The first ever cryptocurrency was launched in 2009, and fourteen years later, crypto has experienced massive growth and adoption worldwide.
From being accepted as legal tender in countries like El Salvador to being accepted as a payment method by businesses worldwide, digital currencies have proved they are here to stay and thrive. We have witnessed the boom of crypto globally, and Nigeria has not been left off the group chat.
Despite the limitations of the Central Bank of Nigeria, Nigerians have been at the front line of cryptocurrency adoption in Africa, with millions of users. We all know Nigeria does not have the most stable economy, but we Nigerians have looked to crypto to give us leverage. It has helped us in many ways, from protection from inflation, currency devaluation and much more. With crypto, we can transact with anyone, anywhere in the world, without the need for middlemen, and it’s great for startups and small businesses in need of funding. All in all, crypto has been a game-changer for Nigerians, and it will only get bigger!
Are you ready to hop on the crypto wave and start making money from it? It is never too late. That’s why I am here to share with you all you need to know on how to trade Ethereum in Nigeria. Keep reading to discover the benefits of trading Ethereum and exactly how to trade the popular crypto coin in Nigeria and get the most out of your investment.
Overview of Ethereum
In 2015, Ethereum was released to the market by Vitalik Buterin, a young Russian programmer who saw the potential for blockchain technology beyond only crypto.
With Ethereum, developers can create decentralised applications (dApps) and smart contracts. Ethereum has its own crypto, Ether (ETH), used to pay for transactions and encourage developers to build on the platform.
A brief history of Ethereum
Although Ethereum was launched in 2015, the idea started in 2013 when Buterin wrote a whitepaper describing the concept of a blockchain platform that could be used beyond financial transactions.
But it did not stop there. In 2014, the project became quite popular as Buterin started a crowdfunding campaign to raise funds for Ethereum’s development.
The campaign was a huge success and even raised over $18 million worth of Bitcoin in only 42 days. Amazing, indeed.
Currently, Ethereum is one of the most popular blockchain platforms. It gave rise to thousands of decentralised applications, ranging from financial applications like decentralised exchanges (DEXs), stablecoins, to non-financial applications such as supply chain management and even voting systems.
Benefits of Trading Ethereum in Nigeria
1. Potential to Make Quick Profits:
You cannot deny that the whole point of making investments is to make a profit, which makes Ethereum a good choice. Like other crypto coins, the price of Ethereum is volatile, which means that its price can fluctuate rapidly over short periods. This makes it possible for traders to buy when the price is low and sell ETH for quick profit when it is high.
2. Ability To Access a Global Market:
Traditional financial markets are geographically limited, but the cryptocurrency market is global. This means that traders in Nigeria can buy Ethereum in Nigeria and also sell with anyone in the world, giving you access to a much larger market. Is Naira crashing again? Don’t worry; Ethereum has your back.
3. Allows Traders To Bypass Traditional Financial Institutions:
Traditional financial institutions are either inaccessible or unreliable in many parts of the world. The same is the case in Nigeria, from screaming at ATMs today to fighting for your money in the bank tomorrow. It’s a never-ending struggle.
Crypto provides an alternative to these institutions, allowing you to transact directly with each other without the need for intermediaries.
How To Sell Ethereum For Cash in Nigeria
If you’re looking to sell your Ethereum in Nigeria, several options are available. One popular option is to use a crypto trading mobile app, Breet. Breet is a Nigerian-based OTC crypto trading app that allows you to convert Ethereum to naira, convert it to fiat currency and withdraw straight to your local bank account free of charge. Let me walk you through the steps of using Breet to sell Ethereum for Naira.
Step 1: Download and Install Breet
To use Breet, you must first download and install the app on your mobile device. The mobile app is available for Android and iOS devices, and you can download it from the respective app stores.
Step 2: Register and Verify Your Account
Once you’ve installed the app, you must create an account with Breet. To register, you’ll need to provide your name, email address, phone number, and password. You’ll also need to complete the app’s KYC (Know Your Customer) process by submitting a government-issued ID and a selfie.
Step 3: Generate an Ethereum Wallet Address
Once your account is verified, you need to generate an Ethereum wallet address to receive crypto. To do this, click on ETHEREUM from the app’s dashboard. This will then open up the Ethereum trade page. Click on ‘Generate Wallet Address’. You’ll then be provided with a unique Ethereum address that you can use to transfer your Ethereum from your external wallet.
Step 4: Send Ethereum To Your Wallet Address:
The Ethereum wallet address acts just like a bank account number. All you need to do is send your address to the sender or your external wallet through the multiple options available.
Step 5: Sell Ethereum for Cash
Send the amount of Ethereum you want to sell and select “Naira” as the currency you wish to receive. Breet will automatically calculate the amount of Naira you will receive based on the current market rate.
Once your Ethereum is sent into your Breet Ethereum wallet, you need to wait for at least three confirmations from the blockchain network. Once confirmation is complete, your transaction is tagged as successful, and your funds will reflect in your Breet Naira wallet.
Step 6: Withdraw Your Naira to Your Bank Account
After selling your Ethereum for Naira, you can withdraw your funds directly to your Naira bank account. Breet offers free and instant withdrawals to any Nigerian bank account. To withdraw your funds, select the “Withdraw” option, enter the amount you want to withdraw, and select your bank account from the list of available options. Click on “Withdraw” to complete the transaction.
If your automatic settlement feature is turned on from settings, your funds are automatically withdrawn to your provided local bank account after completing the transaction.
Conclusion
Trading Ethereum is profitable, but it is not without risks. Using a crypto trading app like Breet can be a convenient and hassle-free way to sell your Ethereum for cash in Nigeria. With Breet, you can convert your Ethereum to Naira and withdraw your funds straight to your Naira bank account within minutes and free of charge.
