcoin Wallet ID and make a transaction
Most crypto exchanges provide wallets where you store your Bitcoin, note down the Wallet ID and proceed to buy Bitcoin on the market platform. You would see several sellers that are offering different prices for Bitcoin. Ensure that you check the page which gives information about the seller that you’ll be buying the Bitcoin from such as his ratings, amount enabled and payment methods.
After which you enter the particular amount you wish to purchase and your payment preference. Place your order and when the transaction is completed the Bitcoin would be released to your Bitcoin Wallet.
That’s the basic way of buying Bitcoin from Naira, you can always read this article several times to get the hang of it.
