In my earlier posts, I took you through the process of creating a bitcoin wallet. I also showed you how to secure your bitcoin wallet from unauthorized access. In those posts too, I detailed the process of buying bitcoins from Bit2PM, one of the largest Bitcoin vendors in Africa. Today, I want to take by hand through the process of creating and account and purchasing Bitcoins from Naira4dollar, a prominent Bitcoin vendor in Nigeria.
Remember that it is important to have more than one vendor which you patronize for bitcoin purchase. This is to avoid being stranded the moment your usually vendor for some reasons cannot sell. One of the reasons why some vendors might cease sales could be that they already have too many orders to meet and would necessarily need to close sales in order to clear all existing orders. So, since you can’t afford to be stranded once a particular vendor closes shop, it’s important that your familiarize yourself with a bunch of other vendors doing the same thing.
Okay, now let’s dive right deep into how to buy Bitcoins from Naira4dollar.
First, visit the Naira4Dollar website and you will be taken to the website shown below.
Click in the link REGISTER shown in red ink. The next screen asks for your registration information as shown below
fill in the details and click on Register as shown
Your verification link will be sent to the email address you provided in the process of registration. At the same time, an SMS code will be sent to your mobile phone. You will need this code to complete your registration. See below.
Check your email inbox or spam folder for the verification link as shown below.
Click on the verification link and you will get the message shown below informing you that a verification code has been sent to your phone.
Enter the verification code you receive on your mobile into the space provided and click submit code.
Viola, you have successfully created an account with Naira4Dollar. You can begin to make purchases immediately you log in. so go ahead and log into your account. You will be taken to this page.
As shown above, there are two buttons that you will most likely use. That is the BUY and SELL button. If you want to buy bitcoins, perfect money, webmoney etc, you can click on the BUY button. However, if you want to sell any of these currencies to Naira4Dollar, you use the SELL button.
To buy Bitcoins, go ahead and click on the BUY button.
On the next screen, click on Bitcoin, marked in red ink.
On the next screen, you can input the amount of Bitcoin you wish to buy and the system will automatically show the Naira equivalent.
How to calculate the Naira equivalent of Bitcoin
The fact is that the value of Bitcoin against the dollar or other currencies around the world fluctuates almost every minute. Hence, it is important that you are able to calculate the equivalent in local currency that you pay for a certain amount of Bitcoin.
For those using the Nigerian Naira, to find the amount in Naira that you are expected to pay, multiply the dollar equivalent of the Bitcoin amount you intend to buy by the exchange rate of the Dollar. For instance, say you want to buy one bitcoin, and 1 Bitcoin is equivalent to $731.58 and the vendor exchanges 1 USD for N550, then the amount you’re to pay (in Nigerian Naira) for 1Bitcoin is 731.58×550=N402,369.
Alternatively, you can download this bitcoins-calculator which has provisions for you to input the Bitcoin amount you want and get the Dollar as well as Naira equivalent. This way, you know how much to set aside for the amount of Bitcoin you’re looking to buy.
Back to Naira4Dollar, when you’re done filling in the purchase information including your Bitcoin wallet, Click to Proceed
You will be shown the available payment options. Choose the one that best suits you or is most convenient for you and proceed with the payment as mentioned.
The rest of the process is very intuitive and is such a walk through.
Hope this post helps you understand how to create an account with and buy from Naira4dollar. The essence of this is to broaden your payment options and ensure you never get stranded when out to purchase bitcoins.
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