How To Convert Bitcoin to Naira: An Easy Guide

Are you wondering how to convert Bitcoin to Naira easily and quickly? Or do you know a method but want to explore other options? You’re not alone. 

Bitcoin is one of the most popular cryptocurrencies in Nigeria. Also, according to CoinMarketCap, the most common crypto to fiat pair in the country is BTC/NGN.  This explains why people like you are trying to find ways to turn their Bitcoin into cash without the hassle of complicated processes or unreliable platforms. The good news? It’s simpler than you think.

This guide walks you through five reliable methods to convert Bitcoin to Naira, including using the Nosh app, a game-changing platform that takes the stress out of the process. Regardless of your level of experience in trading crypto, this article will give you the steps you need to cash out your Bitcoin fast and securely. 

5 Legit Methods to Convert Bitcoin to Naira 

There are different ways you could change your Bitcoin to Nigerian Naira. They include:

1. Using the Nosh App
2. Cryptocurrency Exchanges
3. Peer-to-Peer Marketplaces
4. Bitcoin ATMs
5. Bitcoin Brokerage

Now, let’s talk about each of these methods. 

1. Using the Nosh App

Believe me when I say this would be the most stressless crypto conversion you’ve ever done. The Nosh app offers a seamless way to convert your Bitcoin to Naira quickly. There’s no trading involved, no exchanges, just cashing out your Bitcoin in the most direct way possible.

Here’s why it’s a game changer:

• No middlemen: Unlike other platforms, Nosh eliminates the need for buyers, brokers, or third-party approvals.
• Direct conversion: With our platform, your BTC is converted quickly, and your fiat wallet is credited as soon as the required confirmations are validated.
• Transparent rates: The built-in crypto calculator shows the exact rate and amount you’ll receive before making the transfer. No surprises, no hidden fees.
• Secure and user-friendly: With top-tier security measures and a simple interface, Nosh makes crypto-to-cash transactions easy for everyone, from beginners to pros.

Nosh is perfect for anyone who values speed, simplicity, and reliability. Fortunately, you don’t have to worry about creating sell orders or waiting for someone to buy your Bitcoin. Just send your crypto and get cash in seconds.

2. Crypto Exchanges

Crypto exchanges like Binance and Luno allow users to trade their Bitcoin for Naira. These exchanges are secure and regulated platforms that have a wide user base. 

Here’s how they typically work:

1. Sign up for an account and complete any required verification processes.
2. Transfer your Bitcoin to the exchange’s wallet.
3. Create a sell order by setting the amount of Bitcoin you want to sell and the price you’re willing to accept.
4. Once your sell order is matched, the exchange will transfer the Naira to your wallet, which you can then withdraw to your bank account.

3. Peer-to-Peer Marketplaces

Peer-to-peer platforms like Binance P2P connect buyers and sellers directly. You can sell your Bitcoin for Naira by choosing a buyer and agreeing on the price. 

Here’s how it works:

1. List your Bitcoin for sale or choose a buyer from the marketplace.
2. Agree on a price and transfer your Bitcoin to an escrow wallet.
3. The buyer makes a payment into your bank account or mobile wallet.
4. Once payment is confirmed, release the Bitcoin from escrow.

The downside of this method is that transaction times depend on the buyer’s speed in completing the payment. Always choose trusted buyers with high ratings and reviews to avoid issues.

4. Bitcoin ATMs

Bitcoin ATMs allow you to convert your BTC to NGN by withdrawing Naira directly. Here’s how they work:

1. Find a Bitcoin ATM near you. In Nigeria, there are 2 Bitcoin ATMs, both located in Lagos. There’s one on the island at Dazey Lounge and Bar, Ajah. The second machine is located on the mainland at CI Crypto Solutions, Ikeja.
2. Follow the ATM’s instructions to scan your Bitcoin wallet’s QR code and transfer the amount you want to sell.
3. The ATM will dispense Naira after the transaction has been confirmed.

