Here is How to Buy Bitcoin in Nigeria

Nigeria is a booming market for cryptocurrency right now, and here is how to buy bitcoin in the country using some of the leading platforms available.

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How to Buy Bitcoin in Nigeria

When it comes to the selling and buying of bitcoin, Nigeria is at the forefront having the highest Google searches for Bitcoin after the US and ranking top in peer-to-peer transactions. If you are interested in joining the current revolution and being well informed on how you can trade Bitcoin safely in Nigeria, please read on.

What is Bitcoin

According to Bitcoin.com, Bitcoin in the practical sense is money that exists in a digital form.

Bitcoin Price Highlights

The price of Bitcoin is the current price at which bitcoin is being traded. It is determined by the buyer and seller. Despite this, its price varies across exchange platforms such as Coinbase and Binance because of market inefficiencies.

Statista Data Grab

Within the past five years, Bitcoin has witnessed dynamic surges in its value rising to around $1,290 in March 2017, the highest ever it has been before then. This trend continued across the months getting to a peak of $19,783.06 nine months after on December 17, 2017.

Read Also: All You Need To Know About Making Money With Binance Peer-To-Peer Trading In Nigeria

Up till the year 2021, the price of Bitcoin continues to increase with surges and minimal decline along the way. On April 10, 2021, Bitcoin recorded its highest ever price to date some months after Elon Musk and Tesla announced their investments in Bitcoin peaking at above $60,000.

Though the value of Bitcoin in the crypto market suffered a crash to half this price in May 2021 due to rumors of Tesla selling its Bitcoin holdings, the price is still on the high side when compared to how it was a year ago.

The Features of Bitcoin

It is Decentralized

The very first and intriguing feature of bitcoin is its decentralization. This simply means that there is no central power or regulator as the case is with traditional currencies which are designed, issued, and managed by a central authority.

Transparent transactions

Bitcoin transactions are visible to everyone in the digital world of cryptocurrency though Individual Bitcoin assets are concealed to promote privacy and confidentiality which motivates positive trading.

Anonymity

It is to be stated here that the identity of users of Bitcoin remains anonymous and the chances of tracking transactions back to Bitcoin users are very minimal. This is to prevent online robbery or digital theft.

Fast transaction

When compared to other modes of transaction such as bank transactions, bitcoin transactions are faster.

Nonrefundable mode of transaction

Bitcoin transactions are a one-way mode of transaction. Any transaction made from a sender to a buyer cannot be reversed unless the buyer is willing to do so.

Digital Currency

Bitcoin is not a physical currency but a digital one. You can never carry a bitcoin in your purse or pockets in the form of notes or coins, but you can easily carry it on your phone or tablet.

Simple to use

Most of the time, to open and manage a bank account is quite tedious and long. This is not the case with a Bitcoin account. You can set up your account in a matter of minutes.

Value is determined by demand

The value or price of Bitcoin is not fixed like other assets. It depends on market dynamics. The value of Bitcoin is determined by the strength and volume of its demand.

How to Buy Bitcoin

If you are interested in buying Bitcoin in Nigeria and ready to explore the untapped benefits in the world of cryptocurrencies, there are different exchange platforms, brokers, and marketplace that can help you. Below is a guide on how you can go about this.

Buying Bitcoin on Binance

Binance is the biggest cryptocurrency trading platform on earth today, recording up to $2.46 trillion in May 2021 transaction volumes. The platform offers the largest trading base for listed crypto and offers the major trading pairs with leads like BTC, ETH, XRP, USDT, DAI, BNB and BUSD on the P2P front.

At present, to buy Bitcoin in Nigeria using the Binance platform will only be possible using the P2P platform it offers. Firstly, you need to register your new account using this process:

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           You need to sign up for a new account  and complete the KYC procedure
      

·        Your driver’s license, international passport or national ID card will be needed

·        You also need to link a bank account to your profile to use for the transactions

·        You will be notified if your application is successful, and you can start using your new account.

How to buy Bitcoin on Binance P2P  Platform

On the platform, log in to to your account, and navigate to the P2P page from your account dashboard.

  • Locate the  the P2P and express tab and click on your preference
  • With the express tab, the platform matches you with the available sellers on the platform with you deciding
  • transfer the funds to the seller and wait for at lest 15 minutes
  • You will have to click on payment made tab to notify the seller
  • Your BTC will show up on your balance after the seller confirms receipt of payment made.

