One of the most widely-used cryptocurrencies is Bitcoin (BTC). As BTC continues to integrate within global financial systems, more Nigerians are becoming interested in how to sell Bitcoin for Naira. However, converting Bitcoin to Naira remains complicated for the average Nigerian.
That's why we want to discuss the easy avenue of utilizing FlipEx to exchange your BTC for NGN. Bitcoin to Naira exchange through FlipEx is pretty straightforward once you gather all the required details.
So, let’s walk you through the steps in this article.
Things You Should Know About Bitcoin
Now without trying to repeat general Bitcoin basics that easily get repetitive, let's review a few relevant things to understand before selling your coins on FlipEx:
1. Bitcoin is a digital currency or "cryptocurrency" that only exists online without any physical bills or coins. Instead, it utilizes something called blockchain technology to enable peer-to-peer transactions over the internet.
2. Bitcoin doesn't have a central bank or single administrator like traditional currencies. The network is decentralized and transactions are validated through a database distributed across computers around the world.
3. Unlike Naira that is issued by the central bank, there will only ever be 21 million Bitcoin created through a process called "mining." And about 19 million of those total possible coins are already in circulation today.
4. Due to supply limits and increasing adoption, BTC has the potential to gain value over long periods of time. Those who got in early have made enormous returns as prices climbed.
Steps to Sell Bitcoin for Naira on FlipEx
Selling Bitcoin through the FlipEx platform is actually a smooth process once you have all the right information at hand. However, you will need to download the FlipEx App if you are either an Android user or iOS user, or just simply create an account on the Website – the process is simple.
1. Now, you obviously need to have Bitcoin available in a digital wallet to sell. So, make sure you are ready.
2. Next, you have to create a verified account on FlipEx and input your basic details like email and phone number for authentication.
3. Once your account is logged-in, you can navigate to the BTC/NGN trading pair and input how much Bitcoin you want to sell at the current market rate.
4. You will receive your Naira proceeds from the sale in your FlipEx wallet, link your Nigerian bank account with your FlipEx profile. So have your account details handy including bank name, account number, and account name.
5. After everything is linked, finalize the Bitcoin sell order and FlipEx will instantly convert your BTC to Naira at the quoted exchange rate. The NGN will then transfer directly into your connected local bank account instantly.
And that's the easy process of exchanging Bitcoin for Naira through FlipEx in just a few clicks!
Benefits of Selling Bitcoin on FlipEx
Here are the biggest benefits of selling your Bitcoin for Naira through FlipEx:
Secure Site Reputation - FlipEx is managed by a dedicated team focused exclusively on providing a secure African digital currency exchange for over 5 years. The FlipEx site has robust infrastructure to protect user data and funds.
Good Exchange Rates - FlipEx Bitcoin to Naira rates closely track global averages and are competitive among African crypto trading platforms. Rates automatically update constantly so you can always make use of the FlipEx Rate Calculator to get updated rates.
Local Account Funding - By allowing direct transfers to Nigerian bank accounts, it makes cashing out seamless compared to foreign exchanges.
Ease of Use - FlipEx is cleanly designed with an intuitive user interface that is easy to navigate for both first-time and expert cryptocurrency traders.
Frequently Asked Questions (FAQs) on Bitcoin
If you're new to the world of Bitcoin, you probably still have plenty of questions about how it works before selling any holdings. So, let’s try to quickly answer some frequently asked questions on Crypto:
How do I get Bitcoin in the first place?
You either "mine" it with computers by validating network transactions or purchase it outright on a cryptocurrency exchange platform.
Is Bitcoin anonymous?
No, the public ledger blockchain records all transactions openly. But personal identities behind any account or wallet addresses remain private and unknown.
Can Bitcoin be hacked or duplicated?
While individual accounts can get hacked just like online bank accounts, the broader Bitcoin network itself has never been compromised thanks to blockchain decentralization. And coins also cannot get artificially duplicated or counterfeited.
What dictates Bitcoin's valuation?
Scarcity and demand. The limited supply controls valuation combined with speculation around Bitcoin's adoption for payments and financial services long-term.
Who accepts Bitcoin as payment?
An increasing number of major corporations now accept Bitcoin for select services and products including Microsoft, AT&T, Home Depot, PayPal, and more. Use cases continue expanding into financial services, travel booking, luxury goods, real estate, etc.
Finally on Converting Bitcoin to Naira on FlipEx
We hope this gives you a better understanding of utilizing FlipEx to specifically convert Bitcoin holdings into Naira locally, and deposit straight into your Nigerian bank account. The process is actually smooth and easy once you have the needed wallet, account, and personal details to link everything together.
With cryptocurrency steadily going mainstream across Africa, FlipEx offers a reputable platform that caters to this expanding marketplace. We hope this article is able to guide you further in your Crypto journey and should you have questions or need help in your crypto journey feel free to contact our support team.