Cryptocurrency has proven to be an excellent tool for many frictionless cross-border payments. Now, Bitcoin is used to send money on a peer-to-peer (P2P) basis, providing users with many benefits over banks and other methods.
With a platform like Sendcash, you can send money to Nigeria using Bitcoin, and your recipient will receive the funds directly into their Naira account without having to interact with Bitcoin.
Amazing, right? Let’s show you how to do so:
Step 1: Install/Open the Sendcash app. Type in how much you'd like to send, and tap on "Send cash" to proceed.
Step 2: Add the bank details of your recipient to continue.
Step 3: Choose the Bitcoin payment method.
Step 4: Send BTC to the wallet address displayed to complete your transaction.
When you choose the Bitcoin payment method, we’ll generate a wallet address linked to your recipient’s account. Copy the BTC equivalent of the amount you want to send as displayed and the wallet address.
Head over to your crypto exchange app, e.g. Coinbase or Binance, to send the BTC to the copied wallet address.
That’s all! Your recipient will receive the Naira value of your BTC transfer once it is completed.
Like most things in life, there are pros and cons to sending money with Bitcoin. In our experience, here are the most prevalent ones:
Pros:
• Fast and borderless transactions.
Sendcash is designed to facilitate payments quickly, regardless of the sender's location. Crypto transactions are cross-border so you can send money from any country in the world.
• Transparency.
With Bitcoin, you can see exactly where the funds are at all times due to the nature of blockchain. Once a transaction has been processed, you will be able to see the confirmations in real-time.
• Cheap.
Sendcash does not charge any fees for sending money to Nigeria. (Please keep in mind that the external wallet that you use might charge you for its service)
• No holidays.
The Bitcoin network operates 24/7. This simply means that, unlike traditional financial institutions, transactions will not be delayed because it’s the weekend or “the office is closed”.
Cons:
• Volatility.
Bitcoin is susceptible to volatile price movements. When trading or using currencies that run on blockchain technology, it is very important to remember that the value could change at any minute. So it’s vital to do your research and keep an eye on market trends.
• Learning curve.
Until cryptocurrencies become more mainstream, many people will have to interface directly with crypto in order to take advantage of its many benefits. Companies like Sendcash are actively building products to reduce this barrier to entry, but for now, many users will still need a basic level of understanding of crypto.
With Sendcash, users can receive crypto payments from anywhere in the world and cash out directly into their Nigerian bank accounts.
If you ever get stuck or need swift assistance, please reach out to us via email at support@sendcash.africa We’ll be glad to help you get sorted out.
Did you enjoy this?