The world keeps evolving into a trendy development. It has moved from the use of trade by barter for exchange to fiat currencies and now cryptocurrencies. However, the question for most people is, “Is cryptocurrency different from Bitcoin?”
The short answer is no, and the long answer is yes. Keep reading as I will explain both in this content. I will also show you how you can convert your Bitcoin or other cryptocurrency to Naira within seconds. You are in for a smooth ride.
What are Cryptocurrencies?
Cryptocurrencies are digital currencies that have an intrinsic value that is worth money. Every cryptocurrency that uses cryptography for security is a cryptocurrency. What are the features of a cryptocurrency?
- Decentralization: Most cryptocurrencies operate on a decentralized network using blockchain technology, which distributes control across many nodes rather than relying on a central authority.
- Security: Cryptography secures transactions and controls the creation of new units. This makes cryptocurrencies resistant to fraud and counterfeiting.
- Anonymity and Privacy: Transactions can be conducted with a degree of anonymity, as users are identified by their public keys rather than personal information. However, some cryptocurrencies provide more privacy features than others.
- Transparency: All transactions are recorded on a public ledger (the blockchain), allowing anyone to verify and audit them.
- Global Accessibility: Cryptocurrencies can be accessed and used by anyone with an internet connection, making them available to people in regions with limited banking infrastructure.
- Volatility: Cryptocurrency prices can be highly volatile, influenced by market demand, regulatory news, and technological developments.
Are They Different From Bitcoin?
Bitcoin is a type of cryptocurrency. It is the first cryptocurrency that was created in 2009. However, it has grown to be the largest cryptocurrency by market capitalization. As of today, Bitcoin has a market capitalization of $1.2 Trillion. You can sell your Bitcoin for Naira.
How To Determine the Rate of My BTC On Ridima
The rate of Bitcoin and other cryptocurrencies are always flunctuating. This means yesterday’s rate is not the same as today’s rate. However, you can always use the Ridima app to determine your rate before you complete the transaction. Here is how to determine the rate of your BTC within seconds.
- Open the Ridima app
- Go to the menu on the app.
- Click on the Trade Digital Assets button.
- Click on Sell or Buy and indicate the cryptocurrency you want to exchange.
- Select Bitcoin as the cryptocurrency.
- Generate your permanent wallet address (This is a one-time action for all future actions).
- If you have done this before, you don’t have to generate any more.
- View the current exchange rate to know the worth of your Bitcoin.
- Confirm if you are satisfied with the rate.
How to Convert Cryptocurrencies to Naira Within Seconds?
You can convert your Bitcoin or other cryptocurrencies to Naira within seconds on Ridima. With the highest exchange rate for your tokens, Ridima stands tall as the best app to convert your Bitcoin to Naira. You will also be given a new wallet address as a new user for their subsequent transactions.
See the easy steps you need to follow to sell Bitcoin or other cryptocurrencies on the Ridima App;
- Download the Ridima App from the App Store or Play Store.
- Open the Ridima App.
- Go to the menu on the app.
- Click on the Trade Digital Assets button.
- Click on Sell and indicate the cryptocurrency you want to exchange.
- In this case, choose Bitcoin as the cryptocurrency.
- Generate your permanent wallet address (This is a one-time action for all future actions).
- View the current exchange rate to know the worth of your Bitcoin.
- Confirm if you are satisfied with the rate.
- Upon satisfaction, send your cryptocurrency from your external wallet to your just-generated Ridima wallet address.
- Wait for our three security confirmation processes. This process can take a few minutes to ensure optimum accuracy and security of your transaction.
- Upon confirmation, you will receive the naira equivalent of your transaction in your Ridima Naira wallet.
- You can withdraw the Naira or sort out your bills via the Ridima app.
Frequently Asked Questions
Question 1: How much is the worth of $1 BTC?
As of today, the worth of $1 BTC is between ₦1650 and ₦1700. You can determine the worth of your Bitcoin before you complete the transaction on the Ridima app.
Question 2: Is Bitcoin the same as cryptocurrency?
Bitcoin is a type of cryptocurrency. There are other common types like Ethereum, Ripple, Dogecoin, and USDT.
Question 3: Does Nigeria accept Bitcoin as a form of payment?
No, Nigeria does not accept Bitcoin as a form of payment. However, you can convert your Bitcoin to Naira within minutes to make any purchase in Nigeria.
Question 4: Can I convert my Bitcoin to Naira?
Yes, you can. Ridima is the best place to convert your Bitcoin to Naira within minutes.
Question 5: Why is the Ridima the best place to trade cryptocurrency?
Notable reasons Ridima is the best place to trade cryptocurrency include quality service, high rate, fast payout, and safe transactions. It is also authorized by credible sources to be the best platform to exchange your cryptocurrency in Nigeria.
