Bitcoin Is The Future Of Nigerian Remittances

The Bitcoin is essentially a digital version of the Naira. Not owned by a single authority the coin can be used by anyone to transfer money across the world instantly at a cost of around 1% generally. Hailed as the currency of the future, Bitcoin has grown from strength to strength since its inception around 2010. From humble origins, where the majority of users were programmers to its current status as an internationally used medium to transmit money. The likes of Citibank realize Bitcoin potential as the financial technology of the future as the innovative technology is currently used among millions of users.th

Remittances in Nigeria

Currently Naira remittances in Nigeria are not only costly but time consuming. While remittances remain one of the biggest industries in Nigeria contributing significantly to the GDP, the infrastructure in place sadly means this simple activity is overcomplicated. Affecting many African countries such as Nigeria, Uganda, Tanzania and Rwanda the business worth over 111Billion kshs meaning Africans have the raw end of the deal when sending money abroad. The Situation in east African countries has become particularly bad when considering fees have swollen to well over 25%, rendering transfer extremely expensive and in many cases not worthy.

Remittances are not only for families as in a commercial setting they can be invaluable to international business. When dealing with international customers, business are being force to wait days for remittances to come through not only hurting the image of many businesses but causing many inconveniences to customers. As a business, time is money and transferring Naira across countries such as China, profit margins are one of the key factors hurt.

However Bitcoin’s inception not only allows African traders an international trading window, but ensures stability as Bitcoin transactions are unmonitored by the government ensuring you complete control.

bitcoin remittances

Sending Money with Bitcoin

Money transfer during remittances may seem confusing when using the Bitcoin. In fact it’s as simple as using the likes of western Union and world remit. Considering your family has bought Bitcoin and is living abroad but wants to send money back. All they would need is your Bitcoin address and the money is transferred within a matter of seconds.

Next using leading exchanges such as NairaEX you can easily sell the Bitcoin for Naira delivered straight to your bank account in a matter of hours. The two step process costs hardly any time or any money!

How to Buy Bitcoin

There are many methods available for users wanting to purchase Bitcoin. Using sites such as Local Bitcoin’s which is currently the most used peer to peer site, you can easily set up a meeting in your city to purchase Bitcoin for fiat currency. While you must remain cautious about the other party this remains a safe and traditional way to purchase Bitcoin.

There are also many online alternatives such as NairaEX which are leading industry specialists providing the fastest and economical services.

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Sell Your Bitcoin

Selling your Bitcoin is just as important as purchasing them. Particularly in the remittance industry when you send your bitcoins abroad, your family or friends have to sell the bitcoin to receive naira in hand to spend. Using NairaEX you can easily sell your Bitcoin to have Naira Delivered to the account you specify.

  • First create your account on NairaEX, this is a simple process requiring only a few personal details and can be completed within a matter of minutes.
  • Next you will be greeted by the dashboard which will allow you access to all the other features the site offers. Navigate to payment information to set the details of the bank account you want to send Naira payments to.

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  • This will allow you to sell Bitcoin as you are able to enter the value of Bitcoin you want to sell, and will be presented with a Bitcoin address to send the funds to.
  • Finally NairaEX will send the Naira to your bank account in a matter of hours and voila your remittance is complete!

NairaEX, Nigeria’s Leading Bitcoin Exchange

Nairaex remittances

When it comes to buying and selling your Bitcoin there are various factors you must consider. The security of the exchange, the solvency of the exchange and the duration it’s been established for. Currently there are a number of exchanges but NairaEX has set itself apart as the best available in Nigeria.

–          NairaEX offers the best fees in Nigeria currently, ensuring your Naira is traded for the most Bitcoin.

–          Security is a priority in NairaEX, the whole website is secured allowing you to buy and sell Bitcoin in peace.

–          Currently one of the biggest and most established exchanges in Nigeria, NairaEX has been in the business for well over half a decade. Solvency is also not an issue as the exchange aims to send out your naira/Bitcoin within a matter of hours!

Head on over to NairaEX to experience Bitcoin for yourself. A dedicated support team and simple process ensures you get your Bitcoin/naira hassle free and on demand!

 

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.