How To Withdraw Cryptocurrency As Cash To Your Nigerian Bank Account
How To Withdraw Cryptocurrency As Cash To Your Nigerian Bank Account. If you have a bitcoin account, you no longer need a credit card or a bank account to make purchases. Do you wish to know everything about cryptocurrency? This article is meant for you.
What Is Cryptocurrency?
People’s jobs, communication, shopping, and even the way they pay for items have all been transformed by technology. Cash is no longer preferred by businesses and customers, and contactless payments like Apple Pay are taking their place. Consumers may pay for goods at digital registers by waving their smartphones quickly. A brand-new kind of electronic money called cryptocurrency is now on the rise.
By now, most people are aware of the cryptocurrency Bitcoin. Although it was the first, others are gaining prominence, including Bitcoin. More than 2,000 cryptocurrencies exist, and the number is growing daily. Unlike traditional payment systems, cryptocurrencies do not depend on banks to verify payments. Payments may be sent and received by anybody in the world using this peer-to-peer technology.
Cryptocurrency payments do not exist in the actual world, but rather in an online database that stores information about individual transactions. There is a public ledger of all transactions made using cryptocurrencies. A digital wallet is where you keep your cryptocurrency. Due to the fact that it employs encryption to authenticate transactions, cryptocurrency is known as “cryptocurrency.” Cryptocurrency data must be stored and sent in a way that requires complex coding. Encryption’s main goal is to keep users safe and secure.
See also: Trading Etherum in Nigeria: Everything you need to know
Is Cryptocurrency Safe?
In the majority of cases, blockchain technology is used to create a cryptocurrency. the method transactions are recorded and time-stamped in “blocks” is referred to as a “blockchain.” However, the end result is a hard-to-tamper digital log of bitcoin transactions that is difficult for hackers to access. In addition, two-factor authentication is required for all purchases. To begin a transaction, for example, you may be required to provide your login and password. A text message with an authentication code will subsequently be delivered to your phone.
Types of Cryptocurrency
| Cryptocurrency | Market Capitalization |
|---|---|
| Bitcoin | $1.2 trillion |
| Ethereum | $548.4 billion |
| Binance Coin | $103.8 billion |
| Tether | $73.9 billion |
| Solana | $69.4 billion |
| Cardano | $67.9 billion |
| XRP | $55.8 billion |
| Polkadot | $45.3 billion |
| USD Coin | $34.4 billion |
| Dogecoin | $33.8 billion |
Cryptocurrencies have grown in popularity for many reasons
There is a multitude of reasons why cryptocurrencies are popular among those who support them. Some of the most well-known are as follows:
- Coins like bitcoin are seen as the future of money and supporters are scrambling to get their hands on them as soon as possible.
- For others, the fact that central banks no longer have control over the money supply is a plus, since this reduces the value of money over time via inflation.
- Some people believe that the blockchain, the technology that underlies cryptocurrencies, is more secure than conventional payment methods since it is a decentralized processing and recording system.
- Because cryptocurrencies are rising in value, some investors find them attractive, but they have little interest in the currency’s long-term acceptability as a means of exchanging money.
See also: Binomo investment platform in Nigeria: how it works
How to convert bitcoin to a naira account
Once you find a currency conversion site that accepts both Bitcoin and the Naira, you can simply type in the quantities you need. Among other things, you may use it to convert between Bitcoin and Nigerian Naira. Enter the quantity of Bitcoin you want to exchange for Naira. On the following screen, you’ll be able to enter the bank account information you’d want to use to withdraw the money. After that, you’ll see a Bitcoin wallet address. Using this wallet address, send your bitcoins there.
You’ll be paired with a peer who will transfer the money to your Nigerian bank account in a matter of minutes. To begin selling bitcoin for Nigerian nairas, download the Cryptofully app. ‘ Bitcoinsxchanger is the best method to convert BTC to Naira, without the need for a bank account or verification of any kind. In addition, you may learn about a wide range of other subjects.
How to Sell your Bitcoin for Naira
Since individuals can immediately link their local bank accounts to LUNO, it is the most secure crypto wallet. For those who want to keep their bitcoins in naira rather than US dollars, there is an option to display the entire amount in naira. Bitcoinsxchanger is the best method to convert BTC to Naira, without the need for a bank account or verification of any kind.
In addition, you may learn about a wide range of other subjects. You may choose either the ‘Floating Rate’ or the ‘Fixed Rate’ to convert your bitcoins to Naira. Send Now by clicking on the ‘Send Now’ button.
After the first two steps, it’s time for the second to complete the transfer process. The recipient’s information should be entered. To transfer the money, you’ll be given a bitcoin wallet address.
Tips to Invest in Cryptocurrency Safely
1. Exchanges of ideas
Learn about bitcoin exchanges before you spend a cent. Some 500 exchanges are listed on Bitcoin.com, so there are many options for buying or selling digital currency. Previously making a decision, do some research, read reviews, and speak to investors who have done so before.
2. You should know how to keep your digital currency
Buying bitcoin necessitates keeping it safe. A digital “wallet” is like one of the crypto wallets outlined in our Blog article Which cryptocurrency wallet to pick may be used to store your bitcoin. There are various types of wallets, but each has its own advantages, technological needs, and security. Before investing in a storage facility, you should thoroughly research your options.
3. Consider Investing in a Variety of Asset Classes
As with any smart investment plan, diversification is essential when it comes to cryptocurrencies. Just because you’ve heard of Bitcoin doesn’t mean you should invest all of your money in it. Investing in many currencies is the greatest way to diversify your portfolio.
4. Volatility is to be expected
The cryptocurrency market is quite volatile, so be prepared for a roller coaster ride. You’ll observe a lot of price volatility. Cryptocurrency may not be the best option for you if you lack the financial resources or mental fortitude to deal with the volatility of the market.
See also: Top 5 best bitcoin exchangers in Nigeria and why
Conclusion
There is a lot of hype about cryptocurrency at the moment, but remember that it is still in its infancy. Make sure you know what you’re getting yourself into before putting money into anything new. Make sure you do your homework and start small if you want to become involved.
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