Bitcoin has grown beyond a myth into a currency that is accepted as a means of payment all over the world. In a bid to make it accessible to everyone, several cryptocurrency exchange platforms have made it easy for users to buy bitcoin in Nigeria with a debit card and other methods.
However, a lot of crypto traders still don’t know how to easily get BTC with their regular debit cards. The purpose of this article is to teach crypto newbies and traders how to buy BTC with debit cards.
Before we continue, find out how to make money online with crypto ($100 daily) without technical analysis
Buy from crypto exchanges
The first way you can use your debit card to buy BTC is to have a wallet on a verified platform and buy directly with your card. This method is offered mostly by many verified cryptocurrency platforms, these platforms will let you create an account for free and fast. To buy Bitcoin with Naira debit card on a crypto exchange platform, you’ll need to create an account and then a wallet will be automatically created for you. After doing this, you’ll be offered the option to buy BTC with a debit card. It works in a way that you’ll have to provide your debit card details and after your payment is successful and has been confirmed, your wallet will be credited with the equivalent amount of bitcoin.
Use of Bitcoin vendors
Although the use of Bitcoin vendors is mostly used in developing countries such as Nigeria, users can actually buy safely using their debit cards from known bitcoin vendors. These vendors are usually small business owners who set up their offices mainly to sell and buy bitcoin in Nigeria. Most of these vendors allow people to buy BTC using their debit cards. Whenever you approach a vendor, they request for your debit card and insert it into a point of sales machine and when the funds have been successfully received, they will request for your wallet address. Afterward, they will send the bitcoin equivalent to your wallet. All you have to ensure is that you have enough funds in your account to have a successful transaction.
The next way available to purchase Bitcoin with a debit card is through bitcoin ATMs. Presently, it’s not available all over the world but it’s already in use in some countries and even in Nigeria. So don’t worry yet if you can’t find one yet in your locality as I’m sure more companies are currently working on manufacturing more Bitcoin ATMs. Very soon, everyone will surely be able to use their debit card to purchase BTC via the ATM regardless of the location of the country. You also don’t have to worry about who you’re buying from as it’s an automated service. One other thing you’ll have to know is that there might be restrictions as to the amount of Bitcoin you will be allowed to purchase at a time.
One-on-one payment option
One other option available to buy BTC with your debit card is when you choose to meet with the seller one on one. To better explain this, many platforms allow traders to choose the option of buying from the sellers while meeting them physically. When you choose this mode of purchase you can meet the person and choose to use your debit card to make the transfer to their person through the use of an ATM. There are safety precautions you’ll need to pay attention to also when using the method because you don’t know the person you’re buying from before time.
Buying BTC with the use of a debit card is not the only easy way to purchase BTC. If you do not have access to a debit card or you don’t want to give out your card details, then there’s an alternative method for you.
An alternative way to buy bitcoin
An alternative and easy way without the use of a debit card is via direct bank transfer. Secure and reliable platforms like Remitano exchange allow you to purchase bitcoin from sellers using direct bank transfers. All you need to do is open an account on Remitano in less than 3 minutes and get your bitcoin wallet, select your preferred seller from the list of sellers and transfer the bitcoin equivalent in naira to the sellers’ bank account.
The seller’s bitcoin will be frozen by Remitano until your payment is confirmed. Once your direct bank transfer is confirmed, the bitcoin will be transferred into your bitcoin wallet. Remitano’s security is tight because of the escrow system it operates. The escrow system ensures that both parties hold their end of the deal.
The bank transfer is a great alternative for people that are afraid to release sensitive information like their credit/debit card details. With bank transfers, you don’t need to fill in your card number or pin.
One last piece of advice – using your debit card to buy Bitcoin with Naira will become an easy task after reading this article, but you need to be extra careful to protect your card details because there have been many reports about people being duped off their hard-earned money after buying Bitcoin with their debit cards.
However, if you pay close attention to what’s needed and take adequate precautions you’ll surely have no issues. Also, make sure the platforms you’ll be buying from are legit and verified, and one way to know that is to check out reviews online or ask friends about them.