Stablecons have the dual utility of cryptocurrencies and safety provided by fiat currencies. The ease of digital usage is a remarkable bright spot.
Stablecoins are a type of cryptocurrency that are designed to maintain a stable value relative to another asset, such as a fiat currency like the US dollar or a commodity like gold.
There are several types of stablecoins, including those that are backed by reserves of the underlying asset, those that are backed by a basket of assets, and those that use algorithms to maintain a stable value.
The Argument for Stablecoins
The primary reason for the development of stablecoins is to address the issue of volatility that is inherent in many cryptocurrencies. Unlike fiat currencies, which are backed by a central government and maintain a relatively stable value, cryptocurrencies are decentralized and subject to market forces that can cause their values to fluctuate rapidly.
Stablecoins are designed to provide the benefits of cryptocurrencies, such as fast and cheap cross-border transactions and increased privacy, while also addressing the issue of volatility. They achieve this by pegging their value to another asset, such as a fiat currency or a commodity like gold, thereby maintaining a stable value relative to that asset.
Stablecoins can be particularly useful for individuals and businesses looking to transact in cryptocurrencies but who are concerned about the volatility of other cryptocurrencies. If a business wants to accept cryptocurrency payments but doesn’t want to be exposed to the risk of a sudden drop in value, they could choose to accept payments in a stablecoin with a fiat currency peg.
Stablecoins can also be useful for individuals in countries with unstable currencies who are looking for a more stable store of value. By using stablecoins, these individuals can protect themselves against the inflation and currency fluctuations that can occur in their local currency. It is important to note the following:
-Overall, stablecoins provide a way for individuals and businesses to transact in cryptocurrencies while minimizing the risk of volatility
-Stablecoins have gained popularity in recent years, as they provide a way for cryptocurrency users to hedge against the volatility of other cryptocurrencies.
-They also offer a way for individuals and businesses to transact in cryptocurrencies without being exposed to the same level of risk.
Regulatory actions can potentially pose a threat to stablecoins, as they may create uncertainty and reduce the level of trust in these cryptocurrencies. Stablecoins, like other cryptocurrencies, exist in a relatively unregulated space, which can make them vulnerable to regulatory action by governments and financial institutions. Also, the risk of nefarious usage still looms large.
Governments and financial institutions may therefore seek to regulate stablecoins to prevent these types of activities. For example, they may require stablecoin issuers to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, or they may restrict the use of stablecoins in certain jurisdictions.
Notably, stablecoins that are pegged to a fiat currency may be subject to regulations governing the issuance and exchange of that currency. This could potentially limit the ability of stablecoin issuers to operate in certain jurisdictions or restrict the types of assets that can be used to back the stablecoin.
However, it is important to note that regulatory actions may not necessarily be a threat to stablecoins in the long term. In fact, some level of regulation may increase trust and adoption of stablecoins by providing a clear legal framework and reducing the risk of fraudulent activities.
Moreover, some stablecoin issuers have already taken steps to comply with AML/KYC regulations and other regulatory requirements to operate in a compliant manner.
In terms of their future, it is likely that stablecoins will continue to play a significant role in the cryptocurrency market. As the adoption of cryptocurrencies grows, there will be an increasing demand for stablecoins as a means of transacting in a stable currency.
Stablecoins offer several advantages over traditional fiat currencies, such as faster settlement times and lower transaction fees. This could make them an attractive option for businesses and individuals looking to transact across borders or in regions with unstable currencies.
The regulatory landscape surrounding stablecoins is still developing, and there are concerns around the potential for stablecoins to be used for money laundering and other illicit activities. It remains to be seen how regulators will address these concerns and what impact this will have on the future of stablecoins.
In summary, regulatory actions may pose a short-term threat to stablecoins, but in the long term, they may help to increase the level of trust and adoption of these cryptocurrencies.
The ETH merge is expected to help the blockchain transition from PoW to PoS protocol. Here are all the insights you need to know in this guide.
What is the ETH merge?
Why is the ETH merge important?
What are the differences between Proof of Work and Proof of Stake?
Will ETH fees reduce after the merge?
Will Ethereum transaction speed improve?
Will ETH price increase?
I have ETH, what must I do after the merge?
Can I be among the ETH stakeholders that approve or disapprove a block?
Many ground-breaking developments happen in the crypto space now and then, but the proposed ETH merge may be the most revolutionary idea anyone can witness in the crypto industry.