Buying Bitcoin on the Coinmama Exchange platform

Coinmama as an exchange platform was founded in 2013 with the mission of making simple how Bitcoin (BTC) is traded. The platform has more than 2.9 million users in over 190 countries in the world. It also provides the platform for some users in selected markets to sell their Bitcoin.

How to open an account on Coinmama

  • Go to the sign-up page to create your account. Fill in your email in the allocated spaces as well as your country of residence to get started.
  • Thereafter, click on the verification link sent to your email

Verification

  • Complete the requested form to confirm your identity and safeguard your account.
  • Thereafter, you will be required to upload an ID to approve you for purchase. Choose the ID type you will like to upload based on your country of residence. Take a photograph of the front and back of your ID with your phone camera with all four corners visible and clear image and text, then upload them to your account.
  • Then, write “Coinmama” and date on a piece of paper. Hold the paper and the ID you’ve just uploaded and take a photograph of yourself. Ensure your face, ID, and paper note are visible. Then upload the photo to your account.
  • After successfully uploading, click to submit. Your form and documents will be reviewed by the verification team for verification. If everything is okay, you will be approved to buy Bitcoin online with Coinmama within fifteen minutes.

How to buy

  • Sign in to your account to buy bitcoin. Select the cryptocurrency (Bitcoin) you want to buy and the currency of your choice
  • Select the package of your choice and input your desired amount, thereafter you can tap “buy”
  • Input your selected third party wallet address
  • A confirmatory link will be sent to your email to confirm your wallet address, click on it if it is correct
  • After your payment has been approved and the wallet address confirmed, the coins will be immediately delivered to your wallet.

Buying Bitcoin on the Luno Exchange platform

Luno has been in the cryptocurrency industry since 2013 with transactions worth more than 14 million dollars. The platform has customers in over 40 countries.

Must-Read: FIVE CRYPTOCURRENCIES WITH MORE THAN 10,000% ROI IN 2021

How to open an account on Luno

First, you need to go to the sign-up page to create your account. Similar to that of Coinmama

Verification

  • Complete the requested form by filling in your first name, middle name, gender, date of birth, phone number address, city, and zip code. You can also click on the ‘I’ve confirmed my email’ option in the Luno app. After which you will be automatically verified with the submitted phone number and personal details.
  • If not, you will be required to upload a document for verification (driving license, identity card, or passport). Open the Luno app and sign in, tap Profile on the Menu, navigate to Settings, select Upgrade. The document is required to show your identity number, name, date of birth, and a clear photo.
  • You may also need to confirm your address. To get this done, you will upload a photo or an ID which contains your name, address, residency, and issue date. This ID must not be older than 3 months.

How to deposit

  • Open the Luno app and sign in
  • Select Wallets from the menu
  • Choose your local currency wallet
  • Select Deposit
  • Choose the method with which you’d like to top-up your wallet
  • And follow the on-screen prompts from there

How to buy

  • Verify your identity on Luno.
  • Deposit to your local currency wallet, once it reflects in your wallet, then you can proceed to buy.
  • Thereafter, you can simply tap the specified amount on the homepage screen to buy or specify the amount of your choice. Then pay or make use of Luno Exchange.

Buying Bitcoin on Coinbase

Almost all users begin their crypto journey through Coinbase. The platform has been in the cryptocurrency industry since 2012 with quarterly trade worth more than 335 billion dollars. The platform has more than 56 million verified users, 8,000 institutions, and 134,000 ecosystem partners in over 100 countries.

How to buy on Coin base

  • Sign in to Coinbase. Account creation and verification quite like Coinmama
  • Choose either Buy / Sell on the upper right-hand side.
  • Select the Buy field to choose the asset you’d like to purchase. 
  • Specify the amount you’d like to buy either in crypto or your local currency.
  • Choose your payment method.
  • Click Preview Buy to verify your purchase (you can always click the back arrow to make a change).
  • If your details are correct, click Buy to complete your purchase.

Buying Bitcoin on eToro

eToro is a social trading network founded in 2007. It is among brokers hosted on trusted brokers.ng. You need to register an account on the platform to buy bitcoin.

Opening an account involves:

Uploading a valid ID (ID Card or Passport) and a proof of address (electricity, water bills, etc.), through eToro’s platform. Approval takes less than a day.

