How to convert Bitcoin to Naira Cash

There is a season for everything. This is very applicable in Cryptocurrency Trading. There are two major seasons; The bullish season and the bearish season. The bullish season is the period when most coins begin to soar high in price. There is usually a positive significant change in the value of most coins.

On the other hand, the bearish season is the period whereby most coins fall in price. This is usually the time when many traders buy the dips of their favorite coins. During the bearish season, even the almighty Bitcoin begins to drop in price. Though, this drop might not be very significant.

As a cryptocurrency trader, the Bull run is the best period to take profit off the coins in your portfolio and reload your bags again, in the bearish season. Fundamentally, many Bitcoin investors have the sole aim of selling part or all of it off whenever the price hits their Target.

If you are reading this, I believe you are also a Bitcoin Investor looking for ways to convert your digital currency into naira. Do not worry too much, I will show you how you can do all that without surfing the internet all day.

To sell your bitcoin after you have made your profit from it, you have to trade them on certain platforms. I will be revealing these platforms to you in this article. Thereafter, I will show you how to sell your bitcoin on these platforms.

how to convert bitcoin to naira

Where do I sell My Bitcoin for Naira?

  • Exchanges eg. Binance, Bidesk etc.
  • Nigerian or West African Crypto Wallets eg. Patricia, Roqqu, Bundle, Busha etc.
  • Peep to Peer (P2P).

How to Convert Bitcoin to Naira on Binance

We will be seeing how to convert your bitcoin to naira on the most popular centralized Exchange, Binance. Before we go into the procedure on how to convert your bitcoin to Naira on the Binance Exchange, ensure you already have the asset in your Binance Wallet already.

The asset (BTC to be sold) might be in another wallet, so you have to first move it to your Binance Bitcoin wallet. If you have done this then we proceed to the next step. If you are very conversant with Cryptocurrency news in Nigeria and beyond, you should have heard that the Federal Government asked all Financial Institutions to stay away from cryptocurrency deals.

This news made Binance remove the Nigerian Naira Deposit and Withdrawal Option from its Exchange. However, this does not mean that you can no longer convert your BTC to naira. You just have to make the process go through a longer chain. I will explain what I mean in the next paragraph.

The conversion process will go through this chain BTC-USDT-NGN. So, the transaction is involving three currencies. The USDT in the middle is a stable coin (You should know that by now). So let us see how the process goes.

  1. Open your Binance Application and go to markets.
  2. Search for the currency pair, BTC/USDT.
  3. On finding this currency pair, you tap on it and it will redirect you to where you will open a trade on Spots.
  4. Now, you will have to create a sell order for the pair, BTC/USDT. This simply means you are selling your BTC and getting USDT in return.
  5. Create the Market Order. The amount of BTC you have inputted will be sold and the equivalent amount in USDT will reflect in your USDT wallet. This is Phase 1.
  6. Now, you have to find a buyer of the USDT, who will give you the Nigerian Naira (NGN) in return. You do not have to go too far to find a buyer.
  7. All crypto vendors buy and sell USDT. So, just contact one who is reliable and send the USDT to him or her. The vendor will tell you beforehand, the amount of Naira you will be getting for the USDT you are selling. If you are comfortable with the rate, go ahead with the transaction, and if you are not, do not proceed with it.
  8. After the vendor confirms the USDT in his or her wallet, you will be asked to provide your Nigerian Bank account number. Thereafter, your money will be wired straight into your account.

This is usually the best, though not the safest way to sell your bitcoin. I don’t regard it as the safest because while selling your USDT, you could get scammed and lose on two sides. It is the best because it is adopted by almost every crypto investor and the process is very easy to complete.

How to convert Bitcoin to Naira on Crytpo Wallets

There are lots of crypto wallets where you store these coins. Lots and lots of them. However, just a few of these wallets allow you to convert your Bitcoin directly for Naira. For example, the popular Trust Wallet does not have this function.

The major Crytpo Wallets that allow you to convert your BTC to Nigerian Naira include; Roqqu, Busha, Patricia, Bundle Africa, etc. These wallets actually involve the same process when converting your BTC to naira. The only difference is that they have their individual rates and unlike interface.

So, I will be showing you how to convert your Bitcoin to Naira on these wallets at the same time, since they involve the same process. Some crypto traders prefer this process for a lot of reasons. I will tell you some of them after I show you the whole process. Let’s get down to it.

Just like the Binance Procedure, you must have the Bitcoin in the wallet you are going to be making use of. If the bitcoin is outside the wallet, copy the BTC wallet address, and send it in from wherever it is stored initially.

