Without a doubt, one cannot spend cryptocurrency in the local stores of Benin city the way one would with our fiat currency, the Naira. However, this fact does not render cryptocurrency useless or of lesser value in Benin city. Fortunately, there are ways for individuals to spend this virtual currency regardless of their location. Therefore, in the course of this article, we will outline ways one can spend cryptocurrency in Benin city.
How Can You Spend Cryptocurrency in Benin City?
This question comes across the minds of several as often as the “where” aspect. It is of no surprise because one must first have an opportunity to spend before any spending transaction can take place. In this vein, we will consider what opportunities you have to spend cryptocurrency in Benin city and how you can go about it.
Spending Crypto Online
The online space is one of the largest marketplaces worldwide. If one needed to work with something like a virtual currency, the internet would have the best opportunities. However, certain stores do not directly accept Cryptocurrency as payments for their services. In this vein, we will consider how you can use cryptocurrency online –
A. Direct purchases:
For sites/brands/stores that accept Cryptocurrency payments, there is the crypto icon alongside their other accepted means of payment. This method of usage is available in stores like Microsoft, Home Depot, and Whole Foods, to name a few. Certain NGOs like Save the Children also accept cryptocurrency donations.
B. Indirect purchases:
For stores that would not openly accept crypto payment, you could alternatively purchase a gift card off certain platforms. For example, certain cryptocurrencies have shopping platforms from which users can purchase products. From here, you can get tokens or gift cards with which you can make purchases in other stores. An example of a store in this category is Amazon. However, with stores like Etsy, the option to accept cryptocurrency for payment is up to the seller.
C. Invest:
Although crypto investments are similar to stock investments due to their volatility, investing your virtual money is always an option. However, this option is not reliable as one can almost never determine if the value of a currency would rise or fall.
Spending Crypto in Physical Shops
If you would like to get the value of your cryptocurrency at a physical marketplace rather than the internet, there are two ways you can go about it.
A. Convert to cash:
Through P2P platforms, you can trade your Cryptocurrency for cash. Although this trade would take place online, the fiat currency you get out of it (Naira) can very well be spent at local stores using bank transfer or any way you would have it.
B. Connect your wallet to a debit/credit card:
This method simply involves one making use of a cryptocurrency debit card. Kudi and Patricia are platforms that have made provisions for crypto debit cards to make the use of cryptocurrency as easy as using our fiat currency. By connecting your crypto wallet to cards like these, you can withdraw your virtual currency for cash at ATMs.
Bottom Line
Does your location completely limit how you can spend your cryptocurrency? In certain countries, to some extent it does. However, if you live in Benin City, Nigeria, you do not entirely have to worry. Whether you would be more comfortable spending your cryptocurrency online or you would like to make it into cash, it is up to you how you spend your cryptocurrency in Benin City.
