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How To Buy Cryptocurrency In Nigeria

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How to buy cryptocurrencies in Nigeria

The increasing popularity of Bitcoin in Nigeria doesn’t seem surprising at all considering the state of her economy and its currency. Nigeria is well known as one of the countries with a high volume of cryptocurrency trading.

The massive rise in peer-to-peer Bitcoin payments in Nigeria as at 2017  is proof that there are a ton of merchants accepting the digital currency in the country. The low transaction fees associated with the cryptocurrency had encouraged more than 100,000 merchants in Nigeria to accept Bitcoin payments before the end of 2017.

Cryptocurrencies are digital assets with characteristics like;

  • Decentralization: The decentralized control of each cryptocurrency works through distributed ledger technology. That is the point of control is not centered on an individual.
  • Fast & Effective: Transaction made with cryptocurrency takes a few seconds or minutes maximum. Though the transaction speed varies among the cryptocurrencies unlike the traditional way of transferring money which may take days.
  • Peer-to-peer: cryptocurrencies are easy to transfer from one individual to another in any part of the world.
  • Low fee: millions of dollars can be sent to any part of the world at a very cheap fee and without restrictions.

With the above features that cryptocurrency has, it is not so surprising how it has gotten an increasing interest from lots of people around the world. Having this mind, the next question is how do I purchase cryptocurrency? Below are some of the things you need to acquire your cryptocurrency.

Initial Funds or Capital

Although cryptocurrency can be gotten for almost free from Airdrop which requires having to do some simple task then you get rewarded with some coins or token. But in the case you are buying cryptocurrency, you will need to buy or exchange your fiat for cryptocurrency of your choice. And the good thing is you don’t really need a huge sum of cash to start, you can buy as little as $1

Digital Wallet

You need to have a wallet in order to store or keep your cryptocurrencies, this wallet comes with send, receive and back up options.

To receive cryptocurrencies, for instance, Myetherwallet, you will need to provide the sender your wallet address which in this case acts as your bank account number almost like the traditional way of receiving money, just that the wallet address is quite different from the account number as it comprises of lower and upper case letters and numbers.

There is a backup option in your wallet, it is advisable to back up your wallet’s private and public keys in a secure offline location, could be written down or saved on a flash drive to be kept safely not to get into wrong hands because the lost of which could result in losing one’s cryptocurrencies stored on the wallet. So be sure to secure your wallet.

Exchanges

An exchange is a digital marketplace or an online platform where traders can buy and sell Bitcoins using different fiat currencies or Altcoins without necessarily having to meet. There are quite a number of exchanges available in Nigeria where you can purchase your cryptocurrencies if you are looking to invest.

Exchanges you can buy your cryptocurrency from.

Luno is one of the most convenient bitcoin exchange to buy and sell bitcoin instantly in Nigeria. It was formerly known as Bitx but rebranded to Luno in 2017, with the Launch of their mobile app and instant deposit. Cryptocurrencies like bitcoin, Ethereum can be bought with the debit/credit card on Luno. It also provides its users with services such as; Provision of Bitcoin wallet, instant buy and sells of Bitcoin and Bitcoin trading.

Satowallet is a leading multi-asset Blockchain app. It controls bitcoin, Ethereum, Tron, Ripple, and over 60 other crypto assets. An all-in-one app to trade, store, invest, stake and secure your Blockchain assets.

Remitano is another bitcoin exchange in Nigeria that has gain Popularity in 2017. They are very much like localBitcoins. However, in Nigeria, it is cheaper to buy bitcoin on Remitano.

Local Bitcoins is also a bitcoin exchange in Nigeria. LocalBitcoins is available across countries of the world. Just like Remitano, they connect buyers and sellers of bitcoins using the escrow system. Although LocalBitcoin is reputable, you have to learn to Trade safely on Local Bitcoins.

Other exchanges based outside Nigeria where you can easily sign up include: Binance, KuBitX, Huobi Exchange, PesaMill etc.

Acceptability

As of 2017, Over 100,000 Nigerian merchants are accepting Bitcoin Payments. Some of the key merchants accepting Bitcoin in Nigeria are highlighted below:

Gsm2me

Gsm2me, owned by Fecund Systems Limited that’s registered in Nigeria, is a site from where customers can buy mobile airtime, messaging packs, and bulk messaging packs. The site supports over 550 networks spread across 135 countries. The company’s website clearly states that it accepts Bitcoin as a method of payment, apart from other currencies.

Minku

Minku is an online boutique and Accessories Company that sells its products across 16 countries globally also accepts Bitcoin. The company’s founder attributes the ease of doing business that Bitcoin brings as the reason why she accepts the digital currency, pointing out Bitcoin’s quick transaction ability, low fees, and international acceptability as its advantages.

