How to Spend Bitcoin in Nigeria
Almost one third of the Nigerian population having used bitcoin at some time in their lives, and now there’s a huge demand for this cryptocurrency in the country. Not only does that mean that there are a plethora of exchanges and platforms which will allow you to buy, sell and invest in bitcoin, but there are also a growing number of places you can spend it, as well.
Whether it’s spending bitcoin to buy goods for yourself and others, exchanging it for services that you require, gambling it at an online casino to multiply your assets, or using it for another purpose, there’s no shortage of ways you can spend bitcoin in Nigeria. Here’s a list of our recommended methods or means for doing so next time you have a fat stack and are looking for somewhere to indulge it.
Direct from the retailer
The Nigerian government has been suspicious of bitcoin from the outset, even prohibiting financial institutions in the country from handling it altogether. However, there are a growing number of retailers who are more than happy to take bitcoin in lieu of naira. From tech companies like CloudSMS and Gigalayer to clothing emporiums such as Hancarri and Minku Designs, there are a variety of options for getting the goods you need direct at the source.
Using a debit card
The aforementioned government ban means it’s not possible to link your existing bank account with your cryptocurrency vault. However, you can use a third-party debit card service from providers such as Patricia, First Kudi, and Crypterium to link up the two entities. All that’s required is to open an account with the company in question and pass a Know Your Customer (KYC) test and you’re free to exchange your bitcoin for naira, dollars, or goods and services from all your favorite retailers online or in-store.
At an online casino
There’s no doubt about it – gambling is a popular pastime in Nigeria. The advent of online casinos only makes indulging in your preferred activity easier than ever, since you can enjoy a variety of slots, table games, and sportsbooks from the comfort of your own home. And thanks to the development of the technology, there are now mobile bitcoin casinos that allow you to use cryptocurrencies to gamble on the go using your smartphone, tablet, or another connected device.
Whether you pay for your electricity in advance with a prepaid token, or settle the bill after the fact, using bitcoin to square off your account is an excellent use of cryptocurrency. While energy providers don’t accept bitcoin directly, you can use a third-party portal like Paychant to pay EKEDC, AEDC, and EEDC bills, among others. You can even use the site to purchase internet airtime, mobile phone data, cable TV subscriptions, and many other household expenses.
Nigeria isn’t the fastest growing market for bitcoin for nothing – there is already a substantial infrastructure set up to accept payments in the cryptocurrency in a variety of different industries and sectors. You’re sure to find a home.
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