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How to Convert Bitcoin to Naira? Your Complete Guide to Selling Bitcoin for Naira in 2024

By Oluchukwu Ikemefuna

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A global cryptocurrency can be interesting, but there may come a time when you want to convert your bitcoins to regular money like the Nigerian Naira (NGN).

Bitcoin has become a famous investment and buying and selling alternative for the youth in Nigeria. This is because the entry barrier is lower than traditional investments and the returns tend to be better as well.

This is what makes Bitcoin attractive to many buyers. However, its volatility must also be taken into account; this is why it is important to understand how to convert Bitcoin to Naira if you are trying to follow this path.

Whether you want to make a huge purchase or just want to have a little cash to spare, selling Bitcoin for Naira is less difficult than you might think.

This article will walk you through the entire system, step by step, in a way that even novices can understand. We’ll cover the entire thing you want to implement, from finding the right platform to convert your Bitcoin to making sure you get the best exchange fee possible.

So if you are asking “how to convert bitcoin to naira” or “how to sell bitcoin for naira”! After finishing this guide, you will be proficient in navigating the Bitcoin conversion arena.

Understanding and Investing in Bitcoin

How to Convert Bitcoin to Naira

Bitcoin is a decentralized digital exchange whose primary appeal is the loss of government. The growing recognition and acceptance of Bitcoin is due to its obvious but secure system that can be used internationally.

However, it does have its risks, such as rate volatility and regulatory uncertainty. Understanding these elements is vital before investing in bitcoins.

To invest in Bitcoin, you need to choose a reliable crypto exchange that operates in Nigeria, create a stable wallet, and decide on an investment method. There are many ways you can invest bitcoins; some are:

1. Purchase and Possession

This is one of the most popular, much less risky, and passive methods of developing your Bitcoin investment. It is also a long-term type of investment, so you need to be patient while you wait for your financial capital to accumulate profit.

2. Trading

Moreover, trading is riskier than investing and you need technical knowledge to be successful. You also need to be careful with your rate charts because the profitability of this type of investment depends on short-term market fee movements.

3. Mining

This is when you use specialized hardware to become a network validator and secure the network while mining new coins. Mining has a higher price because its hardware and energy costs are not cheap.

4. Staking out

Staking means that you invest a certain amount of BTC, keep it in your pockets, and use it to verify transactions in the community and earn rewards. You don’t want much besides seed capital as this is more passive funding.

5. Bitcoin-based funds

These consist of exchange-traded funds (ETFs) and mutual funds. They come with the ability to benefit from fees without owning bitcoins. These primarily bitcoin-based finances are checked through professionals and are diversified to develop the chance.

Read Also – What is a Cryptocurrency Loan Service Implemented on a Blockchain?

How to Sell Bitcoin for Naira: Convert Bitcoin to Naira

Convert Bitcoin to Naira

There are many options to sell Bitcoin to Naira in Nigeria. Here are the steps to take gain of it:

1. Choose the Right Platform

The first hurdle to leap is choosing where to exchange. In 2024, you may have lots of alternatives that include crypto exchanges and peer-to-peer (P2P) systems. Exchanges act as intermediaries, connecting customers and sellers. 

Alternatively, P2P systems assist you deal with special clients right away. Do your research and pick a platform based normally on safety, value, ease of use, and customer support.

2. Registration and Verification

Most reliable platforms require you to register and verify your identity earlier before buying or selling bitcoins. This makes it possible to combat fraud and cash laundering. 

Be organized to find out documents including your ID and evidence of settlement. Remember that sturdy platform protection is vital to protecting your assets.

3. Sales Execution

Once you’ve selected a platform, signed up, and secured your wallet, you are equipped to sell! When buying and selling cryptocurrencies, go to the purchase and sell segment, select the quantity of bitcoins you want to sell, and create a merchandising order. 

On P2P systems, you may directly connect with a buyer, negotiate the terms, and finalize the transaction. Agree on the conditions and complete the transactions. Pay close attention to the current market rates and any additional expenses linked with the selling.

4. Understanding Taxes

Cryptocurrency tax rules are continuously changing, so it’s very crucial to be aware of the tax implications of selling Bitcoin in Nigeria. In many locations, the sale of cryptocurrencies may be an assignment for capital profits tax. 

