When it was invented in 2009, the idea of Bitcoin was like a fairy tale to many until it gradually became what we can call the “digital gold” in the world today. Bitcoin was less than $1 in the first year of its launch but the price of one Bitcoin was more than $67,000 in 2021. Who could have imagined this kind of value accumulation?
Today, you can never mention highly valued digital assets without including Bitcoin in such a list, though many other cryptocurrencies have been launched after its debut, none has ever come as close as half the value of Bitcoin.
Even though the crypto market, in general, has been in a bear market position for a few months now, Bitcoin enthusiasts have maintained an unflinching faith in the king of all cryptocoins. According to crypto analysts, Bitcoins will survive the bear market and even hit the $100,000 price level before the end of 2022.
While some are quite sceptical about venturing into Bitcoin investment, especially now that the market is in a bearish position, smart investors are utilizing the same opportunity to accumulate and trade Bitcoins in Nigeria.
As a Bitcoin trader in Nigeria, you must know that the rate is very important. For example, one may ask “how much is $100 Bitcoin in Nigeria?”
This is exactly what this article intends to answer, also to teach you how to calculate the rate of any value of Bitcoin in your possession.
What Is Bitcoin?
Bitcoin is a decentralized digital currency invented by a group of developers or a developer with the pseudonym, Satoshi Nakamoto, in the year 2009. Bitcoin was designed to act as virtual money for local and international transactions which cannot be controlled by any central body or government.
Since it came into existence, other cryptocurrencies have been launched but none has ever been as valuable as Bitcoin.
Bitcoin is built and verified on blockchain technology. A blockchain is a public distributed ledger that stores data by encrypting them on the blockchain. As more data is added to the blockchain, data from the previous block is added to a new block, thereby creating a chain of blocks.
Where To Buy Bitcoin In Nigeria
Bitcoin is a digital currency used for online transactions, hence, Bitcoin cannot be felt or seen. It’s basically data in form of money stored in a Bitcoin wallet. The most interesting thing about acquiring Bitcoin is that it can be purchased from anywhere and at any time.
If you want to buy Bitcoin in Nigeria, you don’t need to visit a store at Alaba market or even a bank. All you need to do is find a good and reliable crypto exchange and create an account with them, fund your account with your Naira debit card to be able to buy Bitcoin in dollars.
There are many reliable crypto exchanges you can use but one of the biggest and most reliable exchanges you can utilize is Binance.
You can download the Binance app and understand how you can trade Bitcoin on Binance.
How Much Can I Sell $100 Bitcoin In Nigeria At The Moment?
Are you curious to know how much your $100 BTC can fetch you in today’s naira?
Let me remind you that there is no fixed rate for Bitcoin in Nigeria, it depends on the crypto platform you decide to use and the prevailing rate. However, the rate differs accordingly, so you must make an underground investigation for the platform that can give you the best rate and value for your Bitcoin.
Currently, $100 Bitcoin is #67,000 on the Prestmit app at the rate of 670 and this is the best rate you can get anywhere.
Where Can I Sell Bitcoin In Nigeria?
Many crypto trading platforms abound in Nigeria where you can easily sell BTC in Nigeria. However, you should understand that the incessant Bitcoin fraud that has reaped many of their hard-earned assets, is not orchestrated by ghosts.
To avoid losing your BTC to some scammers disguised as a crypto trading platform, conduct thorough personal research to know the best app best suited for this service.
A good Bitcoin trading app should be fast in processing transactions, highly secure, offer good rates, good user interface, active customer support agents and many more.
Based on popular opinion, Prestmit is the best Bitcoin trading app in Nigeria.
Aside from the high rate trademark of this gift card and crypto trading app, it has built a strong reputation for being a reliable platform.
Prestmit has everything any crypto trader would need in a trading app. The user interface is designed at its best to give an awesome user experience, it’s fast like light and payments are instantaneous.
How To Sell Bitcoin In Nigeria
We can’t discuss the best platform to sell Bitcoin in Nigeria without talking about the process you’d go through to make a seamless transaction.
It’s not a humpy-grumpy process but a smooth ride of ecstasy.
The following steps will guide you through the Bitcoin trading process on Prestmit.
- 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 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 either the Naira or Cedis wallet to be 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 trading in Nigeria requires so much caution. However, it is not a risk when you get involved with a reliable platform like Prestmit.
Prestmit remains the best choice for Bitcoin traders as it offers the best rate to users.
If you are yet to decide on which app to venture into, then Prestmit is your best shot.