Shopnow

Shopnow is an e-commerce platform in Nigeria based on the model of Overstock. Founder Emmanuel Olorunisola was inspired by Overstock’s model when he purchased a watch on the American internet retailer’s platform using Bitcoin. However, high shipping fees led him to create a Nigeria-specific solution where customers can purchase items using Bitcoin without having to pay additional charges involved while bringing goods from outside the country.

Do you find this article helpful? Do let us know your opinion, contribution or suggestion in the comment section below.

Picture Credit: Cryptotvplus

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Tron (TRX) Accepted by Travala.com To Be Used for Booking in Over 500,000 Hotels

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Tron (TRX) is the 10th cryptocurrency to be adopted by hotel booking platform, Travala. Before now, Travala had been accepting coins like; Bitcoin, Litecoin, Ethereum, XRP, Nanos, BNB, AVA, DGB, Doge, EOS, TUSD, XLM. It also accepts PayPal, VISA and Mastercard. As travel platform, Travala aims at merging decentralised technologies and tokenized incentive structures to make booking easy for travelers.

Travala.com, a reputable blockchain travel platform, dedicated to revitalizing the yet to come travel industry. Established in the year 2017, it now  boasts of 567,928 properties in 210 countries across the globe, with over 82,000 destination coverage. 

Travala.com as of yesterday declared that its clients can now make payments with Tron (TRX) token in over 550,000 hotels across the world with an added discount of 15% for every transaction performed with the token.

According to Travala.com their customers are to use TRX to book 550,000+ hotels worldwide with an average saving of 15% on http://Travala.com and the customers can get further savings up to 10% off the already amazing prices with our SMART program.

While the other coins listed above like Bitcoin, BNB, Nano, etc have been enjoying this privilege for some time now, it is coming new for Tron, and this can be taken as an added advantage for the cryptocurrency. Unlike every other blockchain technology, every moment of Tron (TRX) is filled with exciting news. The quality and potential of any cryptographic project in the space is determined by the adoptions and partnerships it gets.

As a means to echoing the success of Tron, Misha Lederman, a well-known member of the Tronix team, had once related that Tron has produced more blocks than Ethereum. According to Lederman, “Tron has produced 8.3 million blocks since its independence in June 2018 and Ethereum, on the other hand, despite its longevity, has only produced 7.5 million blocks since July 2015.”

Photo credit: Botcoin Exchange

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IOST Records  More Transactions than Ethereum One Month After Mainnet Launch

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IOST is an application-friendly next generation public blockchain network which is reported to be the first platform to launch an application-ready mainnet which features multiple live DApps (Decentralized Applications). IOST project’s software modules, as claimed by the management team, have been implemented using blockchain technology and they provide “secure and reliable data” as they “prevent tampering by third parties.” and thus, the IOST platform having been built on public blockchain infrastructure, allows “decentralized application developers overcome some of the most challenging problems with mass adoption.”

IOST is one of the most scalable blockchain networks. Although, its design principles are similar to some of the other leading dApp creation platforms, it has its own consensus protocol, known as “proof-of-believability.” Notably, the programming languages and development environments supported by the various dApp deployment platforms are a lot different from each other such as Ethereum, Tron, EOS, NEO etc. as each use different consensus algorithms such as proof-of-work (PoW), proof-of-stake (PoS), delegated proof-of-stake (DPoS), and delegated Byzantine Fault Tolerance (dBFT).

According to a news outlet, On April 6th, 2019,”the IOST network reportedly processed more transactions than Ethereum ( ETH ). Noting that Ethereum is the world’s largest blockchain-based platform for deploying decentralized applications (dApps), however, “IOST was able to register 580,231 transactions on its network while Ethereum only managed to log 558,272 transactions on the same day (April 6th).”

As contained in IOST’s press release, the smart contract development platform has achieved the following after “the first month of its mainnet launch:”

  • Registered [over] 213,000 live accounts on its network, with an average of 15,000 wallets added per day
  • Launched 9 dApps, including 6 games (one of which hit 700 million IOST tokens in a single day) and a USD-pegged stablecoin
  • Been listed and traded on 26 exchanges
  • Processed more than 25 million transactions, including a peak of 580,231 transactions per day
  • Brought more than 100 partners and developers onboard to build the IOST ecosystem, all partners totalling to more than 200 today

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EOS AND XRP MAINTAINS A POSITIVE PRICE MOVEMENT AMIDST BITHUMB HACK

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The cryptocurrency market is yet to experience yet another bubble. Some experts believe it will happen again before the market stablilizes. Some other analysts claims the market has settled and can be driven positively again through active development of products to cover the cryptocurrency use case.