This method, too, has its cons. Firstly, there is a limited number of Bitcoin ATMs in the entire country. Secondly, there are usually high transaction fees that go up to 10–15% of the amount converted.

5. Crypto Brokerage

This method involves Bitcoin brokers handling the transaction for you. They convert your BTC to NGN at agreed-upon rates. Here’s how it works:

1. Contact a broker through their platform or directly.
2. Agree on the rate and transfer your Bitcoin to their wallet.
3. The broker deposits Naira into your bank account or wallet after the transfer is confirmed.

This method is ideal for users who prefer a hands-off approach but ensure the broker is trustworthy and has a solid reputation.

Step-by-Step Guide to Convert Bitcoin to Naira with Nosh

If you’re looking for the simplest way to convert Bitcoin to Naira, Nosh is the answer. 

Follow the steps below:

Step 1: Create an account on Nosh: Visit Nosh’s website or download the app and sign up.

Step 2: Select Crypto Wallets: Once your account is ready, tap ”Crypto Wallets“ from the homepage.

Step 3: Choose Bitcoin: From the options displayed, tap “Bitcoin“, then tap “Create Wallet“. 

Step 4: Select fiat currency: Next, choose the fiat wallet you wish to receive your bitcoin in i.e Naira. A QR code and wallet address will be generated for you.

Step 5: Use the crypto rate calculator: Before sending your Bitcoin, check the exchange rate and how much you’ll receive in Naira.

Step 6: Send Bitcoin to your wallet: Transfer your Bitcoin to your Nosh BTC wallet or scan the QR code.

Step 7: Get credited: Your Naira wallet will be credited automatically as soon as blockchain confirmations are made. No extra steps are required.

With Nosh, there’s no need to create sell orders or deal with third parties. It’s fast, secure, and reliable.

See also: How to convert Litecoin to Naira

Frequently Asked Questions About Converting Bitcoin to Naira

1. Can I convert Bitcoin to Naira instantly?

Yes, platforms like Nosh allow fast Bitcoin-to-Naira conversion. Simply send your Bitcoin to your wallet, and your Naira wallet will be credited as soon as the transaction is verified and confirmed.

2. Is it safe to convert BTC to NGN with Nosh?

Yes, it is absolutely safe to use Nosh to change your Bitcoin to Naira. Nosh uses top-notch security measures to protect your funds and transactions. With no middleman involved, the process is straightforward and risk-free.

3. What is the best way to convert Bitcoin to Naira in Nigeria?

The best method depends on your needs. If you value speed and simplicity, Nosh is the ideal choice. For those comfortable with trading, crypto exchanges or peer-to-peer marketplaces might work.

4. Are there fees for converting Bitcoin to Naira?

Most platforms charge small transaction fees. Nosh provides transparent rates upfront, so you know exactly how much you’ll receive before completing the transaction.

5. What is the fastest way to cash out Bitcoin in Nigeria?

The fastest way to cash out Bitcoin in Nigeria is by using Nosh. With Nosh, you can convert your Bitcoin to Naira quickly without waiting for buyers or dealing with complex sell orders. Once you send your Bitcoin to your Nosh wallet, your Naira wallet is credited in seconds.

6. How much Bitcoin can I sell at once?

The amount of Bitcoin you can sell depends on the platform you’re using.

7. How long does it take to sell Bitcoin for cash?

The time it takes to sell Bitcoin for cash depends on the method and platform you choose. With Nosh, it’s quick and direct.

8. How much is Bitcoin in Nigeria?

Bitcoin prices vary by platform and market rate. Use Nosh’s crypto calculator for accurate, real-time rates.

Conclusion 

Converting Bitcoin to Naira doesn’t have to be complicated. As you have read, there are different ways you can go about it. You could use Nosh, a crypto exchange, a P2P marketplace, a Bitcoin ATM, or a crypto broker.  However, if you’re looking for a fast, reliable, and stress-free solution, Nosh stands out as the best choice. 

Get started today and enjoy fast transactions. No middlemen, no trading. Sign up on Nosh now to enjoy seamless crypto to cash conversions.