Withdraw Bitcoin To Bank Account
Withdraw Bitcoin To Bank Account: Cryptocurrencies are digital currencies created to be an alternative method of payment created using an encryption algorithm (Cryptography and Blockchain). The use of this encryption algorithm makes cryptocurrencies function as a currency and as a virtual accounting system.
To use cryptocurrencies, you need a cryptocurrency wallet – this is where your Bitcoin is stored. These wallets can be Hot Storage– software that is cloud-based i.e connected to the internet or Cold Storage– stored on a device not connected to the internet. The wallets are the tool through which you store your encryption keys that confirm your identity and link to your cryptocurrency.
Depending on your location, withdrawing Bitcoin from your crypto wallet or exchanges differs. Suppose you are in a country where there is no cryptocurrency ban. In that case, you can easily add your bank details to exchange platforms like Binance, Coinbase, and the likes and the corresponding local currency value of your Bitcoin will be directly sent to your Bank Account.
However, for countries with a crypto ban, exchange platforms can’t transact with local Banks because the controlling authority has restricted banks from transacting with cryptocurrency organizations and entities. So you have to take some extra measures to sell your Bitcoin when you are in this region. There are majorly two ways you can sell Bitcoin in these regions;
– Peer-to-peer exchange system: commonly known as P2P, is a popular avenue for crypto users. Unlike the conventional crypto exchange, the P2P exchange allows you to sell and buy directly from other cryptocurrency users. When you use a P2P exchange, you are selling to another crypto user, the P2P platform would have kept security measures in place to ensure no one is scamming from the transaction. Popular P2P platforms include Binance, Remitano, Paxful, and LocalCoinSwap among others.
– Over-the-counter (OTC) exchange platforms: OTC platforms have been gaining more popularity in Nigeria since the cryptocurrency ban in 2021. OTC exchanges work like P2P exchanges, but instead of looking for buyers on the P2P exchange platform, you sell your cryptocurrency to an exchange platform that trades them instead of looking for individual buyers. There are some risks posed on the P2P exchange platform that is not available when selling on an OTC exchange platform.
Selling on a P2P exchange platform requires some degree of technical know-how and security awareness because even if you find an authentic P2P exchange platform, it is still possible to still fall for an imposter posing to be an authentic trader. Proper security measure has to be in place before selling on P2P exchange platforms, whereas, you only need a trusted OTC platform and you can safely sell your Bitcoin.
If you want to sell your Bitcoin in a country with a cryptocurrency ban, you can either use a P2P exchange platform or an Over-the-counter (OTC) exchange platform. If you are new to cryptocurrency, it is better to use an OTC exchange platform because of the technicality that comes with a P2P exchange platform and the security threat that comes with it.
You should sell your Bitcoin to Dart Africa, where you can easily convert your Bitcoin to cash. Unlike P2P exchange platforms, selling your Bitcoin does not require any form of technicality, you just have to send the agreed Bitcoin amount to the wallet address provided by the exchange platform and you will receive the funds in the bank account you provided.
Why choose Dart Africa
Dart Africa is the number one cryptocurrency exchange platform in Nigeria and Ghana. With our automated trading system, customers enjoy a fast payment system. At Dart Africa, we work to bridge the gap between customers’ expectations and the service delivered.
We have provided the best incentive to our customers to keep using our platform which is our favorable exchange rate. When you sell your Bitcoin to us, you get the best value for your Bitcoin because our exchange rate is one of the best in the exchange market no matter the current Bitcoin market condition. You can confirm this by checking the current exchange rate using our coin calculator.
Another thing that distinguishes our platform from the rest of the pack is how fast we disburse payments. Once you complete a transaction with us, we send funds to your account within a few minutes of confirming your Bitcoin transaction. Thanks to our automated platform, once you send the agreed Bitcoin to the provided wallet the system authenticates payment almost immediately.
Selling Bitcoin on our platform is easy, as our platform, both website, and mobile app, has been designed with a great user interface and user experience design in mind. We have tweaked our platforms so customers can sell their cryptocurrency within a few clicks. You can use our platform by going to our website or through our mobile app that is available for download on the Play Store and the App Store.