Bitcoin is the most coveted cryptocurrency in the world and the most expensive. That is why it is so popular in Nigeria, where digital penetration has taken on a completely unprecedented manner and transformed the country’s economy. Since the national currency – the Naira, is suffering from inflation and devaluation, the citizens of Nigeria are turning to digital assets to save their savings from losing value. Bitcoin has a historical tendency for appreciation, making it the ideal instrument for transactions on the market, where it is accepted on par with the national currency.
How to Convert From Bitcoin to Naira
If you are lucky enough to have some Bitcoins stashed away in a digital wallet, then it is necessary to think of ways how to convert it to Naira if there are profits to be had from the transaction. That is why users from Nigeria are turning to several methods for such purposes, including:
- Decentralized exchanges;
- Local Peer-to-Peer exchanges;
- Major centralized exchanges;
- Converter services.
In order to convert BTC to NGN, it is necessary to first have a digital wallet and then open an account on a selected platform. The first thing to do to convert Bitcoin is to check the available platforms that offer the best rates. Indeed, the exchange rate has a tendency of being different from platform to platform, depending on local demand for the specific asset. A currency calculator can help in this regard, making it possible to predict how much a specific cryptocurrency will cost in the near future or at present.
The currency of choice will also affect how users can convert or which platform they can use. The converter will charge a fee for its services as well. Users can then rate the service based on their experience. Most often, users rate their experience based on rarer operations like those with GBP to BTC. Any popular service will be eager to improve its rating, so it will strive to provide quality services.
Key Takeaways
The amount of Bitcoin one has will depend on many factors, but the amount of Naira they can expect to get is fixed at any given moment. The operation of conversion is similar to exchanging EUR to any other currency, but the catch is that Bitcoin can appreciate at any moment. Users from Nigeria can always expect to face demand for Bitcoin if they choose to convert it, so it is always necessary to pick the platforms that offer the best exchange rate in order to make the most profits.
