How to send money to Nigeria using Bitcoin
Receiving money from friends, family or business associates abroad has become a lifeline for many Nigerians, but the cost of sending money with banks and traditional money transfer has remained on the high — costing an average of 9% for a $200 transaction. Cryptocurrencies have proved to be a great tool for frictionless cross-border payments, facilitating speedy transactions with low fees — reducing transaction cost by as much as 90%. Cryptocurrencies like bitcoins can be used to send money on a peer- to-peer basis providing users with several benefits over traditional money transfer platforms and banks.
Cryptocurrency users can now send money to Nigeria using their bitcoins at the cheapest exchange rate possible and zero transaction fee. Receivers can immediately receive funds directly int their naira account.
So how do you send money to Nigeria using bitcoins?
To begin, you need to get a bitcoin wallet.
Think of Bitcoin wallets as bank accounts for bitcoins. The bitcoin wallet allows you to store your bitcoins, send and receive bitcoins from other bitcoin users. You can get a bitcoin wallet with Blockchain5, Exodus, Mycelium, etc.
Buy Bitcoins at Bitcoin Exchanges (Convert Naira to bitcoins)
Find a bitcoin to exchange that operates in Nigeria such as Nairaex. A Bitcoin exchange is an online platform where you buy and sell bitcoins. Most of the exchanges will ask for identification verification for their Know Your Customer (KYC) policy and some of the exchanges provide you with bitcoin wallets on their platform. You get a bitcoin address/account number on wallets that have the receive option.
How to send money to Nigeria using bitcoins:
- Visit www.cryptofully.com
2. Enter transaction details: Enter the bank account details of the person you’re sending money to and your email address.
3. Enter the amount of money you want to send: Enter the amount of money you want to send (in Naira) and the bitcoin equivalent is calculated instantly. Then you hit the Send Now button.
4. Get wallet address: Cryptofully provides a unique bitcoin wallet address for your Nigerian bank account.
5. Send money: Click Copy Wallet Address and then go to your Bitcoin wallet to transfer bitcoin from to the unique wallet address. The recipient will receive the naira value instantly.
Cryptofully is a digital payment platform that allows users to send money to any Nigerian bank using cryptocurrency. With Cryptofully, users can send and receive crypto payments from anywhere in the world and cash out into any Nigerian bank account.
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