How Nigerians can use Cashout to convert Bitcoin to Cash amid freezing triggered by crypto downturn

June 17, 2022
3 min read

People around the world, both young and old, are feeling some squeeze and uncertainty as the global financial market has been boxed to a fragile corner. The prices of major cryptocurrencies and tech stocks are currently down.

The current inflation rate and the proposition by Russian to ban Bitcoin and other other crypto from being used as a form of payment, no doubt, is making the crypto industry go crazy. These developments and uncertainties have seen the largest crypto exchange in the U.S., Coinbase, laying off 18% of its workforce and rescinding job offers. While Gemini has laid off 10% of its staff, BlockFi is set to relieve 170 employees off their duties.

Even more pressing is the fact that Celsius, a lending and swapping protocol, proceeded to halt Bitcoin withdrawal over what it calls "extreme market conditions." 

Whether we’ve seen the worst of it, or there are still more downward trends for crypto, virtual currency holders, most especially Nigerians, shouldn’t have to struggle to gain access to their funds whenever they want to. 

As builders in crypto world, we owe it as an obligation to Nigerians to have the convenience of converting their Bitcoin to cash when they want to. And that is why we have built a seamless platform called Cashout.

CASHOUT is Nairaex-backed premium Bitcoin for Naira exchange that allows Nigerians to convert their Bitcoin to cash. Cashout runs on a fully automated P2P system with instant payouts on all transactions and regularised rates. . 

As a Cashout user, all you need to do is create an account, create a kiosk, convert your Bitcoin to the local Nigerian Naira and withdraw it via your local bank account. Cashout also encapsulates a host of benefits which include better conversion rates, lower transaction fees and a fast transaction time.

Besides being a new way to convert Bitcoin to cash and making simple day-to-day payments, Cashout presents an array of use cases. This includes:

  • Using cashout to convert personal bitcoin.
  • Using it to receive bitcoin as payment for a good or service.
  • An opportunity to make passive income.

Getting Started with Cashout

Converting Bitcoin to cash using Cashout shouldn’t be a difficult task. All you need to do is follow the steps outlined below.

Step 1: Visit and sign up. You need a valid email address to complete this step.

Step 2: Complete verification and create a kiosk link. You should be able to provide a valid means of identification (NIN, Driver's License or International) for verification.

Step 3: Insert the amount to be paid. Once you input the value of Bitcoin they plan to sell, the Naira equivalent will be generated.

Step 4: Insert the receiver's Bank account details. The required bank details include bank name, account number and account name.

Step 5: Send bitcoin. You will be required to send Bitcoin from your wallets to the address provided by Cashout.

Why use Cashout?

The Cashout platform comes with several benefits such as:

  • Trust: Cashout is powered by Nairaex, a premium exchange by Nigerians for Nigerians that has solidified its reputation over the years.
  • Speed and security: Cashout assures users of maximum speed and security.
  • 24/7 customer support to handle all customers' inquiries and complaints via email, website help page, and phone conversations.
  • An easy-to-use interface where you can calculate your rate and commission to see how much profit you can make over a specific period.

Cashout is the future of exchange created for Nigerians. Sign up Now!

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