The interest in Bitcoin trading and investment is growing at par with its popularity and value. This is because many people now understand the reasons to trade Bitcoin – one of which is to make quick money online because of its price. Also, its feature as a decentralized digital currency – that is devoid of the control of third parties like governments or banks has poised Bitcoin to be adopted as a payment method by some businesses across the world.
Therefore, we cannot overemphasize the potential and prospects of these premiere digital currencies in our world today. But as the number of crypto enthusiasts is increasing in Nigeria, which in turn, created a lucrative market for crypto trading, you may need to know how to trade Bitcoin on a reliable and trusted platform.
In this light, this guide is to explain to you in detail the process of selling Bitcoin on PRESTMIT.
NOTE: This article is about how to sell bitcoin in Nigeria on Prestmit, if you want to check how to sell other crypto, read how to sell crypto on Prestmit.
Here are some frequently asked questions:
- How long does trading take?
Answer: An average Bitcoin trade time on Prestmit is 15 to 30 minutes. What this simply means is that within 15-30 minutes, you will have completed a Bitcoin trade successfully. It might take longer depending on the Bitcoin network and sending fee.
Moreover, you may need to learn how to calculate network fees when sending cryptocurrency like Bitcoin to an address. This would enable you to have a better understanding of the transaction fee as it relates to the blockchain of your preferred coin. In this regard, the Bitcoin blockchain network determines the speed and fee of the transaction.
- How do I get paid?
Answer: IMMEDIATELY the trade is completed, and you can withdraw your money.
- When can I trade on Prestmit?
Answer: We operate 24/7 so you can trade anytime you want. We also have a live chat available on the platform, so whenever you need any form of help, don’t hesitate to ask or reach us on Whatsapp at 07026290389.
HOW TO TRADE BITCOINS ON PRESTMIT
You can watch the video below for a quick tutorial Or continue to read if you prefer that.
Before you start trading Bitcoin on our platform, you need to have a PRESTMIT BTC wallet. If you don’t have this, kindly generate one on the Bitcoin Wallet page.
Once you create a Bitcoin address, it becomes yours permanently. But you need to carefully save this address somewhere away from people’s reach as it would enable you to receive Bitcoin anytime. This Bitcoin address can be likened to your local bank account number, which is the key that enables you to receive money from people. Therefore, you must keep your crypto wallet address likely to your local bank account number.
To sell bitcoins, follow the details below:
Any bitcoin sent to your wallet address, after getting 3 confirmations, will be automatically converted to NAIRA using the current rate. Current rates for 1 BTC to naira can be found on the Bitcoin wallet page. This means that if you send $100 worth of bitcoin and the rate is 460, your account will be credited with 46,000 nairas after the bitcoin gets 3 confirmations. The whole process is fully automated.
There is a rate table on the platform where you can check for current rates.
But it is important to note that the Bitcoin rate is not fixed – as some factors determine the Bitcoin rate, which is largely a result of the inherent forces in the crypto market. So your Bitcoin will be converted according to the corresponding rate. If the bitcoins you sent are not in USD, our system will convert them to USD automatically. But you can check for yourself on Preev.com
After sending bitcoins to your address, you may be wondering: “Do I have to do anything?” “How long till I get a confirmation?”. This and many more of your questions will be answered below.
FAQ 1: Do I have to do anything?
ANSWER: No, you don’t have to do anything. Just wait.
FAQ 2: How long do I have to wait?
ANSWER: The naira equivalent is added to your balance after 3 confirmations from the Bitcoin network. This usually takes approximately 15-30 minutes and is done to avoid fraud and ensure transaction reputability. If your transaction is taking too long, that means the network fee used when sending was low or the Bitcoin network is congested, kindly be patient.
FAQ 3: Can I send BTC from any country?
FAQ 4: What is the limit?
Answer: There is no minimum or maximum limit.
Note that your bitcoins cannot be stored on the platform because they will ALWAYS be converted to naira automatically.
FAQ 5: Is it safe?
Answer: Prestmit is equipped with modern security tools to help secure your account at all times. These include a centralized security architecture that secures all components and layers within the platform.
DO YOU NEED HELP?
If you need help concerning anything, you can reach out to us:
We have a live chat available on the platform, so whenever you need any form of help, don’t hesitate to reach out. The response is instant. Also, you can send an email to [email protected].