As Nigerian buyers are willing to buy products online with their bitcoins on safe platforms, many sellers are in search of buyers that will pay them in bitcoins, they are willing to sell their items to people who understand the value of bitcoins like them.
This bitcoin transaction between a seller and a buyer takes place in a secured set-up crypto marketplace.
Many other fraudulent platforms scam people off their hard-earned crypto assets in Nigeria, yet many have learned and are careful of suspicious activities on these platforms.
There are thousands of Nigerian buyers and sellers searching for parties that are willing to trade with them securely with encouraging Bitcoin rates.
You can sell almost any kind of product for Bitcoin and it depends. For example, you can find several products listed on Crypto exchange marketplaces ready for sale. You can as well request other altcoins as payment.
These products warrant a different level of recurring communication between the buyer and sellers. if you sell an exclusive product that is probably downloadable or transferrable online, an online char is enough to seal the deal.
Alternatively, meeting face to face is critically needed when you sell huge products like cars and real estate assets.
As beginners, you may be curious and a little bit skeptical about how secure and safe it is to sell products and receive bitcoin as payment online in Nigeria.
Scammers never seize to take advantage of every rising opportunity launched for innocent Nigerian crypto traders to trade legally in bitcoin.
Some few traders are skeptical about the trading agreement between the buyer and seller.
However, there are Crypto exchange marketplaces that connect buyers to sellers and introduce escrow services that regulate mutual agreement and healthy trading between dealers.
How would you contact genuine Bitcoin holders and not frauds?
How does the process work from meeting, negotiating, transacting, and paying?
Where are these holders located?
These two crucial steps will guide you as you aim to sell your first products and receive Bitcoin as payment.
- Now, who sends first?
Should the buyer sends their Bitcoin first or you ship your product down to their location before your bitcoin wallet beep of payment?
Both parties aren’t safe if none of them has a solid reputation on the ground already.
If as a seller, you set your business terms straight that buyers are expected to send their bitcoin first, be informed that some buyers also have in place their principle not to send their payments unless it’s 100% assured they would receive their products.
As a seller, how would you create a sense of trust in them?
- Market on secured and reputable platforms and websites that have a strong built-in feedback system.
- Deal with well-established firms that trade in bitcoins.
- You can as well add to your ethics to send products before receiving bitcoins payment. But it’s highly dangerous as it’s not entirely sure sellers will receive their bitcoins after sending the products.
Alternatively, you could search for already established firms or buyers that have a strong reputation, a lot at stake, and a lot to lose if found engaging in fraudulent activities.
Would you use 3rd party escrow like other traders?
To be safe from every angle, both buyers and sellers use escrow services to regulate disputes and mutual agreement between both parties. You only have to sacrifice a small percentage fee to acquire great dealing experience.
With Escrow service, no party will regret dealing with the other party.
Firstly, the buyer deposits the bitcoins with the middle agent (escrow service). This shows the funds to purchase the product are available.
After payment confirmation, the escrow service notifies the seller of the payment and to proceed with the shipping of the products.
The escrow service removes the service percentage from the payment. (Both seller and buyer decide who pays the service fee or possibly split it among each other).
The seller sends the product down to the buyers.
The buyer receives the products and inspects them, then they notify the escrow service to release the Bitcoin to the seller.
The escrow deals with any dispute that may arise such as:
If the buyer complains of damaged goods, expired goods, or goods not appearing as described, the escrow service may withhold the payment until you are clear.
As the seller, provide every required document concerning the product, also be sure the product appears 100% as described during the negotiation.
An example of platforms where you can receive Bitcoin as payment for selling your products and items online are:
- Glyde: a market where you can buy and sell smartphones, computer gadgets, video games gadgets, tables, and other gadgets.
Buyers can only pay through credit cards but sellers can receive payment through Bitcoins.
- CryptoThrift: Sellers receive payments either in Bitcoin or Litecoin.
- Bitcoin talk forum market: On this platform, buyers will find several products, services, and investments that interest them. But it is prone to scamming activities. therefore, an escrow service is advised to be involved in your trading with any seller or buyer.