Cryptocurrency Continues to show itself as the future, and the whole world is beginning to transition from the use of physical currency to digital currency. In this article, we will talk about how you can accept crypto as a business in Nigeria.
To start with, it will be interesting to know that most of the big companies out there now accept cryptocurrency as a mode of payment. Giant companies, such as Facebook, Tesla, etc.
Why Accept Cryptocurrency
Considering the volatility and decentralized nature of cryptocurrency, many business owners are beginning to digress from the use of physical currency to cryptocurrency.
The below are five vital reasons why you should accept cryptocurrency.
- Reduces the risk of chargeback fraud: When it comes to business, a chargeback is one of the major ways many people use it as a means of fraud. Nevertheless, if you accept cryptocurrency as your means of payment, you won’t have to bother about all these. According to recent statistics, charge-back fraud has increased tremendously by 41% in 2023.
- Immediate Availability: Rather than waiting for funds to be available, cryptocurrency is available immediately once needed.
- New customers: Cryptocurrency is a new trend among business owners, and adopting it as a means of payment for your business also means new customers coming in.
- Easier to operate: A cryptocurrency account is very easy to operate, and you do not have to worry about bank or government regulation, in addition to this, you have peace of mind over your funds, because you are well sure no harm will come upon it. Unlike the traditional bank account, which the government can easily freeze over policy violation.
How To Accept Crypto As A Business In Nigeria
Many businesses in Nigeria are beginning to accept cryptocurrency as a business in Nigeria, and new businesses are beginning to adopt that also. Nevertheless, many people want to accept cryptocurrency as a business but don’t know-how.
In this article, we will put you through how you can accept cryptocurrency as a business in Nigeria.
Accepting cryptocurrency as a business isn’t complex, and the procedures are very straightforward.
The major process involved to accept cryptocurrency as a business involves you having a cryptocurrency wallet. A cryptocurrency wallet is what allows you to store your digital currency.
If you are dealing with popular cryptocurrencies, such as ethereum and Bitcoin, the wallets are very easy to set up.
Also, you can as well decide to store your cryptocurrency, on dedicated hardware wallets, or software wallets. When your customers want to make payment to you, all you have to do is to present them with your wallet address.
How To Accept Bitcoin Payment In Nigeria
Bitcoin is the most valued cryptocurrency in the world. Bitcoin is also referred to as the father of cryptocurrency.
Accepting Bitcoin as a means of payment for either goods or services you render is one of the best things you can ever do to your financial well-being because it gives you avenues to accumulate Bitcoin as much as possible.
It’s interesting to know that, if you had invested $1000 in Bitcoin in 2010, you would have become a millionaire as of now? This is to show how valuable Bitcoin has grown.
Accepting Bitcoin in Nigeria is very easy, once you have a wallet. Your wallet address will serve as your account number, where your money will be transferred to.
You don’t have to register anywhere, start using a valid wallet now, and start accepting Bitcoin in Nigeria now.
Car Dealerships That Accept Bitcoin In Nigeria
Are you looking forward to purchasing a car in Nigeria, and your only means of payment is Bitcoin.
Relax, the good news is there are numerous car dealerships in Nigeria that accept Bitcoin as the payment method in Nigeria.
Below are car dealerships that accept Bitcoin in Nigeria.
- Lamborghini Newport beach
- Cerritos Auto Square
- Tomcar Nigeria car dealers.
These are a few of the car dealerships that accept Bitcoin in Nigeria.
How To Receive Payment In Cryptocurrency In Nigeria.
Receiving payment in cryptocurrency will always be the most convenient means of payment in any part of the world.
If you are in Nigeria, and you are looking forward to accepting payment in cryptocurrency in Nigeria, you can get started by following this guide.
Get A Wallet: Your wallet address is where your payment will be made to. You can get started by making use of any wallet you’ve found to be convenient to use. Some many businesses owners and individuals make use of dedicated hardware to store their coins. You can adopt that method if you find it convenient.
Understand a particular coin: It’s not financially advised to receive cryptocurrency payment of a coin you do not understand.
You first need to understand the value of the coin and how it works, before you accept it, as your means of payment. If not, you may find yourself running at a huge loss, if the value of the coin drastically dropped.
Wait for confirmation: Until you confirm the transaction, do not proceed with the business. There are some wallets, that take hours or days, before reflecting new coins that are transferred into your wallet.
Unless you trust the person so much or the person shows you proof of payment, do not proceed with the business.
It’s no doubt that cryptocurrency is the future. Thousands of businesses and organizations are beginning to accept Bitcoin and another type of cryptocurrency as their mode of payment. This is for no other reason, than the numerous benefits, they saw that surround cryptocurrency.
The value of Bitcoin and many other sets of cryptocurrencies continues to increase on daily basis, which as well serves as another means of income for business owners. If you are yet to accept cryptocurrency as a business, it’s high time you start now. All you need to get started is a cryptocurrency wallet. If there are any questions you will like to ask, kindly feel free to seek clarification in the comment box.