Its decentralized nature aligns with the nation’s pursuit of financial inclusion, particularly for the unbanked population. Ongoing projects and partnerships within Nigeria’s blockchain space underscore the growing interest and potential for Bitcoin’s widespread adoption. Acquiring Bitcoin in Nigeria can be done through various avenues. Local exchanges, peer-to-peer platforms, and international exchanges all offer options for purchasing Bitcoin using Naira.
By reducing the amount of new bitcoins, the protocol aims to prevent the devaluation of Bitcoin over time, which often happens with inflationary currencies. The price of Bitcoin has been highly volatile since it started because of several factors. Firstly, the crypto market is smaller and not heavily traded like traditional markets, so big trades can make the price swing substantially. https://bitcoin-mining.biz/bitcoin-wallet-address-blockchain-how-to-trade-in/ Secondly, Bitcoin’s value depends on public sentiment and speculation, leading to short-term price changes. Media coverage, influential opinions, and regulatory developments create uncertainty, affecting demand and supply dynamics and contributing to price fluctuations. Check live rates, send money securely, set rate alerts, receive notifications and more.
While trust in a decentralized system may take time to build, the inherent security of blockchain technology adds a layer of reliability to Bitcoin’s value. Compare the costs before and after conversion to get the best cryptocurrency trading platform in Nigeria with the best Bitcoin rates. When attempting to sell Bitcoin in Nigeria, these fees may deter traders from engaging in the market. Cryptocurrency exchanges play a pivotal role in facilitating Bitcoin transactions.
Bitcoin Exchange Rate
It can be challenging to locate the finest BTC prices in Nigeria on the proper cryptocurrency trading site. Many cryptocurrency exchanges have been established in order to make it simpler for users to sell BTC in Nigeria at greater prices. You should follow these https://currency-trading.org/education/volume-price-analysis-and-the-importance-of-being/ crucial suggestions to identify the best places to sell Bitcoin and other cryptocurrencies in Nigeria because not all cryptocurrency trading platforms are legit. Conversion from 1 Bitcoin to Nigerian Naira with latest exchange rate and cryptocurrency price.
- It’s difficult to predict the exact date as it depends on the block height.
- The world of cryptocurrency is known for its volatility, and the conversion rate between Bitcoin and Naira is no exception.
- After halving, the price may continue to rise if demand remains strong and outstrips the reduced supply.
- It empowers individuals to transact without geographical constraints, making it particularly appealing in a country where cross-border transactions can be complex and costly.
- Ongoing projects and partnerships within Nigeria’s blockchain space underscore the growing interest and potential for Bitcoin’s widespread adoption.
Other factors such as market sentiment, regulatory developments, and global events can also impact the price of Bitcoin. Follow our Bitcoin Halving Countdown to know how Bitcoin halving works. The live price of Bitcoin (BTC) is updated and available in real time on Binance. In conclusion, Bitcoin’s Nigerian value goes beyond its numeric conversion rate. It represents a gateway to financial empowerment, inclusivity, and innovation.
Who Created Bitcoin?
On the other hand, the Nigerian Naira serves as the national currency of Nigeria. While the Naira has long been the backbone of the country’s financial system, the challenges of traditional systems have paved the way for innovative alternatives, with Bitcoin taking center stage. Data from Coinglass revealed that there has been $176 million in the liquidation crypto futures market in the past day, and $136 million of them have been long positions. Bitcoin opened the trading week marginally lower, but trading above $41,000. Ether maintained its critical support level despite the wave of selloffs, staying above $2,100 at the time of drafting this report. Currently, Nigeria has a population of 223 million, making it one of the fastest-growing countries in Africa and one of the youngest in the world, according to a United Nations and Interest study.
Currency Converter by Date – Historical Exchange Rate Graph of change in 1 Bitcoin to Nigerian Naira
These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods. These are the lowest points the exchange rate has been at in the last 30 and 90-day periods. These are the highest points the exchange rate has been at in the last 30 and 90-day periods. Bitcoin has notched a strong ending this year despite recent pullbacks in p price action.
BTC – Bitcoin
Bitcoin was created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. The digital asset is based on a decentralized, peer-to-peer network and blockchain technology, allowing users to securely and anonymously send and receive transactions without intermediaries. Satoshi Nakamoto released the Bitcoin whitepaper in 2008, outlining the design and principles of the cryptocurrency. The first Bitcoin transaction, which involved sending 10 bitcoins to a developer, took place on January 12, 2009. Since then, Bitcoin has gained traction as an alternative store of value and payment system, transforming the financial industry. In today’s rapidly evolving financial landscape, few entities have captured the world’s attention like Bitcoin.
Nigeria is ranked second out of 26 countries globally that have adopted cryptocurrencies, according to the most recent Crypto Adoption Index conducted by Finder.com in August 2022. In June, Punch also published a report with the headline, “Nigerians beat CBN restrictions, traded N78bn Bitcoin in three months”. These show the level https://coinbreakingnews.info/blog/how-do-i-buy-and-sell-cryptocurrency/ of value Nigerians has shown towards the digital money world. To see the latest exchange rate, Bitcoin historical prices, and a comprehensive overview of technical market indicators, head over to the Bitcoin page. With only 21 million bitcoins ever to be minted, its scarcity can lead to dramatic price changes as demand varies.
The next Bitcoin halving is expected to take place in April 2024. It’s difficult to predict the exact date as it depends on the block height. The block height refers to the number of blocks preceding a particular block in a blockchain. Bitcoin halving happens every 210,000 blocks and the next Bitcoin halving is expected to occur in April 2024 when the block height reaches 840,000. Bitcoin halving occurs approximately every four years, where the rewards given to Bitcoin miners for mining blocks are cut in half. Halving was built into the Bitcoin protocol to maintain its value as a deflationary currency.
What is the All-Time High and All-Time Low of BTC?
Cross-border transactions become more efficient and affordable, thanks to lower fees and faster settlement times. The conversion rate between Bitcoin and the Naira holds substantial importance for various stakeholders. For traders and investors, accurate conversion rates are essential for making informed decisions. Everyday users also find value in understanding these rates, especially when considering cross-border purchases or investments. Nigeria’s financial landscape has faced numerous hurdles, from limited access to banking services to currency devaluation. Bitcoin presents an alternative financial avenue that is both inclusive and borderless.
The cryptocurrency market is also highly volatile, which means it may not be suitable for investors with a low risk tolerance. The creator of Bitcoin remains an enigma, known only by the pseudonym Satoshi Nakamoto. Bitcoin’s innovation emerged in 2008 when Nakamoto released the whitepaper outlining the cryptocurrency’s decentralized, peer-to-peer structure, and use of blockchain technology.
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