Consult with a tax professional to ensure you follow tax law recommendations and apprehend all reporting necessities.

5. Withdraw to Naira

After selling your Bitcoin, you may want to transform it into Naira and withdraw it to your financial enterprise account. Different platforms may have varying withdrawal processes and timelines. 

Some may additionally provide direct bank transfers, although others may additionally have trade alternatives. Be acquainted with any withdrawal prices and processing time for converting Bitcoin to Naira.

The cryptocurrency market is constantly changing and costs go up and fall rapidly. Even after selling bitcoins, it’s important to stay informed with market trends, especially if you are considering re-entering the market in the future.

Use reliable monetary record components, cryptocurrency analytic platforms, and market markers to stay up to date on trends that could affect the fee of digital assets.

Also Read – Crypto Giant Kucoin Suspends P2P Naira Trading on Their Platform

Choosing a Platform: Where to Convert Bitcoin to Naira?

There are many platforms that you can use to convert Bitcoin (BTC) to Naira (NGN). Here’s a breakdown to help you choose:

  1. Coinbase: Coinbase is a well-setup store with a user-friendly interface to convert Bitcoin to Naira. They provide a conversion calculator and competitive rates.
  1. Remitano: Remitano is a peer-to-peer (P2P) marketplace where you can instantly exchange BTC with different customers for Naira. This may additionally offer a better cost but may additionally contain greater steps compared to the alternative.
  1. Currency Conversion Sites: Sites like Xe provide conversion calculators to estimate the Naira fee for your Bitcoin, but generally do not facilitate the actual conversion.
  1. Money Transfer Services: Services like Wise may offer Bitcoin to Naira conversion alongside global cash transfers, but their costs are probably better.

Consider these factors when deciding:

  • Security: Make sure the platform has excellent detection and protection features in place.
  • Fees: Compare conversions and transaction expenses associated with different platforms.
  • Ease of use: If you’re new, a user-friendly platform like Coinbase might be the way to go.
  • Payment Methods: Make sure the platform helps your chosen method to receive Naira.

How Long Does It Take to Convert Bitcoin to Naira?

The actual conversion of Bitcoin to Naira usually happens within minutes. The time required to complete access may also vary depending on the platform you are running and the factors. Here is the breakdown:

  • Blockchain confirmation

The verification of Bitcoin transactions depends on the blockchain community. This method can take anywhere from 5 to 15 minutes depending on the network traffic. Transactions with better costs are normally prioritized through miners, resulting in faster confirmation times.

  • Exchange processing

Once you initiate a conversion on the chosen platform, the exchange may also wait a while to process your request. This usually only adds a few minutes to the total conversion time.

By thinking about each of these factors, you can expect the entire method to be completed in a short period, usually within half an hour. If speed is an important consideration, several frameworks provide expedited transactions at an additional cost, likely reducing confirmation times to minutes, something to keep in mind.

Remember, it’s always smart to research costs and processing times on platforms before converting.

Read Also – Naira Volatility: FG to Ban Naira from Crypto Trading Platforms

What Fees Are Associated with Converting Bitcoin to Naira?

There is more to converting Bitcoin to Naira than meets the eye. Here’s a breakdown of the fees you may encounter:

  1. Network Fees: The Bitcoin network itself costs a transaction fee. This price depends on how busy the network is at that moment. Think of it as visitors to the site at peak times – busier times mean higher fees. You can also pay more for faster confirmation, but that usually comes with a steeper fee.
  1. Exchange Fees: Platforms like Binance, Luno, or Quidax charge fees for changing your Bitcoin. These prices can be a fixed price or a percentage of the entire transaction. It is important to evaluate the costs before choosing a platform, as they can range from 0.1% to 1% or more.
  1. Withdrawal Fees: Once you convert your Bitcoins to Naira, you will need to move them to your bank account. But guess what? There may be a different rate for that! Withdrawal costs can also be fixed or percentage depending on the platform. Keep that in mind and make your preferences.
  1. Deposit Fees: Less common, however, a few structures might charge a price for depositing bitcoins into your trading account. Think of it as a parking fee in your cryptocurrency.
  1. Conversion spreads: Be especially careful about hidden costs within the exchange rate itself. Platforms can barely increase the conversion fee and give you a much lower rate than regular marketplaces. This difference might seem small, but it can add up quickly, especially for massive conversions.

