How to Buy or Sell Bitcoins in Nigeria
At the time of writing this post, 1 Bitcoin sells for between N15, 000 and N22, 000. This depends on the merchant you are buying from. Also, at the moment of writing this post, there are some merchants already in Lagos, Nigeria’s commercial nerve centre. You can buy Bitcoins from them or you can sell your Bitcoins to them. Warning: Please be careful with your money. When sending money to an exchange, you are trusting the operator to not steal your funds, and that their site is secure. It is recommended you obtain the real-world identity of the operator and ensure that sufficient recourse is available. Exchanging or storing significant amounts of funds with third-parties is not recommended.
You might be asking, what is bitcoin? In simple terms, according to Wikipedia, Bitcoin (BTC) is a digital currency which was first described in a 2008 paper by pseudonymous developer Satoshi Nakamoto, who called it an anonymous, peer-to-peer, electronic payments system. Which means, you can use it to make or receive payment online.
Bitcoin services are not highly regulated so a service can continue operating even when it is widely believed that it is insecure or dishonest. Also, posts recommending them (such as this one) may not be regularly updated. (However, saying that, the site is open-source, and I try to respond quickly to emails.)
Bitcoins can be transferred through a computer or smartphone without an intermediate financial institution. Interested parties can authenticate the ownership of bitcoin balances by using dedicated servers (the bitcoin miners) to authenticate the bitcoin transaction log using a public-key encryption scheme.
Here is the list of merchants where you can buy or sell bitcoin in Nigeria.
1. Mt. Gox – A well known bitcoin exchange. Sign up for an account, verify yourself and you can purchase a large number of bitcoins.
2. Local Bitcoins – In-person trading. Find someone in your local area who trades bitcoins for cash, and arrange to meet them in person.
3. Bitcoin Wiki’s OTC – Over-the-counter exchange. Find a direct seller online to buy and sell bitcoin with.
4. Bitcoinary OTC – Over-the-counter exchange. Find a direct seller online to buy and sell bitcoin with.
5. BitcoinTalk Forum’s OTC – Over-the-counter exchange. Find a direct seller online to buy and sell bitcoin with.
6. CoinMama – Fast and easy way to purchase bitcoins with Western Union, MoneyGram and credit cards.
You can find more on https://howtobuybitcoins.info/ng.html
More merchants or sites will be added as soon as I find out more.
Disclaimer: I would not be held responsible for whatever goes wrong with your Bitcoin funds, transfer or exchange! I have provided the list above for information sake only. You should do yourself good by making sure of what you want to do with the list above before you commit yourself. Try and be safe
Also, you should read my previous post on BitCoin is a Ponzi Scheme: Top Posts You Should Read! This is to help you learn more about Bitcoins and get informed through other top posts about Bitcoin
I’ll be writing more about Bitcoin as soon as I have more useful update about it.