Bitcoin to Naira Exchange Rate Today
Bitcoin has finally become the most effective crypto exchange over the years.
Unlike the popular fiat money, Bitcoin is a cryptocurrency, a type of digital money that has existed since 2009.
It is actually the first cryptocurrency, aside from bitcoin, other crypto are known as altcoin.
As of 2010, the exchange rate of 1 Bitcoin to the USD is $0.30 (30 cents), ever since then there has been a relative in the value of the Bitcoin, and this relatively affects the Bitcoin exchange rate with the Naira and other currency.
Bitcoin to Naira Exchange Rate
Bitcoin to Naira official exchange rate
The Bitcoin to Naira official exchange rate is calculated based on the central bank of Nigeria’s exchange rate to the United States dollars.
Most bitcoins exchangers that allow naira make use of the official rate.
They simply multiply the USD value of the BTC by the Nigerian bank rate, but currently, most banks in Nigeria do not transact or exchange Bitcoin, this is because of the Central Bank of Nigeria’s policy on cryptocurrency.
- 1 BTC = ₦27 million
Bitcoin to Naira black market rate
For most that trade bitcoin in the black market, they purchase the bitcoin in the USD value which ranges between ₦650 and ₦750 depending on the vendor.
Calculating at the current black market rate.
- 1 BTC = ₦27.6 million
As we all know bitcoin is totally decentralized, there may not be a fixed price for it.
Aside from the fact that BTC is highly volatile, most vendors fixed their Bitcoin exchange rate based on demand and supply.
This is to say that when demand for BTC is high, it will lead to scarcity, which will also make the price to be high.
Information about bitcoin
Bitcoin is a cryptocurrency (digital currency), it operates totally free from any central control of banks, governments, or government agencies.
Bitcoin relies on peer-to-peer software which is secured by cryptographic technology.
There is a public ledger that records all Bitcoin transactions, and copies of it are on servers all around the world.
Every transaction on this network is publicly broadcast and shared from one node to another.
Every few minutes transactions are collected together by miners into a group which is called a block and this will be added permanently to the blockchain.
The blockchain is more like the account book of Bitcoin.
- BIcoin was launched in the year 2009, Bitcoin is the world’s first and largest cryptocurrency calculated by market capitalization.
- Unlike fiat money, Bitcoin is created, traded, distributed, and stored by a decentralized system known as a blockchain.
- Both blockchain and bitcoin are secured by proof-of-work consensus, which is also the process that introduces new bitcoins into the whole network.
- Bitcoin can be traded via several cryptocurrency exchanges.
- As the first decentralized digital money that was able to meet widespread popularity and success, Bitcoin has been a motivation for lots of other cryptocurrencies.