To buy Bitcoin on eToro:

  • Select a bitcoin exchange or trading platform, in this case, the eToro trading platform
  • Ensure your account is verified
  • Deposit through your preferred deposit method and buy bitcoin fractionally.

Buying Bitcoin on plus 500

Plus 500 is a trading platform founded in 2008 which allows for the trading of cryptocurrencies among other commodities such as Forex and ETFs.

It is among the brokers hosted on trustedbrokers.ng. Though it is one of the main trading platforms in the United Kingdom, it is not open to customers from Nigeria.

Buying Bitcoin on marketplaces such as Localbitcoin

LocalBitcoins is an escrow service that serves as a crypto marketplace helping to match bitcoin buyers and sellers. Users are free to advertise trades for any payment method they choose. Below are five steps you can follow to buy bitcoin:

Step 1:  Register

Register an account with LocalBitcoins.

Step 2:  Search for advertisements

After registration, go to the main page, and search for offers.

Step 3: Select an advertisement

From the list shown, select offers.

Step 4: Pay the seller

Evaluate the offer and pay

Step 5: Mark payment complete

Click the paid button and the transaction will reflect in the wallet

How to store Bitcoin

In the same way money or cards are stored in a purse or handbag containing a wallet, bitcoins are also stored on the phone or computer desktop hosting a digital wallet whether web-based or on hardware.

Bitcoin Price Outlook

Though Bitcoin has struggled over the past few months, even falling by more than half in April 2021, many analysts that bitcoin may overtake the U.S dollar as the dominant form of global finance by the year 2050 which puts the price of Bitcoin at above $66,000 by the end of 2021.


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All You Need To Know About Making Money With Binance Peer-To-Peer Trading In Nigeria

Binance P2P platform gives sellers of crypto the avenue to meet buyers with no hindrance and fees. It is fast becoming the preferred way to trade crypto in Nigeria.

Nigeria is presently the second leading global center for online searches conducted for bitcoin after America according to recent Google data. The range of uses for cryptocurrencies in Nigeria includes remittance for imports, support for family and friends as well as settlement of other bills.

The unfolding scenario makes Nigeria a huge market for crypto service providers, and with Binance as a formidable global leader, we have set out in this guide all you need to know about Binance P2P, and how it works in Nigeria.

What is P2P trading?

When a trader and a seller get matched on a cryptocurrency trading platform with no intermediary taking custody of fees or value thereof, it is a Peer-toPeer setting at work. with Binance, users of the P2P platform are able to buy and sell crypto with ease using their wallets and bank accounts or agreed payment methods.

What to know before getting started?

  • You need to have a registered account
  • Provide KYC details like proof of ID, BVN, and a phone number
  • Binance holds on to the crypto in escrow till the seller confirms receipt of payment
  • The seller should not release the crypto without confirming that expected payments is received
  • A private messenger is available on the platform for ease of buyer to seller chat or to contact customer support.

All of these above safeguards are necessary to avoid sellers and buyers losing funds to fraud, and the process is credible if adhered to always.

How can you make money with P2P trading?

Any market where there are sellers and buyers offer a chance to make money, and Binance P2P platform is not different.

Many people are online and looking for ways to bypass the forex shortages in the country and cryptocurrencies are a formidable pathway. You can trade NGN, DAI, BNB, BTC, XRP, USDT BUSD and ETH on the platform.

1. Work with clear terms

On your sales page, state your transaction terms in simple and clear terms and be sure to abide by these terms. You can state:

  • Make payment to the recipient provided and send me an SMS
  • Or please send a private message after payment or send an SMS
  • Expected turnaround time is 15 minutes, please be patient

If for any reason you are not able to meet the terms, be prompt to communicate this to the buyer to avoid a dispute initiation.

2. Use a reasonable profit margin

For example, if BTC/USD is 40,000, selling at $40,500 will net you more buyers than using $42,000, this is as there are many buyers and sellers on the platform. Several transactions over a month can earn you up to $4,000 in fees instead of waiting for three months to make a single sale with a high margin.

3. In-demand payment methods are preferable

Whether it is you setting your terms or working with someone who does, you need to stick to in-demand payment methods. Do not make assumptions or vague descriptions.

Be bold to say, “Pay to XYZ Bank only” or ‘’Send cash with a money agent only”. Either way, the funds can only be sent to the account or recipient that you have provided.

4.Be friendly with helping new traders

On the platform, you are going to come across new traders, and they might not be familiar with the processes. If you come across one, be patient and provide some guidance. The Binance P2P platform has a private message function that is free of charge to use between sellers and buyers, you can message the buyer to make clarifications.

