Are you thinking of how to withdraw from your blockchain wallet in Nigeria? Since the introduction of bitcoin/ blockchain (an online currency for transaction), many people are still struggling with knowledge of how to withdraw their bitcoin into their local bank account directly without going through exchangers like NairaEx,.
Blockchain makes it easy to send money from abroad to your friends and family in Nigeria. But you need an account with one of bitcoin wallet providers before you can use the service. Bitcoin/blockchain was launched for people who run businesses or do transactions online.
In this article, I will discuss the steps you need to transfer bitcoin to any Nigerian bank account. Moreso withdraw from your blockchain wallet in Nigeria.
How To Withdraw From Your Blockchain Wallet In Nigeria
Here Are Steps On How To Withdraw From Your Blockchain Wallet In Nigeria
#Step 1: You Need To Have a Bitcoin Account
Before one can withdraw from blockchain wallet you need to create a Bitcoin account. Incase you don’t have an account you will be directed on how to get one.
Now, with a bitcoin account, you no longer need credit card or domiciliary account. Bitcoin was launched for people who run businesses or do transactions online.
Below are the steps you can take to get a bitcoin wallet:
1. Create Bitcoin Wallet
The first step requires that you visit www.blockchain.info/wallet and click on “Signup or Get Started Now” button so as to create a free bitcoin wallet”. I want to bring to your knowledge that creating a bitcoin wallet is free.
2. Signup With Blockchain
When you signup with blockchain, the next step is to fill in your email address, then you type in your password and confirm your password.
After that you make your password strong so that it cannot be hacked by mixing it with alphabets, special characters and numbers. When you have done that click on continue to proceed. Finally click on the terms of service button.
3. Confirm Your Bitcoin Wallet Identifier
To confirm your bitcoin wallet identifier Go to your email address (the one you used when signing up) and click on the mail sent to you from Blockchain to open the content. When you have open the content then copy your “Wallet Identifier” and keep it safe somewhere.
That is what you will always use whenever you want to log into your blockchain account. Finally, click on VERIFY EMAIL to be redirected automatically to a page showing that your email has been verified.
4. Setup Your Bitcoin Wallet
To setup your bitcoin wallet Go back to www.blockchain.info/wallet and click on LOGIN. Enter your wallet identifier and your password, and then click on LOGIN.
You can write down your login details in a reference book for future use so that whenever you forget or misspell them you can easily look into the book. You can fortify your account by enabling additional features such as backup security phrase and adding your phone number. The reason for this is to protect your account from been intruded by hackers.
5. Fund Your Bitcoin Wallet
Now, you need to fund your wallet so as to be able to withdraw, buy and sell bitcoin. So, it is one of the easiest way to carryout transactions on blockchain platform.
On the other hand, there are many ways you can fund your bitcoin wallet. These include:
A. Look For Somebody
You can look for someone who has money in his bitcoin account, and pay him the equivalent. The owner of the bitcoin account will fill in your bitcoin wallet ID with the dollar amount you requested. He will click on next and confirm on the next page.
The reverse is the case when you want to convert your bitcoin to naira. You can get buyers of your bitcoin especially e-currency exchangers like naira4dollar.
B. Use e-Currency Exchangers
Many people have affirmed that Naira4dollar is the bomb. They are tested and trusted, and you can pay without visiting their office.
But before you carryout any transaction with them confirm from them first to know what they have on ground, so that you don’t regret paying to them.
How To Transfer Bitcoin To Bank Account In Nigeria Without Going Through Exchangers
LUNO is the current solution for those who wish to withdraw their bitcoin into their local bank account in Nigeria. It was formally called BitX, and it has a wallet for withdrawal.
They announced on the 25th of October that deposits and withdrawals in Naira will resume on luno platform in this November 2021. You will be able to deposit and withdraw funds to and from the luno platform using vouchers purchased and redeemed through a trusted third party provider.
2. LUNO Wallet Is Safe For Withdrawal
I want you to note that luno wallet is safe for withdrawal and it is directly connected to any Nigerian bank. LUNO displays bitcoin in naira, instead of the usual USD others are using.
3. LUNO System Is Simple And Easy
Luno system is simple and easy to use that you can send all your bitcoin from other wallets to it. Press a button to initiate withdrawal, and then wait for six hours for the process to complete. You can use your ATM card to deposit money from your bank account to LUNO wallet instantaneously on their website.
Any name you use to register on Luno should be the name you used to open your bank account so that there won’t be two different names representing one person. To withdraw bitcoin into your bank account, simply rush to the home page and click on “More” under your BTC balance.
