After learning about Bitcoin, the next thing that should be on the mind of a crypto investor should be knowing more about Ethereum and how to invest in Ethereum in Nigeria, if you live in the country.
This article will tell you everything you need to know on how to invest in Ethereum in Nigeria.
What is Ethereum?
Before you learn how to invest in Ethereum in Nigeria, you need to know what Ethereum is because learning precedes investment.
Ethereum is a blockchain-based software platform that is used primarily to support Ether- the second-best largest cryptocurrency by market cap after Bitcoin.
Ethereum can be used to send and receive value across the world without the support of a third party.
Ethereum is currently trading at $2008 breaking an all-time high after the price had been steadied for the past month.
Why you need to invest in Ethereum
As said earlier, Ethereum is the world’s second-largest cryptocurrency by market cap. That is, it is the next cryptocurrency created after the almighty Bitcoin.
Like every other cryptocurrency, it operates on a blockchain network that allows for faster transactions without the need for a third party.
To make its service more effective, it introduced Decentralized Apps (dApps) and smart contracts to its system.
Ethereum dApps allows people from different parts of the world to acquire assets without the intervention of third-party- banks.
While the smart contracts give Ethereum the chance to revolutionize computer programming and digital ownership as a whole.
In short, Ethereum network is highly sophisticated and innovative compared to that of Bitcoin.
How to invest in Ethereum in Nigeria
You don’t have to bother too much about this. How to invest in Ethereum in Nigeria is the same process you need to invest in Ethereum in other countries except for the CBN ban that makes investment difficult.
Step 1: choose an exchange
Before you invest in Ethereum, you need to choose the platform you want to trade on. There are various credible exchange platforms but you need to choose the one that suits your need.
Some of these platforms include Binance, Luno, eToro, Paxful and others. Read reviews about each platform before you choose.
Once you’ve decided on the exchange platform you want to use, set up an account and complete your profile.
Setting up an account on most exchange platforms are self-taught as the platform would show you the next step you need to move to.
Step 2: Buy Ethereum
As simple as this may sound, it is not very easy if you are investing in Ethereum in Nigeria.
Normally, you ought to transfer money from your bank account to the exchange platform then use the money to buy Ethereum.
Yes! It used to be simple as that before the Central Bank of Nigeria placed a ban on cryptocurrency.
Due to CBN ban, you need to make a U-Turn by investing through P2P, an alternative to buying directly using a bank deposit.
P2P is a form of trading where the exchange platform connects buyers to sellers with money being deposited into the seller’s account and token sent to the buyer’s wallet.
Buying through P2P is another topic on its own that cannot be sandwiched into this post to avoid mistake and loss of money.
Read more here on how to invest in Ethereum in Nigeria through P2P.
Step 3: Get a wallet
Once you’ve purchased Ethereum, the next thing you need to bother about is how to save. Storage of your asset is more important than buying. Wallets avail you the chance to save your assets.
There are offline and online wallets also called hot and cold wallet. Choose any wallet of your choice.
MyEtherWallet is one of the best platform that provides you with all forms of wallets to save your Ethereum.
Don’t miss important articles during the week. Subscribe to techbuild.africa/blockchain weekly digest for updates.