In this tutorial, I will be guiding you through how you can get bitcoin in Nigeria at a very cheap price despite our current exchange rate.
I am going to try to make this tutorial simple and basic so you can get the gist easily.
The tools needed are as follows:
- VirWox Account: This is also very essential, as this is where the deal will be done. You can follow this link to register Virwox.com. I will advise to register through the link because it will make your transactions to be confirmed easily as I am virtual partner and aside that, registering through that link will be the only favor I can get from you as I have made this tutorial available for free for you.
- Bank Master/Visa Card: This matters a lot because the dollar equivalence of these banks varies but you can always visit abokifx.com to get the current and update exchange rate.
I will personally recommend GTBank and Access Bank as both banks are the ones who offers the cheapest exchange rate as at the writing of this article. And their current exchange rate is #320/$ and #325/$ respectively as at the time of writing this article.
- Paypal Account: This can be optional, but I you can have it in order to have more than one method of obtaining dollar.
The only condition here is that the paypal account has to be verified, otherwise, Virwox will not accept payment from it.
If it’s a Nigerian paypal account you want to use, verifying it will only require you to confirm your email address and add a bank card.
- Blockchain Wallet: Lastly, you’ll need a wallet from blockchain.info. This is where your final bitcoin can reside for further transactions.
Here are the Procedures as follows:
Before I digress fully into the procedures, one thing to note is we cannot directly buy bitcoin from paypal, and buying bitcoin with our debit card directly still amount to the same rate which many Nigerian bitcoin site trade which is around #550/$ or more.
Our sole reason of going through this method is to allow us get bitcoin at a very cheaper rate.
At the end of the transaction, we may have bought our bitcoin for #320/$ but because of the charges involved in this process, we can estimate it to around #380/$ (though it varies) but it’s still reasonable than buying bitcoin for #500/$
The steps are as follows:
The flows of the steps (All on Virwox) include:
- Get USD (Using Debit Card or Paypal) on Virwox
- Get SLL (Second Life Linden) using the purchased USD above
- Get BTC (Bitcoin) using the the SLL above.
- Transfer your bitcoin to Blockchain or whatever you intend to do with it.
Step 2: Choose your method of payment (Credit/Debit Card or Paypal Express Checkout) and follow the labeled a, b, c as the steps.
The maximum amount you can purchase per 24hours is indicated beside the currency. Mine is showing $48 because I have just purchased a $50 with the 24hrs of writing this article.
Upon purchasing USD, a small charge is deducted as the transaction fee (depending of the mode of payment) and the fees are indicated below here:
Step 3: Once the USD is purchased, it will reflect in your account as the USD balance, and the next step is to purchase SLL using USD in your account. And this will be done by clicking the USD/SLL as shown below:
Step 4: Once that has been concluded by clicking the Next button. Your account will then reflect SLL balance, and the next step which is the final step is to purchase bitcoin using the available SLL in your account by clicking BTC/SLL as shown below:
Step 5: Once the above has been concluded then your account will reflect BTC Balance, And you can optionally withdraw your bitcoin to any of your intended wallet (I make use of blockchain), but note that a transaction fee is charged here which may be around 0.003BTC and it takes about 6hrs to 48hrs for the transaction to be successful. The max hour I have experienced here less than 24hrs, but don’t be scared as nothing will ever happen to your bitcoin. You will also get an email when the transaction has been processed.
Bonus: When withdrawing to your bitcoin wallet, please be sure your bitcoin address is correct so as not to transfer to someone else (you can cancel the order) and you can check your order status/transaction history to know if your bitcoin has been sent successfully to your wallet.
And this is the end to the tutorial, and all the procedures and transactions mentioned above except the final withdrawal takes effect immediately without any delay.