What are the most popular ways to convert Bitcoin to Naira? Well, I’ll be answering your questions in this article.
Hey, hey! Crypto friends. As we should know already, Bitcoin, or rather, the cryptocurrency itself, has been on a high spike in Africa. According to a report by CoinDesk, Africans are eating up. Isn’t it surprising, though, regarding how low Technology is still developing in the continent? Countries like Kenya, South Africa, Ghana, and, most especially, Nigeria have had crypto in their heart.
So let’s assume you’ve invested in Bitcoin, seen its value skyrocket, and now you’re eager to transform those virtual riches into good old-fashioned Naira. But with so many options out there, where do you even begin?
However, due to the Central Bank of Nigeria’s restriction on cryptocurrency trading in Nigeria, it is rather challenging. Additionally, the conversion of Bitcoin to Naira in cryptocurrency is impacted by this rule.
How can one convert Bitcoin in Nigeria now that the country has banned cryptocurrencies? Well, well! That’s why I am here. I’ll outline 3 popular ways to exchange Bitcoin for Naira in 2023 without breaking any of Nigeria’s crypto laws.
3 Most Popular Ways To Convert Bitcoin To Naira In 2024
Here are the 3 most popular ways to convert Bitcoin to Naira in 2023 without breaking the CBN crypto rules:
1. Peer-to-peer Trading
Peer-to-peer commonly liked to be rephrased as P2P in crypto language. But honestly, there’s officially nothing like crypto language. I just brought that up. Is it creativity?
But that’s what it is usually called in crypto. P2P trading is the most common way to convert Bitcoin to Naira or other currency. It does come with its risks though.
As the name implies, peer-to-peer means that for you to be able to convert your BTC to Naira, you will need to trade with another user who is willing to buy your BTC in exchange for Naira. So, while you send Bitcoin, the other user sends you the Naira equivalent of what your BTC is worth.
I actually haven’t done my number work yet, but I would like to say (unofficially) that more than 50% of the crypto trading platforms work on P2P exchanges. Why? Because after the crypto ban in Nigeria, many available crypto apps and sites had no option but to create an alternative to how crypto traders in Nigeria could trade.
Although it is the most popular method to convert Bitcoin to Naira, it is also risky. This is one of the ways P2P scams are usually successful. Because when trading with P2P, you completely do not have an idea of who the other trader is. What if when you send the BTC, he doesn’t release your money? There are many things to consider when trading on a peer-to-peer trading p[latform. But you know! As your crypto pal, I got you covered. I have previously written a well-detailed article on how to avoid P2P scams. You should check it out if you trade with a P2P exchange.
2. OTC Trading (Breet)
First off, if you’re reading right now and you don’t use Breet, why are you missing out? Or don’t you want to ball with the ballers?
If this is your first time hearing about Breet, then let me introduce you to Breet.
Breet is one of the best OTC exchanges out there. What is OTC?
OTC trading is another way to convert Bitcoin to Naira, and it is so amazing. OTC means Over-The-Counter. As I previously stated, peer-to-peer trade involves working with a third party through an escrow mechanism. And this comes with the risk of trading with a fraudulent user. However, what if I introduced you to a way you can swap Bitcoin for Naira on an OTC basis alone? It is automatic and straightforward. You do not have to trade with any stranger; no other party is involved, just yourself and your money.
One of the reasons why I love OTC trading is that it gives you the highest exchange rates when compared to other methods like P2P. Although even if this is not such a big deal, many users complain that since the price is fixed, it can not be negotiated. But why will one want to negotiate when the price is the highest among others?
Breet is an OTC cryptocurrency exchange platform that enables individuals and companies to instantly convert their cryptocurrency to real money if they merely want to accept cryptocurrency and obtain a flat equivalent of their coin.
Breet enables users to securely convert and withdraw their crypto coin to cash money in less than five(5) minutes without the use of peer-to-peer trading or any third-party agent.
3. Bitcoin ATMs
Yh! Bitcoin ATMs again. If you’ve been following my recent articles, you should probably have a good insight into what a Bitcoin ATM is.
A Bitcoin ATM is another way to convert BTC to Naira. Although, this method is not so common. There are only 2 Bitcoin ATMs currently in Nigeria and they are both located in Lagos. Which means non-Lagos residents do not have access to it.
Bitcoin does have its own limitations. I mean, I just pointed out one. For a more detailed view, visit my article on the pros and cons of using Bitcoin ATMs to have a good understanding before you may decide to use one.
Conclusion
P2P trading, OTC trading, and Bitcoin ATMs are the 3 most common ways to convert Bitcoin to Naira. I love OTC trading with Breet tho. It offers the highest Bitcoin exchange rates, it is extremely fast and no sams involved, just peace of mind. It is also convenient and secure.
So remember to use the Breet app whenever you need to convert Bitcoin to Naira. All Android and iPhone smartphones support Breet. It is accessible online and may be found on the Breet web version.
