A Modern Way to Spend Using Cashless
It is said that buyers’ choice has changed forever – due to the advent of the COVID – 19 pandemics all around the world. In Nigeria, this hasn’t changed a bit as more E-commerce startups are springing up every day. This is to make the delivery of goods and services fast to the receiving end. This has given rise to using cryptocurrencies to make payments in Nigeria. Although, not everyone is quite knowledgeable about how to make this form of payment. not to worry, you’ll be learning about all you need to know about buying things with cryptocurrency.
In this article, you’ll be learning about how to buy things using cryptocurrency. Cryptocurrency is a digital means of making exchanges over a network that is not reliable over any central authority. In Nigeria, this medium of exchange is slightly being accepted by some high-tech businesses for transactions that might involve a huge volume of cash which might be too dangerous to carry about. This has given rise to the use of cryptocurrency in making purchases. Below, you will be gaining information on how to buy things using cryptocurrency in Nigeria.
Before you learn how to make purchases with cryptocurrency in Nigeria, it is important to know the kind of stuff you can buy using cryptocurrency.
What Can You Buy with Cryptocurrency?
In Nigeria, there are certain things you can purchase using cryptocurrency. Not all things require the use of crypto to make payments. You’ll be learning about the basic things you can get using cryptocurrency in Nigeria.
Furthermore, if you own a cryptocurrency account in Nigeria, note that you might want to have a debit card too! Because the majority of the purchases you’ll be making will come from another country if you live in Nigeria. This is the list of things you can buy using cryptocurrency in the following list below.
- Car dealerships.
Car dealerships in Nigeria accept payment of cars with cryptocurrency. Due to the volume of cash involved in making payments for some specific types of cars, paying through cryptocurrency is thereby acceptable by most of these car dealerships.
- Technology and E-commerce goods.
Some technological goods and products are highly rated which makes them cost a lot. High tech firms would want to accept payments in cryptocurrency – especially with Bitcoin. So, technological products and basically all e-commerce goods can be bought using cryptocurrency in Nigeria.
- Expensive watches
It is rare to have expensive watches being paid for in cash in Nigeria. Some watchmakers and jewelers would prefer to receive their payments in crypto according to their preferred choice. In Nigeria, this model too is also widely accepted because of the volume of funds involved.
Your insurance premiums can be paid for using your cryptocurrency wallets. A lot of people have different forms or kinds of insurance packages to which they are subscribed – making physical payments for all these can be tiring. So, paying using cryptocurrency is widely and commonly acceptable.
Amongst others – these are things you can buy using cryptocurrency wherever you might be in Nigeria. Now that you have known the kinds of stuff you can purchase using crypto, it is time to know how to buy these things using cryptocurrency. You might get gifted with crypto someday, and you will want to use it to make a purchase. It is crucial you understand the rudiments of making a proper purchase online in Nigeria.
How to Buy Things Using Cryptocurrency
Cryptocurrency is a blockchain network that goes through a process before verifying a process. It usually takes a while before the transactions are completed. These exchanges that happen are very much different from those that occur through currency trading apps or platforms out there in Nigeria.
There are certain steps to take to buy things using cryptocurrencies of your choice and if the preferred merchant is willing to accept payment with cryptocurrency. Here are the following 3 basic steps;
- Choose your cryptocurrency wallet
there might be lots of cryptocurrencies out there in Nigeria, you must choose your wallet where you will store all your cryptocurrency. The purpose of this is to serve as a bank for your cryptocurrencies where you can receive and make payments when you purchase anything online.
- Buy your preferred cryptocurrency
Once your cryptocurrency wallet is up, the next time you do is to purchase your preferred cryptocurrency through the various exchanges available. It is best you do your research for the best one out there.
In Nigeria, some of the most popular cryptocurrencies are Bitcoin, Ethereum, and dogecoin. You can make the purchases using your bank debit or credit card. All you need to do is to fill up the necessary transaction details before proceeding.
- Pay with your cryptocurrency
Before using this payment option, you must confirm that the merchant you want to use accepts payments in form of cryptocurrency. If they do, just type in the right amount of the coin you want and send. And in a couple of minutes, your transaction must have been completed.
The majority of online stores in Nigeria accept crypto these days as a mode of payment. so, you might not need to worry about having your payment made with cryptocurrency. So long you have your details right and you are able to make good use of your wallet properly, you are sure not to have any worries.
Technology has come to stay and it is our duty to take hold of the ease it brings to us by making good use of the opportunities it presents in making life easy. And one of these examples is making use of cryptocurrency to make purchases online.
In Nigeria, this has to be encouraged widely and even taught in schools by educating pupils on how to make use of crypto, the benefits, and also proper teaching of what cryptocurrency really is. Once you can get this right, it is farewell to having difficulties with shopping online. Though there might be one or two limitations, it is indeed a good choice to make with your finances.