Social media platforms serve as mediums to share news and information about bitcoin and other cryptocurrency projects. The advent of different forums and groups also serves as a means to bring people with like minds together for important crypto discussions and announcements.
Most people in the crypto industry today got to know about bitcoin and other digital assets on social media. For many people looking for where to buy bitcoin, social media has always been their go-to place, with these platforms and forums serving as a medium to connect sellers and buyers of cryptocurrencies.
There are different ways you can buy bitcoin in Nigeria. However, it is important to use the safest means when trading BTC. While peer-to-peer platforms are one of the popular places to trade, some people prefer to buy bitcoin from a bitcoin exchanger on social media instead of visiting a P2P exchange.Nigeria is the leading country in terms of bitcoin and crypto adoption in Africa, so with a lot of people dealing in crypto, it is very easy to get a bitcoin exchanger on social media platforms.
Social Media Bitcoin Exchangers
Social media bitcoin exchangers are simply the individuals or groups that buy and sell bitcoin on social media. You can find them on different social media forums, groups, and platforms such as WhatsApp, Facebook, Telegram amongst others.
Anybody can be an exchanger on social media so as a buyer, you are buying directly from an individual that holds bitcoin. After you must have agreed on the rate, you send fiat to the exchanger, and he/she sends your crypto to your wallet.
This is a direct transaction between the buyer and the seller. While this sounds straightforward, it is very risky as the buyer is very prone to scammers. The seller can easily block the buyer off or even deactivate his social media account once he receives the funds; it is as easy as that. Social media isn’t a safe place to trade BTC. If there is an issue with the counter-party, you are hundred percent responsible for your misfortune.
This option is not totally safe because many escrow groups have been reported as part of elaborate scams.