Remember that these fees can add up quickly! Don’t be surprised by hidden prices. Before converting your Bitcoin, study the fee systems of different platforms. Choosing the right one can save you a lot of money.

What to Consider When Converting Bitcoin to Naira?

Here are some things to keep in mind when converting Bitcoins to Naira:

The bitcoin rate is volatile, so follow the modern inclination towards fee alternatives and watch the market to discover the right time to convert. Tools like up-to-date converter apps allow you to make an informed choice.

2. Transaction Costs and Fees 

Different platforms have amazing Bitcoin conversion fees. Compare fees and get the most Naira for your Bitcoin. Additionally, some exchanges may have hidden prices, so make sure you enter them successfully.

3. Security and Trustworthiness

When deciding on a Bitcoin transformation platform, security should be the top priority. Look for expert PBXs with robust security features like two-factor authentication and encrypted storage.   Checking online reviews can also be helpful.

4. Regulatory Compliance 

The Central Bank of Nigeria (CBN) has a convoluted connection with Bitcoin. Be informed of current restrictions and make sure the platform you use conforms with them.

5. Payment Methods and Accessibility

Different structures provide special billing strategies that consist of bank transfers or mobile wallets. Choose a platform that allows you to use the chosen method and allows for a clean conversion. Consider how quickly you need the Naira, as some techniques have faster processing times than others.

Also Read – How to Buy BTC (Bitcoin) with PayPal At Best Exchange Rates

Are There Any Alternatives to Directly Converting Bitcoin to Naira?

Directly converting Bitcoin to Naira isn’t the only option. Here are some alternatives:

  1. Convert stablecoins: Consider changing your bitcoins to stablecoins like Tether (USDT), which is pegged to the US dollar. You can then exchange USDT for Naira with an alternative that allows this. This can save you a lot of volatility associated with Bitcoin.
  1. Over-the-Counter (OTC) Services: If you’re dealing with huge amounts of Bitcoin, OTC counters can provide you with a custom-designed carrier and probably better costs than regular exchanges. However, these services are usually expected for extremely large customers.
  1. Spend Bitcoins Directly: Although not as common anymore, more than one merchant can earn Bitcoins at once for items or offers. This eliminates the need for conversion.

By exploring these alternatives, you could find out the most efficient and stable way to convert Bitcoins to Naira.

Final Thoughts

Bitcoin to Naira conversion in 2024 could be very smooth if you do the whole thing nicely.

With trusted exchanges and peer-to-peer structures, you can easily and conveniently convert Bitcoins to Naira quickly and efficiently. Always make sure you follow the correct methods to ensure your transactions are secure.

If you found this guide helpful or have any questions, please drop a comment below. Follow us on social media for more updates: Facebook at Silicon Africa, Instagram at Siliconafricatech, and Twitter at @siliconafritech.

Frequently Asked Questions

Where can I convert Bitcoin to Naira?

Several platforms can help you convert Bitcoins to Naira. Popular alternatives include peer-to-peer marketplaces like Paxful and Remitano or cryptocurrency exchanges like Coinbase.

How do I choose a platform to convert Bitcoin to Naira?

When choosing a platform, keep in mind factors including cost, charging techniques, protection recognition, and ease of use. Before you can tell, research and explore specific options.

What do I need to convert Bitcoin to Naira?

You will usually want a Bitcoin wallet to send your Bitcoin and a connected financial group account or other supported withdrawal approach to receive the Naira. Some designs may require ID verification for security reasons.

Reference

  • gcbuying.com – What Are the Fees Involved in Converting BTC To Naira?
  • businesspost.ng – How to Invest in Bitcoin and Convert to Naira: A Comprehensive Guide

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Onyinyechi Ikemefuna
Onyinyechi Ikemefuna

Ikemefuna Onyinyechi Patience, a skilled Content Writer hailing from Anambra State Nigeria, holds a Higher National Degree in microbiology from Federal Polytechnic Oko, Anambra. Armed with robust research and SEO expertise, she excels in crafting articles spanning technology, finance, healthcare, education, and lifestyle. Her work stands out for its ability to authentically inspire and engage while inciting action. Beyond her writing prowess, Ikemefuna finds joy in reading, exploring movies, and delving into continuous research, contributing to her growth as a proficient writer.

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