Ad Code

Binance Nigeria Tutorial (Step-by-Step Tutorial) With Screenshots

 


how to buy and sell bitcoin on binance ethereum bnb usdt



In this Step-by-Step Binance tutorial, I'll show you how to Buy and Sell Crypto on Binance.com

This is going to be a well-organized tutorial, because Binance is the World's largest and most-popular Cryptocurrency Exchange/Trading website. So, I want to do a thorough job on this article.


What You'll Learn in This Tutorial Article:


  • How To Buy and Sell Ethereum on Binance
  • How To Buy and Sell Bitcoin on Binance
  • How To Buy and Sell BNB on Binance
  • How To Buy and Sell USDT on Binance
  • How To Buy and Sell Dogecoin on Binance


How To Buy And Sell Bitcoin on Binance Nigeria:

  • Step 1: Create an Account on Binance by Clicking the "Register" button on the Top right-hand corner of the Home page. Fill the SignUp form, and Verify your account by Clicking the verification link sent to your email.
  • Step 2: Go To the "Funds" Tab in the Menu bar and Select 'Deposits' (from the drop-down options).

Here, 

You are presented with two options or methods to Buy the Bitcoin,...

Option 1: Buy Bitcoin With Credit or Debit Card, 

or, 

Option 2: Buy Bitcoin Using Available Altcoins That You Own (e.g., Ethereum, Litecoin, Dogecoin,  Ripple Coin, BNB, and so on).

Use Option 2 if you'd love to buy bitcoin using other altcoins in your Binance portfolio.

To Buy Bitcoin With Credit Card or Debit Card on Binance (Option 1):


I show You how To Make Huge Profits In A Short Time With Cryptos!


The Rise of Bitcoin:

An example of a cryptocurrency is bitcoins. Satoshi Nakamoto published a paper on the Web in 2008 for a peer-to-peer electronic cash system. 

Despite many efforts, the identity of Satoshi remains unknown to the public and it is not known whether Satoshi is a group or a person.

1.   The cryptocurrency invented by Satoshi Nakamoto, called bitcoins, is run using
open-source software. It can be downloaded by anyone, and the system runs on a decentralized peer-to-peer network. It is not only decentralized but also supposedly fully
distributed. That means that every node or computer terminal is connected to each other.
Every node can leave and rejoin the network at will and will later accept the longest proof of work known as the blockchain as the authoritative record.

This longest blockchain is proof of what has happened while these nodes were gone. Cryptocurrency is mysterious and misunderstood for a few reasons.

First, no one knows who is really behind some of these cryptocurrency systems. It was designed so that third-party trust is not needed and sometimes there is no legal entity behind it but open-source software.

Second, many have jokingly remarked that Bitcoin sounded more like “big con” especially after the collapse of Mt. Gox. But it is important to note that Mt. Gox was merely a financial intermediary, being just one of many unregulated exchanges that trade in Bitcoins. Mt. Gox was not part the Bitcoin system itself. It is a complex currency system to the men in the street and therein lies the confusion.

Third, cryptocurrency involves mining or proof of work. There are rewards for mining and the reward is given to the first who can solve a cryptography problem.

The degree of difficulty of the problem will ensure that the timing to solve the problem is approximately 10 min for Bitcoin. Cryptocurrency cleverly solves the doublespending problem so that every cryptocurrency can be spent only once. It is a financial technology and it involves financial regulation but therein lies the difficulty in execution and understanding even for the professionals. That is why it is an area of great interest to researchers, regulators, investors, and merchants and it is hitting the headlines regularly.

The general arguments for a successful distributed cryptocurrency are as follows:

  • Open-source software: A core and trusted group of developers is essential to verify the code and possible changes for adoption by the network.
  • Decentralized: Even if it is not fully distributed, it is essential that it is not controlled by a single group of person or entity.

Peer-to-peer: While the idea is not to have intermediaries, there is a possibility of pools
of subnetworks forming.


Global: The currency is global and this is a very positive point and workable for
financial integration with or without smart contracts among the parties.


Fast: The speed of transaction can be faster and confirmation time can be shortened.


Reliability: The advantage is that there is no settlement risk and it is non-repudiable.
The savings in cost of a large settlement team for financial activities can be
potentially huge.


Secure: Privacy architecture can be better designed incorporating proof of identity with
encryption. If that is done, the issues surrounding Know Your Customer/Client (KYC) and anti-money laundering and terrorist financing (AML/TF) will be resolved.

Sophisticated and flexible: The system will be able to cater to and support all types of
assets, financial instruments, and markets.

Automated: Algorithm execution for payments and contracts can be easily
incorporated.


Scalable: The system can be used by millions of users.


Platform for integration: It can be designed to integrate digital finance and digital law
with an ecosystem to support smart contracts with financial transactions. Customized agreements can be between multiple parties, containing user-defined scripted
clauses, hooks, and variables.


The possible applications will be wide-ranging and include global payment and remittance systems, decentralized exchanges, merchant solutions, online gaming, and digital
contracting systems. Each cryptocurrency is a great and an interesting experiment. 

No one knows where these cryptocurrency experiments are heading but the experiments
are interesting because of the technology that is developed along with them.


The technology disrupts the payment system as we know it because it costs almost nothing to transfer payments. 

Cryptocurrency technology will allow us to reach out to the unbanked and underbanked. 

It presents the opportunity to function as a conduit for payments and funds. 

It will transform the way business is being done by diminishing the role of the middleman, whether it is smart accounting or smart contract.


It will also change the way financial world operates especially in fund raising and lending. Basically, it is possible to do an Initial Crowd Offering or crowd lending, all in the peer-to-peer framework, eliminating the middleman.


However, there are downsides or potential risks for cryptocurrency too. 

Cryptocurrency like Bitcoin depends on mining, and once the incentives for mining disappear, no one knows if the cryptocurrency in question will continue to have consensus on the digital register. 

There are over 400 cryptocurrencies and the number is increasing on a daily basis. 

But many of them are in the graveyard.

So, as they say, “let the buyer beware,” because what you own may just be worthless once there are doubts about the blockchain. It seems that if the cryptocurrency exhausts most of their coin supply too fast and too early, the probability of the coins dying is higher. 

For some coins, it is difficult to know who is behind them and whether there
could be a backdoor that allows someone to control the system. 

Cryptocurrency with unknown developers has a higher probability of being buried in the graveyard.

The blockchain may come under attack as well. The blockchain serves as a proof of the sequence of events as well as proof that it came from the largest pool of computing power. 

As soon as the computing power is controlled by nodes that are cooperating to attack the network, they may produce the longest chain of their choice creating doubts about the validity of the blockchain. 

This can easily happen once the interest on a particular currency wanes and the number of miners shrinks, which opens up the possibility of having a few blockchains in concurrent existence. Once there is any doubt of the accuracy of the blockchain, even if it was subsequently corrected, the coin will be heading for the graveyard.



Post a Comment

0 Comments

Close Menu