Today, I am going to show you stores in Nigeria where you can make purchases and pay with Bitcoin and other cryptocurrencies.

In recent times, the adoption of cryptocurrencies around the world and in Nigeria particularly has been on the increase.

Most persons now want to carry out transactions using cryptos since it will be instant, convenient, and less expensive for them.

But the problem always is: Where can one find such stores?

Well, search no further because today, you will have the list of stores at your fingertips.

I will not only give the complete list of these stores with their locations, but I will also show you how you can make and accept payments in Bitcoin.

Now, what are you still waiting for? Let’s get started immediately.

Post Summary

I broke down the topic of today into subheadings as follows:

• What is Bitcoin? – A Brief History of Cryptocurrency
• Bitcoin Stores in Nigeria
• Payments in Bitcoin and Other Cryptocurrencies
  1. How to Accept Payments in Bitcoin
  2. How to Make Payments in Bitcoin
• Frequently Asked Questions(FAQs)
• Conclusion

A click on any of the subheadings opens up the details.

Have fun reading this post.

What is Bitcoin? – A Brief History of Cryptocurrency

Bitcoin is a decentralized digital or virtual currency that is secured by cryptography and serves as a medium of exchange at a person-to-person level.

It is: 

• decentralized because no Banking Institution or Monetary Reserve controls it
• a digital or virtual currency because it cannot be printed
• secured by cryptography – a method of protecting information and communications through the use of codes so that only those that the messages are meant for can understand it.

The year 2009 saw the advent of cryptocurrency with the release of Bitcoin’s white paper by the elusive Satoshi Nakamoto.

After Bitcoin came various other cryptocurrencies and over the years, they have come to serve as media of exchange as well as stores of value.

They can be bought on exchanges and ATMs and stored in various crypto wallets.

Now, I will not be going into details about cryptocurrencies as I gave a detailed explanation about them in the post: 7 Top Facts You Need to Know About Cryptocurrency.

I know you are itching to find out the stores.

Find them listed out right below.

Bitcoin Stores in Nigeria

For the stores, I have about 10 of them but will keep updating the list with the latest information.

For each store, you will find the following information:

• A brief description of what the store sells
• Its location
• Supported coin(s)
• Contact details
• Official website (for those of them that have)

The stores include:

1. CTMastery
2. Regal Flowers
3. CloudSMS
4. GigaLayer
5. FastTech
6. Shinapwon Infotech
7. Hancarri
8. Minku Designs
9. NotJustBrands
10. EP@Fashion Hub

1. CTMastery

CT mastery is an all-encompassing crypto trading learning platform designed to help you understand how to trade cryptocurrencies profitably.

2. Regal Flowers

Regalflowers.com.ng is a top walk-in and online flower shop that sells and delivers luxurious fresh flowers to customers within Lagos.

To buy flowers, you can simply order online, walk into any of its stores, or call to make your orders.

3. CloudSMS

CloudSMS(a subsidiary of CloudWare Technologies) is a leading SMS Http/SMPP gateway provider in Nigeria.

It makes reaching out to your clients, family, and friends easy, affordable, and instant.

4. Gigalayer

Gigalayer is a company that crafts platforms for web hosting and domain names.

5. FastTech

Fasttech is an eCommerce site.

6. Shinapwon Infotech

Shinapwon Infotech is a store that sells phone accessories ranging from phone cases to chargers.

7. Hancarri

Hancarri is a store that sells a collection of quality foot and stock wears.

8. Minku Designs

Minku Atelier is a store that creates hand made leather goods and clothing for men and women.

9. NotJustBrands

NotJustBrands is a media management and branding consultant.

10. EP Fashion Hub

EP Fashion Hub is a store that sells unisex designers wears and accessories.

It is a subsidiary of Event Plus.

That’s it about the stores.

Below, I took out time to explain how you can make or accept Bitcoin payments in your business or store.

Scroll down.

Payments in Bitcoin and Other Cryptocurrencies

I will take this section in 2 parts.

I will explain how you can accept Bitcoin and other cryptos in your store in the first part.

In the latter part, I will then explain how you can make payments in these stores.

Part 1. How to Accept Payments in Bitcoin

There are 2 ways you can accept payments in Bitcoin in your store. They include:

• Create a wallet to use
• Using a third party

Create a Wallet to Use

To do this, you have to create a wallet to receive the payments. Note that different wallets support different coins.

If you will need to convert the coins to fiat in your bank account, you will have to sign up with an exchange.

Note also that different exchanges support different coins and not all of them provide wallet services.

After signing up with a suitable exchange, you will have to send the coins to the exchange’s wallet, and then, withdraw to your bank account from there.

