So many people want to know how to buy bitcoin in Nigeria. Since when it became a legal tender, it has taken business and transaction to a whole new level.
To use bitcoin, you need a bitcoin address which is similar to a standard bank account, but it has a combination of letters and figures as its “account number”.
They are mostly between 26 – 35 digits and may look like this 1ExAmpLe0FaBiTco1GAEr3sSV5tsFaMF4he.
For you to use bitcoin, you need to generate a bitcoin address, you need what is called a bitcoin wallet and it is recommended you create one now here Blockchain.info. Although there are tons of bitcoin wallet you can use but I recommend that.
Before you proceed to buy bitcoin, be sure to check the bitcoin to naira exchange rate so as to avoid loss. The exchanger can also help to convert bitcoin to naira
How to buy bitcoin in Nigeria
The following will direct you on how to buy bitcoing in Nigeria after creating your bitcoin wallet. Ensure you understand the exchange rate too.
1] How to Buy Bitcoin in Nigeria from NairaEX
If you are still thinking on how to buy bitcoin in Nigeria, NairaEx is a secure bitcoin exchange in Nigeria that allows users to buy bitcoin with Nigeria using their bank account.
They are trusted by thousands of customers and they provide quick bitcoin funding in Nigeria.
Here’s a quick guide on how to buy bitcoins in Nigeria from NairaEx.
- To buy bitcoin, register NairaEx account and verify your phone number. Don’t forget to add country code to the phone number.
- Once you logged in, verify your NairaEx account by uploading your government issued ID (Go to your profile and select identification).
- Go to payment information tab and enter your bank account details.
- Then go to the dashboard, select buy bitcoin, choose Naira bank account, enter the bitcoin amount, your bitcoin address (where you want us to send the bitcoin to) and submit.
The next page will show you NairaEx bank account details, deposit the Naira and send us the confirmation, you will get your bitcoin within 15 mins -4 hours depends on how fast the bank credit the deposit.
Keep in mind as well that NairaEx is a desktop solution only for the time being – we hope that they’ll release a mobile app version in the near future.
How to but bitcoin in Nigeria from Luno
Luno (formerly known as Bitx) is a slick international wallet and exchange for buying Bitcoins. Better still, Luno is available for Nigerians looking to buy Bitcoin.
All you need to do is sign up, verify your identity (more on that under “KYC Checks” below), deposit your Naira funds and then you can feel free to buy Bitcoins. Luno has provided a useful step-by-step guide to the buying process.
One of the great features of Luno is that it provides a wallet service to its users. You will remember that NairaEx requires you to set up a separate wallet in order to receive a Bitcoin Address and purchase Bitcoins.
Not with Luno. Because Luno offers its own wallet, any Bitcoins you buy on the platform will be stored using a Bitcoin Address associated with your Luno wallet.
How to but bitcoin in Nigeria from LocalBitcoins
Unlike NairaEx and Luno, LocalBitcoins is a P2P (peer to peer) Bitcoin platform where users can advertise the buying and selling of Bitcoins. The users define the exact payment method.
But Nigerian users usually fund their purchase of Bitcoins via Perfect Money or Western Union.
Once a transaction is agreed, LocalBitcoins holds the Bitcoins in escrow until the seller confirms that they have been paid.
Once the seller confirms payment, LocalBitcoins will release the Bitcoins from escrow and deposit them into your wallet on LocalBitcoins.
How To Buy Bitcoin in Nigeria (incoming market)
With increasing uncertainty over the Naira, the popularity of Bitcoin is only set to increase in the years to come. It is surely only a matter of time before Nigerians are given more options to fund Bitcoin.
At the time of writing, there are a number of international exchanges such as Coinbase, Bitfinex and Circle which do not allow users to buy Bitcoin in Nigeria.
If more and more of you start asking how to buy Bitcoin in Nigeria, platforms such as CoinBase will allow Naira to Bitcoin exchanges in the future.
For the time being, Nigerian buyers of Bitcoin will have to make do with the options we discussed above.
Meanwhile, vendors such as BitAccess and CoinOutlet are starting to offer users the chance to buy Bitcoin in Europe and the US via ATMs.
How do you buy Bitcoin in Nigeria? Which Bitcoin exchange in Nigeria do you use? Please comment below and let us know your experiences with Bitcoin in Nigeria.
Consider READING these articles