Digital currencies in Nigeria have gotten an unprecedented boost from blockchain technology since its inception, and the trends are only getting more dynamic with each passing day.
This industry has attracted a lot of financial firms and investors, so it’s important to understand how much these cryptocurrencies are worth.
Every day, more and more people in Nigeria are flocking to make money with cryptocurrencies.
This article will help you in becoming familiar with the process of knowing the conversion of each cryptocurrency in Nigeria.
How to convert crypto into cash
The most common way to find out about crypto conversion in Nigeria is to use a broker or an exchange.
You can easily deposit your cryptocurrency/digital assets into well-known exchanges such as CoinDCX, Unocoin, WazirX, CoinSwitch Kuber, and others.
Following the deposit, you can withdraw the funds in any currency that you require.
The money will be transferred to your registered bank account in Nigeria without any further complications.
You should also be aware that when converting cryptocurrency to fiat money, you will inevitably have to pay a token fee, which will be imposed by third-party brokers.
It takes four to six days on average for the entire amount to be credited into your Nigerian bank account.
Furthermore, the exchange will charge you a small fee for each transaction you make, the amount of which will vary from one broker to the next.
Steps you must follow to convert each cryptocurrency:
The following are some of the basic steps that must be followed to successfully convert each cryptocurrency in Nigeria:
- To begin, you will need to open a separate account with a reputable exchange or broker.
- This step will require you to complete the verification process, which the brokerage firm will assist you with. You must register and complete the entire process in one sitting.
- You must now purchase or deposit your digital currency/cryptocurrency directly into your bank account.
- You can easily obtain the option of withdrawing bitcoin from a bank.
How to convert cryptocurrencies
The most straightforward method is to use a currency converter in Nigeria.
You can find dozens of currency converters by searching for them on Google (or Bing).
These should have a simple interface that shows you your original figure and then tells you how much it is worth in another currency.
Converting currencies such as USD/EUR is simple, but there are a few things to keep in mind.
It’s relatively simple to convert between a single currency pair, such as USD/EUR.
However, converting multiple currencies at once can quickly become complicated.
Fortunately, numerous services in Nigeria will perform all of the calculations for you.
If you need to convert more than two currencies, a multi-currency wallet or card is your best bet, as they can handle up to 20 different currencies at once (including Bitcoin).
They’ll usually tell you how much each currency is worth in another, as well as the conversion rate they use.
The main disadvantage is that they can be quite costly.
Remember that conversion rates fluctuate from day to day and even minute to minute.
This is why using a conversion calculator in Nigeria for anything more than a rough estimate is a bad idea.
You’ll need a real-time exchange rate service if you want an exact figure.
When using these, keep in mind that conversion rates in Nigeria can fluctuate dramatically depending on economic events, holidays, and other factors on any given day.
For example:
Imagine Bitcoin’s current price is $9,821.78 and its market capitalization is $141,563,597,962.
When you convert to BTC or ETH (two popular wallets), you’ll get 0.00011427BTC or 0.0066ETH, respectively.
Divide that number by 1000 and then add.01 to find out how much a particular cryptocurrency is worth in USD at the time.
There are many conversion calculators available online, but it’s important to understand how each one works so you can be confident in your calculations!
Here are a few calculations that can assist you in determining the value of each type of cryptocurrency.
They’re all a little different, but they all work in the same way:
- Enter the amount of money you need to spend as well as the currency you’ll be using.
- Decide which cryptocurrency you’d like to buy or convert into.
- Look over any fees before converting.
Conclusion
With cryptocurrency in Nigeria being so new, it’s hard to believe there aren’t many cryptocurrency conversion calculators available.
Hopefully, these calculators and calculations will help you in determining the value of your coins at any given time.
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