How to buy Bitcoin with your credit/debit card in Nigeria

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

1. Click on ‘account’, click on deposit

2. Enter your card information.

3. Your Luno naira wallet will be credited.

4. Click ‘buy’ to buy Bitcoin and your Bitcoin wallet will be funded instantly.