Do you know about the ETH merge or the possibilities it brings to the blockchain world? This article will show why the ETH merge could be a big deal.
What is the ETH merge?
Before this move, speculated to hold around September 15 this year, Ethereum processed transactions using the power-expending PoW (Proof of Work) algorithm. However, the merge will see Ethereum fully transition from the Bitcoin-pioneered PoW algorithm to the PoS (Proof of Stake) algorithm.
Interestingly, Ethereum had proposed the PoS network (called the Beacon Chain) in 2020, but the team didn’t process transactions with the network. Instead, it was a staging area preparing the Ethereum ecosystem for a PoS network upgrade.
Crypto critics often come against the industry, making claims about its volatility and extreme power consumption. While the issue of volatility may need readdressing, the inflated rate of crypto power consumption is undeniable.
With the merge, crypto energy consumption will drastically reduce up to 99 percent. Moreover, this development will positively influence the energy sector, our physical environment, and the fees included in crypto transactions.
What are the differences between the PoS (Proof of Stake) and the (Proof of Work) algorithm?
The proof-of-work algorithm is the pilot method for verifying blocks in a blockchain transaction. And so, the earliest cryptocurrencies like Bitcoin and Ethereum use the PoW algorithm.
The PoW algorithm consumes large amounts of energy when processing a block. The reason for the enormous power consumption is the amount of work needed to solve complex computational or mathematical questions.
After a complex math question is solved, the block is verified, and the miner gets more tokens as a reward. On the other hand, the PoS algorithm does not rely on solving complex computational puzzles to mint coins. Instead, computers on the blockchain with the highest stakes determine whether a block is verified.
On the Ethereum blockchain, stakeholders with $50,000+ worth of ETH can participate in verifying blocks, resulting in a massive reduction of the typical computational energy required to verify blocks.
Will ETH transaction fees reduce after the merge?
Ethereum transaction fees will remain the same, primarily because the payments do not depend on the Ethereum mainnet. Other third-party platforms have lower ETH processing fees, Arbitrum and Optimism. These platforms process ETH transactions away from the Ethereum mainnet.
With the introduction of network updates – danksharding and proto-danksharding – the Ethereum network may see a significant slash in transaction fees. However, that’s a development we may not see until 2023.
Will Ethereum transaction speed increase because of the merge?
Unfortunately, the transaction speed will only increase by a fraction after the merge. With the PoW algorithm, blocks take 13-14 seconds to process. But the merge promises 12 seconds per transaction, which is relatively insignificant.
Will ETH prices go up after the merge?
Nobody can say for sure whether ETH prices will rise or fall. The merge comes with many uncertainties that make it difficult to predict the price. A significant uncertainty is the security of the PoS system in contrast with the PoW algorithm.
However, the massive energy reduction and the change in how ether is distributed are likely positive trends that can significantly increase the price of Ethereum.
I have ETH; what must I do after the merge?
Ethereum users don’t have to do anything after the merge, as it won’t affect their holdings. The significant change the merge brings is in how the blocks are verified, which has nothing to do with existing users.
Can I be among the ETH stakeholders that approve or disapprove of a block?
Any user with ETH holdings worth $50,000 or more can participate in the PoS governance protocol. Although, your holdings won’t guarantee that you must verify the block, as the system chooses the node with the highest stake.
The ETH merge is revolutionary for the Ethereum blockchain and our physical environment. But more than that, it might just be the move that changes how people perceive blockchain and cryptocurrencies.
NFTs have carved a niche for themselves in the crypto marketplace. Here are insights on how NFT auctions are done?
A Comprehensive Guide to NFT Auctions
Ever thought of creating and selling your NFT at an auction to generate a lucrative income stream? Come to think of it, do you know how much the famous “Disaster Girl” meme sold for as a non-fungible token? A whopping $500,000. And if that isn’t enough, how about Jack Dorsey’s first tweet auctioning for $2.5 million.
However you want to consider it, NFTs are the new goldmine, creating opportunities for owners and collectors to earn sustainable incomes.
Perhaps, you missed out on the Bitcoin rave when it was just a few cents, and then Ethereum and the likes. You wouldn’t want to overlook this once in a lifetime opportunity, would you?
The demand for digital gaming, artwork, and crypto collectibles is skyrocketed. One memorable event in the industry is the Beeple NFT auction, Everdays: The First 5,000 Days, which sold at Christie’s for $69.2 million. The same NFT auction also set a record for the high-selling digital art in history.
