Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoin can be purchased in person or online from exchanges like Coinbase, LocalBitcoins, or BitQuick. You can also get bitcoins by accepting them as a payment for goods and services or by buying them from a friend or someone near you. There are also several ways to buy Bitcoin with cash in Nigeria, including:
1. Bitcoin ATMs: You can find Bitcoin ATMs in major cities across Nigeria.
To use one, you’ll need to have a Bitcoin wallet first. Once you have a wallet, you can load it with cash at the ATM and then use the funds to purchase Bitcoin.
2. Bitcoin Exchanges: There are several Bitcoin exchanges operating in Nigeria, such as NairaEx and Luno.
You can use these platforms to buy Bitcoin using your local currency (NGN).
3. Peer-to-Peer Trading: There are also many Nigerians trading Bitcoin on peer-to-peer (P2P) platforms like Paxful and LocalBitcoins.
On these platforms, you can find sellers who accept a variety of payment methods, including cash.
Once you have purchased Bitcoin, you can store it in a digital wallet or on an exchange like Coinbase or Luno. Alternatively, you can also choose to trade it on a P2P platform like Paxful or LocalBitcoins. When selling Bitcoin for cash, you’ll need to find a buyer who is willing to pay the price you’re asking and who also has a payment method that you’re comfortable with using.
Once you’ve found a buyer, you’ll agree on a price and trade terms before completing the transaction. Be sure to use caution when selling Bitcoin for cash since there is always the risk of fraud or theft when dealing with strangers online.
In conclusion, there are several ways to sell Bitcoin for cash in Nigeria. The most popular methods include using a Bitcoin ATM, exchanging it on a local exchange platform like NairaEx or Luno, or finding buyers on P2P trading platforms like Paxful or LocalBitcoins.
When selling Bitcoin for cash, always take precautions to ensure the safety of your transaction by only dealing with reputable buyers and using secure payment methods like escrow services when possible.