EASY WAY TO MAKE MONEY IN NIGERIA FOR NIGERIAN YOUTHS

Today we are going to be using LUNO for trading Bitcoin and Ethereum

What is Bitcoin?


Many people believe Bitcoin to be very complicated, when in fact it’s a lot more simple and intuitive than what most people think. This series aims to help everyone get a grasp of the basics, and over time also present further learning opportunities for those that want to know more.

Bitcoin is often explained by comparing it to something specific people already know, but this is often what creates a lot of confusion. Bitcoin is a new technology that is unlike anything we have seen before, so a better way to think of it is as a combination of a few different things we are already used to:

Firstly, because it allows you to move money so easily, Bitcoin functions as a payment system, similar to bank transfers or credit cards, only a bit better.

Second, Bitcoin is in some sense similar to gold - that is why many people even refer to it as ‘digital gold’ or ‘Gold 2.0’. Think of it as using gold for money, except it also very easy to move.

Third, Bitcoin is like the internet in that no single person or entity controls it, so anyone can pretty much use it as they like. This gives it some very unique characteristics.

These three characteristics also reinforce one another, so they are all interwoven. But more on all of this in the next few sections. For now, just imagine what would happen if you took a big pot and threw in a credit card, a piece of gold, and a hint of ‘internet’ - mix it all up - and pull out a brand new compound - Bitcoin!

How to buy cryptocurrency in four easy steps

Step 1: Sign up with Luno
Visit their signup page to create a Luno account.

Step 2: Verify your identity
See LUNO detailed guide to having your identity verified.

Step 3: Deposit money into your Luno wallet
Refer to the guide on how to add money to your Luno wallet to buy cryptocurrency.

Step 4: Buy cryptocurrency
Refer to the buying cryptocurrency guide to purchase your cryptocurrency
How do I buy or sell cryptocurrency with Luno?

To buy cryptocurrency with Luno you would first need to have verified your identity, a simple process to let us know it’s you who is using your Luno account.

Next, you will need to make a deposit. When you sign up for Luno you receive:

1. A local currency wallet (for example, a wallet that holds € if you’ve been verified to use Luno in the EU)


2. A cryptocurrency wallet that holds currencies such as Bitcoin.
Your deposit will be made to your local currency wallet, and once that money reflects you will be able to buy cryptocurrency with that balance. Once the cryptocurrency has been bought it will be stored securely in your cryptocurrency wallet.

This is the standard way to buy cryptocurrency with Luno. Learn more about making a deposit before you buy cryptocurrency.

If you already have a balance in your local currency wallet you will be able to immediately buy cryptocurrency by simply tapping on the amount you’d like to buy from the Home screen—or specifying your own amount—then following the steps to pay. You’ll instantly have cryptocurrency in your Luno wallet.

Alternatively, you can buy cryptocurrency directly with your credit card, debit card or with Google Pay. If you do not yet see the feature to instantly buy cryptocurrency using this method, please be patient as we are continually expanding to new regions.

Another way to buy cryptocurrency is by using the Luno Exchange, an advanced feature available only for Bitcoin and customers in South Africa, Malaysia, Nigeria, Indonesia and Zambia.

Using the Luno Exchange you are able to place limit orders. This allows you to select a price at which you want to buy your Bitcoin, and this order stays pending until the market (a Bitcoin seller in this case) reaches your price.