An NFT is a non-fungible token or cryptographic token that is attached to a unique asset of value. The digital asset can be sold, traded, or transferred.
With the proliferation of cryptocurrencies and the advent of blockchain technology, tokens have taken on a new lease of life. In fact, they are now being treated as real digital assets. This is a major step in their evolution from just pure digital currency to an asset class in its own right.
While NFTs are often associated with the art and gaming (game items and avatars) industry, they have a variety of applications, including financial transactions (payment solutions), intellectual property (patents, copyrights, and trademarks), ownership (real estate, collectibles, and more), reputation (social media, marketing, and branding), and utility (smart contracts).
NFT Auctions: How Do They Work?
NFT auctions connect creators with audiences. Collectors looking for unique digital artwork or other collectibles can find them on reputable NFT auction websites. An NFT auction site runs on a blockchain, most likely, Ethereum.
In most NFTs, an ownership transaction is initiated by a wallet and the NFT is then registered and stored, similar to cryptocurrencies. The blockchain verifies the identity of the seller and the ownership and validity of the NFT. Of course, bidders on the platform are also verified.
In an auction, the owner of the NFT sets a reserve or starting price for the asset. The auction site runs on the Ethereum blockchain, which means that prices are set in ETH and are used for all transactions on the network. The reserve price is the lowest possible bid price, and is also called the “opening bid”. Collectors are to bid above this limit. With each bid, the price of the asset increases.
There is a time limit for the bid duration after which the seller accepts the highest bid price and receives it in ETH, while the NFT auction platform transfers ownership of the NFT asset to the buyer after the individual must have settled the NFT. There are no further bids on the asset except the new owner decides to auction it in the future.
When listing an NFT on an auction site, there is a certain percentage charge or GAS fees on the potential transaction. Hence, it is essential for you as a creator to factor in this cost before auctioning your NFT.
The most interesting fact about an NFT auction is that it operates in a digital world and yet it incorporates real-world assets. Depending on if you decide to be a creator or a collector, there is an avenue for you to make money and own highly treasured collectibles.
Nigeria is a booming market for cryptocurrency right now, and here is how to buy bitcoin in the country using some of the leading platforms available.
How to Buy Bitcoin in Nigeria
When it comes to the selling and buying of bitcoin, Nigeria is at the forefront having the highest Google searches for Bitcoin after the US and ranking top in peer-to-peer transactions. If you are interested in joining the current revolution and being well informed on how you can trade Bitcoin safely in Nigeria, please read on.
What is Bitcoin
According to Bitcoin.com, Bitcoin in the practical sense is money that exists in a digital form.
Bitcoin Price Highlights
The price of Bitcoin is the current price at which bitcoin is being traded. It is determined by the buyer and seller. Despite this, its price varies across exchange platforms such as Coinbase and Binance because of market inefficiencies.
Within the past five years, Bitcoin has witnessed dynamic surges in its value rising to around $1,290 in March 2017, the highest ever it has been before then. This trend continued across the months getting to a peak of $19,783.06 nine months after on December 17, 2017.
Up till the year 2021, the price of Bitcoin continues to increase with surges and minimal decline along the way. On April 10, 2021, Bitcoin recorded its highest ever price to date some months after Elon Musk and Tesla announced their investments in Bitcoin peaking at above $60,000.
Though the value of Bitcoin in the crypto market suffered a crash to half this price in May 2021 due to rumors of Tesla selling its Bitcoin holdings, the price is still on the high side when compared to how it was a year ago.
The Features of Bitcoin
It is Decentralized
The very first and intriguing feature of bitcoin is its decentralization. This simply means that there is no central power or regulator as the case is with traditional currencies which are designed, issued, and managed by a central authority.
Bitcoin transactions are visible to everyone in the digital world of cryptocurrency though Individual Bitcoin assets are concealed to promote privacy and confidentiality which motivates positive trading.
It is to be stated here that the identity of users of Bitcoin remains anonymous and the chances of tracking transactions back to Bitcoin users are very minimal. This is to prevent online robbery or digital theft.
When compared to other modes of transaction such as bank transactions, bitcoin transactions are faster.
Nonrefundable mode of transaction
Bitcoin transactions are a one-way mode of transaction. Any transaction made from a sender to a buyer cannot be reversed unless the buyer is willing to do so.
Bitcoin is not a physical currency but a digital one. You can never carry a bitcoin in your purse or pockets in the form of notes or coins, but you can easily carry it on your phone or tablet.
