Nigeria is in the lead when it comes to the abundance of exchanges to buy Bitcoin. Nigerians have become adept at buying cryptocurrencies for the sake of using them as a means of value storage and transacting in light of the ongoing depreciation of the national Naira fiat currency. Trading venues are also thriving, since any transaction in cryptocurrency space has to go through an exchange platform. This leads to the state in which Nigerians are in a constant state of movement across the market, buying and selling Bitcoin and other top cryptocurrencies.
In fact, altcoins are just as popular in the country, considering that Ethereum buying and selling operations are even more frequent than those with Bitcoin. The given phenomenon can easily be explained by the fact that Ethereum is more readily available in Nigeria due to its lower price. Cryptocurrency Bitcoin operations are also popular, but the restrictive price of the king of crypto is making it difficult for average users to scrape together sufficient funds for making the fateful purchase.
Buying and selling cryptocurrencies is as much a job in Nigeria as any other. Given the fact that the country has an immense unemployment rate topping the staggering 40%, it is unsurprising that young Nigerians, who make up more than half of the country’s population, are rushing to partake in the rapidly developing cryptocurrency market. Bitcoin Cash, or BCH, USDT, and Ripple are among the top cryptocurrencies Nigerians resort to when trading and trying to cobble together fortunes on trading and scalping.
While other countries are banning cryptocurrency transactions, Nigeria is starting to embrace the decentralized industry by virtue of its ease of accessibility and the many advantages it offers. Among the latter is the reach of the unbanked, who form a considerable proportion of the country’s population. With money becoming an issue in Nigeria in light of the depreciation of the national currency. The local Central Bank is starting to think of releasing its national e-Naira – a central bank decentralized currency – essentially a state-issued cryptocurrency.
It is impossible to argue with the notion that such a state-backed cryptocurrency will not be secure, since it will have the backing of national commodities and reserves in the form of gold and oil. However, Nigerians still prefer to rely on the support of the cryptocurrency industry at large and its many different assets.
With that in mind, it is easy to envision how local cryptocurrency exchanges have evolved to cater to the demands of local users. In fact, the demands are quite high, considering that many Nigerians are not as tech-savvy as needed to handle complicated and sophisticated interfaces. Therefore, the need for credit and debit card purchases of cryptocurrencies with as few clicks and steps involved is vital.
Buy And Sell Bitcoin in Nigeria Easily
Many Nigerians want instant buy and sell options available on the exchanges they visit when seeking to conduct cryptocurrency trading operations. Your bank account is a good place to start for topping up balances on crypto exchanges and peer-to-peer platforms. However, many Nigerians do not have bank accounts, since the bureaucratic system in the country is prohibitive for citizens who do not have the necessary documents.
The debit card remains one of the most popular means of purchasing cryptocurrencies, so local crypto exchanges have done away with such internationally required formalities as Know Your Customer procedures and allowed their users to connect any card or e-wallet instantly. The top 10 local exchanges are largely decentralized and do not have any personal information collection mechanisms or user identification. This is a big problem, considering that the risk of fraud and hacking remains high.
All crypto exchanges charge withdrawal fees, as well as commissions on trading operations. Users seeking a free service had best think otherwise, since the cryptocurrency industry is entirely focused on making profits. As such, Nigerians are adept at finding the most profitable venues for making cryptocurrency purchases. As a result, many have begun to engage in arbitrage trading, which has given them the necessary information to find the best venues with the highest prices for assets they are willing to sell.
Key Takeaways
Bitcoin is one of the most popular cryptocurrencies in Africa and certainly the most coveted asset in Nigeria. However, the asset is extremely costly in terms of pricing and its volatility does not allow average Nigerians to purchase many Bitcoins. As a result, most average citizens have resorted to other cryptocurrencies, including tokens and altcoins. Both of these types of assets can be purchased on any of the many local crypto exchanges operating in the country, both big and small. The ease with which Nigerians can purchase any cryptocurrency is a significant boost for the local economy, which has been suffering from the effects of the pandemic, and for the unbanked who have no alternative sources of funding.
