How to Easily Convert Bitcoin to Naira?
Naira is the basic monetary unit used by Nigerians. It is the currency of Nigeria with the code NGN and is equal to 100 kobos. To regulate price stability and avoid scams, the Central Bank of Nigeria is the only authority that issues the Naira currency throughout the state and maintains a check and balance.
Technology has added great comfort to our lives. We can convert any cryptocurrency into our local currency and make a transaction to add it to our local bank account quickly. Bitcoin is the most common and the most luxury-grade cryptocurrency in the crypto space. It is also the most trusted and the most reliable cryptocurrency that is supported by many online businesses as a mode of payment. When it comes to converting Bitcoin to Naira, not only is it possible but also feasible. Thanks to the variety of crypto exchanges in the market. They help to do such tasks in moments, thus saving our time and energy.
Nigerians can convert any amount of Bitcoin to Naira without any hassle. Currently, 1 BTC is equal to 14,051,737.40 Nigerian Naira.
| 1 Bitcoin to Naira = 14,051,737.60
One can convert Bitcoin to Naira conveniently by using various options like crypto exchanges and Bitcoin wallets. On exchanging 1 BTC, the candidate receives 14,249,224 Naira with six kobos.
Who can use a Bitcoin Account?
This cryptocurrency was designed for those entrepreneurs who are supposed to make online transactions quite often. An individual with a Bitcoin account does not have to possess a credit card. This is how a Bitcoin account adds convenience to your life.
Step-by-step guide on how to convert Bitcoin to Naira and transfer funds
Here are given steps to help you convert any amount of Bitcoin to Naira with great convenience, efficiency, and effectiveness.
1) Create a Free Bitcoin Wallet
To get started, the first and foremost step is creating a free Bitcoin wallet by using their official site.
2) Sign up
You can sign up on Blockchain by adding your email to it and creating a solid password followed by agreeing to their terms and conditions.
3) Account Verification
You must have received the confirmation message on your email account. Click on it and add the verification code, so your account becomes verified. This code identifies your wallet and is quite essential. You are supposed to remember it or save it somewhere, in case if you forget it, you don’t lose it.
4) Crypto Wallet Set-up
It is mandatory to set up your Bitcoin wallet by logging in to the blockchain account. After that, the most crucial part is to protect your privacy. You may add a phone number for added security. In this way, you won’t fall prey to scammers and hackers.
5) Adding funds to the Wallet
You might use a simple trick to add funds to your Bitcoin Wallet. Ask your friends or family if they have funds in their Bitcoin wallet, ask them to transfer the required amount of funds to your Bitcoin wallet while paying them manually by calculating 1 Bitcoin to Naira. If it works for you, well and good. Otherwise, use Nigerian currency exchanges to fund your Bitcoin wallet.
Bitcoin to Naira, Local Bank Transfer
If you want to send money to your relatives or friends living in Nigeria while you are based outside Nigeria, you just have to possess an account. This account must be linked to Bitcoin wallet providers, and then, you can easily use the service.
If someone is looking forward to withdrawing the Bitcoins into their local bank account, they can simply visit the home page. It would show an option of clicking on “More” under their BTC balance. Then, you are supposed to press the option that says “Instant Sell.” Following this, the amount is considered to be entered in BTC or Naira. The system will ask you to confirm the amount. After the confirmation process is over, you can go to NTN wallet and withdraw and receive funds in your personal account.
The exact process goes for crediting your wallet. Just connect your ATM card and add as much money as you want to the account. This is the simplest and easiest method of transferring funds straight to your bank account without doing anything on crypto exchanges that convert Bitcoin to Naira. This is a typical method used by most Nigerians. If you are unaware of it, do try!
Using Luno, is it worth it?
Typically, people in Nigeria prefer using Luno to transfer their BTC balance to their country’s bank account. Since Luno has a wallet for withdrawal, it is a safe and professional way when it comes to the transfer of funds. It is directly connected to an individual’s local bank account, and there is no third party involved. Moreover, it does not display Bitcoin in dollars the way other platforms are doing. It shows your BTC credit directly in the form of Naira. In this way, it becomes convenient for you to know what your current balance is even at a simple glimpse.
It is recommended to use the same name and email while getting registered on Naira. In this way, there will be no confusion, and you will continue to enjoy the delight of hassle-free service. The processing fee for each transaction made using Luno is precisely N100. Moreover, the minimum and maximum limits of money debited from the wallet or credited to the wallet are also there. For added confirmation and safety, Luno demands a verification on your first transaction. You can surpass this milestone by using your international passport or national ID card. We can conclude that Luno is a user-friendly platform that supports beginners as well. It is easy to use and supports faster transactions with great customer satisfaction.
It has become easier to access cryptocurrency and the local currency in the modern era and convert them to get personal benefits. The process to perform this action is not complicated as well. Moreover, except Luno, other platforms like LocalBitcoins and Paxful could be used to meet their requirements. However, those two exchanges are not as reliable as Luno as the chances of getting scammed are higher there.
Read more: All You Need to Know About Indodax!