How to send and receive money straight to your local bank account using Cryptocurrency (Bitcoin)
February 20, 2021
How to send and receive money straight to your local bank account using Cryptocurrency (Bitcoin)
Crpytocurrency – Findings had shown the next cold war will not be fought by exerting dominance in the physical world, not even the U.S vs Iran feud, rather in digital one.
Modern societies are now powered by digital currency, and this will go a long way to probably define an end to modern banking, which in itself is not that appreciated anymore citing numerous hassles that accompanies transaction processing in recent times.
What exactly am I talking about? Crypto! Crypto!! Crypto!!! Was that sound enough? Well, whichever way you see it, Crypto remains the fast emerging and dominant currency so long the world is concerned today and there’s nothing anyone can do about that.
I’m writing this guide to encourage you to take a definite step into joining the world emerging and performing currency hack. Very soon, Cryptocurrency will relegate the banks to the background, tell that to anyone who cares to listen.
With Crypto, you do not need enormous bank rules and regulations, not even their policy, you are at the helms of affairs, you are at liberty to move your money at ease without business time in check. Your payment for goods and services is at the snap of a finger.
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Been hearing about this Cryptocurrency, what is it all about?
A Cryptocurrency is a digital or virtual currency that is secured by cryptography, which as well makes it nearly impossible to counterfeit or double spend. They are currencies not being issued, controlled or regulated by any central authority, they therefore are not in position to be manipulated or interfered with by any government of the world.
Name a currency with the aforementioned features in the world and I will wait, if non, then you hold your peace.
Yes, Crypto currencies have face criticism for a number of reasons, including their use for illegal activities, exchange rate volatility and vulnerability of the infrastructure underlying them.
However, they’ve been as well recommended for their portability, divisibility, inflation resistance and transparency.
Brief History of Cryptocurrency
The history of Cryptocurrency emerges with Bitcoin which had existed way back 2009, there had been previous attempts to create online currencies with ledgers secured by encryption.
A paper called Bitcoin a Peer to Peer Electronic Cash System was posted to a mailing list discussion on cryptography.
It was posted by Satoshi Nakomoto, who real identity remains unknown today.
The Bitcoin software was made available to the public for the first time and mining in 2009, the process through which new Bitcoins are created and transactions recorded and verified on the blockchain.
It was valued for the first time in 2010 as it was never traded anywhere, it therefore wasn’t easy to assign a unit to it.
In 2010, someone decided to sell theirs for the first time, swapping 10,000 of them for two pizzas. It was however recorded that if the buyer had hung on to those Bitcoins, as at today’s prices they would be worth more than $100 million, that’s the much we can take from that as made available by Forbes.
How then does it apply to the local scene?
If you’ve had an emergency to send money to your child/ward abroad for education, medicals or for settlement of goods and services, you’d sure known you don’t get that done at the snap of emergency.
Initially, you can send to the upward of $5k at once using money transfer platforms like Western union or Money Gram for outbound services at quiet affordable rate.
That had since changed, you can hardly send $1000 at this time, which even comes with wallet breaking charges. The stress of owning an account and must not have used the platform within the previous quarter alongside daily transfer limits is even more embarrassing.
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Typically, assuming you wish to send $3k to China, that can only be effected at three different transactions with herculean tasks, what about the charges, they are out of this world that you will just make do with the parallel market.
This is not applicable to Bitcoin or any other Crypto currency, you can effect your transaction from the comfort of your room with your mobile phone.
The world has commence and you should not be left behind, do avail yourself the opportunity, so many businesses around the world are accepting Bitcoin as a means of payment and that in its entirety has defined a positive trend in the world of commerce, ease of doing business, money transfer and comfort without visiting any bank.
This is not a call for you to invest in Bitcoin or any other Crypto currency yet, but to take advantage of the seamless payment services it affords.
Aside that, Cryptocurrency can help reduce unemployment rate in Nigeria, giving that the youths can make a living trading and holding part of this coin.
When this happens, they may sell at a higher price if it eventually Appreciates.
This translates to millions of naira depending on one’s investment outlay.
Types of Cryptocurrencies
There are different Cryptocurrencies, ranging from Bitcoin, Ethereum, Ripple, Litecoin etc.
In all of these cryptos, Bitcoin is the most outstanding and widely traded/used.
Just like Dollar, Euro, Pounds, Yen, Yuan and Naira etc, where the Ameriacn Dollar is the most powerful and most traded as an international standard unit of measurement/exchange.
How to use Cryptocurrency for payment of goods and services around the world
You can effect your payment using crypto to anyone or group of persons around the world by following the below simple steps
How to Receive Bitcoin Payment
1 ) Sign up for a Bitcoin Wallet
A Bitcon wallet is an online bag/purse that houses your Bitcoin, it could be referred to a bank account where your money is being stored under your control anytime any day.
You may sign up for a Bitcoin wallet with any of the wallet providers in town, preferably you may consider Luno, just get over to www.luno.com sign up and set your profile details, you’re good to go.
2) Creat a Bitcoin Address
This is a unique address that enables you to accept or send Bitcoin payments. When you need to receive a Bitcoin payment, simply log on to your Luno account and generate a Bitcoin address for such transaction.
Having created this Bitcoin address, you then send it to the applicant through email or Whatsapp who in turn sends you the payment.
Immediately payment is made to this address, your Bitcoin wallet will be credited to the tune of the agreed amount.
How to convert your yhour Bitcoin to Naira
One thing is receiving your Bitcoin payment, another is to get it converted to local currency, send to your bank account so you can withdraw and start spending.
Do not worry, everything is still under immense control with Luno.
Luno is preferable because it supports the Nigerian local currency.
Once you receive a Bitcoin in your Luno account, kindly create a cash request and your preferred Nigerian bank account will be credited with value.
How to Send Bitcoin Payment to Anyone
To do this, follow the below steps:
- Sign in to your Luno account
- Buy the amount of Bitcoin you’d like to send, Nigerian cards are accepted on the site
- On your purchase, your Bitcoin wallet is credited with value
- Locate the send features
- Collect Bitcoin address from your beneficiary/receiver
- Enter the address and the sent amount, they’ll receive credit at the speed of light.
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How to send Bitcoin from Paypal
You can sell your Bitcoins for USD on your PayPal account at Evanox.
Your USD will be transferred to your PayPal account within 2-3 days, to do this,
- Sign up on www.evanox.com
- Start your exchange by choosing from Bitcoin to PayPal
- Enter the Bitcoin amount you want to exchange into USD on your PayPal account
- Enter your PayPal email address
- Click on “Start exchange” and send your coins to the unique Bitcoin address provided to you
- The USD will be sent to your PayPal account after the coins had been received.
You can however withdraw from your Paypal account to a local bank account, it’s that easy.
How to buy Bitcoin with Credit/Debit Card
Buying Bitcoin with a debit or credit card don’t use to be an easy task before now, you may however read every step about it HERE . It has been simplified by coinbase and Coinmama.
How to Transfer Bitcoins Between Wallets
Besides knowing how to buy or sell bitcoins, you should also know how to move them from wallet to wallet, understanding the dynamics is very important and critical.
Read everything about it HERE .
Cryptocurrency has taken over the world, had since became a digital currency being led by bitcoin and further evolutions that will ensure the traditional currencies lose significance in the nearest future. Recall, post offices have been rendered useless in this part of the world courtesy of email, the conventional banks are about to be sent packing as well given the rate at which Cryptos are penetrating the world currency space.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
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