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Facebook’s Libra Cryptocurrency – Benefits & Everything You Need to Know

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Have you heard about Facebook cryptocurrency called “Libra”?

Few days ago, Facebook announced it’ll be having its own cryptocurrency, despite the constant fluctuation in the price of cryptocurrency, they’ve taken bold steps in introducing “Libra” to the world.

They released a document of up to hundred pages, explaining everything about the Libra project. Contained in the document is its founding members—currently composed of 27 organizations plus Facebook.

Other details were given, I’ll be breaking down the important parts of this document in this post.

Fasten your seatbelt, it’s gonna be a long ride!

What is this Facebook Cryptocurrency, Libra?

The term ‘Libra‘ is the Roman unit of weight, it’s equivalent to 327 grams. It a Latin word which means “scales” or “balance”.

The latter may seem to be the reason for choosing the name, given the current instability in the cryptocurrency industry.

Libra is Facebook cryptocurrency, just like Bitcoin and Etheruem.

READ: 6 Ways to Make Money from Cryptocurrency

It’s regulated by Blockchain.

Reason for Creating Libra, Facebook Cryptocurrency

The reason for creating this currency comes from the bane of high transaction charges for sending money—especially abroad.

It’s aimed at enriching the lives by reducing these cost which sometimes, have deterred some from sending money to their loved ones.

It is built on a scalable and secure Blockchain network, to be governed by an independent association—The Libra Association, and a reserve to protect its value in the financial world. The reserve is made up of real assets, also bank deposit and government owned securities will be deposited into the Libra reserve once a Libra is created.

Although they didn’t promise it’ll be free of charge, they’ve describe the charge to be that similar to that of “gas”. With this you can pay for anything online and offline (when it gets adopted) without worrying about charges.

Here is a big news about this Facebook Cryptocurrency, Libra

It’s going to have its official wallet— “Calibra”, that’ll be used for holding the Libra.

Calibra will allow users to pay for product and services, send/receive money or any other form of trading. This wallet will also be integrated into Facebook’s messenger and WhatsApp on the Android and iOS platform so as to ensure easy sending of money, it’ll be easy as sending of messages on those platforms.

Symbol or Logo for Libra, Facebook Cryptocurrency

The currency is represented by the (≋) symbol.

Facebook also announced that owning a Facebook account isn’t a priority for making use of Libra, they’ve also highlighted that a subsidiary body will be in charge of the affairs—Calibra.

They’ve also promised anonymity for users of Libra, this is due to recent events on breach of users’ privacy on the part of Facebook. According to the document, your personal details won’t be shared to Facebook, and won’t be used for targeted ADs, the Calibra organization will see to this.

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Although it’s been seen as a Facebook product, they’ve stated that all founding members will have an equal stake, this means no decision will be taken independently by Facebook as all members (more on this below) will have a 1% vote in taking of decisions.

The Libra Association – Facebook Cryptocurrency First Sets of Shareholders

As at when writing this, 28 organizations from different sectors around the world have combined to form the Libra organization.

Facebook also stated that it’s targeting at least hundred members before the official launch, direct competitors including Google and Twitter are also free to join the project. The organization will have it headquarters in Geneva, Switzerland. The choice of country was chosen based on the country’s support for innovative banking technology and neutral status as an institution.

Members of this facebook cryptocurrency, Libra are required to meet in Geneva twice a year.

The association will be a “not-for-profit” organization, at least in the early stages of Libra.

They aim to create an ecosystem where everyone can make use of money at all times without worrying about security and outrageous charges. They aren’t interested in making money currently, but in the future plans will be made to monetize the platform. We could see a possibility of taking loans, just like the conventional banks do.

CHECK: The Most Trusted Cryptocurrency Exchange Websites in Nigeria

Members paid $10 million each so as to join the association. This entitles them a single vote, a validator node (network that handles the Libra Blockchain), and a share of whatever is gained from the reserve. The members have been charged with the responsibility of helping enhancing the currency, recruit other members to serve as validator nodes.

According to Facebook;

An important objective of the Libra Association is to move toward increasing decentralization over time.

The Complete List of 28 members in Libra Association

The following members make up the Libra Association;

Technology and Marketplaces

  1. Facebook/Calibra
  2. eBay
  3. Spotify
  4. Bookings holdings
  5. Uber
  6. Lyft
  7. Farfetch
  8. Mecado Pago

Telecommunications

  1. Iliad
  2. Vodafone

Venture Capital

  1. Union Square Venture
  2. Thrive Capital
  3. Ribbit Capital
  4. Andreessen Horowitz
  5. Breakthrough Initiatives

Non-profit and Multilateral Organizations, and Academic Institutions

  1. Women’s World Banking
  2. Creative Destruction Lab
  3. Kiva
  4. Mercy Corps

Payments

  1. PayPal
  2. MasterCard
  3. Visa
  4. Stripe
  5. PayU (Naspers’ fintech arm)

Blockchain

  1. Xapo Holdings LTD
  2. Coinbase
  3. Anchorage
  4. Bison Trails.

These are the 28 founding members of the Libra Association with a goal to reach 100 members before the official launch.

