The current crypto market downturn has seen a fall in the prices of cryptocurrencies, including the largest and most popular, Bitcoin. Many people worldwide want to own Bitcoin for various reasons, including using it as a valuable asset. BTC is also a cryptocurrency people want to buy and sell to make passive income. But the price of Bitcoin in Nigeria is enough to make the bravest potential investor stand down.
Bitcoin has real use cases, making it a buy for many investors/traders. Despite the recent turmoil in the crypto industry, some feel this is the best time to buy crypto assets. Investors buy the dip to make more money in the long run when crypto prices soar again.
Nigerian investors are buying Bitcoin and other crypto assets. A software company called Microstrategy recently bought $6 million worth of BTC.
In this post, you’ll get to know the Bitcoin price in Nigeria today and where to buy and sell Bitcoin. Before then, let’s learn more about Bitcoin.
What is Bitcoin?
Bitcoin is a decentralized virtual or digital currency without a central bank or single administrator. It can be sent from user to user on the p2p Bitcoin network without the need for intermediaries.
The cryptocurrency was invented in 2008 by a person or group with the pseudonym Satoshi Nakamoto. Bitcoin began to use in 2009 when its implementation was released as open-source software.
As of today, Bitcoin is the largest and most popular cryptocurrency. Several other coins have been created using its model and are known as altcoins, i.e., alternative currency. But, Bitcoin’s price constantly affects other cryptocurrencies.
Satoshi Nakamoto capped the number of bitcoins that could be created at 21 million. As of today, there are 19,157,262 BTC in circulation. It’s expected that all remaining bitcoins will be released by 2140.
Bitcoin is mined using powerful and energy-consuming hardware. This has been a concern and has made many world nations not legalize cryptocurrency.
Bitcoin Price in Nigeria Today
The prices of commodities and assets have soared in Nigeria due to the naira/USD exchange rate. The current bitcoin price has turned on red indexes for most of the year. Currently, the price of Bitcoin is $30,282.40.
So since we know the price of Bitcoin in dollars, it won’t be difficult to know how much Bitcoin is in Naira. To calculate properly, we must know the current dollar-naira exchange rate.
Currently, a dollar is 774.50 Naira. So, the price of 1 Bitcoin in Nigeria today is about 23,438 268 NGN. However, The BTC rate differs from one crypto exchange and trading platform to another.
Where Can I Buy Bitcoin in Nigeria?
It is no longer news that you can’t do crypto transactions in Nigerian financial institutions. However, you can easily buy Bitcoin online.
There are crypto exchanges where you can buy Bitcoin and several other crypto assets. Binance is, however, one of the best platforms to buy bitcoins. There you will find several Nigerians making use of the exchange for their crypto trading.
You can download the Binance app and understand how you can trade Bitcoin on Binance.
Where Can I Sell Bitcoin in Nigeria?
Many who hold Bitcoin today are looking for where to sell Bitcoin in Nigeria and convert it to cash without worrying about cryptocurrency volatility. It is also important to look for a trusted and reliable platform to buy and sell cryptocurrencies such as Bitcoin.
Since the Central Bank of Nigeria [CBN] gave an order against crypto activities in financial institutions, crypto trading platforms have grown. Unfortunately, these include scammers who try to prey on unsuspecting crypto holders/traders. This is why crypto traders and investors must do their due diligence and thoroughly research where to trade cryptocurrencies.
Traders can simply use the Bitcoin trading app to make money while trading. Traders always look for a place that meets their requirements for a seamless trading experience.
Based on popular demand, the Prestmit app for trading Bitcoin is the best app for selling Bitcoin in Nigeria. The app is built with a straightforward interface for users to enjoy a seamless trading experience making it the best option in this part of the world.
Prestmit gives the best rate for Bitcoin in Nigeria. Currently, $100 Bitcoin is #72,000 on the Prestmit app at the rate of 720, and this is the best rate you can get anywhere.
How to Sell Bitcoin Using Prestmit App
Prestmit’s customer base has grown because its users always have the best trading experience. Hence, the necessity to know how to sell Bitcoin using its app when you know the Bitcoin price. Listed below are quick and easy steps to sell Bitcoin in Nigeria using the Prestmit app.
- Download the Prestmit app from Google Play Store or App Store, and sign in with your details.
- Click on Buy and Sell Cryptocurrency.
- Click on Sell Cryptocurrency
- Select Sell BTC
- Copy your Bitcoin Address on the Bitcoin Wallet page: You’ll be asked to generate a permanent Prestmit BTC wallet if you didn’t have one before.
- Confirm Default Fiat Wallet: You can choose the Naira or Cedis wallet as the default fiat wallet, where you’ll receive the payment automatically.
- Receive Bitcoin from an external address.
- Wait a few minutes for the blockchain to give three confirmations on the transaction. The status of your trade will show PENDING during this time.
- When the trade reads SUCCESSFUL, you can withdraw your fund.
Bitcoin price in Nigeria depends on two primary factors – the price of Bitcoin on the market and the dollar-Naira exchange rate. In 2022 and early 2023, the price of Bitcoin and other crypto assets dipped, but the charts show a steady increase now. Investors who need to buy or sell bitcoin need to look for where to get good rates like Prestmit. You can also get the latest Bitcoin news in Nigeria on this platform. Staying updated with the goings-on in the crypto industry, especially knowing the price of Bitcoin per time, will train you to know when to buy or sell crypto and how to see your targets.
Do well to keep your eyes peeled for price changes. You’ll be a better trader for it.