October 6, 2022
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Cryptocurrency

Trading Ethereum In Nigeria – Everything You Need To Know

Ethereum is proven to be one of the most profitable technological investments ever. It was founded in 2014 and has since risen to become the world’s second most traded cryptocurrency, after Bitcoin.

Ethereum was the first blockchain to offer extensive Smart Contract features, and it was first introduced in January 2014 by Vitalik Buterinn and his team with the purpose of constructing decentralized apps.

What exactly is Ethereum?

Ethereum is a public, open-source, blockchain-based distributed computing platform that gave rise to the cryptocurrency Ether. The Ethereum platform generates the blockchain for Ether, a cryptocurrency.

Trading Ethereum In Nigeria – Everything You Need To Know.
Trading Ethereum In Nigeria – Everything You Need To Know.

After Bitcoin, Ether became the second most valuable digital currency in July 2015. Ethereum split into two blockchains in 2016: Ethereum Classic (“ETC”) and Ethereum (“ETH”). Both markets are active, however this essay will focus on Ethereum trading (ETH).

To give you a clearer idea of what Ethereum is, it’s an open source network that’s much more than just a digital money.

What is the best way to trade Ethereum in Nigeria?

To buy and sell Ethereum’s Ether (ETH) cryptocurrency in Nigeria, you’ll need to use a cryptocurrency exchange, an internet broker, or a local broker, just as with other cryptocurrencies. You must first obtain a unique crypto wallet in order to engage in ETH transactions and store your cryptocurrency once you have decided to purchase and sell ETH.

Your crypto wallet address is similar to an email address, with the distinction that you can use it to pay for goods and services as well as receive payments and presents. Your crypto wallet can be accessed from your desktop, laptop, tablet, or smart mobile device once it has been downloaded.

Buying Ethereum’s Ether or Ethereum Classic (ETC) cryptocurrency in Nigeria appears to be very simple, but the broker or exchange you choose is crucial.

In three easy steps, you may purchase Ethereum.

You’ll need to go through the following procedures regardless of which exchange you choose to buy Ether.

The first step is to obtain an Ethereum wallet.

You’ll need an Ethereum wallet to store your Ether before you begin the buying procedure. Ethereum wallets come in a variety of shapes and sizes. Hardware wallets are the safest way to keep Ether. You can utilize free software wallets if you’re just getting started with Ethereum, don’t have a lot of Ether to store, or don’t have the money to acquire a hardware wallet.

Step 2: Purchase Ethereum on a cryptocurrency exchange.

One of the most convenient ways to purchase Ethereum (also known as Ether) is to use one of the main Ethereum exchanges. It’s crucial to distinguish between a legitimate Ethereum exchange that will sell you Ether and services like Nairabarter, which just let you to speculate on the market.

Send the Ether to your wallet in step three.

After you’ve purchased Ether, double-check that the coins are in your personal wallet. If you leave your coins on an exchange and the exchange is hacked or goes bankrupt, you may lose your money. You’ll need to send your funds to your Ethereum address for this stage (think of it as the email address for Ethereum).

Conclusion.

Because ether is still a relatively new coin, events connected to its development have a significant impact on its price.

 

Because ether is the second largest cryptocurrency, it’s no surprise that its price and sentiment are heavily influenced by bitcoin’s price and emotion. When learning how to trade Ethereum, it’s important to keep in mind the impact bitcoin can have on price movement.

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