Have you ever thought of why Ethereum is the next big cryptocurrency since 2016 after Bitcoin?
I mean, have you ever thought why most of the crypto assets we have today are built on the Ethereum network?
If the answer is no, the good news is that these are some of the questions we will be answering today before we go on to see how to invest in Ethereum and also start trading Ethereum in an all exciting step.
Let’s get started.
What is Ethereum Crypto?
Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location.
It is a community-built technology behind the Ethereum cryptocurrency Ether (ETH) and thousands of applications you can use today.
In a real sense, Ethereum is built on Bitcoin’s innovation with some big differences.
Like Bitcoin, Ethereum is open to everyone, and all you need is an investment and a wallet to take part in.
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5 Factors that make Ethereum Stand out from other Altcoins
Here are some of the reasons why Ethereum deserves to be the next Bitcoin.
1. Ethereum Network Adopts Privacy
As a beginner to the community, you don’t need to provide all your details to use an Ethereum. Why?
Because Ethereum is building an economy based on value, and not surveillance.
2. Secure peer-to-peer network operation
Ethereum is based on a person-to-person network. That is to say, Ethereum allows you to move money, or make agreements, directly with someone else.
Most interestingly, you don’t need to go through intermediary companies.
3. Censorship-resistant to politics
Like a true blockchain technology-based asset, no government of any nation or company has control over Ethereum.
This factor known as decentralization makes it nearly impossible for anyone to stop you from receiving payments or using services on Ethereum.
4. Mother to other Crypto assets
Have you heard of crypto assets being built on the Ethereum network, dapps, and more? It is because Ethereum tech has the capacity needed to build other cryptos.
That is to say, the Ethereum products are compatible by default. And so, companies can build on each other’s success.
5. Commerce guarantee for Users
One of the reasons Ethereum is a flexible coin is its commercial advantage.
(Just before I talk about it, later on, the charges for Ethereum transactions are way lesser than its Bitcoins counterpart which at times is based on the exchanges or network used).
Coming back to its commercial abilities,
(To mention a few), the Ethereum Blockchain applications help businesses in the following ways:
- Increase trust and reduce the cost of coordination between business parties.
- Improve business network accountability and operational efficiency.
- Build new business models and value creation opportunities.
- Competitively future-proof their organization.
In fact, the EEA (Enterprise Ethereum Alliance (EEA) enables organizations to adopt and use Ethereum technology in their daily business operations.
It empowers the Ethereum ecosystem to develop new business opportunities, drive industry adoption, and learn and collaborate with one another.
See also – The First Cryptocurrency Transaction in 2009
Here’s why Ethereum is one of the Best Cryptos for Business Transactions
Having established itself as a strong technology that lets you send cryptocurrency to anyone for a small fee. If you are a business owner then the small transaction fee charges are an advantage for your customers and business.
For instance, if you are a crypto trader using Binance if you opt to withdraw your earnings via Bitcoin the charges for $50+ might be up to $9 based on the competition on the Bitcoin network.
But to always get the best of your withdrawals, opting to use Ethereum makes it come down to $2 or lesser even at $100+.
So, if you are looking at starting crypto trading on the Binance trading platform, I recommend you use Ethereum each time you want to make withdrawals.
Alternatively, use other altcoins or fiat – local currency apart from BTC.
The Best Free Ethereum Wallet for Beginners
As a beginner, most of the crypto exchanges have an inbuilt Ethereum wallet you can use.
But just to recommend the best and flexible wallets for beginners, go for either Luno Ethereum wallet, Coinbase Ethereum wallet, Binance Ethereum wallet, or the Trust Wallet.
Coinbase wallet is beginner-friendly, but since it does not enable transactions for African countries, Luno wallet is the best Coinbase alternative for African countries.
With Luno or Binance, you have to option to exchange your money to Fiat – Naira or local currency – when you want it without additional charges on transferring from Coinbase to Luno and to your bank account.
What is Ethereum Block Explorer and how to use it
Built and launched in 2015, Etherscan is the leading Blockchain Explorer, Search, API, and Analytics Platform for Ethereum, a decentralized smart contracts platform.
By a way of definition, a Block Explorer is a search engine that allows users to easily lookup, confirm, and validate transactions that have taken place on the Ethereum Blockchain.
In simple terms. If you send Ethereum to your friend, with its block explorer, you can view the transaction and get the details, the same as getting a statement of account.
So, the blockchain platform provides equitable access to blockchain data.
You can access the platform here.
How to Buy and Invest in Ethereum in Nigeria in 5 Steps
Investing in Ethereum is equivalent to buying stocks or gold and holding it.
What to do here is buying an Ethereum asset and holding it for appreciation or keep it for the future. That is to say, we hold it to profit when the price pumps or keep it for our children.
Alternatively, you can start selling Ethereum assets to other Nigerians in need of it.
To do this, we will be using a simple and secure crypto exchange – Luno – where we can easily buy Ethereum using our credit card.
So, this article answers the question of “how to buy Ethereum on Luno in Nigeria”.
Let’s see the simple steps therein:
1. Open a Luno Ethereum Wallet Account
Because Luno manages a few crypto assets which makes it easier for beginners, the first thing to do is to open a Luno account that comes with the Ethereum wallet we will use.
