Over the years, the landscape of Bitcoin sales in Nigeria has become increasingly perilous. This trajectory began when the Central Bank of Nigeria and the Nigerian government grew apprehensive about cryptocurrency trading platforms such as Binance. Their concerns revolved around the notion that cryptocurrencies were being exploited to support illicit activities, including financing of terrorism and criminal enterprises within Nigeria, notably through the Binance exchange platform.
Subsequently, the Nigerian government took decisive action by prohibiting the trading of all cryptocurrencies and compelling Binance to register, thus subjecting its operations to stringent monitoring. In alignment with this regulatory crackdown, the Central Bank of Nigeria issued directives to ban any Nigerian bank accounts suspected of receiving funds related to cryptocurrencies.
This crackdown had a cascading effect, making it exceedingly challenging for Nigerians to convert their Bitcoin holdings into cash or to acquire other cryptocurrencies using their debit or credit cards.
Following the ban, Binance introduced an alternative approach to cryptocurrency trading on its platform known as peer-to-peer trading. While this method offered a lifeline for some cryptocurrency enthusiasts, it also opened doors to a surge in fraudulent activities perpetrated by cryptocurrency scammers, thereby posing new challenges to the crypto community.
What is peer-to-peer crypto trading?
Consider if you were interested in purchasing an item, let’s say a bicycle, from an individual seller, and you wished to bypass the involvement of a bike shop or any intermediaries. Instead, you opt for a direct interaction with the seller, haggling over the price and completing the transaction without any third-party interference. This concept closely resembles how Peer-to-Peer (P2P) trading operates.
In P2P trading, individuals engage in the exchange of various items, such as cryptocurrencies or other commodities, directly with one another, eliminating the need for banks, brokers, or large corporations. Typically, they employ specialized websites or applications to locate each other and ensure the security of their transactions. It’s akin to sidestepping middlemen and conducting transactions directly with one another.
Platforms like Binance have devised a system tailored for this purpose. It functions in a manner where, if person A desires to trade Bitcoin for naira, Binance connects person A with person B, who seeks Bitcoin. Person B initiates the trade by transferring the actual naira equivalent of the required BTC to person A’s bank account. Upon confirmation of the credit by person A, they notify Binance and release the corresponding Bitcoin to person B’s wallet, thereby facilitating a secure and direct exchange between the two parties.
Disadvantages of using P2P
From the example provided above, it’s evident that there are inherent drawbacks to this style of trading. Traders may inadvertently transfer an incorrect amount or fall victim to scams perpetrated by their trading counterparts. Technical glitches within the Binance platform can further exacerbate the situation, and there’s also the possibility of experiencing delays in the transfer process.
Amidst this chaos of P2P trading, noteworthy brands such as Dtunes, and others have introduced a novel method for the effortless sale of Bitcoin and other cryptocurrencies. This innovative approach entails selling your crypto assets directly to these platforms and receiving payment once the Bitcoin transfer is confirmed.
This method offers a distinct advantage – accountability. If you were to encounter a scam, you have a reliable entity to hold responsible. Communication with them is easily attainable through their social media handles, or you can promptly address any issues that may arise.
How to sell Bitcoin on Dtunes in Nigeria
Follow the steps below to sell Bitcoin on Dtunes.
- Step 1 – Download App: First head over to Dtunes.ng to download the app suitable for your mobile device be it Android or IOS. On their website, you can easily click the download link suitable for your device’s operating system
- Step 2 – Create Account: Once you have the app suitable for your device downloaded, you’ll need to create an account. The account-creating process on Dtunes is very easy and fast.
- Step 3 – Log into your account: After creating your account, you’ll need to log into the app to initiate a trade.
- Step 4 – Set Pin & Bank Details: Once you log into your account, it is advisable to set your transaction pin and bank details against when you’ll make a withdrawal and also to make the withdrawal process secure. Immediately you log in, you should see prompts informing you to set your PIN, biometrics and bank details. If you mistakenly close any of these prompts, you can always access them again in the settings area.
- Step 5 – Initiate a trade: Once you’re set, go to the home screen, select trade crypto then click on Bitcoin. You’ll see another screen where you’ll need to input the amount of Bitcoin you want to sell to them. Once you do that, you’ll see the current market rate and the amount you’ll receive. Click next to generate the wallet address.
- Step 6 – Make transfer: Copy the wallet address you generated and proceed to transfer the amount of crypto you want to sell. Once you make the transfer, your transaction will be processed and the equivalent amount in naira will be sent to your Dtunes wallet.
- Step 7 – Withdraw: Once you receive confirmation that your transaction is successful and the fund added to your Dtunes wallet, you can then proceed to withdraw all the money or part of the money to your Nigerian bank account.
- If you don’t want to withdraw the funds to your bank account, you can also use the funds to buy airtime, data, and electricity units on the app.
Make money online with a Dtunes referral
1. Sign Up: The first step is to download the Dtunes app and create an account
2. Set bank details & Pin: Once you’re registered, log into your account. On the home screen of the app, you’ll receive two pop-ups to fill in your bank details. If you mistakenly close the pop-ups, you can go to settings to set it up.
3. Get referral code: Just as described in the illustration above, go to settings, refer & earn to generate your referral code.
3. Promote Dtunes: Now that you have your referral code, all you need to do is get users who’ll sign up with your referral code on the Dtunes app. Your main job as an affiliate is to promote Dtunes’ services. You can do this through various means:
- Social Media: Share your affiliate links and promotional content on your social media platforms, like Facebook, Twitter, Instagram, and LinkedIn.
- Website or Blog: If you have a blog or website, create informative content related to cryptocurrency trading or financial services and embed your affiliate links within the content.
- Email Marketing: Send out newsletters or emails to your subscribers with information about Dtunes and your affiliate links.
- Word of Mouth: Tell your friends, family, and acquaintances about Dtunes and encourage them to use your referral link.
6. Cash in Your Commissions: As your referrals sign up and use Dtunes’ services, you’ll earn commissions. Make sure to follow Dtunes’ payout policies and cash out your earnings as they accumulate.
8. Stay Informed: Cryptocurrency markets can change quickly. Stay informed about Dtunes’ services and any updates to their affiliate program to maximize your earnings.
Remember that affiliate marketing takes time and effort to yield significant results. Be patient and persistent, continually refining your strategies to attract more referrals and earn a steady income through the Dtunes affiliate program.