Top 5 Apps to Sell Bitcoin in Nigeria
The struggle to find the top apps to sell Bitcoin in Nigeria is real. We understand you, and we have a solution for you.
The struggle to find the top apps to sell Bitcoin in Nigeria is real. We understand you, and we have a solution for you.
Bitcoin, often referred to as the digital gold, has gained massive popularity in recent years. This cryptocurrency, which was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto, has revolutionized the financial world. Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without the need for intermediaries like banks. It’s no surprise that Nigerians have also embraced Bitcoin, given its potential for financial inclusion and investment opportunities.
In this article, we will explore the world of Bitcoin, why it’s considered the best crypto choice in 2023, and the top five Android and iOS apps to sell Bitcoin in Nigeria.
What is Bitcoin?
Before diving into the apps and processes for selling Bitcoin in Nigeria, let’s start with the basics: What is Bitcoin?
Bitcoin is a digital or virtual currency that uses cryptography for security. Unlike traditional currencies issued and regulated by governments, Bitcoin operates on a decentralized ledger called the blockchain. This blockchain is maintained by a network of computers (nodes) around the world, making it immune to central control or manipulation.
Here are some key characteristics of Bitcoin:
- Decentralization: Bitcoin is not controlled by any single entity, government, or organization. Instead, it relies on a decentralized network of miners and nodes to validate and record transactions.
- Limited Supply: There will only ever be 21 million Bitcoins in existence, making it a deflationary currency. This scarcity is built into its code and is often compared to the scarcity of precious metals like gold.
- Security: Bitcoin transactions are secured using cryptographic techniques, making it extremely difficult for unauthorized parties to manipulate or counterfeit.
- Pseudonymity: While Bitcoin transactions are recorded on the public blockchain, the identities of the parties involved are not directly linked to their wallet addresses. This offers a degree of privacy to users.
- Global Accessibility: Bitcoin can be used and accessed by anyone with an internet connection, making it a borderless form of currency.
Bitcoin as the Best Crypto Choice in 2023
As of 2023, Bitcoin remains the top choice among cryptocurrencies for several reasons:
- Market Dominance: Bitcoin has the largest market capitalization among all cryptocurrencies, accounting for over 40% of the total crypto market. This dominance is a testament to its credibility and widespread adoption.
- Store of Value: Bitcoin is often compared to gold due to its limited supply and its potential to serve as a store of value. Many investors see it as a hedge against inflation and economic uncertainty.
- Liquidity: Bitcoin is highly liquid, meaning it can be easily bought or sold on various exchanges. This liquidity ensures that users can quickly convert Bitcoin to other assets or fiat currencies like the Nigerian Naira.
- Recognition: Bitcoin has gained recognition and acceptance from mainstream financial institutions and governments. Some countries have even legalized and regulated its use, which boosts its credibility as a legitimate financial asset.
- Growing Adoption: More businesses and individuals are accepting Bitcoin as a payment method, and more financial products and services related to Bitcoin are being developed, further driving its adoption.
Now that we’ve established why Bitcoin is a compelling investment choice, let’s focus on the practical aspect of selling Bitcoin in Nigeria.
Top 5 Android Apps to Sell Bitcoin in Nigeria
Selling Bitcoin in Nigeria has become increasingly convenient, thanks to the availability of mobile apps. Here are the top five Android apps for selling Bitcoin in Nigeria:
- Dtunes: Although they are in no particular order, the first on our list is Dtunes. Dtunes is one of the best android Apps to sell Bitcoin in Nigeria. Unarguably the best if we’re being serious.
The platform has a user-friendly interface that makes it easy for users to navigate the platform and complete transactions easily. It also offers a very seamless way of selling your Bitcoin in Nigeria. If you’re looking for swift payment, Dtunes is your go-to platform. After transacting, you can withdraw your cash to your bank account without any hiccups.
Dtunes also has a 24/7 customer support team that is always available to assist users with any questions or concerns.
Not only is Dtunes an Android app, but it is also available on iOS.
- Prestmit: Next on our list is Prestmit. Prestmit is a reputable Android app that allows users to sell Bitcoin for cash instantly. It offers a fast, secure, and convenient way to convert Bitcoin to cash at competitive rates.
