Despite the restriction of cryptocurrencies by the Central Bank of Nigeria, it has been revealed in a report by Finderr.com that 27 per cent of Nigerian Internet users own crypto. The adoption of crypto has continued to grow in Nigeria, which has brought about numerous crypto trading platforms that provide Nigerians with a fitting way to trade their crypto coins.
To adapt to the needs of Nigerians, trading apps have come about to help easily convert their crypto from USD to Naira.
In this article, we'll discuss exactly how to convert $100 BTC to Nigerian Naira and the best crypto trading app.
What Is Bitcoin?
According to Wikipedia, Bitcoin is a decentralised digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a publicly distributed ledger called a blockchain.
Launched by Satoshi Nakamoto in 2009, Bitcoin has grown to be the most popular cryptocurrency and the largest by market cap (316.57 billion).
Since its inception, Bitcoin has paved the way for other cryptocurrencies to come into existence, and as of 2022, there are over 12,000 crypto coins, but Bitcoin has managed to stay on top.
Bitcoin, along with other cryptocurrencies, is truly a unique and exciting concept; because of its decentralised nature, Bitcoin is not controlled by anybody, entity, government or organisation.
Unlike the traditional fiat currency, neither the government nor financial institutions have control over Bitcoin, which is what catches most people's interest.
With a starting price of $0 in 2009, Bitcoin reached $1 in 2011. In 2021, Bitcoin finally hit an all-time high of $68,000 in 2021 and is currently valued at $16,000 (November 2022).
In 2009, most people thought of Bitcoin as a waste of investment and questioned the choices of early investors. But since then, Bitcoin has significantly grown- in popularity and value. Millions of people around the world own this number-one cryptocurrency.
Bitcoin is famous for its various uses, such as a store of wealth, investment, and even purchasing things. This crypto coin has gone from nothing to being used as an alternative payment method for businesses across the world.
Bitcoin trading has become one of the most popular ways to make money with crypto; this involves buying Bitcoin with hopes of it increasing in value and then selling and getting your profit.
To successfully trade Bitcoin, you need three things- an exchange platform to purchase Bitcoin, a crypto wallet to store it until it appreciates, and a crypto trading platform to sell it at the best rates. It is important to note that where you convert your crypto to cash is very vital and could affect the profit you will make- positively or negatively.
The Best App To Convert Bitcoin To Naira- Breet App
As mentioned earlier, the trading platform you select to convert your crypto to cash is vital and could affect the profit you will make- positively or negatively. So, you must use the best.
Breet is a crypto trading app in Africa where users can sell Bitcoin with the best rates, convert it to cash and withdraw it to their local bank account instantly.
Unlike peer-to-peer trading platforms, Breet uses another trading method- over-the-counter (OTC). This crypto trading method deals with only two parties, the seller and Breet, who instantly credits you in cash. The OTC trading method gives users total privacy while trading as it does not involve third parties. Users no longer need to wait long hours to connect with a buyer. All they need to do is log in to their Breet account, sell their crypto and get credited in fiat currency in less than five minutes.
Breet is not limited to Bitcoin alone; other cryptocurrencies available to trade are Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH) and Tether USDT.
Converting Bitcoin to Naira is super convenient on Breet, and it is available for everybody to use- from crypto newbies to experts. Breet takes care of all the complicated crypto stuff and gives a stress-free experience from start to finish.
Trusted by over 200,000 users in Nigeria and Ghana, Breet has many special features which make the trading experience seamless.
Features Of Breet
1.Easy-to-generate Multiple Crypto Wallets:
Breet has six cryptocurrencies available to trade, each with a wallet address unique to each user. With only a few steps, you can generate a wallet address and send it to anybody anywhere in the world to receive crypto on it with no extra charges.
As mentioned earlier, Breet offers the best rates to sell Bitcoin for cash, and you can easily calculate how much you will get by using the in-app rate calculator.
The calculator works by inputting necessary details such as the crypto type, currency type and the amount in USD.
With Breet, every user has a unique referral code to be shared with non-users. Once your referral code is used and they conduct a transaction(s) up to $100, they both earn 800 reward points, redeemable as cash or airtime.
These are points you earn after every transaction done on your Breet account. For every $1 received in your Breet wallet, you earn one reward point. Users can redeem this reward point for cash or airtime.
2FA gives your Breet account an added layer of security, so you can rest assured that your funds are secure and you can sell your crypto safely.
How To Generate A Wallet Address On Breet
1.Log in to your Breet account.
2.Click on BITCOIN on the home dashboard.
3.Click on GENERATE WALLET ADDRESS.
That's all! The address is entirely yours, and you are free to use and receive Bitcoin from anywhere in the world, free of charge.
How Much Will I Get for $100 BTC In Nigerian Naira?
To sell crypto on trading platforms, they have different rates, and they are usually categorised in specific amount brackets.
To know how much you will get for $100 worth of BTC in Naira using Breet, you can use the in-app rate calculator.
The present rate for Bitcoin is 720, so for $100 BTC, you will get NGN 72,000.
You must know that the rate offered depends on the market, so it usually fluctuates.
How To Convert $100 BTC To Nigerian Naira
Below is a step-by-step guide on how to convert $100 BTC to Nigerian Naira with Breet App.
1.Log in to your Breet account.
2.On the dashboard, click on BITCOIN.
3.Click on GENERATE WALLET ADDRESS If you haven't already done this.
4.If you have previously generated a Breet Bitcoin wallet address, go ahead to share your wallet address through any of the options available.
5.Rates are shown on the Bitcoin wallet page, and there are different rates for different ranges of BTC in (USD) received in your wallet.
6.Once $100 worth of BTC has been sent to your Breet Bitcoin wallet, The Naira value is added to your balance after adequate confirmations on the blockchain network.
7.You can then manually withdraw it to your local bank account attached to your Breet account or have it automatically sent (this happens when you turn on your "automatic settlement" feature).
That's it! Converting Bitcoin to Naira is easy on Breet and only requires a few steps- send address, receive in Naira value and withdraw.
Bitcoin has grown tremendously, millions of people owning it and even trading it daily. Africa has not been left out of the global adoption of cryptocurrency, which has led to the launch of crypto trading platforms that cater to the need for a quick and convenient trading service for Africans. A crypto trading platform like Breet is one of them.
With the best rates, easy-to-navigate mobile app and quick payout, it is one of the best trading apps to sell your Bitcoin for Naira and even Cedis.
For Breet support, you can contact a representative using the LIVE CHAT button on the app, email email@example.com or call/Whatsapp at 08090569499.