For example, I walk into Greg’s Electronics shop and purchase a plasma television worth 0.0002BTC.

I will copy Greg’s wallet address or scan his QR code, make payment, and leave with the television.

Greg will then transfer the BTC to an exchange wallet e.g Luno and from there, withdraw to his bank account.

Using a Third Party

This involves employing the services of a crypto payment processor.

A crypto payment processor is a service that enables you to receive payments in cryptocurrencies.

It can be used alone or with a plug-in. The difference here is that when used alone, access to products paid for is granted manually while the use of plug-ins automates the process.

Examples of these crypto payment processors include BitPay, Fliqpay, CoinPayments, etc.

Now to integrate a crypto payment processor (e.g CoinPayments), you will follow the following steps:

1. Go to coinpayments.net and click on ‘Get Started’ or ‘Sign Up’ to create an account.

2. A form opens up with the option of either creating a Personal account or a Business account. Select ‘Business’ and fill in the required details. Click on ‘Register’ when done.

3. An activation link is sent to your email. Click on the activation link to proceed with the registration.

4. It then redirects you to a page where you can login. Confirm your details and click ‘Login’.

5. Copy the 2FA code from your email, enter it and click ‘Login’.

6. At this point, you will have the option of selecting ‘Merchant’ or ‘Wallet’.

Selecting ‘Wallet’ means that you just want to use it to send and receive coins while ‘Merchant’ means that you will be using it to collect payments in your store.

Here, you will select ‘Merchants’ since that is the one that pertains to the post.

7. This opens up to a page where you will customize how the payment will go i.e if you will want to choose a number of coins to accept, accept all coins, coins with auto-convert, or fiat payments.

Let’s say you want to accept only BTC and LTC, you will go ahead and select 2(Only Coins I Select).

8. You will then go ahead to mark the coins you want (BTC and LTC), set your payout mode, and the maximum value you will want to receive per transaction.

Click on ‘Update Coin Preferences’ when done.

9. This is now the point at which you decide to integrate a plug-in or set up a payment button or link.

Assuming you will want to integrate a plug-in (e.g WooCommerce), you will select ‘Shopping Cart Plugins’.

10. It opens up a page that contains various plug-ins. You can select any one of them to download and integrate.

You are now ready to accept cryptocurrencies on your site!

Hope the explanation is clear enough?

I will now put you through on how to make payments on these stores.

Part 2: How to Make Payments in Bitcoin

This follow thus:

1. Create and Fund your Bitcoin Wallet

For starters, you will need to create a Bitcoin wallet before going ahead to make payment.

A Bitcoin Wallet can be likened to your Bank Account where you store your fiat.

After creating the wallet, you will have to fund it (add Bitcoins to it).

Now, the steps to take in creating and funding a Bitcoin Wallet is explained plainly in this How to Create and Fund a Bitcoin Account(Wallet) in Nigeria (2020 Update) post.

P.S: If you already own a Bitcoin Wallet, you can still go ahead and create a new one or just fund the one you already have.

2. Pay with Bitcoin

Now that you have created and funded your wallet, it’s time to make purchases and pay with it!

So, let’s say you need to purchase a course online and you will prefer to pay with Bitcoin.

You will have to log in to the online store that sells the course, click on the course, and then select cryptocurrency as your payment option when checking out.

Your order information, the equivalent amount in Bitcoin, and a Quick Response(QR) code will be displayed.

You will then scan the QR code and send the exact amount of Bitcoin to the address.

You will then be granted access to the course you paid for.

So this is how you make payments with Bitcoins!

Note that the process is the same for any coin you will want to pay with.

Now that you’ve learnt how payments in Bitcoin works, let’s go and check out the answers to some of the frequently asked questions.

Frequently Asked Questions (FAQs)

Conclusion

The level of crypto adoption in Nigeria increases by the day and so are the number of merchants that accept them.

If you know or own a store that accepts Bitcoin and other cryptocurrencies, do well to reach out via info@nigeriabitcoincommunity.com so I can constantly keep this list up to date.

This brings us to the end of today’s post. You enjoyed every bit of it, right?

Before I round up, I would love to hear from you.

Have you bought any item using Bitcoin? What was your experience?

Following the level of crypto adoption in the country, do you see it becoming a legal tender in the nearest future?

Do you have any question for me?

Let me know all about it in the comment section below.

And you know what time it is… SHARE time! Just click on the buttons below to share this post.

Read more:

• What is Bitcoin? – All You Need to Know at a Glance
• 10 Best Exchanges to Buy Bitcoin in Nigeria (2020 List)
• Fliqpay: How Fast is This Payment Gateway?
• A-Z of Bitcoin Wallets: The Ultimate Guide