- Quchange: Quchange is a legitimate trading app that allows users to buy and sell Bitcoin in Nigeria. It offers a secure platform to trade Bitcoin and has a user-friendly interface.
- CardVest: CardVest is a trusted Bitcoin trading app that offers instant cash for Bitcoin at the most favorable rates. It has a simple registration process, and users can sell their Bitcoin at competitive rates.
- AstroAfrica: AstroAfrica is an Android app that enables users to sell their Bitcoin for naira. It offers a safe and secure way to convert Bitcoin to cash, and users can choose from various payment options.
These Android apps offer various features and security measures to make selling Bitcoin in Nigeria a straightforward process. Remember to exercise caution and follow recommended security practices when using any cryptocurrency app.
Top 5 iOS Apps to Sell Bitcoin in Nigeria
For iOS users in Nigeria, there are also several reliable apps for selling Bitcoin. Here are the top five iOS apps to sell Bitcoin in Nigeria:
- Dtunes: Dtunes offers a user-friendly iOS app in addition to its web platform and Android app. With Dtunes for iOS, users can access real-time rates, execute trades, and manage their cryptocurrency portfolio with ease. The platform prioritizes security and provides a seamless experience for selling Bitcoin.
- Luno: Luno’s iOS app is well-regarded for its simplicity and security. It allows users to sell Bitcoin and Ethereum while providing a user-friendly interface. Luno also offers educational resources to help users navigate the world of cryptocurrency.
- Binance: Binance offers a feature-rich iOS app that caters to both novice and experienced traders. While primarily known for trading, Binance’s app allows users to sell Bitcoin with ease and access a wide range of trading pairs.
- Quidax: Quidax’s iOS app provides a straightforward way to sell Bitcoin in Nigeria. The platform is designed for simplicity and security, making it a suitable choice for iOS users looking to enter the world of cryptocurrency.
- NairaEx: NairaEx offers an iOS app that complements its web platform. It focuses on facilitating Bitcoin transactions with Naira and provides a user-friendly experience for iOS users in Nigeria.
These iOS apps provide options for selling Bitcoin in Nigeria while ensuring a secure and user-friendly experience. Regardless of your mobile device, you can find an app that suits your preferences and needs.
About Selling Bitcoin in Nigeria
Selling Bitcoin in Nigeria is a straightforward process, but it’s essential to understand the steps involved and some key considerations:
- Choose a Reliable Exchange: Select a reputable cryptocurrency exchange or platform to sell your Bitcoin. Look for platforms with a track record of security and reliability, as well as competitive fees.
- Account Setup: Create an account on the chosen exchange or platform. You’ll typically need to provide personal information and complete a verification process to comply with Know Your Customer (KYC) regulations.
- Deposit Bitcoin: Deposit the Bitcoin you want to sell into your exchange wallet. Ensure that you send it to the correct wallet address provided by the platform.
- Selling Bitcoin: Access the “Sell” or “Trade” section of the app, enter the amount of Bitcoin you want to sell, and choose your preferred selling method. Some platforms offer instant sell options, while others may require you to create a sell order.
- Confirmation: Confirm the transaction, review the details, and ensure that the price and quantity are accurate. Once you confirm, the platform will process the sale.
- Withdrawal: After selling Bitcoin, you can choose how you want to receive your funds. Most platforms offer withdrawal options such as bank transfers or mobile money. Select your preferred method and provide the necessary details.
- Security: Be vigilant about security. Use strong, unique passwords for your exchange accounts, enable two-factor authentication (2FA), and consider using hardware wallets for long-term storage of your cryptocurrencies.
Best Bitcoin to Naira Rate Calculator
Determining the current Bitcoin to Naira exchange rate is crucial when selling Bitcoin in Nigeria. Several online tools and websites provide real-time rate calculations. However, one of the most reliable and widely used rate calculators is provided by cryptocurrency exchanges themselves.
You can find the best Bitcoin to Naira rate using a reputable exchange like Dtunes.
How to Check Bitcoin to Naira Rate
Checking the current rate of Bitcoin to Naira is a fundamental task for anyone involved in cryptocurrency trading or investment in Nigeria.
To check Bitcoin to Naira rate, you can visit the Dtunes website or app. They provide real-time rates for various cryptocurrencies, including Bitcoin.