Though looking at the state of the cryptocurrency market. The adoption of cryptocurrency is going positive but the number of active traders is decreasing because many traders seems to be holding. The price of XRP and EOS goes against each other. While XRP is gaining a minimal stable increase in Price. EOS has been at its bear level for a long while as against XRP. The use case offered by EOS is quite welcoming and growing rapidly but still yet it’s not impacting on the price movement.

Considering the high vulnerability of the EOS Blockchain. This might have probabaly affected the price. Too many major set backs have being recorded upon using the EOS Blockchain. Many users have complained of the poor user friendliness of the EOS Blockchain. Moreso, the transaction reversing feature of the Blockchain has more or less helped to mitigate against hacks.

Though the said feature also suggests that the EOS Blockchain is not decentralised, the adoption of the EOS Blockchain has been tremendous. From the recent Bithumb hack in May, EOS and XRP were the two cryptocurrencies affected.

EOS had a 11.45% sharp drop in price against Bitcoin few hours after the news dropped. XRP on the other hand wasn’t affected much in price. The XRP price has still gained 0.55% in USD value, but lost 0.05% over Bitcoin. The price of XRP seems to be more stable at $0.3. EOS has $4,126,251,897 in total marketcap with a daily trading volume of $2,735,279,072. XRP has $13,724,796,558 in total marketcap with $1,459,156,919 daily trading volume. XRP has a far high total market cap compared to EOS but a lesser daily trading volume. While XRP is losing 6.35% to bitcoin and gaining 5.5% to USD. EOS is losing 4.28% to bitcoin and gaining 8.5% to USD. This equally suggests that EOS has a better daily trading volume as against XRP.

Though the EOS downtrend has been so for a long time now. XRP has a better price statistics as against EOS. There is yet no future guarantee as to whether the price of both cryptocurrencies will be increasing any time soon. Bitcoin which is the base cryptocurrency has been on a better ground with a good uptrend through the week.

The Bithumb hack  didn’t really affect the price momentum of both cryptocurrencies as the price recovered back hours after the sharp drop. But in the long run. EOS may or not be at a lesser preference to XRP. XRP which has been opposed by the cryptocurrency community as a centralised blockchain. XRP more or less has a better adoption by authorities in comparison to EOS. While EOS has a better adoption by community users in comparison to XRP.  

 

 

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

 

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GROESTLCOIN (GRS) ENABLED ON SATOWALLET TO BE USED ON SATOPAY

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Satowallet and Groestlcoin

In a recently published article on its official medium blog, Satowallet mentions that it has successfully wrapped up the listing of Groestlcoin – a Blockchain asset on its global fiat system.

Groestlcoin is a secured blockchain asset which offers almost Zero fees during transactions. The team behind the project does well to make available major updates in 3-month intervals. this has contributed to keeping the coin and project among the top 200 on Coinmarketcap. Interestingly, the coins hold some form of history as the first to activate SEGWIT (SegWit, is the name used for an implemented soft fork change in the transaction format of the cryptocurrency bitcoin). READ MORE. According to Coinmarketcap, the project has $25M USD trading volume and a Market Cap of $35M USD with a total supply of 105,000,000 GRS.

Expressing excitement on the partnership, Satowallet reveals that the coin is set to trade against various crypto pairs; BTC, ETH, DOGE, SATOS and some fiat settlements; USD. NGN, GBP, and EURO for instant swift buy and sell on the global scene. More so, the use of Visa Debit Card to initiate Crypto/fiat withdrawal will soon be possible.

Satowwallet exchange is an all-in-one crypto exchange, with a widespread of users in over 140 countries and a range of services from; in-app trading, storage, investment, fiat settlement, staking, swapping and Blockchain Asset Security. The Nigerian based wallet has indeed changed the narrative of indigenously grown blockchain startups in the global scene.

Some of the recent features the project plans to launch are;

Satowallet Debit Card– creating a much easier and crypto friendly environment for her users worldwide with the use of SATOPAY (the planned Visa Debit Card for the Exchange). this means anywhere Visa cards are available, the exchange’s fiat withdrawal system will work.

Shop globally with SATOPAY– With the use of Groestlcoin Wallet and Satowallet Exchange App, you can easily fund your SATOPAY Card and shop from card enabled stores.

For more updates and recent features on the SATOPAY Card, visit the Satowallet Medium Blog

In the Press release, the 29th March 2019, saw the launch and availability of the coin on the Satowallet mobile and PC apps. The user can buy instantly with USD, NGN, GBP, and EURO and also with Cryptocurrency.

” Buying and Selling take only 5 seconds and the funds will be available in your wallet through Jiff Trading. The debit card will also be made available upon users request when released in a short while through our banking partners.”  –Team Satowallet

 

Disclaimer:

The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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