Bitcoin is a crypto-currency and worldwide payment system that can be exchanged for other currencies, products, and services.
It was created as a reward for mining.
Mining, on the other hand, is a record-keeping service done through the use of computer processing power.
Miners keep the blockchain consistent, complete, and unalterable by repeatedly verifying and collecting newly broadcast transactions into a new group of transactions called a block.
It is, therefore, important to state here that Bitcoin is the first decentralized digital currency, as the system works without a central bank or single administrator.
Transactions between users are done directly, without any intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.
However, buying Bitcoin in Nigeria takes a difficult process. And it becomes even more difficult when you try to buy with your credit/debit card.
But things seem to be changing as some companies have succeeded in making the process easier and instant than usual.
Read on to see how you can buy Bitcoin with your credit/debit card with ease
1. Luno
Recommended by Bitcoin experts to beginners and those with existing wallet provider, Luno is a Bitcoin exchange/wallet provider that provides one of the cheapest and easiest ways to buy bitcoin online.
Luno was formerly known as bitx and operated without a debit/credit card option, but later upgraded to a more user-friendly interface, changed their name to Luno without disrupting their users’ account, launched their app and integrated a debit/credit card option.
Interestingly, your wallet is not only funded instantly on Luno, they also accept your local currency; thereby preventing you from losing money to double conversion from naira to the dollar or Euro before Bitcoin.
Thus, you are no longer limited to $100 per month since the transaction is in naira and transactions can be made with master or visa card from any bank.
Apart from buying Bitcoin with your credit card, Luno also makes withdrawal easy. You can easily convert your Bitcoin to naira and receive it in your bank account.
Here’s how to buy Bitcoin with your credit/debit card from Luno
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Click on ‘account’, click on deposit
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Enter your card information.
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Your Luno naira wallet will be credited.
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Click ‘buy’ to buy Bitcoin and your Bitcoin wallet will be funded instantly.
2. Virwox
Two years before Bitcoin was open for trading in January 2009, Virwox was already a virtual currency exchange that traded Second Life Lindens (SLL) and other virtual currencies used for gaming online.
Nevertheless, they started accepting Bitcoin in April 2011 and opened a way for people to buy Bitcoin with PayPal. But unlike Luno, their transaction fee, which is 10%, is quite high.
However, owing to the fact that they’ve been around for quite some time now, Virwox can make a boast of over seven hundred and forty thousand registered users.
Here’s how to buy Bitcoin with your credit/debit card from
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Deposit dollars to Virwox through PayPal
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Buy “Second Life Lindens” (SLL) with your USD
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Purchase Bitcoin with SLL
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Withdraw BTC to your Bitcoin Wallet
Note
Virwox accepts GTB MasterCard, GTB utility card, FCMB visa card, Access bank master card, UBA Visa card, and dollar card of all banks.
3. BitPanda
Known to be Europe’s most popular service to buy and sell Bitcoin and ethereum, BitPanda operates 24 hours a day, 365 days a year!
You can purchase bitcoins easily with your credit/debit card on Bitpanda with a 3%-4% fee charged on all transactions.
However, instead of displaying the fees on public view, they are rather incorporated into the prices. And interestingly, BitPanda does have one of the lowest fees for buying Bitcoin with credit/debit cards in the world.
Located in the heart of Europe- Austria, Bitpanda is easy to use. It has a fast service that makes it possible to buy and sell your Cryptocoins within seconds