It is a well-known fact that the crypto market is volatile. This means that the prices can suddenly rise or fall due to several reasons. When the value or price of a coin falls, people can decide to buy it. This is called a dip. A dip refers to the process of buying an asset after it has declined in value. Hence, buying a dip implies that you have invested in a coin or token that has experienced a short, or potentially long-term decline in its value.
Nevertheless, you can still buy them at a lower price, and hold them until the value increases to exceed your initial investments. When this happens, you may decide to enjoy some of your crypto gains. Or at least turn it into fiat money that can stay in your account. You can even make payments with crypto directly using crypto debit cards. crypto payments are not yet versatile in Nigeria, so you need to learn how to convert to cash. Here are four ways to convert cryptocurrencies to cash, fast, easy and securely.
Sell crypto on exchanges for cash: Crypto exchanges are platforms that allow you to buy and sell cryptocurrencies. They act as a middle man during the transaction. For example, if you want to sell your coin, the platform will hold the coins and the money of the buyer. As soon the transaction goes through, the buyer receives his coin and you get your cash which you can later withdraw to your bank account. However, you must have an account with an exchange platform for this to go through. Crypto exchanges make it easier to sell crypto. Besides, there are many of them to choose from. Again, they are Faster than P2P sales and you will be required to pay additional service fees on all transactions. An example of a crypto exchange in Nigeria is Quidax.
Direct trade: Another way of turning your crypto into fiat is through direct trade with a person. Through this option, you can have the opportunity to sell to a person online or in person. For example, if you have some coins or tokens for sale, you can look for people who want them either by advertising or talking to people. If they express interest in buying. Then you can set up a meeting or sell online through crypto wallets. Once you get your money, you transfer the crypto to the other person’s wallet.
Peer 2 Peer platforms: Peer-to-peer (P2P) trading is a type of cryptocurrency exchange method that allows traders to trade directly with one another without the need for a centralized third party to facilitate the transactions. It is a lot like crypto exchange platforms except that there is no middle man to act as an intermediary between buyers and sellers. P2P platforms make it possible to sell crypto for fiat money or any other coin. On the platforms, buyers post the type of coins they want, the prices they will pay and the method they will use. If it suits you as a seller, then you can perform the transaction.
The good thing about this method is that you will pay lesser fees. You may also negotiate to get the most money for your crypto. The disadvantage is that it takes longer than selling on a centralized exchange. Examples of such platforms in Nigeria are Busha, Nestcoin, Bitmama, etc.
Withdrawing into bank accounts: This method does not involve selling your coins. You can simply withdraw them into your bank account. However, the central bank of Nigeria banned Nigerian banks from facilitating any crypto transaction. So you can first withdraw them into a P2P platform, then subsequently to your account. It’s also possible to be in Nigeria and have a Ghana First bank account. You can withdraw directly to this or a paypal account.Featured Image Source: CNBC
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