Bitcoin is at the top of the list of the most popular cryptocurrencies in Nigeria, making it extremely coveted for its ability to store value, appreciate, and wield the demand of users both locally and abroad. However, the restrictive price of the asset makes it unaffordable for the vast majority of users. Standing at around $45,000 per coin, Bitcoin remains beyond the entry threshold of most users, forcing some to resort to borrowed funds and credit cards for the purchase of it. At the same time, many novice users ask about where to buy Bitcoin with a debit card in Nigeria and are constantly looking for ways to acquire the asset.
The ban on some cryptocurrency exchanges like Binance, which came into effect in the summer of last year, was the result of a long line of restrictive measures taken by the local government in its attempt to curb the use of cryptocurrencies in the country. Local banks and other financial institutions were forbidden from interacting directly with any cryptocurrency-related operations. However, this did not stop Nigerians from even increasing their involvement in the cryptocurrency market, as evidenced by the recent report, which indicated that Nigeria has topped the list of countries in terms of cryptocurrency usage and adoption. In the given material, we shall explore some of the ways open to Nigerians for purchasing Bitcoin and other cryptocurrencies using a debit card.
Where to Buy Bitcoin with Debit Card in Nigeria
When the development of the cryptocurrency market in Africa started, Nigerians were among the first to start looking for answers about how to buy Bitcoin in Nigeria with a debit card. Since credit cards bear the obligation of repayment, and cryptocurrencies are inherently unstable in terms of prices, the best option was to rely on their own funds. Such funds are usually stored on debit cards, which could easily be connected to cryptocurrency trading platforms and exchanges that operate and operated recently in Nigeria.
Nowadays, with the ban on some cryptocurrency exchanges like Binance, in order to buy Bitcoin with a credit card in Nigeria, users can first rely on the services of payment gateways like PayPal and some others that are local. Not only do these gateways have direct connections to P2P platforms and exchanges, but can even give access to useful resources that shed light on safe procedures related to how to buy crypto with credit card in Nigeria.
But in order to buy crypto with a credit card in Nigeria, users need to know how to manage risks first. The list of top cryptocurrencies is constantly shifting, meaning that users who rely on credit can be at a loss. The same applies to stablecoins, which will still incur a loss after all exchange commissions and transfer fees are paid. Sometimes, the best site to buy Bitcoin in Nigeria with debit card is a non-intermediary service like a peer-to-peer exchange, which allows users to interact directly between each other and negotiate prices.
Some resources on cryptocurrency by Opeyemi Quadri shed light on the intricacies of the involved processes and give users invaluable insights about crypto operations. Her materials also provide guides on how to sell Bitcoin in Nigeria without attracting the attention of financial institutions, as well as for making the best possible profit on the trade. The abundance of payment methods bank services offer allow Nigerians to transfer their funds to gateway services and then later transfer the money to exchanges and P2P venues for safe cryptocurrency purchases.
Key Takeaways
When buying crypto with a credit card, users must be made aware of the risks, since credit loans for the purchase of cryptocurrencies were never a good idea. Many traders who relied on credit and leverage were left threadbare after a string of losses and heavily in debt. To avoid such an unpleasant situation, users can buy Bitcoin using a debit card. Though this requires a substantial amount of capital, the risks are lower and will be limited only to the volatility of the asset in the future. The important thing is to make sure that the funds from the debit card are transferred to a wallet, which will be linked to the service that acts as the exchange barrier for the cryptocurrency purchase operation.