Simple to use
Most of the time, to open and manage a bank account is quite tedious and long. This is not the case with a Bitcoin account. You can set up your account in a matter of minutes.
Value is determined by demand
The value or price of Bitcoin is not fixed like other assets. It depends on market dynamics. The value of Bitcoin is determined by the strength and volume of its demand.
How to Buy Bitcoin
If you are interested in buying Bitcoin in Nigeria and ready to explore the untapped benefits in the world of cryptocurrencies, there are different exchange platforms, brokers, and marketplace that can help you. Below is a guide on how you can go about this.
Buying Bitcoin on Binance
Binance is the biggest cryptocurrency trading platform on earth today, recording up to $2.46 trillion in May 2021 transaction volumes. The platform offers the largest trading base for listed crypto and offers the major trading pairs with leads like BTC, ETH, XRP, USDT, DAI, BNB and BUSD on the P2P front.
At present, to buy Bitcoin in Nigeria using the Binance platform will only be possible using the P2P platform it offers. Firstly, you need to register your new account using this process:
·Your driver’s license, international passport or national ID card will be needed
·You also need to link a bank account to your profile to use for the transactions
·You will be notified if your application is successful, and you can start using your new account.
How to buy Bitcoin on Binance P2P Platform
On the platform, log in to to your account, and navigate to the P2P page from your account dashboard.
Locate the the P2P and express tab and click on your preference
With the express tab, the platform matches you with the available sellers on the platform with you deciding
transfer the funds to the seller and wait for at lest 15 minutes
You will have to click on payment made tab to notify the seller
Your BTC will show up on your balance after the seller confirms receipt of payment made.
Buying Bitcoin on the Coinmama Exchange platform
Coinmama as an exchange platform was founded in 2013 with the mission of making simple how Bitcoin (BTC) is traded. The platform has more than 2.9 million users in over 190 countries in the world. It also provides the platform for some users in selected markets to sell their Bitcoin.
How to open an account on Coinmama
Go to the sign-up page to create your account. Fill in your email in the allocated spaces as well as your country of residence to get started.
Thereafter, click on the verification link sent to your email
Complete the requested form to confirm your identity and safeguard your account.
Thereafter, you will be required to upload an ID to approve you for purchase. Choose the ID type you will like to upload based on your country of residence. Take a photograph of the front and back of your ID with your phone camera with all four corners visible and clear image and text, then upload them to your account.
Then, write “Coinmama” and date on a piece of paper. Hold the paper and the ID you’ve just uploaded and take a photograph of yourself. Ensure your face, ID, and paper note are visible. Then upload the photo to your account.
After successfully uploading, click to submit. Your form and documents will be reviewed by the verification team for verification. If everything is okay, you will be approved to buy Bitcoin online with Coinmama within fifteen minutes.
How to buy
Sign in to your account to buy bitcoin. Select the cryptocurrency (Bitcoin) you want to buy and the currency of your choice
Select the package of your choice and input your desired amount, thereafter you can tap “buy”
Input your selected third party wallet address
A confirmatory link will be sent to your email to confirm your wallet address, click on it if it is correct
After your payment has been approved and the wallet address confirmed, the coins will be immediately delivered to your wallet.
Buying Bitcoin on the Luno Exchange platform
Luno has been in the cryptocurrency industry since 2013 with transactions worth more than 14 million dollars. The platform has customers in over 40 countries.
First, you need to go to the sign-up page to create your account. Similar to that of Coinmama
Complete the requested form by filling in your first name, middle name, gender, date of birth, phone number address, city, and zip code. You can also click on the ‘I’ve confirmed my email’ option in the Luno app. After which you will be automatically verified with the submitted phone number and personal details.
If not, you will be required to upload a document for verification (driving license, identity card, or passport). Open the Luno app and sign in, tap Profile on the Menu, navigate to Settings, select Upgrade. The document is required to show your identity number, name, date of birth, and a clear photo.
You may also need to confirm your address. To get this done, you will upload a photo or an ID which contains your name, address, residency, and issue date. This ID must not be older than 3 months.
How to deposit
Open the Luno app and sign in
Select Wallets from the menu
Choose your local currency wallet
Choose the method with which you’d like to top-up your wallet
And follow the on-screen prompts from there
How to buy
Verify your identity on Luno.
Deposit to your local currency wallet, once it reflects in your wallet, then you can proceed to buy.
Thereafter, you can simply tap the specified amount on the homepage screen to buy or specify the amount of your choice. Then pay or make use of Luno Exchange.
