Transferring Bitcoin Money-Worth to Bank Account in Nigeria
Bitcoin or BTC is a cryptocurrency which is used for making transactions. It is also like an online investment in which you hope to gain extra cash as the value of the online currency increases. The obvious fact remains that most bitcoin investors in Nigeria are still confused on how to convert their bitcoin back to Naira without going through exchangers like NairaEx.
Bitcoin has now made it easy for people to send money to one another, especially those sending money from abroad. However, you will need to open a bitcoin account and a bitcoin wallet for you to be able to use the service.
With the invention of Bitcoin, you won’t need much of credit card or domiciliary bank account before you can send or receive money or transact businesses with people or companies from outside the country. The online currency was introduced to foster online business.
You are about to learn how to transfer your bitcoin money-worth into your Bank account in Nigeria. Pay attention now., things can get a little complex.
Before you can own Bitcoin, you must first get a wallet. The steps you can follow to get a bitcoin wallet are stated below.
Steps to take to get a Bitcoin Wallet
These five steps will help you get a wallet.
1. Create a Bitcoin wallet
The first thing to do is to Sign-up at the blockchain website and create a free bitcoin wallet. Click here to sign-up. You will see “Sign up or Get Started Now” icons, click on either of the two to create a free bitcoin wallet”.
2. Blockchain Sign up
You will be required to provide your email details, also your password and password confirmation. Ensure you use a password you can easily remember and make it a mixture of numbers and alphabets. You can then click “CONTINUE” after you have clicked the terms and conditions box.
3. Confirmation of Bitcoin Wallet Identifier
A mail will be sent to you from Blockchain. Open the mail and copy you unique “Wallet Identifier”. Keep your identifier safe because you will be asked to provide it anytime you wish to log into your blockchain account. On the mail also, you will see “VERIFY EMAIL”. Click on it and you will be redirected to a page showing that you have successfully verified your email.
4. Setup your Bitcoin Wallet
After successfully creating your bitcoin wallet, go back to the bitcoin wallet website and click on LOGIN. Impute you wallet identifier and your password, then click on LOGIN. It is good you update your account by enabling additional features such as “back up security question” and your phone number. This will make your account more secure and less prone to intrusion by hackers.
Sending Bitcoin to your Bitcoin Wallet
In case you are wondering how to fund your Bitcoin wallet, here is how.
Funding your Bitcoin Wallet
There are several ways by which you can fund your Bitcoin Wallet. You may do this by:
- Buy from someone: Here, all you need to do is find a person who has Bitcoin in his own wallet and wishes to sell. He will send to you by filling in your bitcoin wallet ID and the dollar amount you requested. He will then confirm the transaction on the next page.
However, you will follow the direct opposite of the procedure you followed earlier if you wish to sell your bitcoin. Go to e-currency exchangers if you wish to find buyers for your bitcoin.
- E-currency Exchanger: You can also buy your bitcoin from Naira4dollar, a good number of people have emphasized their credibility. In fact, you don’t have to visit their office before you can pay them for your BTC. You are however advised to confirm from them first before making any transaction with them, so as to avoid any instance of fraud and scam.
How to transfer bitcoin directly into your account without using Exchangers
The freest way of transferring the money worth of your Bitcoin into your local account is through LUNO. It was formerly referred to as BitX. It also has a wallet from which you can make withdrawals.
LUNO is safe to use, and it is also directly linked to all Banks in Nigeria. You should also know that LUNO shows BTC in Naira, which is different from the normal USD display by others.
You can deposit into your LUNO wallet directly from your bank account using your ATM card on the LUNO website.
LUNO system is very easy to use and you can also send all bitcoin from other wallets into your LUNO wallets, all you need do is click on initiate withdrawal, and wait for six hours for the process to be completed.
Also, make sure you use the exact name you opened your Bank account with to register on LUNO so as not to cause a confusion of names.
Now, to send the money worth of your bitcoin into your bank account, all you need to do is click on “more” under your Bitcoin balance.
Click on “Instant Sell”, impute the amount you wish to sell in naira or BTC, then confirm the amount. Click “continue after confirming the amount.
The amount will reflect on your NGN or naira wallet. You will then click on “Withdraw” on your NGN wallet to transfer the money to your bank account. Type the amount you wish to withdraw then continue. You will then receive an alert from your bank confirming that the money has been credited.
To pay into your Wallet, however, you will see “Fund” on the NGN wallet; click on it and then on “PayU”. You can then go on to deposit through your ATM card.
Note that you will be charged #100 on each withdrawal you make on LUNO. A first level user can only deposit or withdraw a maximum of #200,000 on LUNO, but if you are a second lever user, it is a maximum #500,000 per month.
Requirements on LUNO
Before you can withdraw or deposit on LUNO, there is a one-time LUNO account verification required.
The requirement is that for you to make any transactions on LUNO, you will have to verify your account with a Driver license, National ID card or an International Passport. All these are necessary in order to secure your account and ensure a safe transaction.
Bitcoin (BTC) has become so established all over the world that its value just keeps increasing every day. In fact, late 2017 it reached close to a sum of $20,000 for just 1BTC. However, knowing how to withdraw your money worth is just as important as investing in the online currency. This article has given means by which you could transfer your bitcoin into your Local Bank Account in Nigeria.