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Sunday , 17 February 2019

Bitcoin, world’s most popular cryptocurrency, makes waves in Nigeria

Bitcoin, the world’s most popular cryptocurrency, is making waves in Nigeria. According to Ray Youssef, CEO of cryptocurrency exchange Paxful, 41% of new users in 2018, hailed from Nigeria, Ghana, and South Africa. However, Nigerians who use Paxful to buy Bitcoin, often pay at least 20% more for Bitcoin than international users.

Buy Bitcoin in Nigeria Without Paying Surcharges

Demand for Bitcoin is increasing in Nigeria. In response, a homegrown Bitcoin exchange is making buying Bitcoin easier and more affordable.

 Nigerians can buy Bitcoin at international market rates. NairaEx is also the world’s only Bitcoin exchange to allow Nigerians to pay using bank card, Visa QR or GTB 737.

How to Buy Bitcoin at NairaEx

Signing up at NairaEx is easy. Opening an account can be completed in seconds by completing a short sign up form. Once accounts have been verified, users can then complete an order form and specify how much Bitcoin they would like to purchase.

After confirming order amounts, Nigerian users are forwarded to the NairaEx payment gateway. After payments are confirmed, Bitcoin is deposited in user wallets in a matter of minutes.

Using NairaEx, it takes just minutes to Buy Bitcoin. All transactions are also 100% secure. The only question is, why is buying Bitcoin beneficial for Nigerians?

Why are So Many Nigerians Buying Bitcoin?

Bitcoin appeals to both investors and entrepreneurs in Nigeria.

According to Nigerian Blockchain Solutions Ltd. CEO Mr. Lucky Uwakwe, 51% of people see Bitcoin as a profitable long-term investment. 19% of people use Bitcoin for remittance purposes, and 30% of Nigerians regularly use Bitcoin to shop online or transfer money to friends and family.

In all cases, the appeal of Bitcoin is simple. Bitcoin consistently performs better than the Naira on world currency markets. This makes it easier for Nigerian entrepreneurs to do business internationally. It also gives everyday Nigerians a way to protect personal savings, as the Naira loses value against the Dollar and Euro.

Is Buying Bitcoin a Risk-Free Investment?

Over the past 10-years, Bitcoin has realized phenomenal growth.

In 2009, Bitcoin was worth less than $0.01 (U.S.). Today, Bitcoin is worth over $3,000. However, investing in Bitcoin is not without risk. Prices fell sharply throughout 2018. For this reason, both NairaEx and market commentators like Mr. Lucky Uwakwe, warn everyday Nigerians not to invest more than they can afford in the long or short-term.

Where Can Nigerians Exchange Bitcoin for Naira?

Nigerians who use Bitcoin for remittance and transfer purposes, need to exchange Bitcoin for Naira regularly. For this reason, NairaEx allows verified users to exchange Bitcoin for Naira, just as easily as users can trade Naira for Bitcoin.

100K Nigerians are Already Using NairaEx.com

NairaEx launched in Nigeria in 2015. As of 2019, over 100 thousand Nigerians are already using NairaEx to buy and sell Bitcoin every day. To find out more or to buy Bitcoin yourself, simply visit https://nairaex.com.

About Younews Ng

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