Here’s how to check Bitcoin to Naira rate on the Dtunes app:
- Log in to your account
- Click “Use Rate Calculator” on the home page
- Select crypto and select coin (BTC in this case)
- Enter amount in USD
The rate and total are shown and you can see what you’ll be getting.
When checking the Bitcoin to Naira rate, keep in mind that rates may vary slightly between different exchanges due to supply and demand dynamics. Additionally, it’s essential to stay informed about market trends and news that may impact cryptocurrency prices.
The History of Bitcoin
To gain a deeper understanding of Bitcoin and its significance in the world of finance, it’s essential to explore its history. Here’s a brief overview of key milestones in the history of Bitcoin:
The concept of Bitcoin was introduced in a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” by an individual or group using the pseudonym Satoshi Nakamoto. The whitepaper outlined the idea of a decentralized digital currency that would enable peer-to-peer transactions without intermediaries.
On January 3, 2009, Satoshi Nakamoto mined the first block of the Bitcoin blockchain, known as the “genesis block.” This marked the official launch of the Bitcoin network.
In the early days, Bitcoin had little value, and it was primarily used by early adopters for experimental transactions. The most famous early Bitcoin transaction involved the purchase of two pizzas for 10,000 BTC, now famously known as “Bitcoin Pizza Day.”
Bitcoin started gaining value on early cryptocurrency exchanges, with its price initially measured in fractions of a cent. The first known exchange rate was established on the now-defunct exchange, BitcoinMarket.com.
Mt. Gox, a Tokyo-based cryptocurrency exchange, became the largest and most prominent exchange for Bitcoin trading. At its peak, Mt. Gox handled over 70% of all Bitcoin transactions.
Bitcoin’s price saw significant volatility in 2013, reaching over $1,000 per BTC in November before experiencing a sharp correction.
The closure of the Silk Road, an online black market that accepted Bitcoin for illegal transactions, brought increased regulatory scrutiny to the cryptocurrency.
A dispute among Bitcoin developers and miners led to a contentious hard fork, resulting in the creation of Bitcoin Cash (BCH). Bitcoin (BTC) and Bitcoin Cash (BCH) became separate cryptocurrencies with different block sizes.
Bitcoin gained attention from institutional investors and mainstream financial firms, with companies like MicroStrategy and Tesla investing significant sums in Bitcoin. The cryptocurrency also saw a surge in retail interest during this period.
Bitcoin’s protocol includes a mechanism known as a “halving,” which reduces the rate at which new Bitcoins are created approximately every four years. The most recent halving occurred in May 2020, reducing the block reward from 12.5 BTC to 6.25 BTC.
In late 2020 and early 2021, Bitcoin’s price reached new all-time highs, surpassing $60,000 per BTC in April 2021. This rally was driven by growing institutional adoption and increased interest from retail investors.
Governments and regulatory bodies worldwide have been working on establishing regulations for cryptocurrencies. Some countries have embraced Bitcoin, while others have imposed restrictions or outright bans.
Bitcoin’s history is a testament to its resilience and ability to overcome challenges. It has evolved from a novel concept into a global digital asset with a growing ecosystem of users, developers, and businesses.
Conclusion
Bitcoin has captured the imagination of millions around the world, including Nigerians who are increasingly using it for various purposes, including investment and remittances. In 2023, Bitcoin remains the top choice among cryptocurrencies due to its market dominance, store of value characteristics, liquidity, and growing adoption.
When selling Bitcoin in Nigeria, you have several Android and iOS apps to choose from, each offering its own set of features and advantages. It’s essential to select a platform that aligns with your needs and preferences while ensuring the security of your assets.
To check the current Bitcoin to Naira rate and calculate your potential earnings, use the rate calculators provided by reputable exchanges like Luno. Additionally, stay informed about market trends and news that may affect cryptocurrency prices.
Finally, understanding the history of Bitcoin is crucial to appreciating its journey from a concept introduced in 2008 to a global financial asset in 2023. Its decentralized nature, limited supply, and innovative technology have solidified its position as a groundbreaking development in the world of finance. As Bitcoin continues to shape the financial landscape, its influence is likely to extend even further in the years to come
