Ripple coins are cryptocurrencies used for making fast payments online worldwide. I will be updating more articles on cryptocurrencies and their uses and how to start mining them and also trading them.
Buying ripple coins in Nigeria is pretty difficult and may seem impossible for Nigerians especially those who do not know what cryptocurrency is all about. This was what I had to go through before understanding it fully. I will try to break it down step by step in order for you to understand. If you really want to know what cryptocurrency is all about, please do not rush in reading this article and also make sure you consume many contents relating to it before you delve into it.
Table of Contents
What is a Ripple Coin?
A ripple coin is a type of cryptocurrency that is used for making fast payments online however, this has not been generally accepted by the governments of different countries.
If Ripple coin is not accepted, why buy it?
There are many reasons why you need to buy ripple coins because in the future you will use them for making payments across borders of countries without any significant charge and it is faster than wiring money that may take so many working or business days before you get it in your domiciliary account not to talk of the stress you have to go through it in order to open a domiciliary account such as getting referees and the minimum deposit. Banks also charge very high that sometimes the charges are even higher than the amount you intend to send.
What ripple and some other cryptocurrencies do is that they reduce the amount of time it takes to transfer money across borders and also significantly reduce the charges. Take for instance; it takes about 30 seconds to transfer money to any country of the world from any other country and the fee can be less than a dollar.
Why buy ripple coins instead of other cryptocurrencies?
There are many reasons as to why people buy cryptocurrencies and most of the time it is intended for money making. Speculators and investors are all into it. Some people buy cheap coins with the hope that the price will go up and they will sell at higher prices and make money; some buy in order to use it to purchase goods and services online.
How can I make money with ripple after buying it?
Ripple coin is promising because it helps banks send their customers money across borders within seconds instead days. Even though the first cryptocurrency known as Bitcoin was intended for this same purpose, it seems as if with growing number of transactions, it takes hours in order to confirm payment which is gradually defeating the aim to which it was created because of this, Ripple was made to solve this problem and it is specifically made to help in making payments unlike other coins that are almost similar. Ripple coin seems to comply with what the government want and is likely to be accepted than other cryptocurrencies; hence, when you buy ripple coin today which is cheaper, it is likely to increase in price in the future and you can sell it at a higher price which is speculation. Or you can buy it and use it to purchase some services online.
How can I buy Ripple coins in Nigeria?
You can buy ripple coins in Nigeria by following these steps. Please note that I am specifying Nigeria because it seems we are at the bad end of almost everything done online whereby some countries seem to see us as being fraudsters of which most times we are not. Not every Nigerian is a fraudster and not all people even in the least corrupt countries are sincere.
The popular exchange websites (known as Exchanges) that can help you buy coins, sell them and also withdraw into your bank account when you sell do not allow Nigerians such as Coinbase.com; you will be left wondering online as to where to buy and also withdraw when you sell.
Step by step guide on where to buyRipple coins in Nigeria
- Register on Binance.com (a popular exchange which allows you to exchange one cryptocurrency for another one)
- Register again on Luno.com (this website allows you to deposit money into your account on their website(known as a Naira Wallet) after which you can use the money in your naira wallet to buy either Bitcoin or Ethereum and the equivalent amount will be sent to credited into your Bitcoin wallet (Bitcoin account) or Ethereum wallet.
- You can then send the Ethereum or Bitcoin from Luno.com to Binance.com
- When sent, you can then buy Ripple coins on Binance.com using the cryptocurrency you sent from Luno.com
- The same process is used when you want to withdraw into your bank account in Nigeria, but this time, you will sell your coins on Binance and send the ethereum or bitcoin to Luno.com and convert it into your naira wallet and withdraw to your bank account.
All these processes take seconds to send and receive and also withdraw. Before understanding the whole concept of this, just make sure you read wider and watch different videos in order to fully understand it and then make use of small amount of money to test how you can send and receive different types of cryptocurrencies.
You must be very careful when dealing with cryptocurrencies because they are called cryptocurrencies not for fancy but for the fact that whatever you do is you and you alone this means that the information is encrypted and no one can help you when you lose the information such as passwords to your wallets that contain your cryptocurrency; when you lose your wallet, no one can help you recover the wallet or password and you will lose all the money in it. This must therefore be taken with all seriousness.
You should also note that just as there is minimum initial deposit in bank, there is also an initial deposit on ripple wallet – before your ripple wallet becomes active for you to receive and send ripples in it, you must first depositinitial 20 ripple coins before the wallet can start receiving and sending ripple coins.