5. Be responsive

it is your personal duty to be responsive and make sure that you respond to enquiries in a timely manner to keep good ratings. If more buyers rate you poorly and line up complaints on your profile, you will lose your patronage and be out of business in no time.

How to become a verified merchant?

The process here is simple and you need to adhere to the requirements to be accepted:

  • Open a new account and be registered
  • Be KYC-compliant and at least 18 years old
  • Provide a utility bill as proof of residence
  • Have a fiat bank account in your name with at least $100 or its local equivalent
  • Complete and submit an application form
  • You also might need to shoot a small video, holding your ID card, and an inscription that is required of you in order to validate your ID.

With these steps completed above, you will be able to get an approval to become a seller in Binance P2P platform.

Are there risks in P2P trading?

There is a good chance to make money with the P2P platform and there are inherent risks too that are worth highlighting. The safeguards are also shown side by side.

  • Avoid losses as a seller by refusing to take your trades outside the platform so as not to fall prey to scams. Binance provides escrow account to house your crypto till you have confirmed receipt of funds
  • Take an additional step to log into your banking platform to confirm your buyer’s deposit to avoid releasing crypto when payment is not made
  • Use a second phone number different from your bank alert phone number as unscrupulous people can send fake alerts to your phone perpetuate fraud
  • If a payment claim is made by a buyer and it does not reflect in your account, you can file an appeal to get come information and customer support assistance.

Tips to get more trades

You can get more trades by using these tips:

  • Use your referral code and share on social media
  • Post the link to your seller’s profile on your social media pages or crypto-themed groups
  • Join the Binance Africa/Nigeria Telegram group and you can win some referrals there.

How to buy on Binance P2P Platform

Binance is a cryptocurrency exchange platform that was created in 2017. It also provides cryptocurrency users with wallets to store their cryptocurrencies.

How to open a Binance account

  • Go to Binance and click the “Register” button. 
  • Fill in your email address and select a secure password. If your friend gave you a referral code, you can also input it in the “optional Referral ID” space created.

Verification

  • Follow the steps given for verifying your account by clicking the code sent to your email address or mobile number.
  • You may also be required to upload an ID or document or level 2 identity verification. Please follow all the instructions given for easy verification.

Currently in Nigeria, the easiest way to buy Bitcoin on Binance is the P2P platform , which does not necessarily need you to make a deposit

How to Buy Bitcoin on Binance

Because of the regulations on cryptocurrencies trade by the Central Bank of Nigeria, a new way was devised by exchange platforms such as Binance to make buying Bitcoin easier. This new way is what is called Peer-to-peer transactions or P2P. It connects buyers to sellers directly with no transaction fee unlike other platforms on both app and website.

This method allows you to buy bitcoin from several sellers online. Below are the three steps to follow to buy your bitcoin successfully.

Step 1: Pick your preferred currency and payment method.

  • Click on the P2P section.
  • Select the Buy tab and the BTC crypto. Then click on the filter icon at the top-right part of your screen
  • Select your preferred method and currency. As a Nigerian, you are to select Naira and Transfer via Bank.

Step 2: Make transaction

  • Choose an offer from the offers displayed
  • Input the number of coins you want to sell, choose a payment method, and click on Buy BTC.
  • Thereafter, make a transfer to the seller’s account using the information provided before the time lapses. You may also chat the seller up.
  • Ensure that you send the money to the seller and tap on Transfer next.

Step 3:  Bitcoin transferred to your wallet

  • Click on Confirm. Avoid doing this if you have not made any transactions. (It is a violation of the P2P User Transaction Policy).
  • Thereafter, the status of the transaction will display pending.
  • After the seller can successfully confirm, Bitcoin will be transferred to your wallet.

Start Selling and Winning

You can start selling on the Binance P2P platform with all the insights provided in this guide. Be mindful of the safeguards, and you will be able to make a decent amount of income and ROI.

FIVE CRYPTOCURRENCIES WITH MORE THAN 10,000% ROI IN 2021

The mind-boggling returns posted by crypto projects are eye-opening. Some of the chart toppers are really making a difference.

Photo by Lukas on Pexels.com

A review of top performing coins and tokens for 2021

For an investor, cryptocurrency has the potential to be a great asset class. The notion that this digital currency can be used to store value on a decentralized and distributed basis in the future is very compelling.