2. Verify and Log in to your Luno Account
Immediately opening your Luno account, go to the used email account and click on the verification link sent to verify your account.
When done, go ahead and log in so we proceed to buy the Ethereum asset.
3. Buy and Invest in Ethereum
Having verified your account and logged in, on your Dashboard you will see an option to buy all the crypto assets as available on Luno.
Select Ethereum and proceed.
You will see “how much Ethereum do you want to buy”.
Go ahead and select the amount you want to buy and proceed to use your credit card and make the purchase.
By selecting a credit card, you will be directed to use PayU and make payment – this is the most recommended payment option for Luno transactions.
4. Enter the amount to purchase
Enter the amount you want to purchase ETH with and click “Next”.
Confirm the transaction and click on “Next”.
5. Enter your credit card details
The last step is to enter your credit card details. Do the same and proceed to buy your ETH asset.
That is all about buying and investing in Ethereum coin.
How to Buy and Invest in Ethereum Using NAIRA (NGN)
First off, when you use your credit card, they are using your Naira for the transaction.
But what if you had Naira already in your Luno account and you want to use the same and invest in Ethereum? If that is what you want then it is also possible;
To do this,
- On your dashboard, select to buy Ethereum,
- Select the make the payment using NAIRA.
- Proceed to enter the amount of Ethereum you want to invest in and verify the transaction.
That is all.
“Note” – if you don’t have Naira in the account balance, you will have to fund it first using any of the payment options available on Luno. As in, deposit Naira to the account first before using the same for Ethereum investment.
To do that, click on “Top Up wallet”.
When done, the steps as already stated above are all you need to buy ETH on Luno using Naira.
How to Buy and Invest In Ethereum Using Bitcoin (BTC)
Is it possible to invest in Ethereum using Bitcoin (BTC)? The answer is yes. Let’s see how to do it.
Now if you already have Bitcoin in your Luno account, instead of selecting to use a credit card or Naira for the Ethereum purchase, select Bitcoin (BTC). That is all.
How to Buy Ethereum on Luno using other Exchanges
Now what if you have BTC on another crypto exchange like Binance or Kraken and you want to use the coin there for ETH on Luno? It’s simple.
Let’s say it was on Binance you have the BTC.
Just copy your Bitcoin wallet address on Luno and go to Binance.
On Binance > go to Withdraw > Select Bitcoin > select the same Bitcoin wallet and paste the wallet address you copied from Luno> select the amount of BTC you want to withdraw from Binance and hit on “Continue” to proceed.
Wait for the BTC to hit your Luno wallet.
Assuming that the BTC is in your Luno wallet. Let’s see what next.
- Login to your Luno account and on your dashboard, select to buy Ethereum,
- Select the make the payment using BTC.
- Proceed to enter the amount of Ethereum you want to invest in and verify the transaction.
Proceed and finish the payment.
Like the subsequent ones, the transaction is all smooth. The only thing to do is fund your Bitcoin wallet if you have zero.
It’s all the same process of depositing money into your Luno account.
That is all.
How to Buy and Invest in Ethereum Using Altcoins – using Binance Crypto Exchange
Remember that Altcoins are known as alternative cryptocurrencies, right?
Perhaps you don’t want to use Naira or BTC or even a credit card to invest in Ethereum, you can use Altcoins to still invest in Ethereum. And here is how.
Let’s say you have cryptos such as Ripple, Tron, and MITH on a crypto website like Binance, you can convert all of them and use the same to invest in Ethereum.
Here is how it works.
You convert all the altcoins to BNB and from there you exchange it for ETH. That is how to invest in Ethereum using the Binance platform.
Here is what to do.
Step 1. Click here to Sign up or Log into your Binance account.
Step 2. On your dashboard, go to Wallet “Fiat and Spot”.
Step 3. Landing there, click on all your assets – where you see the value of your assets.
Step 4. Click on convert to BNB.
Step 5. Having converted all the Altcoins to BNB, go to classic trading platform and select BNB/ETH trading pairs. The essence is to trade the converted BNB for ETH.
Step 6. With the BNB/ETH trading platform displayed, select “Market trading property” and enter the amount of ETH you want to invest using the BNB.
Step 7. Click to SELL BNB.
As soon as you click on SELL and the order is fulfilled, you will have bought ETH because you exchanged BNB for ETH.
That is your new Ethereum investment. 😎
How to invest in Ethereum on Coinbase
If you are from the USA and her sister European nations, to buy Ethereum, I recommend Coinbase since it is the simplest. Here is how to get started with it.
Step 1. Sign up on Coinbase to create an account.
Step 2. Verify your account using an ID – for proper transactions without issues.
Step 3. Select Instant Buy and select Ethereum – as the asset you want to buy.
Step 4. Enter the amount and select your payment option (Credit card or Bank transfer). For instant process, select credit or debit card payment.
Step 5. Approve the payment and receive the ETH in your Ethereum wallet on Coinbase. That is all.
Having finished all, congratulations as you have an investment to “hold unto” till the time appointed you want to sell out and make profits.
That is pretty much it on how to buy and invest in Ethereum in Nigeria and any country in the world. It’s the same steps.
Over to you. Have you invested yet in Ethereum? If yes, let’s have your views in the comment section.