Bitcoin is a simple and secure way to send and receive money electronically anywhere in the world. Using bitcoin exchanges like NairaEx (a Nigeria-based bitcoin company that lets you buy and sell bitcoin with Naira) you are able to send money overseas.
Before you start using Bitcoin, you need to create your own bitcoin wallet – it’s where you store, send and receive bitcoins.
- For iPhone users download Breadwallet
- Android users download Mycelium
- If you prefer online account, open account at Blockchain
- Convert your Naira to bitcoin.
You can buy bitcoin at NairaEx and you will receive the bitcoins in your bitcoin wallet. For example $1 worth of bitcoin is 260 Naira.
- Send the bitcoin to the person you want to pay.
Get a bitcoin address from the person you like to send money to and send them the bitcoin from your wallet.
- The person will convert bitcoin back to traditional currency at any Bitcoin exchanges in their country.
The person will now sell the bitcoin to cash at their location, bitcoin is available in almost every country.
- Write down your bitcoin wallet password and keep it safe. Some of the bitcoin wallet provider doesn’t offer password recovery.
- Check the conversion rate at other bitcoin exchanges to determine your final conversion.
- You can also use bitcoin to send money to Nigeria from abroad.
- Bitcoin is volatile, the price fluctuate due to supply and demand. So you have to be fast.
- Bitcoin is irreversible and once you sent it, you can’t get a refund.
- Check the bitcoin to cash conversion rate at other bitcoin exchanges and make sure to deal with reputable bitcoin exchanges only due to scams.
- You can contact us for assistance in recommending bitcoin exchanges.