Some cryptocurrencies have better platforms for investment due to their exponential ROIs. This guide discusses the top five cryptos that provide the best investment opportunities for investors and traders over a considerable timeframe.

Read Also: How NFTs and Cryptocurrencies Are Making Inroads Globally

Binance Coin (BNB)

Binance is a combination of the terms “binary” and “finance,” which implies that it provides a top-leading crypto peer-to-peer (P2P) exchange for holders within the Binance ecosystem.

Unveiling the BNB Team

The Binance exchange is operated by Beijie Technology, a holding firm founded by ChangPeng Zhao in 2017. Zhao’s partnership with the Binance team, alongside the efforts from the company’s co-founder and CMO, He Yi, has made this exchange a force to reckon with in the cryptocurrency sphere.

BNB’s Selling Point

The Binance Coin, like other cryptocurrencies in development, has a variety of applications outside of the Binance exchange, including credit card payments, trading, booking travel arrangements, payment processing, discounted transactions on the exchange, loans and transfers, investment, and entertainment.

Alternatives to Binance Coin

Binance coin isn’t the only coin out there that takes it home in terms of trading fees, trading volume, compliance, regulations, and asset availability. Other ideal alternatives to this crypto include Coinbase, Uphold, HitBTC, Poloniex, NiceHash, and Kucoin.

BNB Statistics

BNB has a market cap of over $60 billion and a total available coin supply of 153.43 million BNB. It ranks 5th on the cryptocurrency market. The crypto as the default currency of the Binance ecosystem, entitles holders to airdrops of new projects that launches on the Binance Smart Chain.

Another notable factor is BNB’s ROI of 343576.59%. As of the time of this report, the cryptocurrency is worth $405.

IOTA (MIOTA)

Unlike other cryptocurrencies, IOTA doesn’t function as a blockchain. Rather, it is a distributed ledger that runs on Tangle – Its proprietary backbone system.

It comprises nodes implemented towards confirmation transactions on the network. Hence, Iota has faster transaction speeds, compared to the traditional blockchains. This feature and many more places the crypto at the forefront of digital currencies in the IoT ecosystem.

IOTA Team

Iota is co-founded by four individuals, namely David Sønstebø, Serguei Popov, Dominik Schiener, and Sergey Ivancheglo. Serguei Popov, IOTA’s Foundation’s director of research is also a board member of the company, while Schiener and Sønstebø are co-chairmen of the board of directors.

IOTA’s Selling Point

The IOTA network provides secured transaction, but with a difference. It gets rid of the implementation of blocks.

According to David Sønstebø, “IOTA is designed to provide one solution that no other crypto does: efficient, secure, lightweight, real-time micro-transactions without fees.”

IOTA’s Alternative

The following cryptocurrencies are ideal replacements for IOTA, when factoring in instant transactions, real-time transfers, currency agnostic, transparency, fast P2P transactions, and Coinbase trading: Nano, Ripple, ZCash, and Stellar.

IOTA Statistics

IOTA has a total coin supply of more than 2.7 billion MIOTA. Its ROI sits at 218466.67%. In 2019, Bitrue users witnessed 7,000 IOTA airdrop shared on the network. At the moment, there is no news on the next airdrop. Currently, the cryptocurrency is worth $1.25.

Ethereum

Ethereum is an open-source, decentralised finance (DeFi) blockchain technology. Its coin, Ether (Eth), is used to conduct secured transactions on the network.

Ethereum serves as a platform for a variety of cryptocurrencies. This ecosystem also allows for decentralised smart contract execution.

Ethereum Team

Ethereum was co-founded on July 30, 2015, by eight individuals, namely Gavin Wood, Vitalik Buterin, both of whom were ETH original authors, Charles Hoskinson, Anthony Di Lorio, Joseph Lubin, Mihai Alisie, Amir Chetrit, and Jeffrey Wilcke.

Ethereum’s Selling Point

According to Gavin Wood, the Eth blockchain serves as “one computer for the entire planet.” This implies that the blockchain creates a robust, censorship-resistant ecosystem for holders and investors.

Ethereum’s Alternative

The following platforms provide ideal alternatives to Ethereum: IBM Blockchain, Azure blockchain workbench, Kaleido blockchain, Amazon Quantum Ledger Database (AQLD), and Hyperledger.

