Best Bitcoin to Naira Calculator: Bitcoin, the world’s first decentralized cryptocurrency, has grown in popularity over the years. It was created in 2009 by someone or a group using the pseudonym – Satoshi Nakamoto. Since then, Bitcoin has seen significant price fluctuations, reaching an all-time high of almost $65,000 in April 2021. However, it has also experienced drastic price dips, making it a volatile asset to invest in.
On the other hand, the Naira is the official currency of Nigeria, Africa’s most populous nation. It has a history dating back to 1973 when Nigeria decimalized its currency, replacing the pound with the Naira. Since then, the Naira has undergone several changes, including introducing new denominations and implementing a floating exchange rate system.
Calculating Bitcoin to Naira is becoming increasingly important for Nigerians who want to invest in Bitcoin or use it for transactions. This article will explore how to calculate Bitcoin to Naira and the factors that affect the exchange rate.
Factors that Affect Bitcoin to Naira Exchange Rate
Like any other currency, Bitcoin’s exchange rate against the Naira is affected by various factors. Here are some of the primary factors that influence the Bitcoin to Naira exchange rate:
Supply and Demand
The supply and demand of Bitcoin in Nigeria are the primary determinants of its exchange rate against the Naira. When the demand for Bitcoin is higher than its supply, the price of Bitcoin will go up, and the exchange rate will become more expensive. Conversely, when a lot of Bitcoin is available in the market, the price will go down, and the exchange rate will become cheaper.
The government’s regulations and policies can significantly impact the exchange rate of Bitcoin to Naira. For instance, if the Nigerian government bans Bitcoin, the demand for Bitcoin will decrease, leading to a fall in its exchange rate against the Naira. On the other hand, if the government recognizes Bitcoin as a legal currency and regulates its use, the demand for Bitcoin will increase, leading to a rise in its exchange rate.
Global Economic Events
Bitcoin’s exchange rate for Naira can also be influenced by global economic events such as inflation, recessions, and political instability. In situations of economic uncertainty, people tend to turn to alternative investments such as Bitcoin, leading to an increase in its demand and, thus, a rise in its exchange rate against the Naira.
Adoption and Awareness
The more people become aware of Bitcoin’s potential and adopt it as a means of payment or investment, the more demand for it will increase. This increase in demand will cause an increase in its exchange rate against the Naira.
Bitcoin is built on blockchain technology, and any advancements in this technology can significantly impact its exchange rate. For example, the introduction of Segregated Witness (SegWit) technology has reduced transaction fees, making Bitcoin transactions more accessible and affordable. This advancement has led to increased adoption and demand for Bitcoin, leading to a rise in its exchange rate against the Naira.
The market sentiment, or the general feeling about the market, can impact the exchange rate of Bitcoin to Naira. For instance, if there is a lot of positive news about Bitcoin, such as a significant investment by a prominent company, the market sentiment will be positive, increasing the demand for Bitcoin and its exchange rate against the Naira.
Calculating Bitcoin to Naira
If you are interested in converting Bitcoin to Naira, there are several methods you can use. The most popular method is to use a cryptocurrency exchange. Using a cryptocurrency exchange, you are able to buy, sell, and trade digital currencies. Some of Nigeria’s most popular cryptocurrency exchanges include DartAfrica, Binance, etc.
To calculate Bitcoin to Naira on a cryptocurrency exchange, you will need to follow these steps:
This is one of the most popular methods of converting Bitcoin to Naira. Several cryptocurrency exchanges in Nigeria, such as DartAfrica, Binance, etc., allow you to buy, sell, and trade cryptocurrencies. To convert Bitcoin to Naira, you can simply sell your Bitcoin on these exchanges and withdraw your Naira to your bank account.
Peer-to-Peer Trading Platforms:
Peer-to-peer trading also offers a way to convert Bitcoin to Naira. These platforms connect buyers and sellers directly, allowing you to exchange your Bitcoin for Naira with another person. There is, however, a need to exercise caution when using these platforms, as fraud and scams have occurred.
Another option is to use a Bitcoin ATM. These ATMs allow you to buy and sell Bitcoin for cash, and some also allow you to withdraw Naira directly. However, Bitcoin ATMs are uncommon in Nigeria, and the fees can be quite high.
Bitcoin Debit Cards:
Some cryptocurrency exchanges, such as Binance, offer debit cards that allow you to spend your Bitcoin like regular currency. These cards can be used to withdraw Naira from ATMs or purchase at merchants accepting card payments.
Dart Africa is an amazing platform for trading your cryptocurrency for cash. At DartAfrica, we have a proven track record of honesty, reliability, and transparency. This way, you need not worry about the time it will take to complete your transaction or its reliability. Furthermore, by simplifying every step, Dart Africa ensures that you have a pleasant experience and professionalism.
Dart Africa’s secure mainframe keeps your money and wallet information private. This ensures total security. Dart Africa offers the best exchange rate for cryptocurrency in the country. The system is optimized to automatically update the rates, so customers enjoy the best possible exchange rate.