It’s now possible to buy and sell cryptocurrencies using the P2P network. It also offers more than 100 payment methods for interacting with other Nigerians. You can also get started with the Bitcoin Cash Register application, which you can download onto your merchant phone. Bitcoin trading in Nigeria is rapidly gaining popularity, and it is one of the reasons why this country is so rich in cryptocurrencies. In this article, you’ll learn more about these options and how to use them to start your journey.
The Nigerian government and central bank have been spreading warnings against the cryptocurrency, but it’s no longer a cause for panic. Nigerians can still invest in Bitcoin, and its price has recently decreased by half. The naira’s fall has made Bitcoin a more attractive investment option for many Nigerians, and the rise of mobile money platforms has made it easier to buy and sell Bitcoin. And it’s not just a fast way to invest.
To start trading, you can join several platforms that support the currency of your choice. LocalBitcoins allows you to trade directly with another person and has escrow protection for every trade, which means your bitcoins are safe. There are also exchanges, such as Paxful, which lets Nigerians buy bitcoin in Nigeria with various payment methods, including gift cards from vendors. The good news is that these platforms are free to join, so you can get started trading in no time at all.
Another major factor to consider when considering how to start your Bitcoin trading in Nigeria is the regulatory environment. While cryptocurrency exchanges are increasingly popular in Nigeria, a large proportion of trading takes place in informal networks. Many sellers engage in this kind of exchange, which accounts for more than half of the $200 million monthly volume in Nigeria. Moreover, users engage in their shops on Instagram or WhatsApp. As a result, the regulatory environment in Nigeria for bitcoin trading is far from favourable.
A CBN statement issued recently has put Bitcoin trading in Nigeria under a cloud. However, this has not slowed down the growth of the cryptocurrency in Nigeria, and it is likely to continue to rise in popularity in the future. Indeed, many people believe that Nigerians will be intrigued by the technology and begin trading soon. Bitcoin is a digital currency developed by an anonymous person or group using the pseudonym Satoshi Nakamoto. The cryptocurrency operates without a central authority, which means transactions can be carried out directly between users.
The popularity of Bitcoin has risen in Nigeria since the CBN imposed a ban on exchanges. Despite this, however, many Nigerians are now looking for alternative ways to make money. But some are still worried about the future of Bitcoin trading in Nigeria. However, there is good news: the Minister of Finance has encouraged a healthy cryptocurrency space in Nigeria. And that’s exactly what it needs to do to continue to gain momentum.