Cryptocurrency in Nigeria 2020 – WinnerGuide
Nigeria is one of the most important countries in Africa and regional power. It has a young and growing population and a technological sector that is moving forward with the technological revolution that the world is experiencing.
Bitcoin is legal in Nigeria. However, Bitcoin is not recognized as legal tender by the Central Bank of Nigeria (CBN).
At present, Bitcoin is unregulated.
According to Google Trends, the interest for Bitcoin in Nigeria is one of the highest in the world, being the 15th country ranked according to its interest in the coin.
However, it is still possible to buy BTC and convert Bitcoin to Naira at exchanges.
Bitcoin trading sites in Nigeria are legal and protected by state recognition of Bitcoin startups.
The leading Bitcoin Startups in Nigeria:
– SureRemit: It’s a remittance company concerned with subsidizing the bitcoin to dollar rate.
– Naira Exchange: one of the countryís oldest cryptocurrencies exchange. Visit NairaExchange
– Cryptogene: a foundation focused on increasing blockchain technology awareness in Africa
– Kobocoin: digital currency and payment system similar to Bitcoin, with an African heritage.
The country has important blockchain enterprises that are moving important sums of money each day.
Many Nigerian entrepreneurs buy Bitcoin in Nigeria, for use in place of the Naira when conducting business.
Over 100,000 Nigerian merchants already accept Bitcoin payments.
It is estimated that the area trades on a weekly basis of over $4 million in cryptocurrencies.
In Nigeria, there is a shadow economy in food markets, clothing markets and other industries where it is impossible to formally ascertain the measure of economic activity.
Where To Buy Bitcoin In Nigeria? How are Cryptocurrency traders in Nigeria?
1. Paxful Nigeria
Paxful is a Peer to Peer Bitcoin marketplace connecting buyers with sellers. How to use Paxful in Nigeria?
Simply select how you want to pay and type in how much Bitcoins you need.
Over 1000 bitcoins already sold in Nigeria! Protect your money from the falling Naira and secure your currency in Bitcoin.
Visit Paxful crypto exchange.
2. Luno is one of the most popular crypto exchanges in the world and serves customers in Nigeria.
Luno has a very positive reputation because of its low fees, being easy to use, and high limits.
3. LocalBitcoins. Another trading platform that is very famous in Nigeria to buy and sell Bitcoin is LocalBitcoins. This service is known all over the world and it helps connect Bitcoin buyers and sellers. One of the most common services offered is the trading of Bitcoin via cash.
4. Changelly is another popular option allowing for the conversion of fiat currencies to cryptocurrencies.
They cut out a step of the exchanging process by not ever holding the users funds. Instead, the currencies are swapped in one transaction.
The site charges a .5% fee in exchange for their services but it can be well worth it for those wanting to swap cryptocurrency for Bitcoin.
Fast, simple, non-custodial Exchange Service with 150+ cryptocurrencies. They cover your network fees.
5. NairaEx is another crypto exchange exchange that allows Nigerians to purchase Bitcoin using Perfect Money, bank transfers or cash using a bank deposit.
NairaEx is one of several new, homegrown Bitcoin exchanges. This means that Nigerian residents can now use NairaEx to buy Bitcoin for far fairer market rates than at peer-to-peer exchanges. More importantly, NairaEx makes it possible to both buy Bitcoin in Nigeria and convert Bitcoin to Naira.
NairaEx is a different type of Bitcoin exchange that operates similar to a vending machine. The company holds a Bitcoin and Naira reserve that allows users to trade Bitcoin seamlessly without waiting for their orders to be matched with other users. NairaEx boasts largest Bitcoin liquidity in the Nigerian market.
III. Where to spend bitcoins?
May be spend bitcoins by your interests.
Gambling — BitCasino, BetCoin
Sports betting — SportsBet, NitrogenSports
Electronics — NewEgg
Turn bitcoins into cash with Bitcoin ATM near you — Coin ATM Radar
At the moment, according to Coin ATM Radar, there are no ATMs available in Nigeria. In the continent, there are Bitcoin ATMs in South Africa, Zimbabwe, Kenya, and Djibouti.
There are many ways to purchase Bitcoin in Nigeria.
Depending on your needs, the best Nigerian Bitcoin exchange for one person may not be the best for another.
There are different companies located in the country with national, regional and international projections.