Buying Bitcoin on Coinbase
Almost all users begin their crypto journey through Coinbase. The platform has been in the cryptocurrency industry since 2012 with quarterly trade worth more than 335 billion dollars. The platform has more than 56 million verified users, 8,000 institutions, and 134,000 ecosystem partners in over 100 countries.
How to buy on Coin base
Sign in to Coinbase. Account creation and verification quite like Coinmama
Choose either Buy / Sell on the upper right-hand side.
Select the Buy field to choose the asset you’d like to purchase.
Specify the amount you’d like to buy either in crypto or your local currency.
Choose your payment method.
Click Preview Buy to verify your purchase (you can always click the back arrow to make a change).
If your details are correct, click Buy to complete your purchase.
Buying Bitcoin on eToro
eToro is a social trading network founded in 2007. It is among brokers hosted on trusted brokers.ng. You need to register an account on the platform to buy bitcoin.
Opening an account involves:
Uploading a valid ID (ID Card or Passport) and a proof of address (electricity, water bills, etc.), through eToro’s platform. Approval takes less than a day.
To buy Bitcoin on eToro:
Select a bitcoin exchange or trading platform, in this case, the eToro trading platform
Ensure your account is verified
Deposit through your preferred deposit method and buy bitcoin fractionally.
Buying Bitcoin on plus 500
Plus 500 is a trading platform founded in 2008 which allows for the trading of cryptocurrencies among other commodities such as Forex and ETFs.
It is among the brokers hosted on trustedbrokers.ng. Though it is one of the main trading platforms in the United Kingdom, it is not open to customers from Nigeria.
Buying Bitcoin on marketplaces such as Localbitcoin
LocalBitcoins is an escrow service that serves as a crypto marketplace helping to match bitcoin buyers and sellers. Users are free to advertise trades for any payment method they choose. Below are five steps you can follow to buy bitcoin:
After registration, go to the main page, and search for offers.
Step 3: Select an advertisement
From the list shown, select offers.
Step 4: Pay the seller
Evaluate the offer and pay
Step 5: Mark payment complete
Click the paid button and the transaction will reflect in the wallet
How to store Bitcoin
In the same way money or cards are stored in a purse or handbag containing a wallet, bitcoins are also stored on the phone or computer desktop hosting a digital wallet whether web-based or on hardware.
Bitcoin Price Outlook
Though Bitcoin has struggled over the past few months, even falling by more than half in April 2021, many analysts that bitcoin may overtake the U.S dollar as the dominant form of global finance by the year 2050 which puts the price of Bitcoin at above $66,000 by the end of 2021.
Binance P2P platform gives sellers of crypto the avenue to meet buyers with no hindrance and fees. It is fast becoming the preferred way to trade crypto in Nigeria.
Nigeria is presently the second leading global center for online searches conducted for bitcoin after America according to recent Google data. The range of uses for cryptocurrencies in Nigeria includes remittance for imports, support for family and friends as well as settlement of other bills.
The unfolding scenario makes Nigeria a huge market for crypto service providers, and with Binance as a formidable global leader, we have set out in this guide all you need to know about Binance P2P, and how it works in Nigeria.
What is P2P trading?
When a trader and a seller get matched on a cryptocurrency trading platform with no intermediary taking custody of fees or value thereof, it is a Peer-toPeer setting at work. with Binance, users of the P2P platform are able to buy and sell crypto with ease using their wallets and bank accounts or agreed payment methods.
What to know before getting started?
You need to have a registered account
Provide KYC details like proof of ID, BVN, and a phone number
Binance holds on to the crypto in escrow till the seller confirms receipt of payment
The seller should not release the crypto without confirming that expected payments is received
A private messenger is available on the platform for ease of buyer to seller chat or to contact customer support.
All of these above safeguards are necessary to avoid sellers and buyers losing funds to fraud, and the process is credible if adhered to always.
How can you make money with P2P trading?
Any market where there are sellers and buyers offer a chance to make money, and Binance P2P platform is not different.
Many people are online and looking for ways to bypass the forex shortages in the country and cryptocurrencies are a formidable pathway. You can trade NGN, DAI, BNB, BTC, XRP, USDT BUSD and ETH on the platform.
1. Work with clear terms
On your sales page, state your transaction terms in simple and clear terms and be sure to abide by these terms. You can state:
Make payment to the recipient provided and send me an SMS
Or please send a private message after payment or send an SMS
Expected turnaround time is 15 minutes, please be patient
If for any reason you are not able to meet the terms, be prompt to communicate this to the buyer to avoid a dispute initiation.
