Bitcoin is on the rise again and many users are thinking about converting their assets to fiat in light of the looming financial crisis. The choice is a very sound one, considering that the financial crisis is impending and has been in the making for a very long time. From 2020 and earlier, to be precise. Many experts believe that the pandemic and the war in Eastern Europe was artificially invented to prolong the agony of the existing financial system, whose failure is on a systemic level and has to be alleviated by a major collapse.
Considering the rising price of BTC, many users are thinking of capitalizing on whatever gains the king of cryptocurrencies has made and reap the profits. With 1 BTC being worth approximately $25,000 at the time of writing, many users should think of where best to make the exchange. The Bitcoin to naira converter is a convenient instrument for making such operations and selling the asset at a very good price.
Bitcoin in Nigeria Today
The Bitcoin exchange rate to Naira today stands at a meager level because of the systemic and chronic depreciation of the Nigerian national currency in recent years. That is why most users consider other currencies for the exchange. The United States Dollar is often considered as the best alternative for several reasons, namely:
- The Dollar is always in demand;
- It is a good means of value storage;
- It is openly accepted on the crypto market and in retail.
The Naira, on the other hand, is losing value on a yearly basis, and even its digital counterpart has seen poor adoption. That is why in order to convert BTC to NGN, users should look for a platform that would offer the best exchange rate. Most reputable cryptocurrency exchange platforms offer a wide variety of trading pairs to choose from. GBP to BTC and vice versa, BTC to RUB, and many other options are on offer that users should consider as alternatives to the Naira.
The currencies are often secondary, with the primary focus given to the exchange platform’s security and reputation. That comes first, as it determines whether the user will be able to safely conduct the exchange of the platform will turn out to be a scam. That is why users should always conduct their own research first before rushing headlong to sell their assets. Users should also take into consideration the USD exchange rate at any specific moment when selecting to sell their BTC for any other asset with future conversion in mind.
Key Takeaways
The events of recent days on the global financial market have cast a very long and ominous shadow on virtually all currencies and the financial system as a whole. Many investors and depositors were left threadbare, since the funds they had lent or invested in the failed banks literally vanished and cannot be recovered. In light of such unfortunate circumstances, many states are considering the transition to cryptocurrencies for international settlements. And that opens up many new opportunities for holders of digital assets in terms of capitalizing on their holdings, should they decide to hold onto them.
