February 5th, 2021 the Nigerian government through the central bank of Nigeria put a ban on banks enabling cryptocurrency transactions. This move put a dark cloud over the already booming “Naija” crypto market. It had crypto enthusiasts wondering how they could buy bitcoin in Nigeria. The general thought amongst citizens was that the government was trying to keep Nigerians in the stone age. But the CBN claims that it didn’t stop anybody from investing in Bitcoin or any type of digital currency. They claim they only stopped the transactions from happening through banks and other financial institutions. With that stroke, they thought they had won the rally but they forgot the loopholes. Read on to learn how to buy bitcoins anonymously in Nigeria. Before we get to the main topic, let us look at the reasons why buying bitcoins is a good idea.
Why You Should Buy Bitcoins
Apart from the fact that it is the number one asset in the world here are other reasons why you should invest in bitcoins:
- It runs on a decentralized system. Bitcoins exist on the blockchain platform which isn’t controlled by any organization or government. This means it can’t be taxed nor can inflation be used to control the value.
- It has a high market cap. Bitcoins still have the highest market cap value on coinmarketcap.com. The future still looks bright for the premier cryptocurrency.
- The blockchain system enables anonymity. Due to the fact that there are no intermediaries on the blockchain platform, its users are mostly dealing with computers, this keeps everybody anonymous.
Now to how you can buy bitcoins in Nigeria.
How to buy bitcoin in Nigeria Without Using Bank Accounts
1. Peer To Peer Lending
The CBN put a ban on crypto transactions through banks but not the transfer of cash. Some crypto exchanges like local bitcoin and Binance enable Bitcoin traders to meet online for negotiations. When a trade has been agreed on, the cash worth of the bitcoin is transferred to the bitcoin seller’s account. While the Bitcoin equivalent will be sent to the buyer’s bitcoin wallet.
2. Gift Card For Bitcoins
Gift cards are also a bankless way to buy Bitcoins in Nigeria. There are a few trustworthy online platforms that buy gift cards for bitcoins at a high rate. All you need to do is create an account first. Be sure to pick Bitcoin as your payment method.
CBN ban or no ban Nigerians will always have access to the world’s new gold and you shouldn’t be left out.