What is Bitcoin?
Bitcoin is essentially a currency just like the Naira. Instead of physical naira Bitcoin are in digital form. Bitcoin is stored in what are known as Bitcoin addresses similar to the way you may store your Naira in the bank. Access to your Bitcoin is only possible via the private key ensuring that only you have access to your coin. Currently valued at $655 prices of Bitcoin have remained stable over the past month. The coin has come a long way from humble beginnings of early 2011 when the coin was increasing in popularity.
The remittance industry is currently one of the biggest industries in Nigeria after petrochemicals. Bitcoin has no restraints in terms of where you can send it. Sending Bitcoin abroad only costs just a number of cents and is free of any tax and customs. You too can easily buy and sell Bitcoin via Nigeria’s leading exchange NairaEX at some of the best rates in the market.
How to Sell/buy your Bitcoin
You can easily buy Bitcoin via the NairaEX exchange when you want to transfer money to a loved one overseas. However selling Bitcoin is equally important if you want value from your transfer. Currently spending Bitcoin is not very popular and exchange to the Naira at zero cost will make sure all the money you send is sent directly to your family.
1) Once you receive Bitcoin navigate to the NairaEX exchange and register for an account.
- The process is simple and can be done under a minute requiring on a few details such as your name and email.
2) Once logged in you will be presented with the frontend. Click on Payment information to fill out the bank account you want to receive your naira at.
3) Now you are ready to sell your Bitcoin, plug in the amount and send them off to receive your Naira within a matter of hours.
To conclude, Bitcoin may be the currency of the future. While it has a way to go in terms of integration with services such as NairaEX you can be in control of your finances, free of taxes and constraints your money remains in your hands. NairaEX allows you to sell Bitcoin on demand with liquid asset available 24/7. You can complete your remittance with peace of mind as NairaEX is the industry leading exchange in Nigeria.