Hi guys, I have been asked the same questions countless number of time. That is why i have decided to post the explanatory ways in which you can calculate it yourself to very sure of the exchange rate. Please this exchange rate is in Nigerian Naira. For our readers outside Nigeria, you can use this method to calculate for your country. It will be very detailed. Or you can leave a comment tagged with the country you want us to teach you how to calculate her exchange rate. You are blessed as you follow!!!.
Step 1: Login to your localbitcoins account
- Click on the Quick Sell section to display all the online users you can buy bitcoin from
- At the topmost part of the online users. You can see an online user with green dot beside it.
- Goto to the price/BTC column and check the price of the respective user
- Inside that same column you can see that the buy rate is increasing downward. Definitely the cheapest you can buy is to buy from any user from the extreme top provided the user is online.
- In this training, we will use the user “larrryby2k2” with buy rate 2,291,706.20 Nigerian Naira.
- Write it down or on your calculator
- Set this Naira value to be X
Step 2: Click on you wallet balance at the Top right
- You should have this same display as mine on your dashboard too.
- Inside the box below Amount in bitcoins, insert 1 inside the box
- Beside the box below Amount, you should see a small box with a drop down for every currency of each country
- Pick USA
- Then you will see the equivalent amount of 1 bitcoin in Dollars. Bellow we have 6512.97 USD.
- Set this dollar value to be Y
- Copy the value down too
Step 3: Now to the calculation
- Buy Rate on Localbitcoins at this time = X/Y
- X divided by Y
- You have 2,291,706.20 naira divided by 6512.97 USD = 351.87 naira
- So simple like A-B-C.
Localbitcoins is very trusted and runs in more than 20 countries. Click here to register an account with them
Kindly comment below if you have any say on this tutorial. Commendations and Accusations are allowed
Hello guys, how are you doing today. I have made this tutorial as easy as possible for you…