One of the most common questions in the most populous country in Africa pertains to how to buy Bitcoin with a Nigeria bank account. Though cryptocurrencies are extremely popular in Nigeria, the sad fact is that no bank will ever want to engage in any dealings that involve digital assets. The reasons are simple – the risks are too high, the volatility ratios are off the charts, and there is no legislation that would make any dealings with cryptocurrencies legal. However, there are ways to bypass these limitations.
Though banks are unwilling to officially deal with cryptocurrencies, the money they provide to their clients is not susceptible to making such strict distinctions. As such, despite the lack of a legal framework for operating with cryptocurrencies, Nigeria is one of the leading countries on the continent in terms of digital asset adoption, penetration, and application on a level of everyday operations.
How to Buy Bitcoin with a Nigeria Bank Account
Money has a way of finding its way around into the most profitable of assets, and cryptocurrencies have proven to be one of the most attractive types of investments in recent years. Among the main reasons why Nigerians are so attracted to cryptocurrencies, it is possible to single out the following:
- The high level of national inflation;
- The versatility of cryptocurrencies;
- The availability of high-speed internet coverage;
- The ease of purchasing cryptocurrencies;
- The wide range of earning opportunities cryptocurrencies offer.
These and other factors have nudged Nigerians to find ways to buy Bitcoin with a bank transfer in Nigeria and use the asset as both an investment and a means of transacting on a daily basis. Most importantly, it is possible to buy Bitcoin in Nigeria without verification, which makes the asset, and many other cryptocurrencies, ideal for the huge number of unbanked in the country who have no access to traditional financial services.
If one is strapped with cash and wants to buy Bitcoin in Nigeria, then the most straightforward way will be to get signed up on a cryptocurrency exchange like Binance. From there on, the procedure is always the same and involves connecting a bank card or a bank account to top up the internal balance with a desired sum.
Buying Bitcoin with bank cards is the most popular and accessible way, since it simply involves having a card, either debit or credit, that can be connected to an exchange. By doing so, users will effectively be using their bank to fund their cryptocurrency operations, thus bypassing any laws or regulations. Another way to fund such operations is through the many monetary and e-wallet services that operate in the country, such as PayPal and its ilk. They all accept bank cards and can be connected to bank accounts for instant transfers of funds to their internal repositories. From there, users can connect their e-wallet service to an exchange and transfer the funds to their balances, essentially using the same funds.
Many users also ask how to buy Bitcoin with cash. The answer is just as simple, since all users will need to do is access a bank terminal or office branch and deposit the funds onto their bank cards. Once done, they will be able to go online and transfer the money to fund their cryptocurrency requirements.
The Wallet Approach
Users should also be aware that a blockchain wallet is a requirement for any cryptocurrency operations. The wallet is the destination that a blockchain understands as a point of reference, an address that cryptocurrencies are sent from and received to. This means that having a wallet, whether as a standalone application, or as an exchange-based service, is vital to ensure the possibility of conducting cryptocurrency operations.
The best Bitcoin wallets are often the ones that are offered by exchanges, since they come with all the security of a reputable platform and the combined service lineup it has incorporated. This means that selecting a wallet before engaging in cryptocurrency operations is just as vital as knowing how to fund them. Luckily, users can sell Bitcoin in Nigeria even without having a dedicated standalone wallet, since there is always the peer-to-peer exchange option that lets them buy and sell directly on such venues and have the proceeds get sent to their bank cards or accounts.
Any reputable crypto exchange now offers its own wallet, which should, ideally, be non-custodial. This means that the private keys must be in the custody of the user. However, for the sake of convenience, many exchanges retain a custodial approach in order to allow users to recover their private keys and passwords in case they get lost. This is especially vital when trading large amounts of cryptocurrencies or when the portfolios stored on an exchange are large in volume.
Key Takeaways
Whether it is Bitcoin or any other crypto asset, Nigerians are already familiar with them by virtue of being in an economic situation that favors the use of alternative financial assets. Cryptocurrencies have proven to be more convenient and secure than the national Naira, which has been under considerable inflationary pressure for years. As such, Nigerians are always looking for the opportunity to invest their national currency into digital assets, and the bank is an ever-present go-through gateway that has to be passed. Luckily, the abundance of options for transferring funds makes purchasing crypto assets possible in the country without great restrictions.