ETH Statistics

There is a total of 116,125,822 ETH coin in supply, and at the moment, the crypto is worth $2,766.70. It also has an ROI of 96440.92%.

Stratis (Strax)

The Stratis network comes fully packed with several features that make transactions quicker and more secure. They include a proof-of-identity model, private sidechains, smart contract deployment, and full node operation.

The blockchain is powered by STRAX, used for payment and smart contract execution.

Users can create crypto wallets on the exchange and access consulting services via the Masternode.

Stratis Team

Strax’s existence is attributed to Chris Trew, the brain and founder of the enterprise-based blockchain. A C# programmer and IT expert, Trew created the Stratis BaaS platform based on the Bitcoin (BTC) protocol.

Stratis Selling Point

Financial service companies and other organisations can use the Stratis platform to test, develop and deploy DApps without having to worry about network security and operating expenses.

Stratis does so by allowing enterprises to create permission-granted, private sidechains that interface with the main chain, as well as host decentralised apps, execute smart contracts, and use other privacy and identity verification features.

According to its whitepaper, this technique allows businesses to utterly personalise their platforms without the constraints of depending on a big blockchain like ETH or BTC.

Stratis Alternative

Ideal alternatives to STRAX include Tron (TRX), EOS, Bitcoin Cash (BCH), and Litecoin (LTC).

Stratis Statistics

The Stratis BaaS platform has a total of 131,860,808 STRAX and an ROI of 11156.53%. Each coin is currently worth $1.55. So far, there are a total of 100,000 STRAX available to airdrop users.

Bitcoin (BTC)

This list will be incomplete without discussing Bitcoin – the pioneer of cryptocurrencies. This DeFi exchange provides P2P transactions devoid of intermediaries.

It implies that users on the network can send and receive BTC securely. Based on the founder’s views, the exchange creates a platform where “online payments can be sent directly from one party to another without going through a financial institution.”

The BTC coin may be used to acquire physical assets, and crypto traders may trade on the exchange as well.

Recommended: With Companies Investing In Bitcoin, Here Are The Likely Areas of Impact You Need To Know

Bitcoin’s Team

The real identity of Bitcoin’s founder still remains a mystery to date. Although to the general knowledge, the founder goes by the name Satoshi Nakamoto, there is a divided school of thought that this name might belong to an individual or a group of people using it as an alias.

Even though it was founded in January 2009 by Satoshi, several groups of developers have contributed to making the exchange a robust and secured crypto ecosystem for holders, investors, and traders.

Bitcoin’s Selling Point

The fact that Bitcoin was the first cryptocurrency to exist on the market gives it a distinct edge. At the moment, the cryptocurrency market is worth over $300 billion, thanks to the emergence of BTC.

The creation of the first cryptocurrency provided a conceptual and technological foundation for hundreds more competing ideas to follow.

It has also succeeded in establishing a worldwide community and spawning a completely new economy of millions of users who produce, invest in, trade, and utilise Bitcoin and other cryptocurrencies consistently.

Bitcoin’s Alternative

Crypto users who want to invest in other cryptocurrencies, other than Bitcoin, can purchase the following coins: Ethereum, Litecoin, Ripple, Dogecoin, Lisk, MaidSafeCoin, and Dash.

Bitcoin Statistics

Bitcoin has a maximum supply of 21 million BTC and a total supply of 18,724,856 BTC. Currently, one BTC is worth $37,929.96. Investors can purchase a handful of BTC coins as the crypto has an ROI of 28040.65%.

In Conclusion

Cryptocurrency is an excellent long-term investment alternative. It is important to note, however, that trading is not without risks.

Other than that, you may make financial transactions on the marketplaces discussed in this guide and grow your portfolio.

How Yield Farming Works With MoonSwap

DeFi has shown people around the world that crypto investing can yield good returns. Here is how yield farming works on Monnswap.

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MoonSwap is an amazing DeFi project comprises an AMM dex that offers holders and traders significant profit-making opportunities. It runs on Ethereum layer 2 and comes with benefits, like zero gas fee and fast transaction processing.

Since becoming an innovative, workable product in 2021, MoonSwap is predicated on an execution timeframe of 20 seconds or less, thanks to the implementation of Conflux’s Tree Graph (TG) technology.

With a one-click process, you can convert your Ethereum tokens to MoonSwap tokens, also known as $MOON. Joining MoonSwap protocol comes with significant incentives. As such, liquid providers consider this AMM DEX their haven to make profits, including MoonSwap tokens, also known as ERC20 assets.