2. Use a reasonable profit margin
For example, if BTC/USD is 40,000, selling at $40,500 will net you more buyers than using $42,000, this is as there are many buyers and sellers on the platform. Several transactions over a month can earn you up to $4,000 in fees instead of waiting for three months to make a single sale with a high margin.
3. In-demand payment methods are preferable
Whether it is you setting your terms or working with someone who does, you need to stick to in-demand payment methods. Do not make assumptions or vague descriptions.
Be bold to say, “Pay to XYZ Bank only” or ‘’Send cash with a money agent only”. Either way, the funds can only be sent to the account or recipient that you have provided.
4.Be friendly with helping new traders
On the platform, you are going to come across new traders, and they might not be familiar with the processes. If you come across one, be patient and provide some guidance. The Binance P2P platform has a private message function that is free of charge to use between sellers and buyers, you can message the buyer to make clarifications.
5. Be responsive
it is your personal duty to be responsive and make sure that you respond to enquiries in a timely manner to keep good ratings. If more buyers rate you poorly and line up complaints on your profile, you will lose your patronage and be out of business in no time.
How to become a verified merchant?
The process here is simple and you need to adhere to the requirements to be accepted:
Open a new account and be registered
Be KYC-compliant and at least 18 years old
Provide a utility bill as proof of residence
Have a fiat bank account in your name with at least $100 or its local equivalent
You also might need to shoot a small video, holding your ID card, and an inscription that is required of you in order to validate your ID.
With these steps completed above, you will be able to get an approval to become a seller in Binance P2P platform.
Are there risks in P2P trading?
There is a good chance to make money with the P2P platform and there are inherent risks too that are worth highlighting. The safeguards are also shown side by side.
Avoid losses as a seller by refusing to take your trades outside the platform so as not to fall prey to scams. Binance provides escrow account to house your crypto till you have confirmed receipt of funds
Take an additional step to log into your banking platform to confirm your buyer’s deposit to avoid releasing crypto when payment is not made
Use a second phone number different from your bank alert phone number as unscrupulous people can send fake alerts to your phone perpetuate fraud
If a payment claim is made by a buyer and it does not reflect in your account, you can file an appeal to get come information and customer support assistance.
Tips to get more trades
You can get more trades by using these tips:
Use your referral code and share on social media
Post the link to your seller’s profile on your social media pages or crypto-themed groups
Join the Binance Africa/Nigeria Telegram group and you can win some referrals there.
How to buy on Binance P2P Platform
Binance is a cryptocurrency exchange platform that was created in 2017. It also provides cryptocurrency users with wallets to store their cryptocurrencies.
Fill in your email address and select a secure password. If your friend gave you a referral code, you can also input it in the “optional Referral ID” space created.
Follow the steps given for verifying your account by clicking the code sent to your email address or mobile number.
You may also be required to upload an ID or document or level 2 identity verification. Please follow all the instructions given for easy verification.
Currently in Nigeria, the easiest way to buy Bitcoin on Binance is the P2P platform , which does not necessarily need you to make a deposit
How to Buy Bitcoin on Binance
Because of the regulations on cryptocurrencies trade by the Central Bank of Nigeria, a new way was devised by exchange platforms such as Binance to make buying Bitcoin easier. This new way is what is called Peer-to-peer transactions or P2P. It connects buyers to sellers directly with no transaction fee unlike other platforms on both app and website.
This method allows you to buy bitcoin from several sellers online. Below are the three steps to follow to buy your bitcoin successfully.
Step 1: Pick your preferred currency and payment method.
Click on the P2P section.
Select the Buy tab and the BTC crypto. Then click on the filter icon at the top-right part of your screen
Select your preferred method and currency. As a Nigerian, you are to select Naira and Transfer via Bank.
Step 2: Make transaction
Choose an offer from the offers displayed
Input the number of coins you want to sell, choose a payment method, and click on Buy BTC.
Thereafter, make a transfer to the seller’s account using the information provided before the time lapses. You may also chat the seller up.
Ensure that you send the money to the seller and tap on Transfer next.
Step 3: Bitcoin transferred to your wallet
Click on Confirm. Avoid doing this if you have not made any transactions. (It is a violation of the P2P User Transaction Policy).
Thereafter, the status of the transaction will display pending.
After the seller can successfully confirm, Bitcoin will be transferred to your wallet.