Posted by News Express | 4 June 2019 | 1,637 times
Cross border payments have become popular in Nigeria in recent years with the advent of online shopping. The popular method for cross border payments is using the Naira via transfer or debit card.
However, the problem of using the Naira directly for payments abroad is the high exchange rate and charges that come with it. The volatile nature of the Naira also means that every time you make cross border transactions it is difficult to know the total amount that would be debited.
A classic case study is for the purchase of an item valued at $100 USD from an online store with the exchange rate at 350 Naira to $1 USD.
The total fee for the purchase should be 35,000 Naira but when bank charges and other logistics are factored in you could end up paying close to 40,000 Naira for the item.
Bitcoin as An Effective Solution
Bitcoin is the opposite as it has low transaction fees meaning that you would save more if you paid via Bitcoin as the funds go directly to the sellers account without any third-party involvement.
In addition, paying with Bitcoin is advantageous as you would have access to pay for goods and services on sites that do not accept Naira debit card transactions.
Bitcoin is also a valuable investment for those that prefer long-term profits as the coin has enjoyed a rebound in 2019. The cryptocurrency was trading at $3200 for 1 BTC in February but currently trades at over $8000 for 1 BTC as at the time of writing.
This is a whopping 150% return on investments within the space of three months, unlike the Naira which has not made any significant gains in the past four years.
Where Can You Spend Bitcoin In Nigeria
You could be having reservations about purchasing Bitcoins as cryptocurrency is not accepted on top online stores like Alibaba, Amazon, eBay, and iTunes. However, there are various websites such as purse.io that allow you to purchase items from these sites with Bitcoin.
Furthermore, an increasing number of merchant sites are accepting Bitcoin payments on a daily basis with the number expected to triple by the end of the year. You can also receive remittances from your family or friends abroad via Bitcoin and Vice versa.
How To Purchase Bitcoin In Nigeria
Bitcoin can be purchased in many exchanges with CoinCola being one of the cheapest option available for the African market. The exchange is simple to use and allows you to buy bitcoin via gift card or with the Naira.
In addition, the platform collects just 0.7% as transaction fees which is one of the lowest in the market.
Trading bitcoin on CoinCola is simple but some people quickly get confused with some of the steps involved in buying and selling Bitcoin on the platform. We have taken the step to provide a short guide on how to fund Bitcoin account with Naira.
How To Fund Bitcoin Account On CoinCola
• Firstly, you would be required to create a CoinCola account which is a quick process that lasts a few minutes. Please ensure that you fill in your details correctly.
• After confirming your registration, move to your dashboard and get the details of the Bitcoin Wallet ID issued to your account after registration. This is important as that s the place where the Bitcoin would be stored after purchase.
• There are different ways to purchase Bitcoin on CoinCola but it would be advisable to move to the crypto market where you would see tons of sellers ready to sell their Bitcoin.
• Initiate a transaction and confirm with the seller the form of payment that you are willing to use.
• After an order has been placed you would be required to confirm the BTC which would be transferred to your Bitcoin Wallet.
This is the simple way to purchase Bitcoin on CoinCola, so take action and purchase some Bitcoin from the platform and begin to enjoy the benefits of the cryptocurrency.
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