Please note that you can not send Bitcoin to any of these crypto wallets if you have not opened an account or created one with them. This is actually the first step before you can make any transaction on the app. On registering your new account, verify all your necessary details such as your phone number and Bank Verification Number (BVN). When this is done, and the coin has reflected in the wallet, you can then go-ahead to the next step.

In the menu of options on the app, find the option, “SELL”. Click this option and you will be taken to another page in the app. You will be required to select which of your assets you are selling. From the list of options, select Bitcoin, which will be in the form, BTC.

Thereafter, you will be asked to enter the amount of BTC you want to sell, and the equivalent amount in naira will be shown beside it. Type the digits in and proceed with it. Upon confirmation, your naira will be sent to your naira wallet still on the Application.

Now, you have to withdraw the naira to your bank account. During the creation of your account on any of these wallets, you will be asked to input your bank details. This is actually for Withdrawal purposes like you want to do now. When you find the withdraw option and click withdraw, the funds will be sent directly to your Nigerian bank accounts. Please note that some fees might be deducted from the naira before it gets to you.

If you made a mistake in the bank account you provided earlier or have not provided one at all, go to your profile and input it. Also, before the funds get sent to your bank account, you will be told to confirm if the destination bank account is really yours.

Now, I remember telling you that some traders prefer this medium when converting their Bitcoin to Naira for some reason. I will reveal the reasons to you here.

Firstly, their funds are 100% safe. There is no need for a middleman for the transaction to be complete. It is as simple as making a bank transfer. Even a newbie will find this method interesting, but there is one disadvantage.

Have you ever asked yourself, why these companies were created in the first place? Every company is created with the sole purpose of making a profit. These wallet groups increase their rates higher than the normal rates when selling to their customers. When buying Bitcoin and other cryptocurrencies too, they reduce the price, and sometimes you as the seller might not see a tangible profit.

However, even with all of these, it is still preferred because you can totally escape being scammed in this space. As time goes on, a lot of traders will begin to adopt this method for buying and selling their cryptocurrencies.

Peer to Peer Trading

As the name implies, Peer 2 Peer trading involves selling your Crytpocurrencies to someone else in Exchange for naira. As simple as that. Peer to Peer Trade can come into place when the aforementioned mediums do not work. P2P should be your last option. I will tell you why I said so later in the article.

Peer to Peer Trading can take place in different ways. It could be between your friend and yourself. This is actually the most common instance of Peer to Peer. You send your BTC to him or her and get your money in Naira. It could also be the other way round, which depends on your trust levels.

This kind of Exchange is very dangerous as both parties are liable to be scammed of their coins or money. This is primarily because there is no one regulating the transaction. However, there have been some interventions to solve the P2P issue which involves the introduction of an Escrow.

An Escrow serves as an intermediary between the buyer and the seller. In most cases, this is how it is being done with an escrow. The buyer sends the naira to the escrow to hold, then the BTC seller sends the coin to the buyer. Once the buyer confirms that he or she has received the coins, the escrow will release the naira to the seller.

Note that, even with the introduction of the escrow, there are still numerous scam cases involving the Escrow himself. Therefore, when selecting who to use as an Escrow, both the buyer and the seller should use someone they both trust beforehand. This way, no one is at risk.

Binance has actually made it also easy to conduct P2P Trading on its Exchange. That is, you can also sell your BTC on the Exchange without having to convert it to USDT first. This is good news to some extent.

For Binance P2P Trading, there is also an Escrow involved. However, the Escrow is not a physical one known to any of the parties. A bot does the work of the Escrow. This is what happens when P2P takes place on Binance.

After you have searched for the buyers of BTC on the P2P section, you should go with the one whose rate suits you best. Please do not go for too favorable rates as that is what scammers use to draw attention. When you finally select the buyer of your choice, this is what happens next.

You open a trade with him or her, and they have to accept the trade request on their side too. When they do, the Escrow automatically locks the amount of BTC you want to sell for a specified period of time. Throughout this period, you will not be able to send or move the BTC out of your wallet.

Next, you provide your account number for the buyer to pay into. When he or she pays there, they will send a message to the escrow that they have made payment. The Escrow will then ask you to confirm the payment. If you confirm it, the locked BTC will immediately be released to the buyer’s wallet.

Now, if you have not received the payment and you click “I’ve paid”, and the coins are released from the Escrow, you can not recover them back. They are gone for good. Therefore, you have to be extremely careful when conducting Escrow deals on Binance P2P Trading.

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