The first-ever digital currency started from being worth nothing to now being worth millions of dollars with millions of traders and investors worldwide, and even further being responsible for making people millionaires. Bitcoin has become the most popular crypto with a high value, but how much is it worth in Naira?
Let’s look at what exactly Bitcoin is, the best trading platform to sell it for cash and how much you can get for one Bitcoin in Nigerian Naira.
Let’s Talk About Bitcoin
Bitcoin is a cryptocurrency of a decentralised nature that can be transferred on the P2P Bitcoin network. BTC transactions are confirmed by network nodes through cryptography and documented in a blockchain, a publicly distributed ledger.
Bitcoin is a digital currency created to act as money and a form of payment which cannot be controlled by anybody, group, government, organisation etc. This, therefore, removes the need for the involvement of a third party when conducting transactions.
It is bought and sold on crypto exchange platforms and is also given as a reward to miners upon verification of transactions.
Bitcoin was launched in 2009 by the anonymous founder, Satoshi Nakamoto. Since its inception, it has grown to be the world’s most popular and most traded crypto coin.
Although it started with a price of $0, 1 Bitcoin is worth $17,000 and has a current market capitalisation of 329.41 Bn, making it the largest digital currency by market cap.
Features of Bitcoin
- Bitcoin does not have a physical form; therefore, there are no tangible BTC coins.
- BTC transactions, just like every other cryptocurrency, cannot be reversed.
- It is not issued by the government or any financial institution.
- A single unit of Bitcoin is called a Satoshi, named after its founder.
- All Bitcoin wallet addresses start with “b”.
- Bitcoin has a total supply limit of 21 million. After all twenty-one million, BTC has been released into circulation, no more can be mined.
- There are over 100 million Bitcoin users worldwide.
How Much Is 1 Bitcoin In Nigerian Naira?
The price of 1 Bitcoin is currently worth $17,125, which is about 12,792,375 in naira.
However, selling cryptocurrency on a crypto exchange platform usually has predetermined market selling rates, depending on the amount of crypto in USD you wish to trade. For example, to sell $500 worth of Bitcoin on Breet, with the current market rate of 795, you will get NGN 397,500.
These rates usually fluctuate depending on the crypto market, so you must constantly check back in and calculate using the crypto rate calculator feature on Breet.
Best Crypto Trading Platform To Sell 1 Bitcoin In Nigeria
Because of the widespread adoption of Bitcoin globally, cryptocurrency trading platforms have emerged to enable traders to buy and sell their digital currencies easily. There are currently more than five hundred crypto exchange platforms in existence today. But it can be hard to filter through all of them to find the best one to sell your Bitcoin, mainly when you are located in Nigeria.
Luckily, I did my digging, so you won’t have to. Let me tell you about the best cryptocurrency trading platform to sell Bitcoin in Nigeria, Breet.
Breet is an over-the-counter (OTC) crypto trading mobile app where Nigerian crypto traders and investors can receive Bitcoin, convert it to Naira and withdraw directly to their local bank account right here in Nigeria in less than five minutes!
Used and trusted by more than 200,000 people in Africa, Breet is rapidly climbing the ladder and becoming the number one choice to sell crypto in Africa.
Over 200,000 users enjoy a customer-centric mobile app interface and experience, the best-selling rates, superb customer service and quick withdrawals.
With a handy mobile application, users can easily convert their crypto to cash anywhere and anytime with ZERO CHARGES.
Breet is not limited to Bitcoin alone; instead, they support other crypto coins such as Ethereum, Litecoin, Tether, Dogecoin and Bitcoin Cash.
All users get a unique crypto wallet for each of these digital currencies, and they can receive crypto from anybody anywhere in the world at any time.
Breet caters to everybody from all backgrounds- from crypto newbies to the OGs. Because Breet uses an OTC crypto trading method, it is suitable for crypto beginners who have limited knowledge of cryptocurrencies and just want quick cash equivalent of their crypto.
How To Convert 1 Bitcoin To Naira
Selling Bitcoin using the Breet App only requires a few steps.
- Login to your Breet account
- On the dashboard, click on BITCOIN.
- Generate your Bitcoin wallet address if you haven’t.
- Rates are displayed on the Bitcoin wallet page, and various rates for different ranges of crypto in USD are received in your wallet.
- Once Bitcoin has been sent to your Breet crypto wallet address, the transaction will be completed after a certain amount of confirmation from the blockchain network.
- After completing the transaction, your naira equivalent will be added to your balance.
If your AUTOMATIC SETTLEMENT is turned on, your funds will be automatically sent to your saved local bank account. If turned off, you have to manually withdraw. Note that withdrawals take any time from seconds to a few minutes.
Should I Invest In Bitcoin Right Now?
As mentioned, Bitcoin is the most popular cryptocurrency, the largest by market cap and boasts of more than 100 million users globally. Although Bitcoin is being bought, sold and even stored daily, the crypto market is going through the bearish season, meaning the market has recently experienced a decline with various cryptocurrencies affected.
Although this is a time when people are selling their crypto assets, it is also when they invest more into it and purchase more.
There is no straight answer when it comes to whether it is the best time to purchase Bitcoin or not. Before making any investment decision, you must conduct thorough research and make decisions based on your financial goals and capabilities.
With millions of users worldwide, Bitcoin has proved its importance in the current world. Only thirteen years ago, most people were called crazy for investing in Bitcoin, but today it is worth over $17,000 and even hit an all-time high of $68,000 in 2021.
Bitcoin has a bright future ahead of it, and we are excited about how it will turn out.