Hello Reader, Are you interested in articles about How to sell Bitcoins For Naira in Nigeria, this post contains all the necessary details on ways to sell Bitcoins or BTC For Naira.
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PAXFUL (THE MOST TRUSTED AND RELIABLE SITE TO BUY AND SELL BITCOIN IN NIGERIA )
This bitcoin exchange website is www.PAXFUL.com . PAXFUL passed all tests in flying colours. Not only that, it has integrated one of the most sophisticated blockchain API into its system such that each and every user has a unique bitcoin wallet! I am sure you understand what that means. Okay, incase you do not understand, every user can store bitcoins on the website in his own personal wallet . So, if you make your purchase of bitcoin, ethereum, or litecoin, you can store directly in your PAXFUL bitcoin wallet .
PAXFUL in fact adopted the multisig wallet system which allows for maximum security of your coins!. Awesome right ?
DIGITAL CURRENCIES TRADED ON THE WEBSITE INCLUDE;
WHAT TO KNOW ABOUT PAXFUL
QUICK RESPONSE AND FAST DELIVERY; Every buy or sell action is completed within few minutes without having to go through the stress of strenuous verification process.
SUPER FRIENDLY CUSTOMER SUPPORT; A live chat system has been made available to tend to the request, questions and inquiries of the teeming customer base. If you contact them, you would realize they are friendly to a fault and also reply very swift
GOOD RATES ; The rates provided by the PAXFUL team is super friendly. One of the best you can get out there.
HOW CAN YOU GO ABOUT SELLING OR BUYING BITCOINS IN NIGERIA USING THE PAXFUL WEBSITE ?
Create an account on www.PAXFUL.com under few seconds
Log on to your dashboard
Click on buy or sell bitcoins
Fill the order form
Wait few seconds for your order to be processed in no time
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So what are you waiting for ? Visit PAXFUL to buy and sell your bitcoins in Nigeria and other digital currencies like ethereum, litecoins etc.
Brief History of Bitcoin Price
Bitcoin is arguably the world’s most popular cryptocurrency with an unknown inventor(s). Though the invention of bitcoin was done under the name Satoshi Nakamoto, there are still disputes over the actual person (or group of people) who invented the cryptocurrency. In 2009, bitcoin was officially launched as open-source software and ever since then, it has attracted millions of investors from across the globe.
For the purpose of symbolic identification, bitcoin is denoted with two “ticker symbols’’ which are XBT and BTC. In conversion, bitcoin can be split into subunits of either 1/1000 millibitcoin or 1/100000000 satoshi. Besides being a globally recognized payment system, bitcoin is influential for being the first digital currency without a centralized system such as a “single administrator’’ or a “central bank’’. For bitcoin transactions to be carried out, intermediaries are not needed and this gives bitcoin operators the chance to transact with each other directly.
The Conception of Bitcoin in Economics
Originally, bitcoin came from Satoshi Nakamoto who is regarded as its inventor and original designer. As designed by the latter, bitcoin is said to be a digital asset functioning as a form of currency. In this regard, bitcoin has been given alternative names including virtual currency, digital currency, cryptocurrency, electronic currency and digital cash.
Although bitcoin was designed by its originator to function as a currency, there are still disputes over its currency status. As stated by The Economist in 2015, bitcoins consists of various monetary qualities which are found in every currency. In addition to the fact that bitcoins are hard to earn, the two other monetary qualities found in them –according to The Economist –are (i) easy verification and (ii) limited supply.
By and large, many economists have attested bitcoin’s currency status claiming that the cryptocurrency has a convincing capability to function as a medium of exchange, a store of value and a unit of account. In Economics, the three latter qualities are classified as the basic functions of money or any currency. Since bitcoins show the tendency to exhibit these qualities, many economists have appreciated their currency status.
Among all the monetary qualities bitcoins seem to exhibit, the medium of exchange is considered the most notable because, in 2015, it was recorded that more than 100,000 merchants had legalized the use of bitcoins as an exchange medium. However, as a store of value, bitcoins have failed to show convincing stability especially when the bitcoin market underwent volatility in 2014. At the time, retailers receiving bitcoins had no option but to resort to other currencies as their basic unit of account.
