With a population of 206 million, Nigeria is currently pioneering the largest Bitcoin (BTC) market on the African continent. The country’s faltering national fiat currency and a young, tech-savvy population have all been cited as causes of the surge in demand for Bitcoin in Nigeria.
According to a report by Binance, Nigeria tops the list of African countries with the highest adoption of cryptocurrencies. This guide provides an overview of why and how Nigerians buy cryptocurrencies.
Why should I buy Bitcoin?
1. Bitcoin is decentralized
The fact that this digital asset class is decentralized is important when studying how to buy bitcoin in Nigeria. This implies that a single entity or institution does not own Bitcoin.
This means if you store your bitcoin tokens in a private cryptocurrency wallet, only you have access to your funds.
2. The Bitcoin supply cannot be manipulated
Bitcoin is not governed by a single government or central bank, making it impossible to influence bitcoin supply. As such, it may not have the same problems with inflation as the naira.
On the other hand, the blockchain protocol-driven underlying code governs the bitcoin supply. A new block is verified every 10 minutes, creating 6.25 more bitcoins. This rule, encoded in Bitcoin’s source code, cannot be changed thanks to Bitcoin’s decentralized nature.
Also, there will never be more than 21 million bitcoins.
3. Fast and Affordable International Transactions
Any Nigerian who frequently sends or receives money abroad knows that using the Nigerian naira can result in extremely high transfer rates. Also, you may find that it takes a few days to receive the money.
But with the best cryptocurrency exchanges like Binance, you can securely complete bitcoin transactions in less than 10 minutes, regardless of the location of the sender and receiver. What’s more, the fees are typically just a few dollars for each transaction, no matter how much you’re receiving or sending.
How much does bitcoin cost in Nigeria?
Like any other marketable asset class, Bitcoin’s price fluctuates throughout the day. Bitcoin’s price has fallen by 44% over the past six months. So, it is wise to view Bitcoin as a longer-term investment. You can now avoid focusing on sudden price increases and price decreases.
Bitcoin’s price relative to its all-time high reached nearly $69,000 at the end of 2021. Since then, the value of the digital asset has plummeted to as high as $33,000 in 2022.
Although there has been a significant drop from the previous peak, this is typical of Bitcoin. That said, since 2009, when Bitcoin was first launched, there have been many bull and bear cycles.
How can I buy bitcoin in Nigeria?
Before you can start trading, you must first buy cryptocurrencies. One of the safest and easiest ways to buy Bitcoin in Nigeria is through Binance P2P.
Unlike the typical cryptocurrency exchanges, P2P marketplaces allow you to buy cryptocurrencies directly from other users using your preferred payment method and local currency.
With more than 300 payment options and 70 local currencies, Binance P2P, the leading peer-to-peer marketplace, enables fee-free cryptocurrency transactions for millions of users worldwide.
With the P2P Express for Beginners, you get an easy-to-use channel that will help you get the best price and make trades. You don’t have to consider conflicting prices, payment methods or your trading partner.
To place an order, simply select the cryptocurrency you wish to purchase and enter the desired amount in naira. For a smooth transaction, Binance’s matching engine instantly finds the best offer from a reputable, experienced trader.
However, the Binance P2P offers more comprehensive features for intermediate to advanced users, such as: B. A more comprehensive interface with a full selection of ad postings and a section devoted to cryptocurrency bulk transactions.
And you can also jump to the P2P block trading section if you want to make a large crypto transaction with experienced block traders.
Step-by-step how to buy on Binance P2P
● Step 1. Login to your Binance account and click [P2P Trading] on the homepage banner.
● Step 2. Click on the P2P page [Buy] and the crypto you want to buy (e.g. USDT) and then select an ad and click on it [Buy].
● Step 3. Enter the amount of naira you wish to spend and the system will automatically display the amount of crypto you can receive. click [Continue].
● Step 4. The system automatically matches your purchase order with a seller’s advertisement in the market. Here you can see the payment details. Please transfer the money within the time specified by the seller and click [Transferred, Next] after it is completed.
● Step 5. The seller then verifies that they have received your payment and releases the crypto to your account.
To learn more about P2P trading, please visit Binance’s P2P Trading FAQ.
You can now buy Bitcoin in Nigeria through your Binance app, where Nigerians can take advantage of Binance’s affordable pricing and security.
If you are new to crypto, you can also visit Binance Academy to learn more about cryptocurrencies, blockchain technology, and other finance-related topics for free.
You can also use the Binance Earn feature, which offers a range of products to passively grow your crypto holdings.