BitcoinCash, a cryptocurrency of much relevance and a true picture of what a peer-to-peer electronic cash system should look like honourably forked away from Bitcoin in 2017 so that the goal of being a real means for transaction between people could be maintained, and to me it has done just that. And since then to (unfortunately) this 2020 we are in, Nigerians find it hard to purchase BitcoinCash securely and without stress. A lot of people do not like going through the cryptocurrency exchanges channels for their BitcoinCash (or any cryptocurrency); most prefer a more instantaneous channel, but fail to identify a secure one.
For new adopters of BitcoinCash, and people who mostly do not know how to use a Cryptocurrency Exchange — a marketplace where users can buy and sell coins (academy.binance.com), purchasing BitcoinCash by fiat currency with peace of mind can be a daunting task. Sadly, in my country Nigeria, where if you mention the word Cryptocurrency, most people — especially the elderly ones — start looking at you with full-blown skepticism, the issue of "How/Where to buy BitcoinCash" or any other crypto coin entirely is very paramount and real (even in 2020). Also, a lot of crypto enthusiasts have been scammed through purported "Trading/Send this & Receive that". And thus, by noticing the sickening trend, I decided to write and publish this article to create more awareness for the Nigerian BitcoinCash Community on how to Buy, Sell, Save/Hodl BitcoinCash and a few other cryptocurrencies (Bitcoin, Litecoin, Ripple, Ethereum) with the Nigerian Naira (₦); and in the scenario you want to convert your assets back to Naira and withdraw directly into your bank account.
Disclaimer: This article is for informational purposes only. No sentence, phrase, word or media contained in this article should be taken as legal or financial advice/endorsement to buy, sell or hodl BitcoinCash or any cryptocurrency. The cryptocurrency space is very volatile and as such you should obtain every relevant information and make your final decision solely by yourself. I (jvseph) will not be held accountable if you face issues while using the service or services contained in this article. Please do a thorough research on your own before using any service.________________________
As earlier stated, a cryptocurrency exchange is a marketplace where users can buy and sell coins. One of the main functions of an exchange is to provide liquidity within a secure and organized trading environment, acting as an intermediary for traders to easily buy and sell their assets while being less susceptible to financial risks (academy.binance.com), and thus enters Luno for Nigerians, South Africans, Malaysians, Indonesians etc.
LUNO: To the Moon 🚀
Luno was founded in 2012 by Marcus Swanepoel and has their headquarters in Singapore. As a secure way for purchasing and managing cryptocurrencies, they started out with Bitcoin, Ethereum, Ripple etc, following the massive success & adoption of Luno and the feedback from users, BitcoinCash was added to their service on 23rd August, 2019 (about 13 months ago).
To begin your crypto journey with Luno and buy BitcoinCash (BCH) easily and securely without going through exchanges, first you have to create your Luno account/wallet. After creating the wallet, you will need to deposit your fiat currency (in this case, Nigerian Naira ₦) direct from your bank account via Bank card or Bank account. To do so:
Locate the Wallet tab and click the NGN wallet
At the top, click Deposit and proceed to pay funds into your NGN wallet via two (2) channels: Bank transfer through Paystack or by Debit/Credit card with PayU.
The amount will appear in your NGN wallet. Easy!
Now, you're actually ready to buy BitcoinCash...
Locate the Wallet tab again, click BCH wallet
Click Buy.
You'll be asked "How would you like to pay?". There are various means (either by Bitcoin, Ethereum, Litecoin) or by NGN wallet balance. Since you want to purchase BitcoinCash by Naira, click on NGN Wallet.
Input the amount in Naira you want to pay/use to buy BitcoinCash and click Next.
You'll see the amount of BCH you'll receive; when you proceed to buy, the said amount is deposited into your BCH wallet instantly! you can then Send it to another BitcoinCash address or "Hodl" it. Easy!
N/B:
You can purchase any of the five (5) cryptocurrencies available — BTC, ETH, BCH, XRP, LTC — for as low as ₦500.00
For advanced users, there is also the in-app Luno Exchange for Trading, where you can place your order, buy at market prices etc.
For in-depth tutorials, help and process on how to use their service, please visit Luno.com
Luno Giveaway 🚀🎉
If you decide to use Luno for your crypto journey, they run a promotional giveaway for every new & already registered member. All you have to do is, register and confirm your email, then locate the Rewards tab and apply this code 7VMSCP before your first transaction, you will receive the Bitcoin equivalent of ₦250.00 into your secure wallet to start your journey.
In the coming weeks, I will also write an article on using another service — Roqqu — for purchasing, hodl'ing or selling Bitcoin, BitcoinCash, Ethereum, USDT, Tron, Ripple, EOS, Binance coin, Hive and Steem very easily using the Nigerian Naira.
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As an added resource for learning, attached below are two (2) YouTube videos I personally find educative for beginners about how to use an Exchange (in this case Binance — the largest cryptocurrency exchange presently).
1. TITLE: Binance Exchange Tutorial 2020: How to BUY and SELL Cryptocurrencies?
Author/YouTube Channel: Young And Investing
Uploaded on: 23rd April, 2020
No. of views (as at the time of publishing this article): 72k
No. of Likes (as at the time of publishing this article): 1.9k
No. of Dislikes (as at the time of publishing this article): 56
TITLE: The Complete Binance Tutorial For Beginners
Author/YouTube Channel: Alexander Lorenzo
Uploaded on: 16th May, 2019
No. of views (as at the time of publishing this article): 60k
No. of Likes (as at the time of publishing this article): 1.4k
No. of Dislikes (as at the time of publishing this article): 104
...and for understanding Candle Stick Charts, I find this video below very informative
TITLE: Candlestick charts: The ULTIMATE beginners guide to reading a candlestick chart
Author/YouTube Channel: The Trading Channel
Uploaded on: 24th September, 2017
No. of views (as at the time of publishing this article): 2,450,945 views
No. of Likes (as at the time of publishing this article): 108k
No. of Dislikes (as at the time of publishing this article): 1k
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...and that's just about it. If any relevant update/upgrade occurs in the future, I will update this article likewise.
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Lead Image: Made with Layout from Instagram.
Gif sources:
Luno charges are too high