The word cryptocurrency is quite popular among people. The first thing that comes to mind after hearing the word cryptocurrency is Bitcoin. You would have experienced it on your own quite a few times. Even after being common, Bitcoin is not the only type of cryptocurrency. Cryptocurrency is a type of currency that has virtual existence and can be used to buy items from the sites that allow the transactions.
A brief introduction to cryptocurrency
Cryptocurrency is a word for digital currency. A currency peer-to-peer physical existence and no control of any government. Blockchain is a database that holds information about transactions of cryptocurrency.
The information shared on the blockchains is in the form of blocks. The mining process refers to solving the mathematical equations for creating bitcoins. It helps in the addition of the block in the system. The storage units of Crypto are called Crypto wallets.
List of the most used cryptocurrency
Bitcoin
Bitcoin, which is very popular among users, was the first type of cryptocurrency. It was first founded in 2009.
Ethereum
Ethereum is the second most popular Cryptocurrency and was developed in 2015. The blockchain of Ethereum it’s called ether.
Litecoin
The working of the currency is similar to that of Bitcoin. The feature of the currency is fast payment.
Most effective methods to buy cryptocurrency in Nigeria
Different types of transactions are used to buy cryptocurrencies like payment systems, centralized exchanges, decentralized exchanges, and peer-to-peer transactions. The popular methods of Cryptocurrency in Nigeria are centralized exchanges and Peer-to-Peer transactions.
Centralized exchanges
This includes buying a coin in exchange for a format or some other cryptocurrency. The fees of trading can be fees.
Peer-to-peer transaction
The method of buying crypto like Bitcoin using banks and other such payments comes under Peer-to-Peer transactions. The connection is between a buyer and a seller. The transaction is direct without the involvement of the central body.
Which are the top places for Cryptocurrency transactions in Nigeria?
- Binance
Binance is a global-level trading platform for Cryptocurrency. There are two ways to exchange coins using Binance. The ways are peer-to-peer and order-booked. The exchange is using Niara. It offers low trading fees. They provide multiple options for Cryptocurrencies.
- Bitpapa
Bitpapa is a global-level trading platform that uses the method of peer-to-peer. The list of Crypto that can be exchanged using this platform is Bitcoin, Monero, Ethereum, etc. This platform can be used for transactions of Cryptocurrency in Nigeria using Niara. The trading fees for this platform are zero.
- NiaraEx
The platform has four types of currencies and works in Nigeria. The exchanges using this platform are instant conversions between Niara and Cryptocurrency.
What are the benefits of using Bitpapa?
- There are no trading fees. Both sellers and buyers can carry out the transaction with no fees.
- The trading of Crypto is safe. The transaction done using this platform are safe.
- There are over 100 ways of payment that include Niara, Gift cards, Pay pal, etc. Android and iOS both support all the interfaces necessary for transactions.
