There are 3 very important things for a beginner to know before entering the crypto space. They include – when to enter a trade or when to buy Bitcoin, when to exit a trade or when to sell your Bitcoin, and most importantly, when to take your profits.
The price of Bitcoin has been experiencing a decline since April after hitting an all-time high of $63,000. As of writing, Bitcoin price is rallying around $34,000. No one is certain what will happen tomorrow. The price can either increase or dip some more. Because of this uncertainty, every Nigerian needs to know when and how to withdraw their profits to buy the dip.
There are five major ways to buy Bitcoin which are the spot exchanges such as Coinbase, and Binance, etc. the P2P platforms which include Remitano, offline exchangers, Bitcoin ATMs, and direct bank or card transfer. Out of the five, only four are available to buy Bitcoin in Nigeria. This is as a result of the ban issued by the federal government of Nigeria on the trading of cryptocurrencies in Nigeria.
In this piece, we will be looking at the fastest and easiest option to protect and withdraw your crypto gains in Nigeria without being flagged. Let’s start digging.
Find out everything you need to know about the recent crash in Bitcoin price.
This is the most common way people use to withdraw their crypto gains. It applies to both exchanges and P2P Platforms. In this method, you swap your Bitcoin to USDT which is a Stablecoin. Once you change your Bitcoin to USDT it maintains the price and value of your money resistant to the movement of the price of Bitcoin, and whenever you want to buy the dip, you simply swap the USDT to Bitcoin.
If you decide to withdraw, once you have your money in USDT, you can then sell your USDT for Nigerian naira which will be transferred directly into your bank account on P2P Platforms like Remitano. If the USDT you converted your coin into is on spot exchanges, you can transfer the USDT to any P2P Platform you have registered on, or to any hardware wallet you have.
Stablecoins are coins that have a stable price. They aren’t as volatile as Bitcoin and other Altcoins. They maintain their value for a very long period. This is another way to get your profits, once you swap or convert your Bitcoin to Stablecoins, it maintains its price and value and you can then sell on P2P platforms in exchange for Nigerian naira that will also be sent directly to your bank account. Swapping your Bitcoin into Stablecoins is more preferable to swapping it directly into naira in your Nigerian naira wallet address because of the price fluctuation of naira. Asides from USDT, there are other great Stablecoins such as USDC, DAI, BUSD, USD Coin…
To buy the dip, you can change your Stablecoin back to Bitcoin. If the Stablecoin is featured on a reliable P2P Platform like Remitano, you can simply swap it back using the swap feature on the platform. And if the Stablecoin is also on an exchange, you can also use it to buy bitcoin on the exchange.
This method saves you the stress of having to convert your profit in Bitcoin into USDT or other Stablecoins before picking your profits. To sell your Bitcoin directly on the P2P Platform you need to create a selling ad and wait for an interested individual to buy. When an interested person places a buying order for your Bitcoin, he will transfer the agreed amount of money to your account with the P2P Platform acting as the escrow system. Once you confirm the payment, the Bitcoin will be released to the individual.
The whole transaction doesn’t take up to 15 minutes. If you have a P2P account this the best method for you to use if you need the money as soon as possible snd you’re not planning to buy the dip. Remitano P2P exchange is the go-to P2P platform to sell and buy bitcoin in Nigeria.
This is also one of the most common ways used buy and sell BTC in Nigeria. Exchange brokers are people that buy Bitcoin in large quantities in Nigeria and sell it to others that are in need. They don’t require you to have an account on either exchange or P2P Platform, all they require is your wallet address and your account number.
If you want to sell your profit in Bitcoin to them, they will give you their wallet address to send the coin. Once you transfer the coin, the agreed amount will be transferred to your Nigerian bank account. Two major disadvantages of exchange through a broker is that they always set their exchange rate leaving no room for negotiation and some of them tend to scam people of their coins and money.
Bitcoin ATMs are used in many parts of the world. They work just like the ATMs used across Nigeria to save and withdraw funds from your account. The Bitcoin ATMs allow you to buy Bitcoin. It is not widespread, we have only a couple of Bitcoin ATMs in Nigeria.
This is another way to withdraw your profit or crypto gains and to also to buy Bitcoin in Nigeria.
In conclusion, we have been able to discuss ways you can use to protect and withdraw your crypto gains in Nigeria taking into consideration the ban placed by the federal government on the trading of cryptocurrency in Nigeria. The above ways mentioned can be used to withdraw your profit without getting flagged and also without getting blocked for trading cryptocurrency.
We hope that in the coming days the ban will be lifted and everyone can be able to trade and withdraw freely without fear.
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