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Home / Bitcoin Guide / Advantages of Using Bitcoin for Money Transfer

Advantages of Using Bitcoin for Money Transfer

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If you live in Nigeria, you may have heard about Bitcoins. But what are they exactly? In order to fully understand why it is better to use Bitcoins, you need to know what they are in the first place.

What is Bitcoin?

Bitcoin is a digital version of traditional currency or e-payment system. Bitcoin is not controlled by any central authority like banks, governments & corporations. Users are in full control of their money because Bitcoin is decentralized and that means you own it, not even the bank or any individual can take it away from you.

Why use bitcoin?

Faster transactions

If you’ve been a bank user for some time, you would know that banks take a long time to verify information and you’ll have to wait for days before it is approved and the same goes for sending and receiving money abroad. Bitcoins on the other hand are faster and can be sent and received in a matter of minutes.

Cheaper fees

You do know that transfers come with fees but Bitcoins come with minimal fees and at some cases, they are even free. You can transfer large amounts of funds for pennies in some cases to anywhere in the World at any time.

Convert to Cash Anywhere in the World

You can cash out or trade Bitcoin to any currency in the World, it can be traded for goods or anything else as it has world value. It has a global value against Naira to GBP, dollars and many more.

Buy or Sell Bitcoins in Nigeria at www.nairaex.com.

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