Most Common 3 Methods Of Converting Bitcoin To Naira in 2023

Looking for ways to convert Bitcoin to Naira in 2023? Well, you’ve come to the right place.

As you and I may know, to get the value of your Bitcoin, most times, crypto traders will have to convert their Bitcoin to fiat currency for them to be able to use it.

In Nigeria, cryptocurrency is undoubtedly the talk of the town, and many also want to be involved. But trading cryptocurrency in Nigeria is quite difficult due to the crypto ban in Nigeria by the Central Bank. And this regulation also affects crypto trading when converting Bitcoin to Naira.

So now that there’s a crypto ban in Nigeria, how can one convert Bitcoin in Nigeria? In this article, I will be sharing 3 common ways to convert Bitcoin to Naira in 2023 without violating the crypto rules in Nigeria.

3 Most Popular Ways To Convert Bitcoin To Naira In 2023

Here are 3 common ways to change your Bitcoin to Naira despite the crypto ban in Nigeria:

1. P2P Trading

P2P trading allows you to exchange Bitcoin for Naira by selling your Bitcoins to a buyer directly. Typically, a crypto trading platform like Binance or Localbitcoins is used for this, as it links buyers and sellers.

In the cryptocurrency industry, peer-to-peer trading is frequently referred to as P2P trading. Users can immediately trade their cryptocurrencies for cash by engaging in this type of trading. P2P trading occurs when user “A” has some cryptocurrency and sets a price to sell it, and when user “B” sees the listing in the market chart, they both decide to purchase from “A.”

You have some influence over who buys your cryptocurrency and who you buy it from, as well as the price and settlement time when you trade it from peer to peer. Peer-to-peer trading gives customers some degree of control over the process, but it should be noted that there are certain hazards involved.

P2P trading, however, might potentially have certain disadvantages. For instance, because you are working with a private individual rather than a licensed broker, there is a possibility of fraud or fraud. Additionally, the exchange rate may be lower than the market rate as you are negotiating with the buyer.

2. OTC Trading (Breet)

OTC trading is a way to exchange crypto like Bitcoin for Naira via a seasoned broker like Breet. In this method, you work with the broker to sell your Bitcoins and receive payment in Naira.

OTC means Over-The-Counter. So, as I explained about peer-to-peer exchange, you work with a third party via an escrow system. But with OTC exchange, you can convert Bitcoin to Naira without any other party. It is direct and automatic.

One of the main advantages of OTC trading is that you can get a higher exchange rate than you might through other methods. Although one of the downsides of OTC exchange is that the exchange rate is fixed, so you cannot negotiate for a better deal.

Breet is one of the best OTC exchanges out there. Breet is an OTC crypto exchange platform that allows users and businesses who simply want to receive crypto and get a flat equivalent of their coin to convert their crypto to cash money immediately.

Breet enables users to securely convert and withdraw their crypto coin to cash money in less than five(5) minutes without the use of peer-to-peer trading or any third-party agent.

3. Use Bitcoin ATM

Using a Bitcoin ATM is a method of converting Bitcoin to Naira by using a machine that dispenses cash in exchange for Bitcoin. This is a relatively new method, and there is currently only one Bitcoin ATM in Nigeria, located in Dazey Lounge and Bar, Lagos State.

Bitcoin ATMs provide various benefits, with the principal one being its rapid and simple transaction process. By inputting your digital currency, you can instantly acquire cash without any cumbersome dealings or intermediary interference. Furthermore, there is no requirement for bargaining or mediation with another party in this seamless procedure.

However, there are also some potential drawbacks to using a Bitcoin ATM. For example, the fees can be high, and you may end up paying more than you would with other methods. Additionally, you need to physically go to the ATM, which may not be convenient for everyone. Finally, the ATM is only located in Lagos, so if you live outside of Lagos, this method may not be suitable for you.

Why OTC Trading  Is Better Than Other Options

While each method of converting Bitcoin to Naira has its own advantages and disadvantages, there are several reasons why OTC trading is often considered to be the best option, particularly for larger trades.

First and foremost, OTC trading allows for a higher exchange rate than other methods. This is because the broker is buying a large amount of Bitcoin at once, which can be more valuable than small individual transactions. This means that you can potentially receive more Naira for your Bitcoin than you would through other methods, such as P2P trading or using a Bitcoin ATM.

In addition to the higher exchange rate, OTC trading also offers a greater level of convenience and security. When you use a professional broker like Breet for OTC trading, you don’t need to worry about negotiating with individual buyers or dealing with potential fraud or scams. The broker handles all of the transactions and ensures that everything is done securely and safely.

An additional benefit of OTC trading pertains to its swiftness in comparison with other approaches. Though P2P transactions can occasionally be expeditious, they may require an investment of time and effort in searching for a potential buyer as well as engaging in negotiations. In contrast, the broker engaged in OTC trading is primed to purchase your Bitcoin immediately upon request; thereby enabling prompt completion of the transaction which leads to earlier disbursement of payment.

Finally, OTC trading is often the best option for larger trades. When you are dealing with a large amount of Bitcoin, you want to make sure that the transaction is handled professionally and efficiently. OTC trading offers a level of expertise and experience that may not be available through other methods, making it the best choice for larger trades.

Of course, there are also some potential drawbacks to OTC trading. For example, the process can be slow and may take several days to complete. Additionally, the exchange rate is fixed, so you cannot negotiate for a better deal. Finally, there is often a minimum amount of Bitcoin required for OTC trading, so this method may not be suitable for smaller traders.

Overall, however, OTC trading is often considered to be the best option for converting Bitcoin to Naira, particularly for larger trades. With its higher exchange rate, greater convenience and security, and faster transaction times, OTC trading offers a level of professionalism and expertise that is hard to match with other methods.

So whenever you want to convert Bitcoin to Naira, don’t forget to use the Breet app. Breet is available on all Android and iPhone devices. You can access it via the web, available on the Breet web version.