The discovery of cryptocurrency is indeed worth getting a position in the list of the world’s wonders of the 21st century. Both old and young around the globe are looking for ways to accumulate this astonishing goldmine. Imagine having a property with a worth of just ₦5 in 2011 now worth over 34 million nairas. That is not only a good investment but an unbelievable one.
Without saying a name, you already know the property is no other altcoin but Bitcoin. Bitcoin is currently the leading and the most valuable of all cryptocurrencies; acquiring just 1 bitcoin can change one’s life if not generation only if you manage it well anyways. Yet, the Nigerian government does not seem to share this idea with crypto lovers and advertently, ban Nigerians from transacting any currency that is related to Bitcoin.
However, we do not expect the populace to keep their arms akimbo and miss out on this life-changing venture. To ensure this is one of the concerned personalities, this article will reveal to you the exact way you can purchase Bitcoin with your Naira debit card without receiving an OTP that might result in your bank account being flagged down.
Here are our recommended methods of achieving this:
1) Luno
Ever since the circular on the ban of Bitcoin and other cryptocurrency transactions was released by the Central Bank of Nigeria, Luno has also restricted its Nigerian customers from either depositing or withdrawing on the platform although they can still make use of the platform for other purposes.
Fortunately, the platform announced that this restriction will be lifted and Nigerians will now have the opportunity to buy and sell Bitcoin and other altcoins on the platform using some sort of vouchers in partnership with a third party platform.
What this simply means is that you can now buy or sell Bitcoin in Nigeria by purchasing a voucher on the third party platform with your debit card and then redeeming it into Bitcoin on Luno and vice-versa. Sound cool, right?
This development will prevent your local bank from tracking the crypto-related transactions done with your debit card and hence, the fear of being implicated by an OTP will be eliminated.
2) Use of Bitcoin Exchange platforms
A Bitcoin exchange platform can be said to be any platform acting as an intermediary between a Bitcoin buyer and the seller. These platforms also allow you to purchase directly from them to reduce the occurrence of fraud.
These transactions can also be done with your debit card and they know better than sending you an OTP, therefore, some other means are devised by them to bypass this. Wondering how is this possible, right? I will explain it in the subsequent paragraph.
An exchange platform or website as stated earlier can allow for direct purchase using your debit card, however, due to the crypto ban in some territories like Nigeria; these platforms work with a third party majorly a payment processor to receive the funds on their behalf.
This is done by giving you a special link to complete the payment with your card and the payment processing platform takes care of the OTP and needed verifications to prevent any detection of the transaction as crypto-related.
This way both parties win and your Bitcoin will be sent to your wallet as soon as the payment has been confirmed. The two best platforms for buying Bitcoins using this method are Binance and Remitano. Join Binance here and Register with Remitano here.
3) Utilization of P2P (Peer-to-Peer)
Also, some bitcoin exchange platforms allow for P2P (Peer-to-Peer) purchase that gives room for direct transfer of money to the seller while the platform acts as what is called “Escrow” during the transaction.
As the escrow, the platform will withhold some bitcoins from the seller’s wallet and release them once you provide the proof of payment to the seller. To pay, you are going to make the transfer like a normal bank transfer or any other payment method stipulated by the seller. Therefore, you do not have anything to worry about except for the authenticity of the exchange platform you are working with.
To ensure 100% security on your P2P exchange platform, Paxful is highly recommended as one of the best P2P exchange platforms in Nigeria. Register with Paxful here.
You can also make use of a local bitcoin exchange in Nigeria such as NairaEx which only needs you to complete some verification and then you can add your account details to transact.
4) Using Quidax
Quidax is another innovative crypto exchange platform just like Luno that makes use of a third-party system (Mono) to enable its customers to buy bitcoin easily with their debit card. It has also introduced a voucher method for those who cannot afford to pay the charge on Mono though the charge seems fair for such an easy process and considering the ban of the Central Bank is very much active.
5) Buy with Busha App
This platform is another fast-growing cryptocurrency platform in the country and currently allows its customers to buy or sell bitcoin without hassle.
After creating your account on the platform, you will need to deposit some money in your wallet to buy the amount of bitcoin you require. You can do this using any of the two options below:
Via Rubies: Rubies is a microfinance bank that is in partnership with Busha. You will be given a personalized bank account in which you can make a direct bank transfer to purchase the bitcoins. This process is completely free except for the normal bank charges.
Via Paystack: This is the method that allows you to utilize your debit card to purchase bitcoin on the platform. Although Paystack would send you an OTP it will not be at your risk since it does not relate to cryptocurrency activity. Also, this method is not free as Paystack would charge you for processing fee.
You must be told that every transaction you perform on the Busha app should be done with your debit card or from your bank account. The platform is strictly against the use of third-party information and debit cards are not an exception to this. Join Busha here.
Conclusion
To be sincere, it is always difficult to transact on the internet with your debit card without receiving an OTP because this endangers you as a card owner. However, the above methods are possible through the use of some other verification means, buying from a person directly, or not using the card at all.
If you are in search of a method whereby you can buy bitcoin without confirming the ownership of the debit card through some other means then it would be really difficult to get such means.
This article was written as an escape route for those who want to purchase bitcoin but are afraid of getting caught in the act by their banks. In case you have any other manipulative motive then this article will not be able to help you achieve your goal.
Idris Yau is an entrepreneur and a seasoned finance and marketing content writer. He brings you unbiased reviews about products and answers to your finance questions.