Read Also: How MoonSwap Works

Profiting Opportunities Available on MoonSwap

Holders can avail themselves of MoonSwap profit opportunities via different means. They can become MoonSwap LPs (PLPs) and earn MoonSwap tokens, transaction fees, highly appreciating FC (offered by the Conflux community), and tokens from MoonSwap’s airdrop partners. As the community expands, more incentives will come into the scene.

Farming with MoonSwap

MoonSwap can yield huge returns annually. However, you need to be a pool provider. But you cannot be if you don’t have a Web3 wallet. Hence, you can create an account with any of the following:

This wallet is what you use to move your Crypto token to the Conflux blockchain. You can get a ConfluxPortal extension. Using this extension, select the address located at the top-right area of the homepage. This will redirect you to the exchange page, where you can move your tokens. for example from ETH to cETH.

When conduction transactions on the blockchain, you do not have to pay any fee. The network takes care of that. Click approve to grant authorization on the transaction.

Becoming a Liquidity Provider (LP)

Adding liquidity to the pool is a simple process. To get the most profit, you have to be the first person to join the pool. As such, when other members conduct transactions in the pool, you earn significant profits.

However, joining the pool requires two equivalents of the tokens needed. For example, you need an equivalent of 1 ETH in USDT, which is around 2473.

Once done, you can confirm the transaction to move part of your asset to the pool. By doing so, you become an LP. Your fee income can be pegged at 0.3%. Joining the pool as the first LP gives you access to 100% of the pool’s gains. But there are risks as well, which you should take note of.

Also Read: This Is How The Celsius Network Works

Farming in the Pool

Available pools fall under Conflux, Ethereum, and the basic farm where the $MOON balance is displayed. If you have $MOON-Ethereum pair in the LP pool, you can earn tokens (PLP).

Claim your accumulating $MOON token at a zero-gas fee. Connect your Ethereum wallet to the MoonSwap to harvest your accumulated tokens automatically. Understand that farming on Conflux is easier and cheaper than on Ethereum.

How to Buy $MOON

To purchase your MoonSwap tokens, you should visit the Ethereum mainnet. Once on the platform, enter the activated token address (contract):

Some untrusted sources provide fake tokens. As such, be mindful of your transactions. It is important to have enough ETH balance in your wallet. If you do not have a wallet, create one. You will use your Ethereum wallet to make payments and also get the MoonSwap. Visit a reliable exchange, like Uniswap or Binance to get MoonSwap.

How to Trade Your Coins

You need a reliable crypto exchange to sell your coins. Some exchanges have huge trading volumes and active users that conduct transactions daily. Look for those with MoonSwap listings and register. Being on such platforms provides you with the opportunity to conduct transactions anytime. They also come with excellent trading opportunities.

Farming and investing in pools come with high risk. There may be financial losses, especially if the token is of a losing price over time. Also, there is a 0.3% trading fee. 0.25% of it goes to the liquid provider, which 0.5% is used to purchase $MOON from MoonSwap. As such, the $MOON can be destroyed.

Flowing from the above, you have to understand the risks before investing – all investments come with specific levels of risks. But above these factors, there are high potential rewards as well.

The Bottom Line

As a recap for individuals who want to farm on MoonSwap, visit the mining page and select the mining pool you want (if you are not creating one). Hold the PLP token that corresponds to the pool. Mine and stake the MLP token.

Your mining process has begun. You can “stake” and “unstake” your accumulated tokens and harvest them to your Conflux wallet. Once, you have understood the risk, reward, and process, you can decide if this DeFi is worth embarking on.

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How NFTs and Cryptocurrencies Are Making Inroads Globally

NFTs are making their mark around the globe alongside cryptocurrencies in a near-equal manner, traversing hitherto unexplored heights.

Photo by Karolina Grabowska on Pexels.com

NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends.

Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.

NFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible). One NBA Top Shot clip, for example, is not equal to what is the norm; simply because they’re both NFTs. (One NBA Top Shot clip isn’t even necessarily equal to another NBA Top Shot clip, for that matter.)

To understand how creative works get tied to NFTs, one has to understand exactly how an NFT functions. NFTs are unique crypto tokens that are managed on a blockchain.

The blockchain acts as the decentralized ledger that tracks the ownership and transaction history of each NFT, which is coded to have a unique ID and other metadata that no other token can replicate. This process gives NFTs the attributes of originality and scarcity that makes them so attractive when coupled with digital media.

