Bitcoin continues to maintain its status as the leading crypto in terms of market cap since its creation about 12 years ago. The adoption and use of digital assets also continue to grow day by day in every part of the world. However, over the past years, Nigeria has been a great hub for bitcoin purchases. The number of bitcoin and crypto transactions and google searches coming from Nigeria is on the very high side. This implies that the number of people looking to buy bitcoin in Nigeria either to HODL or trade is on the rise. In terms of bitcoin adoption, Nigeria is the leading country in Africa as people are seeing more reasons to invest in the asset.
Nigerians are buying bitcoin because it offers some values and great benefits that cannot be achieved through the use of Naira.
Here are some of the reasons why you should buy BTC in Nigeria.
Bitcoin acceptance in Nigeria is accelerating
As stated above, Nigeria is at the forefront, when it comes to the acceptance and use of bitcoin. More people in the country are making use of digital assets in different ways. Despite warnings from the central bank that BTC is not a legal tender in the country. There are thousands of items you can now buy and pay for using BTC as more online stores now accept BTC as a mode of payment.
Learn how to make money online with Cryptocurrency in 2021.
Bitcoin is an independent asset
Bitcoin is a digital asset that is not dependent on the actions of the fiat currency or the stock market. A rise or fall of the Naira doesn’t affect the price of Bitcoin. This is one of the major advantages of the asset. With the constant fluctuations in the Naira, Nigerians would benefit greatly in switching to digital assets to avoid being affected by the devaluation of the traditional currency. Although some people may argue that bitcoin is also not stable, it, however, has more value compared to the Naira.
Bitcoin makes international transaction cheap, easy and fast
Inter border transactions sometimes called cross-border payments are trades or deals made between individuals or firms in two or more different countries. These types of transactions come with high transaction charges and a longer delivery time. However, cross-border transactions have become very cheap, easy, and fast with BTC. Using Bitcoin as a medium to transfer funds to someone in another country is very easy and cheaper with a very fast processing time. Basically, instead of using the traditional means that come with high charges and more time to approve the transactions, you can make use of BTC that requires no approval from anyone. Aside from being a faster, easier and cheaper option, it is also a more secured option for making these international transactions.
Bitcoin is free from government authority
Unlike the traditional currency that is under the control of a particular authority (government/central bank), BTC is not controlled by anybody and no authority has power over your bitcoin. While the bank can freeze your bank account at any given time or your assets confiscated by the government due to the power and control it has over it, such can never happen with Bitcoin. This implies that with your private keys, you alone have absolute power and control over your digital asset without the involvement of any external body. Just like the recent incident in Nigeria during the END SARS protest, several accounts were frozen by the bank, however, the protesters switched to bitcoin to continue raising funds for the protest.
Bitcoin is a perfect store of value
A store of value simply means an asset that can retain its value over time. BTC doesn’t suffer from significant inflation. Over the years, it has proven to be a better store of value compared to the Naira. This can be traced down to the fact that the asset has a limited number that can be mined setting it apart from the traditional currencies which can be constantly inflated when governments print more notes. As a matter of fact, there is an increasing comparison between Bitcoin and gold. While some branded it a digital gold, some believe it’s even a better store of value than gold.
Where can you buy bitcoin in Nigeria?
While we have already established the reasons you should buy bitcoin, it’s time to know where to buy BTC in Nigeria. Here are few exchanges you can buy bitcoin in Nigeria.
Binance
Binance was established in 2017 and since then, it has grown to become the largest exchange by trading volume, processing over $1 billion daily. Its rapid growth could be linked to the number of crypto assets they offer and low trading fees. Binance is a secure and reliable exchange for any investor looking to buy Bitcoin.
Remitano stands out as the best p2p cryptocurrency exchange platform available in Nigeria. This crypto exchange platform is the leading p2p exchange in Nigeria as it provides the fastest, safest, and simplest user interface. A crypto newbie can simply go to the Remitano website and understand how to buy bitcoin on the platform without any hassle as it has a friendly user interface.
Remitano is one of the few exchanges that support Naira wallets which means users can easily buy BTC into their wallet from their bank account.
NairaEx
NairaEx is the only exchange on this list that services only Nigerians and in Nigerian currency. You can purchase BTC via bank deposit/transfer, card, and a few other means. The platform also allows users to buy other cryptocurrencies like Ethereum and Litecoin alongside bitcoin.
Gradually, we are moving away from the fiat and traditional transaction age to a digital world. In other not to be left behind, it is advisable to join the bandwagon. There are lots of exchanges where you can buy bitcoin in Nigeria, Remitano being the most preferred option and there are also several online stores where you can use your BTC as a payment for goods or services.
