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how are we going to withdraw our Bitcoin?

  • Thread starter Thread starter Olaoluwa Abraham Abiodun
  • Start date Start date
Well, I just recently downloaded a cryptocurrency wallet that proposed a means by which I could withdraw my earnings into my local bank account. Although I haven't really checked it out but I think it works
 
I think you could buy different products on Amazon or any other online sites, where Bitcoin is accepted. I think this would be the easiest way to make use of your Bitcoins or any other cryptocurrencies.
 
I read a post in Beer money forum that said that Luno wallet is now accepting deposit and withdrawal from Nigerian users. Now they can withdraw their crypto to Naira from there.
 
Abigael said:
I read a post in Beer money forum that said that Luno wallet is now accepting deposit and withdrawal from Nigerian users. Now they can withdraw their crypto to Naira from there.
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Even if they are accepting deposit and widrawal of Nigerian currency, which I believe is not true.. the Federal Government will still ban your account if they detect that you are withdrawing it from cryptocurrency exchanges in which they have said we should not do
 
Considering the fact that Nigeria banned crypto,but I am very if you have app like finance,you can be able to withdraw your money,but I don't think you can deposit.
 
The only country that legalized the use of bitcoins is el Salvador they must have government then compared to other companies that have not yet legalized it
 
Olaoluwa Abraham Abiodun said:
Baesd on the law passed on all banks by Central Bank of Nigeria, how do think people will be able to withdraw or convert their crypto currencies
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I really hope this ban on crypto is lifted soon. Nigerians who are into the trading of crypto are really going through a lot because of this.
 
Well, I think countries where Bitcoin is not banned are actually lucky. I do not know why many countries ban Bitcoin. Bitcoin can bring foreign exchange in a country and improve economy of the country.
 
Olaoluwa Abraham Abiodun said:
Baesd on the law passed on all banks by Central Bank of Nigeria, how do think people will be able to withdraw or convert their crypto currencies
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I think these days, you can exchange your bitcoin for another cryptocurrency or even donate to someone else, who credits your local account in naira.
 
The federal government ban on bank to carry out crypto transactions is detesting. There are still vendors who get serve as a middle man to connect you with someone who needs the crypto
 
I think you can use PayPal to withdraw any crypto coin before sending it to your bank account. Sending the coin directly tp uour bank account maybe swallowed by the bank.
 
I think a means has been found around this. I personally use the services of wallets, I transfer my crpyto after selling on the platforms and then transfer to the wallets (I use raven) and then withdraw safely to my bank account.
 
You can exchange to naira through people you have on your contact on WhatsApp. You can talk to a person that's in need of Bitcoin and sell it out with a screenshot of transactions. Also you can sell to people on binance and this is called peer to peer transaction.
 
Though this post and this law has been a long time ago now, people have always been withdrawing their monies from cryptocurrency platforms through the use of these platforms P2P payment systems. It's easier that way.
 
Kelly5 said:
Though this post and this law has been a long time ago now, people have always been withdrawing their monies from cryptocurrency platforms through the use of these platforms P2P payment systems. It's easier that way.
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Because of the ban of cryptocurrency in most countries , it is quite possible for people to use P2P to cash out their cryptocurrency to their bank account. Yea that is not a big deal. But you must have account on crypto platform you are interested to do so.
 
withdrawing your bitcoin is not a rocket science because an exchange like binance or coinbase can help you withdraw directly to your bank account. In some countries it may be restricted though.
 
There are couple of things that you will have to consider first of all. P2P services in binance is definitely the safest option that you have and you also have the opportunity to sell it at black market rate.
 
Most of the countries that have banned cryptocurrencies would make it very difficult for the citizen to trade crypto-currencies or convert the cryptocurrency is into the Fiat currency. The only option that is left for those countries or for the investors in those Nations is to use the peer-to-peer platform that is on the cryptocurrency exchanges.
 
Chibson said:
withdrawing your bitcoin is not a rocket science because an exchange like binance or coinbase can help you withdraw directly to your bank account. In some countries it may be restricted though.
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There are many ways in which you can make the withdrawal of your crypto currency most especially bitcoin , all you need is to have a crypto currency wallet account
 
Shigobad2020 said:
There are many ways in which you can make the withdrawal of your crypto currency most especially bitcoin , all you need is to have a crypto currency wallet account
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withdrawing cryptocurrency from anywhere is actually one of the easiest thing to do. The thing is not some newbies actually make a lot of mistakes in it and they lose their currency.
 
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