NFTs are coded with software code (called smart contracts) that governs aspects like verifying the ownership and managing the transferability of the NFTs. Like any software application, NFTs can be further programmed beyond the basics of ownership and transferability to also include a variety of other applications and functionality, including those linking the NFT to some other digital asset.

Read Also: How NFTs Fared in 2020 And All The Insights You Need To Know

For example, a smart contract could be written to automatically allocate a portion of the amounts paid for any subsequent sale of the NFT back to the original owner, thus giving the owner an ability to realize the benefits of the secondary marketplace. (For more information, see the proposed EIP-2981 standard for handling royalty payments for ERC-721 tokens.)

Thus, when someone makes (or “mints”) an NFT, they are writing the underlying smart contract code that governs the NFT’s qualities, which are added to the relevant blockchain where the NFT is managed.

Many blockchains can be used to manage NFTs, including Ethereum (with its long established ERC-721 and ERC-1155 smart contract standards), Flowchain, and Wax, all of which use a similar process. Notably, certain NFT marketplaces only function with certain blockchains, and so the choice of blockchain to use for an NFT can have real commercial implications for the seller

Creating an NFT

NFTs exist on a blockchain, which is a distributed public ledger that records transactions. You’re probably most familiar with blockchain as the underlying process that makes cryptocurrencies possible.

An NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including:

  • Art
  • GIFs
  • Videos and sports highlights
  • Collectibles
  • Virtual avatars and video game skins
  • Designer sneakers
  • Music

Even tweets count. Twitter co-founder Jack Dorsey sold his first ever tweet as an NFT for more than $2.9 million.

Essentially, NFTs are like physical collector’s items, only digital. So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead.

They also get exclusive ownership rights. That’s right: NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata.

Read: Cryptocurrencies, Ethereum and The Future

Putting NFTs To Work

Blockchain technology and NFTs afford artists and content creators a unique opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits.

In addition, artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.

Art isn’t the only way to make money with NFTs. Brands like Charmin and Taco Bell have auctioned off themed NFT art to raise funds for charity. Charmin dubbed its offering “NFTP” (non-fungible toilet paper), and Taco Bell’s NFT art sold out in minutes, with the highest bids coming in at 1.5 wrapped ether (WETH)—equal to $3,723.83 at time of writing.

An NBA Top Shot generated more than $500 million in sales as of late March. A single LeBron James highlight NFT fetched more than $200,000.

Even celebrities like Snoop Dogg and Lindsay Lohan are jumping on the NFT bandwagon, releasing unique memories, artwork and moments as securitized NFTs.

How to Buy NFTs

If you’re keen to start your own NFT collection, you’ll need to acquire some key items:

First, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts.

You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You’ll then be able to move it from the exchange to your wallet of choice.

You’ll want to keep fees in mind as you research options. Most exchanges charge at least a percentage of your transaction when you buy crypto.

Popular NFT Marketplaces

Once you’ve got your wallet set up and funded, there’s no shortage of NFT sites to shop. Currently, the largest NFT marketplaces are:

OpenSea.io: This peer-to-peer platform bills itself a purveyor of “rare digital items and collectibles.” To get started, all you need to do is create an account to browse NFT collections. You can also sort pieces by sales volume to discover new artists.

Rarible: Similar to OpenSea, Rarible is a democratic, open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform enable holders to weigh in on features like fees and community rules.

Foundation: Here, artists must receive “upvotes” or an invitation from fellow creators to post their art. The community’s exclusivity and cost of entry—artists must also purchase “gas” to mint NFTs—means it may boast higher-caliber artwork.

For instance, Nyan Cat creator Chris Torres sold the NFT on the Foundation platform. It may also mean higher prices — not necessarily a bad thing for artists and collectors seeking to capitalize, assuming the demand for NFTs remains at current levels, or even increases over time.

Although these platforms and others are host to thousands of NFT creators and collectors, be sure you do your research carefully before buying. Some artists have fallen victim to impersonators who have listed and sold their work without their permission.

Last Words

The verification processes for creators and NFT listings aren’t consistent across platforms — some are more stringent than others. OpenSea and Rarible, for example, do not require owner verification for NFT listings.

Buyer protections appear to be sparse at best, so when shopping for NFTs, it may be best to keep the old adage “caveat emptor” (let the buyer beware) in mind.

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