Is it possible to sell Bitcoin for Naira? As it turns out, you will need just two things – first the intention to do so and then the cryptocurrency to sell. If you have both, it becomes a matter of finding the right place where to sell your coins. That place could very well be Bitpapa, a global p2p marketplace which helps you trade your Bitcoin for Naira.
The guide below explains in detail what steps you need to take in order to make it possible.
Why Bitpapa?
Nigeria is by far the most popular country in Africa, with more than 220 million people as of now. It is estimated that by 2047 the population of this nation will reach 380 million and surpass the population of the United States.
This dynamic makes the country a lucrative market for global cryptocurrency trading platforms.
But like many developing nations around the world, Nigeria suffers from high inflation. And like many other nation states in these circumstances, the local government sees Bitcoin as a threat to its sovereign currency – the Nigerian Naira.
That’s why in February 2021 the Nigerian central bank enacted what largely amounted to a total crypto ban across the country. Central bankers prescribed all local banks and financial institutions to close accounts of entities and individuals which were in one way or another involved in cryptocurrencies (and desist from opening them in the future).
Indeed, these measures couldn’t stop Bitcoin transactions made by Nigerians from being processed and confirmed by the network. As the crypto established itself as a legitimate investment asset worldwide, Nigerian authorities made a U-turn, with Nigeria’s Securities and Exchange Commission coming up with a regulation recognizing digital assets.
But the damage was done, nonetheless. Major cryptocurrency exchanges, such as Binance and Luno, had to disable the Naira option, and chose to sit on the fence for the time being.
It played straight into p2p marketplaces’ hands.
Under the new regulation, any entity wishing to offer cryptocurrency trading services in Nigeria must get the so-called virtual asset service provider license. But p2p marketplaces are global (pretty much like cryptos), no matter what fiat currency their customers may use for settlement between themselves.
But most importantly, these platforms are legal as long as they adhere to the laws and regulations of their home jurisdiction (like the crypto-friendly Cayman Islands or UAE), and that is definitely not Nigeria.
Bitpapa is one such marketplace.
How to Sell Bitcoin on Bitpapa
On Bitpapa, you can sell your Bitcoin for Naira in two ways. You can either use an existing offer (an ad in p2p terms) or create your own. When you create your own ad, you are expected to set the price for which you are ready to trade your coins.
More or less, it resembles a limit order on an orderbook-based exchange.
However, the sellers (yourself if you choose to sell coins via someone else’s ad) are not restricted by the order of the ads and can sell to any as they see appropriate. On an orderbook-based exchange, you always trade at the best bid or ask price as determined by the arrangement of orders in the orderbook.
This is where things differ dramatically between these two types of a trading platform.
With this distinction clarified, the process of selling Bitcoin on Bitpapa by an existing ad requires the following steps:
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registration and verification
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protecting account (not strictly required)
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depositing cryptocurrency
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finding best offer
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making a trade
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leaving feedback (optional)
In case something goes wrong, you can always ask for help – Bitpapa’s English-language support is available 24/7.
Registration and Verification
To sign up with the platform, go to the Sign-up tab on the main page of the marketplace (called Dashboard):
In the box under this tab, enter your email and password:
You should receive a confirmation link shortly thereafter. To activate your account, click on this link, and your newly created account is now ready for trading:
While identity verification is not required on Bitpapa, users who have verified their account and confirmed their phone number are entitled to trade only with their likes. So if you want to avail yourself of all the offers on the marketplace, consider ID verification or at least phone number confirmation.
You can verify your account and confirm your number under Account settings -> Security. Click on the User icon in the upper right corner of the Dashboard, choose Account settings from the drop-down menu, and then click the Security tab:
Here you can also enable 2FA and set an anti-phishing word as well as change your password if needs be.
Protecting Your Account
Bitpapa does its part to keep your Bitcoin safe at all times, but it can only do so much. Security of your account should be your priority too, and it starts with providing a strong and unique password when you sign up with the platform.
Make sure it is at least 8 characters long, contains uppercase and lowercase letters as well as special characters and numbers. Don’t use your password on other sites. Remember, Bitpapa will never ask you your password.
To further fortify your account, it is strongly recommended that you enable 2FA with Google Authenticator and set an anti-phishing word.
Depositing cryptocurrency
To sell Bitcoin, you first need to deposit it onto Bitpapa. The platform offers a free cryptocurrency wallet with which you can send, receive and store such cryptos as Bitcoin, Ethereum, TON, USDT and Monero.
The wallet is accessible through the Wallet icon on the Dashboard:
Choose Bitcoin in the drop-down menu and click Receive. The Bitcoin wallet form opens:
Use the generated address to send your Bitcoin to Bitpapa wallet. The previously generated addresses remain valid and can be used and reused as required.
Once your coins hit the wallet, you can begin the search for a buyer.
Finding best offer
You can browse available offers and start trading right after you complete registration and deposit cryptocurrency. If you want to sell Bitcoin, head over to the Sell tab on the Dashboard.
The list of buyers is shown, ordered by the exchange rate:
You can quickly evaluate the reliability of the buyer by the emoji under his name. The higher the number next to the smiling face, the more positive feedback the seller has received and the more reliable he is. Stay away from the traders with lots of negative feedback.
After you have found the buyer for your Bitcoin, click the Sell button and start the trade.
Making a trade
In the trade form that opens, you set the amount of cryptocurrency you are selling, and prepare a message for the buyer:
The message is optional as you can always post it in the chat itself, which becomes available when you open the trade.
The trade is opened when you click Send a trade request, and the notification is immediately sent to the buyer to inform him of a new trade. At this very moment, the amount of cryptocurrency you are selling gets locked in escrow.
In the chat window on the right, you greet the buyer and provide payment details (for example, bank card number):
The buyer should pay you in full, and once you receive the payment, you release the coins from the escrow:
After that, the trade is officially complete:
Double check the receipt of the payment in the specified amount before you release cryptocurrency from the escrow. After the buyer receives the coins, there’s no way back as he can withdraw them immediately from the marketplace to an external wallet.
Leaving feedback
It is recommended to leave feedback after every trade, whether positive, neutral or negative. By sharing your experience with others, you help users make more informed decisions and, as a result, get better trades, while driving fraudsters away from the platform.
No Third Parties
By providing a safe and secure trading environment, p2p marketplaces extend the idea of peer-to-peer payments further into the realm of currency conversions where the free and unimpeded exchange of value between cryptocurrencies and fiat money takes place, without the involvement of supervisors, regulators and other parasites.
And with Bitpapa, you can now get rid of any intermediaries standing between you and your money in this exchange.
FAQ
Q: How to Choose the Best Platform for BTC Trading?
A: The only reliable way to find the best platform for trading crypto is by trying it out. You may start with Bitpapa, a p2p marketplace that offers a safe and secure platform for trading cryptocurrencies.
Q: How to Sell Bitcoin for Cash in Nigeria?
A: A number of p2p marketplaces offer this option, for example, Bitpapa.
Q: What is the Best App to Sell Bitcoin in Nigeria?
A: p2p marketplace Bitpapa offers a mobile app that allows you to trade Bitcoin no matter where you are, Nigeria included.
Q: How Do I Buy and Sell Bitcoin in Nigeria?
A: To buy and sell Bitcoin in Nigeria, you need to find an exchange or p2p marketplace that offers the Naira option.
