One of Bitcoin’s most powerful use cases is sending money across the globe with the same ease as sending an email. The potential cost-savings for Nigerians in the diaspora cannot be overstated. However, the big challenge for bitcoin remittances is that the recipient then needs to convert the received funds into local currency, which isn’t always easy.
Fortunately, the new peer-to-peer payments and remittances platform, Cryptofully, has solved this issue by enabling Nigerians across the globe to send money home in bitcoin that settles in naira in the recipient’s bank account.
In this guide, you will learn how to send bitcoin that converts into naira using the Cryptofully app.
Bitcoin Remittances on Cryptofully
Remittance is sending money from a foreign location to another party, most often family and friends, who are living in your home country.
With Cryptofully, you can send money from anywhere to Nigeria. The platform uses a local peer-to-peer network that accepts bitcoin and remits the cash equivalent in naira in your desired Nigerian bank.
To further reduce the complexities of bitcoin remittance, Cryptofully also offers a wide range of payment options, including Visa, Mastercard, Google Pay, and Apple Pay. So you don’t have to already own a bitcoin to use the platform.
Making Bitcoin Remittances Better
“Traditional” bitcoin-only money transfers involve sending bitcoin to a family member so they can sell it on a local exchange to convert it into naira. However, not only is that too complex a process for many, but it also comes with some risks.
Risks of “Traditional” Bitcoin-Only Money Transfers
- Learning how to use a bitcoin exchange could be a steep learning curve and some beginners may lose money due to fraud or using insecure exchanges.
- There’s an exchange rate risk. When you send bitcoin to someone, you typically exchange dollars (or any other currency) for bitcoin at a particular rate. When the person receives it, they also have to convert to local currency but at a different exchange rate. That’s double conversions happening. Also, you are paying trading fees for each transaction, increasing the cost of the money transfer.
- The sender and recipient have to take extra caution to protect their bitcoin wallet to avoid a hack.
Cryptofully removes all these hurdles, making it the go-to bitcoin remittance solution for Nigerians.
Benefits of Using Cryptofully
- Senders and recipients of remittances don’t require knowledge of bitcoin to send and receive money but still enjoy the speed that the Bitcoin network offers.
- Money arrives in naira in the recipient’s bank account. There’s no double conversion.
- The transfer is done via a safe process that guarantees the safe arrival of funds.
How to Set Up Bitcoin for Remittances Using Cryptofully
Below is a detailed, step-by-step guide to use Cryptofully to send money back home to Nigeria.
Using the Cryptofully App & Web
- Visit your Google Playstore or iOS App store to download the Cryptofully app.
- Get started with just an email address. You are required to set a username, password, and pin code as well for security purposes.
- Go ahead and start the verification process on the app. Just click on your profile image at the top right. Then, select ‘Add Bank’.
- Once you are done adding the required details, you are set to start sending money across borders.
- On the home screen, input the amount of money you want to send. On the next page, you can add the recipient’s bank account details.
- The next page shows a bitcoin wallet address where you can send bitcoin. Cryptofully will then settle the transferred funds in the recipient’s naira bank account.
And that’s it!
Bitcoin remittances can be that simple, thanks to Cryptofully!
Using the Web-based Platform
Visit the Cryptofully website at https://www.cryptofully.com.
- Input the amount you want to transfer to naira in the text box on the landing page. The equivalent amount in BTC will appear on the screen.
- Click to ‘Continue’.
- On the next page, you will be able to add the recipient’s bank details.
- You have the option of choosing to send bitcoin you already own or you could just buy them with your debit or credit card.
- Once your bitcoin transfer is completed, the naira equivalent will settle in the recipient’s bank account.
And that’s it!
Whether you prefer a mobile or web-based experience, Cryptofully has you covered