In this tutorial, we will be teaching how to buy and sell Litecoin in Nigeria. You can pay for Litecoin directly in Naira and if you have Litecoin, you can sell it and receive Naira. It’s a straightforward and simple process. All you have to do is follow the tutorial step-by-step.
What is Litecoin?
Litecoin(denoted by LTC) is a peer-to-peer cryptocurrency and open-source software. The cryptocurrency is built on Blockchain technology which was made popular by Bitcoin. Litecoin was invented by a former Google employee Charlie Lee and was released to the public on October 7th 2011. LTC fixes some issues with Bitcoin and executes transfers much faster due to its adoption of a lighting network in May 2017.
There are about 84 million litecoins in total and about 52 million of them were in circulation as at December 2017.
Where can I buy and sell Litecoin in Nigeria?
There are many sites and platforms that allow you buy and sell Litecoin in Nigeria. Some of these sites allow you buy Litecoin instantly with your card while others require you to transfer money and then receive litecoin in a wallet of your choice. They are called cryptocurrency exchanges as they might support not just LTC but other cryptocurrencies. For the purpose of this tutorial, we will be using Bitkoin Africa. Bitkoin Africa is one of the fastest and most secure exchanges in Nigeria.
The platform facilitates peer-to-peer transactions and provides escrow services. This means anytime you buy or sell Litecoin on the site, you are buying or selling to a real person at a price they have fixed. Escrow means that if you’re buying Litecoin, the value already exists in the system and if you’re selling Litecoin, the naira value already exists. This makes payment very fast and reduces the need to wait.
How to Buy Litecoin in Nigeria and Pay Naira?
On Bitkoin Africa, you can buy Litecoin and pay with your debit card or bank account for some Nigerian banks. Note that you don’t have to own 1 whole Litecoin – you can buy it in smaller denominations such as 0.1LTC or 0.0001LTC. As long as the sellers are willing to sell that value, you can buy it. Let’s get started.
1. Visit Bitkoin Africa
To start, visit Bitkoin Africa by entering www.bitkoin.africa in your browser. You can also click here.
For you to buy Litecoin in Nigeria using Bitkoin Africa, you must first register. Click the register link in the menu and fill all your details accurately so you can be verified. Bitkoin Africa like many online Nigerian businesses, is regulated by the CBN and adheres to its rules and regulations for selling on the internet. Your BVN and bank details are required to be sure that you are who you claim. You will also be required to verify your phone number and email address. This is just a standard procedure before you begin carrying out transactions.
3. Select a Litecoin seller in Nigeria
After your details have been verified, you will be redirected to the dashbaord that shows you an overview of cryptocurrencies available for trading as well as your wallet balance. Click on the Buy/Sell option in the Menu and select Litecoin from the options. Enter how much you want to buy and then click search. In this example, we used 0.01 LTC.
When you’ve done that, a result of traders willing to sell that volume of Litecoin will be displayed.
4. Review and Confirm the purchase
The next step is to review and confirm the price and volume of Litecoin you are about to buy. Please check if all the details are correct because Litecoin transactions cannot be reversed. A purple review and confirm button will be displayed. Click it to continue.
5. Buy Litecoin in Nigeria
For one last check, the details of the transaction will be displayed once more. Click Buy Instantly to proceed. You can then choose between paying with your Naira card or your bank account. For bank account users, only GTBank, Fidelity Bank, First City Monument Bank, Zenith Bank, First Bank and ALAT by Wema accounts are supported. More banks will be supported soon.
6. Select Pay with Card – Buy Litecoin in Nigeria using Debit Card
Upon clicking “Buy Litecoin”, a window will pop up giving you the option to enter your card details. Please enter them accurately. You might also be required to confirm the transaction using an OTP which will be delivered to your phone. Once it is done, you have successfully bought Litecoin with Naira. Congrats are in order!
7. Select Pay with Bank Account
If you click, Pay with Bank, you need to select your bank from the available options and verify your account by entering your account number and clicking the ‘Verify Account’ button. Enter your date of birth and the one-time password (OTP) that has been sent to your phone, then proceed to click ‘Complete Registration’. Another OTP will be sent to your phone. Enter the second OTP, click ‘Pay’ and your transaction is complete. You have paid with your bank account.
By now your purchase should be complete. You will receive Litecoin in your wallet on Bitkoin Africa. You can trade it or send it to another wallet. You can also purchase more Litecoin as you wish. To access your Bitkoin Africa wallet, go to the Wallet menu on the navigation bar and select “Litecoin wallet” from the drop-down menu.
How to Sell Litecoin in Nigeria and Receive Naira
To sell Litecoin in Nigeria, we will also use the Bitkoin Africa cryptocurrency exchange. We will follow similar processes to buying Litecoin so please carry out step 1 and 2 above before you proceed.
1. View Litecoin Buyers in Nigeria
The first step to selling Litecoin in Nigeria on Bitkoin Africa is to select a buyer. Click the “Buy/Sell” option in the menu, select “Sell”, “Litecoin” and enter the volume of Litecoin you’re willing to sell.
This will show you the buyers and the price they’re willing to buy Litecoin from you. Bitkoin Africa has an escrow feature so any amount you see on this page, has already been paid. Decide who you want to sell to, but before then you must have some Litecoin in your wallet.
2. Transfer Litecoin to your Bitkoin Africa wallet
On the menu, click “Wallet” and then “Litecoin Wallet”. Your current Litecoin balance should be displayed to you. It should be 0 LTC if you’ve not made any transfers. Next to that, you will see a box for Wallet transfers. Select “Receive LTC” to display your Litecoin wallet address as well as the QR Code. Copy the address or scan the QR code to receive Litecoin in your Bitkoin Africa wallet. Please ensure you are transferring Litecoin. The transfer will be settled in a few minutes(between 2 and 5) and will be displayed to you.
3. Sell Litecoin in Nigeria for Naira
After doing this, return to the Litecoin sellers results page and select whichever buyer you wish to sell to. View the transaction details and enter how much Litecoin you want to sell in LTC or in Naira. Click the “Review and Confirm” button
4. Sell Litecoin Instantly in Nigeria
After reviewing and confirming the transaction, the final step is to sell litecoin in Nigeria. Click the ‘Sell Instantly’ button to sell LTC to the buyer you have chosen.
5. You have sold LTC!
You have successfully sold Litecoin. Sit back, relax and wait for a credit alert from your bank. You should receive one as soon as possible.
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