Click on an option termed “Instant Sell”, put in the amount you want to sell in naira or in BTC, and confirm the amount. After confirming the amount you continue.
Your naira or NGN wallet will automatically show your money in naira. To see your NGN wallet, just go to ‘menu’ and click on wallets. Then click on “Withdraw” on the NGN wallet to transfer the money into your local bank account. Input the amount you want to withdraw and proceed.
4. Fund Your NGN wallet
To fund your NGN account, you will see “Fund” on the NGN wallet, click on it and then click on “PayU”. Then proceed to deposit with your ATM card. You you will be charged a processing fee of N100 on any withdrawal you make on LUNO.
First level users can deposit or withdraw maximum amount of N200,000 on LUNO, while the maximum amount to be deposited or withdrawn by second level users is N500,000 monthly.
There is a one-time LUNO account verification required before you can deposit or withdraw from LUNO.
The requirement is that before you can make any transactions on LUNO, You must first verify your account with a National ID card, Driving license or International passport. The reason for this verification is to have a 100 percent safe transaction.
#Step 2: HOW TO WITHDRAW FROM BLOCKCHAIN
- In order to withdraw cryptocurrencies from your Block chain Exchange account, please navigate to your Total Account Value window and select Withdraw.
2. Select one of the supported cryptocurrencies from the drop-down menu to bring up your withdrawal window, as an example I have selected Bitcoin.
If you have a linked Blockchain Exchange and Wallet account and you wish to move your funds to your Blockchain Wallet, you can simply select My Blockchain Wallet as your destination address.
Enter the amount you wish to withdraw along with your Two-Factor Authentication Code to withdraw your funds. If you want to withdraw your funds to an external address instead please follow the next step.
3. Log in to your third party wallet or exchange account to retrieve your deposit address, I will use the Blockchain Wallet as an example for a third party withdrawal.
Once you are logged in you will need to navigate to the deposit section of your account, you will then need to copy the deposit address for that account and use it as the withdrawal address on your Blockchain Exchange account.
4. Paste your withdrawal address into the Destination Address tab, enter the amount you wish to withdraw along with your Two-Factor Authentication Code and select withdraw.
5. You also have the option to enable whitelisting as shown in the screenshot above, this security feature is recommended to limits withdrawals only to addresses you have whitelisted or to your Blockchain Wallet address.
Click on Enable Whitelisting and you can save the addresses you want to use in future here.
Please Take Note Of The Following
-Cryptocurrency Transactions can take up to an hour on average to confirm on the network but this may take even longer depends on the transaction size and congestion on the cryptocurrency network. If this happens to you, it is completely normal and there is no need to panic! Just reach out to the support team and they will check your account to make sure everything is ok.
– For every Cryptocurrency Deposit & Withdrawal, To and From the Blockchain Exchange, you will incur a fee as earlier stated in the first step.
When making a deposit from your Blockchain Wallet to the Blockchain Exchange, you are free to adjust the network fees to your preference by selecting a regular or priority fee when sending.
Regular fees are lower, but transactions can take over an hour to be confirmed. Priority fees cost more but are calculated to ensure transactions are confirmed within an hour.
Please note that setting a fee too low may cause your transaction to remain unconfirmed for a long time and possibly be rejected. So I suggest you use regular or priority fees where possible.
Your deposit will appear within your trading account after 10 network confirmations. As with all cryptocurrency transactions, fees are collected by the miners who confirm transactions, not Blockchain.com.
When withdrawing crypto from your Blockchain Exchange account, your transaction will automatically calculate the best network fee to ensure that your withdrawal is confirmed and your funds are available within a timely manner.
Please note that for all crypto withdrawals from the Exchange there is a small withdrawal fee charged by Blockchain.com which is taken from your total amount. Please refer to the list below to see what our minimum withdrawals amount are for each supported cryptocurrency:
Minimum Withdrawal Amount
- BTC – 0.0002
- ETH – 0.002
- BCH – 0.005
- LTC – 0.005
- XLM – 10
- ALGO – 1
- PAX – 2
- USDT – 2
- DGLD – 0.001
- LEND – 20
- YFI – 0.0005
- ENJ – 20
- OGN – 20
- DOGE – 4
- DESO – 0.001
- UNI – 0.01
- WDGLD – 0.0052
- DOT – 1.1
- AAVE – 0.01
- USDC – 1
- SUSHI – 0.1
- DAI – 2
- COMP – 0.002
- LINK – 0.01
- STX – 0.1
- EFI – 1
- WBTC – 0.0001
You have seen that transferring bitcoin to a Nigerian bank account has now been made easy? I hope you will no longer struggle with how to withdraw your bitcoin.