General Use of Bitcoins
Bitcoins are currently in wide use and statistics provided by various veritable sources have shown that there are millions of unique bitcoin users. Recorded as of 2017, Cambridge University revealed that the number of unique persons with cryptocurrency wallets ranged from 2.9 million to 5.8 million. Moreover, it revealed that bitcoin was the commonest form of cryptocurrency used by these people.
In 2013, the use of cryptocurrency was not yet significant as records revealed that the number of users ranged from 300,000 to 1.3 million persons. But today, the number of cryptocurrency users has increased massively across the world.
Acceptance of Bitcoins
Thousands of merchants have appreciated the use of bitcoins as a medium of exchange. In 2015, it was recorded that over 100,000 merchants had started accepting bitcoins. In December 2014, it was recorded that about 4 globally recognized firms received payments in bitcoins. These firms included Microsoft, Newegg, Dell, and Paypal.
In 2016, five out of the world’s leading online merchants legalized bitcoin’s acceptance as an exchange medium. However, in 2017, the figure decreased to three online merchants and various reports revealed that high transaction fees were the major factor behind this decline. At the time, some consumers decided not to spend their bitcoins as a result of exorbitant transaction fees which relatively stemmed from value increase, prolonged transaction times and scalability issues.
In November 2017, PwC became the first “Big Four’’ accounting firm to accept payment in bitcoins. Meanwhile, the acceptance took place at PwC’s office in Hong Kong where the cryptocurrency [bitcoin] was received in exchange for the advisory services rendered to local experts in cryptocurrency and blockchain technology.
Still On Bitcoin To Naira Exchange Rate & How To Buy Bitcoin With Naira
Payment Service Providers
Today, there are authorized payment service providers (like Coinbase and BitPay) that are concerned with the use of bitcoin in payments. These payment service providers serve as vital links between bitcoin customers and the merchants accepting bitcoins. The basic responsibility of a payment service provider is to receive the payments made by bitcoin customers. Meanwhile, the payment service provider does this on behalf of the bitcoin merchant and converts the bitcoin payments into specified local currency –the money which is readily accepted as a form of legal tender. Then the payment service provider is expected to transfer the converted amount to the bank account operated by the merchant. For every bitcoin conversion the payment service provider does, it charges a certain fee.
The Conception of Bitcoin as an Investment
In specified countries, bitcoin has become the major cryptocurrency thousands of people invest in. Based on veritable reports, a significant number of Argentinians purchased bitcoins for the fear that savings accounts could be seized or to prevent their savings from the likely effects of high inflation.
In Cyprus, many people bought bitcoins in the course of the 2012-13 Cypriot financial crisis. Meanwhile, these people made this move to safeguard their financial lives in case savings accounts were taxed or seized.
The Washington Post made a declaration in 2013, implying that it had acquired 1% of the overall bitcoins available then. Also, publications have been released to favour investment in bitcoins and reports claim that Forbes has been an exponent of the idea (of bitcoin investment) since December 2015.
Investment in bitcoins has yielded benefits and drawbacks and several reliable sources have their testimonies regarding this. The duo of FINRA (Financial Industry Regulatory Authority) and European Banking Authority issued warnings in 2013 and 2014 implying that the idea of bitcoin investment involves consequential risks. However, in 2013, Forbes released a report ranking bitcoin as the best investment of the year.
In a report released by Bloomberg in 2014, the ranking organization ranked bitcoin among its “worst investments of the year’’ but in the subsequent year (2015), bitcoin appeared at the top of the organization’s currency tables.
In 2017, bitinfocharts.com released a report stating that bitcoin wallets are 9,272 in number with the estimated bitcoin worth exceeding $1 million. People keep bitcoin wallets nowadays and it is observable that an individual can own more than one bitcoin wallet. In consequence of this, there is no certainty about the actual number of Bitcoin millionaires.
