There are a few ways you can convert ethereum, bitcoin and other cryptocurrencies into flat currencies such as naira. In different countries, bitcoin can be converted into the respective currencies of those countries. Do you have bitcoins and want to convert them into naira? If you are in Nigeria, there is no need to worry as there are a lot of ways you can convert bitcoin into naira. This is a detailed guide on converting bitcoin into naira. Following are three ways:
Selling bitcoin online is one of the most common ways of trading your bitcoin. It is secure and, though you can be charged for a small amount by the platform you are using for trade. There are a lot of bitcoin exchange platforms such as QXChange and many more. On these platforms, you can safely sell your bitcoins and other cryptocurrencies. Open a trade and you would be contacted by potential purchasers who need coins in exchange.
You need to register yourself as a buyer or a seller on these platforms to use their trading services. Registration is fast and easy, you would have to verify your identity, and in this guide you will find how to sell or buy bitcoin on QXChange. Once you are registered, you can then post an offer, determining that you want to sell and the platform would alert you when a buyer wants a trade. Then, your interaction is with the buyer, but you use the platform to do your trade.
Another way to convert bitcoin to naira is by registering yourself with an online exchanger. Exchanges can act as intermediaries who can hold funds. You place an order whether a buy order or a sell order, stating the amount and type of currency you want to sell i-e bitcoin, and the price per unit you need to sell for. As soon as someone places a buy order, the exchange platform would do the transaction. So, the currency i-e naira would be credited to your account.
Sell Bitcoins Directly
Another method of trading in bitcoin is for sellers and buyers to meet directly. This can be done simply by scanning a QR code on the mobile phone of another person and accepting cash in hand. While using this method, you have to do your exchange in a safer place. Hence, ensure to check the price for a few seconds before completing the transaction. Bitcoin price is not stable.
More ways of converting your bitcoin to naira may continue to evolve. For example, you can convert gift cards to naira or bitcoin. The most significant thing is to make sure you use a safe platform. Also, you need to observe security tips provided by a few of the exchange firms while trading bitcoins. In case trading bitcoin is your option, make sure to trade safely and cautiously.
If you are unsure which exchange platform to use, QXChange is the best site to sell and trade bitcoin and convert them to naira.