How do I Cashout My Bitcoin In Nigeria

Do you have some Bitcoin, and you’re wondering how to cash out your Bitcoin? Then this post is for you. So let’s get to it, shall we?

What is Bitcoin?

Before we venture into how to cashout your Bitcoin, it is essential to talk about what Bitcoin is first. Understanding what Bitcoin is is crucial to knowing how you can eventually cash it out in Nigeria, especially for people who are new to the crypto world.

So, what is Bitcoin?

Bitcoin is a popular cryptocurrency i.e. a digital currency that uses peer-to-peer technology to facilitate instant payments.

It was introduced in 2009 by an anonymous entity known as Satoshi Nakamoto.

Bitcoin is very different from traditional and fiat currencies like the US Dollar or the Naira in that while these traditional currencies are issued and controlled by the government, Bitcoin is not. As a matter of fact, Bitcoin relies on blockchain technology to validate and record transactions.

Now that we’ve gotten that out of the way, let’s talk about some key characteristics of Bitcoin:

1. Decentralization- This virtual currency is and cannot be controlled by any single person, group, organization, or even government. Instead, it relies on a decentralized network of miners and nodes to validate and record transactions.
2. Limited Supply- Bitcoin is limited in supply. There will only ever be 21 million Bitcoins in existence, making it a deflationary currency. Once it is exhausted, you cannot simply print more, like governments do to fiat currencies.
3. Security- Bitcoin transactions are secured using cryptographic techniques, making it extremely difficult for unauthorized parties to manipulate or counterfeit
4. Pseudonymity- Even though Bitcoin transactions are recorded on the public blockchain for anyone to verify, the real-life identities of the parties involved in any transaction are not exposed. This offers a degree of privacy to users.
5. Global Accessibility- Bitcoin can be used and accessed by anyone with an internet connection, making it a borderless form of currency.

How to cashout Bitcoin in Nigeria

The best way to cashout Bitcoin in Nigeria is to sell it on platforms that allow you to sell your Bitcoin in Nigeria. An example of such is Dtunes.

The first thing you want to do is to download the Dtunes app either on the Google Play Store for Android or on the App Store for iOS. Then create an account if you don’t have one. It is free and it takes less than 3 minutes to create

• Log in to your account
• Click on “Trade Crypto”
• Choose “Trade Crypto”
• Select the type of Crypto you want to sell (BTC in this case)
• Enter the amount in USD

The rate is displayed and you can go ahead to sell your BTC.