In every bitcoin transaction, bitcoin prices are a vital factor many customers and merchants take into account. Over the years, bitcoin prices have been marked by fluctuations and a series of depreciation and appreciation. The value of a single bitcoin in 2011 was marked by a sharp increase to $32 from the initial value of $0.30 but afterward, the value went back to $2. Also, the price of bitcoin started increasing over the course of the 2012-13 Cypriot financial crisis and precisely on April 10, 2013, it was pegged at $266. But later on, it suffered an unfortunate crash causing a single bitcoin to equate $50. The value of a single bitcoin on the 10th of November 2013 was pegged at $1,242 but by August 2014, the value had decreased by a wide margin and was pegged at $600.
Although millions of people have appreciated the use of bitcoins, many people have spoken against the rate at which they consume electricity in the process of mining. According to The Economist, bitcoins’ overall electricity consumption would be 1.46 terawatt-hours annually even if all bitcoin-mining firms decided to utilize modern facilities. During the latter part of 2017, bitcoin-mining activities across the globe were reckoned with the energy consumption of 1 to 4 gigawatts of electricity.
Today, there are bitcoin-mining firms in Iceland and other regions where geothermal energy is easy to get an Arctic air can be cooled without any restraint. In order to limit the costs of electricity, bitcoin-mining firms across Austria, Washington, Quebec, and Tibet utilize hydroelectric power. Hydro Quebec attracts many bitcoin-mining firms simply because the supplier [Hydro Quebec] has an enormous amount of energy. A study carried out by the University of Cambridge reveals that the bulk of bitcoin-mining activity is carried out in China mainly because the Chinese government offers subsidies on the consumption of electricity.
Brief History of the Nigerian Naira
Naira came into existence on January 1, 1973, as a replacement for the initial pound currency at the exchange rate of 1 pound equals #2. With the introduction of naira, Nigeria became the last nation/country to secede from the £sd currency system. In 2008, the Nigerian government announced the decision to change the currency’s denomination system by making 100 old Naira equivalent to 1 new naira but later on, the decision was terminated and the proposed denomination never came into effect. Symbolically, naira is denoted with the code NGN and the sign #. In monetary conversion, one naira can be split into 100 Kobo.
As issued by the Central Bank of Nigeria, naira comes in banknotes and coin denominations. The coin denominations include 50 kobo, 1 naira and 2 naira while the banknotes are issued in variants of #50, #5, #1000, #20, #100, #500, #200 and #10.
CBN as the Sole Issuer of Naira
Nigeria is the only country which adopts naira as its basic monetary unit and the CBN (Central Bank of Nigeria) is the only central monetary system authorized to issue it. As a form of legal tender, naira is widely accepted as the currency of Nigeria and it serves a significant purpose in terms of exchange. To establish the stability of price and money, the CBN regulates the volume of money in economic supply. For the purpose of currency management, the CBN charges its Currency & Branch Operations Department with the duty of disintegrating, reissuing, processing, distributing and procuring coins and banknotes.
Effects of Inflation on Naira
Inflation is one of the common economic problems in Nigeria and this clarifies that the Nigerian naira has suffered recurring series of inflation. In 2011, the CBN declared that attempts had been made to keep the yearly inflation at a rate less than 10%. In that same year, the key interest rate was increased by the CBN a number of times and this kept it at 12% as against the initial rate of 6.25%. Early 2012, the CBN had a plan to keep the key interest rate at 12%. Meanwhile, this move was aimed at reducing the inflation which had resulted from decreased fuel subsidies.
Following the exchange rate (of 197 Naira to 1 US$) which had remained effective for a number of months, naira was given the chance to float as of 20th of June 2016. Considering trading circumstances, it was speculated then that the exchange rate between naira and the US dollar would be 280-350 naira per dollar.
Exchange Rates Between Bitcoin and the Nigerian Naira
As discussed earlier, bitcoin is a popular cryptocurrency widely used across the globe while naira is the basic monetary unit of Nigeria. In exchange, the value of a single bitcoin far exceeds that of a naira. Currently, a single bitcoin equals #1,872,360. To find out the latest bitcoin to naira exchange rates, we have compiled some verified data and the information is updated.
NOTE: In the table below, bitcoin is denoted with BTC while the Nigerian naira is denoted with NGN.
That’s all about Bitcoin To Naira Exchange Rate 2019 Today
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