A Practical Guide On How To Make Money From Buying And Selling Ethereum In Nigeria
At the turn of 2018, cryptocurrency experienced a slight dip. There were lots of factors that contributed to this. You could look at the influence and propaganda of banks, proliferation of coins and so many other factors. That notwithstanding, people still make money from buying and selling Ethereum and other cryptocurrencies in Nigeria.
You see, the future of digital currencies and blockchain is still intact and very bright. The potentials of cryptocurrency are increasing daily and you can be rest assured that despite the fluctuations, with the right set of information, you can always make money from buying and selling Ethereum.
Related: 8 benefits of blockchain to industries away from cryptocurrency
Every day, people search on a variety of issues regarding Ethereum. They include; how to make money investing in Ethereum, how to sell Ethereum, how to sell Ethereum for cash, buy Ethereum, Ethereum price, coinbase buy and sell and how to buy and sell Ethereum.
The above searches and more will be treated in parts or in whole in this article.
What is Ethereum?
As at the time of publication, Ethereum is the second most popular and valuable digital currency in the world after the supposed almighty bitcoin. You should know that bitcoin price almost reached $20,000 mark last year. It has a market capitalization of 63 billion US dollars.
Related: Top 5 best cryptocurrency wallets in US, UK, Nigeria, and India in 2018
The name of the token is Ether(ETH). From a technical perspective, it is this token that you buy and not Ethereum. At the inception of 2018, there came a massive blow to crypto and it has led to serious fluctuations in Ethereum. It is always between $600 and $900
The understanding of the working principles of this concept is very important if you will make money from buying and selling Ethereum. For one, you need to have a digital wallet to effectively secure your coins.
At the end of this post, you should be learning
- How to buy and sell Ethereum in Nigeria,
- Buy ether in Nigeria,
- How can i buy Ethereum in Nigeria,
- Sell Ethereum for naira,
- How to sell Ethereum in Nigeria,
- Ethereum exchangers in Nigeria,
- Buy Ethereum with naira
- Buy bitcoin in Nigeria, etc.
How to Create an Ethereum Wallet
An Ethereum wallet is very important. It is like your account number in banks and you store your coins there. The truth is that there are many platforms to choose from but you need to know the platforms that are the most used in Nigeria and more importantly, are most secure.
I want to share some of the platforms here. Edom of Start Up Tips Daily was very concise in his analysis of these platforms. Perhaps you should look at them exactly the way he wrote them. To him,
To create an Ethereum Wallet in Nigeria, use one of the following avenues:
1). Top Cryptocurrency service providers in Nigeria that offer you the opportunity to own and control an Ethereum Wallet:
- jost.com
- luno.com
- eth.remitano.com/ng
- localethereum.com
These digital currency service providers all offer multi-cryptocurrency auto-generated Wallets with a high level of security. This means you do not have to create a separate Ethereum Wallet to securely send/receive or store your coins. Visit any of them today to register and access their services.
2). Blockchain.info – Blockchain.info now offers a multi-platform cryptocurrency wallet for free. You can now send and receive Ether (ETH), Bitcoin (BTC) and BitcoinCash s(BCH) in a simple, seamless, and secure way. To create an e-wallet, you will be required to provide:
- An e-mail address
- A secure password
You will then receive an account verification e-mail after which you will be provided with a unique Wallet ID once the e-wallet is set-up. Blockchain.info wallet is available for desktop and mobile. Click Here to setup your Blockchain e-Wallet.
3). MyEtherWallet:
This is another popular open-source wallet which offers quality and secure services. To create an Ethereum Wallet, you can follow the steps below:
- Visit myetherwallet.com
- Create a New Wallet
- Download and keep your keystore file safely for security reasons.
- Backup your private key securely
- Use your saved keystore file or private key to gain access to your new wallet
Creating a Wallet is the first step. The next step is funding your wallet and executing transactions with Ether (ETH).
If you follow the above steps, you will definitely have a wallet that will enable you to make money from buying and selling Ethereum in Nigeria.
Related: How to make money buying and selling bitcoin in Nigeria
The Platforms you can Make Money from Buying and Selling Ethereum in Nigeria
Some of the platforms to buy and sell Ether are as follows:
This is a peer to peer digital currency exchange platform created in 2016. Ethereum was introduced by this platform in 2017. The platform has made it possible for users to trade Ethereum at low rates.
The good part is that the platform allows you deposit local currency into a naira wallet to enable you to facilitate transactions. There is usually no need for an external e-wallet when you are buying Ether through Reminato. This is because; an Etherum wallet is usually integrated into your Reminato account at the time of setting up.
For more emphasis on the working principles or mechanism of Ethereum on Reminato, below is how Edom conceptualizes it;
- Reminato will link you up with a prospective buyer or seller that you have chosen from the pool of available Ethereum traders.
- Uses Escrow Smart Contract and end-to-end encryption to facilitate and secure transactions between you and a buyer or seller after you both might have agreed on terms of trade.
- Ethereum is deposited in escrow by the seller and the equivalent amount in Naira is also deposited in escrow by the buyer which provides a proof of payment from both parties.
- Seller confirms payment and escrow is released.
- The equivalent amount of Ether you have sold in Naira will be sent to the local bank account you have provided and the equivalent amount you have purchased will be sent to your Ethereum Wallet.
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Luno
Luno is another platform that allows you make money from buying and selling Ethereum in Nigeria. It is quite popular in the country. It offers convenience and security and you can transact with ease on Luno.
It is also available on mobile for ease of transaction and proper account management. The transactions here are usually between you and Luno.
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Local Ethereum
Localethereum is another global peer-to-peer marketplace where you can make money from buying and selling Ethereum Ether. It also utilizes the Escrow Smart Contracts to hold funds until transactions have ended. Its operating methods are similar to that of Reminato.
The other platforms you can trade Ether are Localbitcoins and NairaEx.
The Ways to Make Some Profit From Ethereum (ETH) in Nigeria
There is really no need buying and selling something if you don’t make profits. The truth is that it one thing to make money from something and another thing entirely to make profits from that same thing.
There are two major ways you can make profits from Ethereum trade. You can either become a speculator or you become an Ethereum merchant.
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Become a Speculator – Buy and Hold
Undoubtedly, Ethereum has made giant strides in the past three years. It has risen from $1 to over $600 in just three years. That is quite huge in my calculations.
The most popular strategy for investing in Ethereum is to buy and hold. The idea is to buy as many units as you can afford through any of the platforms above, leave it in your wallet and watch it increase. Then you can sell when the value is high enough in your estimation. you can learn how to start trading Bitcoin, Ethereum and other cryptocurrencies from Bittrex.
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Become an Ethereum Merchant
Here, you don’t have to hold anything. It is like a normal everyday business. All you look out for are cheap coins and you sell when the price increases. Cryptocurrencies generally are volatile and the fluctuations are legendary.
You can make a whole lot of money by becoming an Ethereum merchant. Just buy when the price is low and sell when the price increases. It seems pretty simple.
In conclusion, you should know that the knowledge of what you do will definitely give you a chance at success. get knowledge, people, and in all your getting, get understanding. You are born a millionaire, don’t die a poor man. All the best people