They’ll work together to finalize the Association’s charter. In the meantime, Facebook will maintain its leadership position throughout 2019. Calibra, a subsidiary of Facebook, currently headed by David Marcus—Facebook’s VP on Blockchain, will ensure that users data wouldn’t be shared with Facebook.

Once Libra is launched, all members will have equal rights and privileges in operation of the Association, even though teams from Facebook led to formation of the Libra Association.

These members have met certain requirements and future members will need to meet them. Here are they:

Requirements to Join Facebook’s Cryptocurrency, Libra Association

  • They’re are ensure that they’ve got a dedicated internet connection, 100 megabits per second or half portion of server space
  • More than a billion dollar worth of assets
  • Blockchain firms like Xapo, Coinbase etc. would have been into business for more than a year, have an enterprise-grade security and more than a hundred million dollar worth of asset
  • Non-profit and Multilateral Organizations, and Academic Institutions are required to have at least $50 million in terms of budget, must be in Charity Navigator’s top 100 and must reach out to a lot of multinationals.

Benefits of Facebook’s Cryptocurrency, Libra?

Facebook has hammered on the need for a decentralized and portable currency, this will lead to a better financial inclusion and competition. There’s need for merchants and developers around the world to work seamlessly with digital currency, the Association has this as one of its primary objectives.

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Sending money will be as easy as sending a message using your favorite instant messaging app.

Privacy has been promised in the Association’s White paper which was released days back, this has been an ongoing issue in recent times and the Association is tasked with maintaining anonymity of transactions, at least you don’t need a Facebook account to own and use Libra—you financial details are safe (according to them).

Its 28 member (to increase in the future) association will ensure a highly decentralized currency which will be readily available to anyone one with internet connection—according to Facebook CEO, Mark Zuckerberg.

Also, to ensure stability—which is one of Libra features, the currency value will be similar to rate of currencies like the Dollar, Pound, and Euro. With this you can exchange your Dollar for Libra without losing much value, send to friends and pay for products without incurring much charge.

Security will also be top notch as you’d be protected by reliable cryptography, especially for those who would be using it on the social platforms like Messenger and WhatsApp.

Facebook Cryptocurrency, Libra: Launch Date 

With all the goodies promised by Facebook, one may be itching to lay their hands on this new digital currency.

Well, it’s gonna be a long wait as the Libra project is still in its developmental phase, developers are working on making the Libra and its wallet—a remarkable one.

Although Facebook didn’t give a specific date, they’ve hinted that the launch will happen in the first half of 2020. Until then, Facebook will continue to lead the Libra Association.

Developers are also encouraged to join the project. They are expected to make use of the Association’s programming language called “Move Programming Language”.

The language was created to make writing of Blockchain easier, meanwhile the Rust Programming language will be used to implement the core APIs of Libra. The Move language is still going through development, so it’s not been released to developers yet. Once it’s released (on or before the launch in 2020), developers will be able to create apps that be able to work with Libra platform. But for now, they’ll be able to create script and prototypes using Move IR, which should be available to them.

What Experts Say About this Facebook Cryptocurrency, Libra

Many experts have hinted at the possibility of incongruous developers using the platform for fraud, this is due to the fact that the Libra Blockchain is open source, with an Apache 2.0 license.

There has been no response from Facebook on this even though they’ve stated they’re open to public enquiry from policy makers and regulators.

Later this year, the Association will be partnering with HackerOne, they’ll pay experts in cybersecurity for identifying bugs, breaches and flaws that may be present. This is why the Association has chosen to use Rust in the development of Libra’s core. Since Move will be open source, it wouldn’t be recommended for implementing the important parts of Libra Blockchain.

Public Reactions on Libra

Many person have hinted at Facebook’s shady practices in terms of privacy and are still not convinced on the idea, believing it’s the same good old Facebook that ‘says and never does’. Someone the other hand, are very excited about the initiative and are ready to jump on it once it gets launched.

Experts believe that the Libra wouldn’t be decentralized as has been promised by the Libra Association, they believe that true decentralization in almost impossible even though Facebook has promised it. Many are still skeptical, never liking the ideologies behind cryptocurrency and with Libra’s promised stability, scalability and wide acceptance, they’ve chosen to remain unchanged.

You’ve gone through just a brief from the Libra Association’s White Paper, you can read everything >>>>>> https://libra.org/en-US/white-paper/.

This is what you need to set your mind on;

Facebook and its founding members of the Libra project has promised stability, scalability and a more decentralized currency. Privacy and top notch security has also been promised and we wait to see if all these get implemented when it’s launched in the first half of 2020.

What do think of Libra?

Do you think that this Facebook Cryptocurrency, Libra will work in Nigeria?

Kindly share your opinion with us here in the comment box below!

 

My name is Stephen Gbolagade, people say I'm a multi-skilled guy. I guess maybe because I'm a Blogger, Website Designer, SEO specialist, Content Writer, Business coach, Digital Marketer, and Self-taught Frontend Developer. But what do I have to say about myself? My contents, personality, and services will say and prove the person I am to you. __________________________________________________________________________You can hire me for Music Promotion, Website Design or Blog Setup, Marketing and any Digital-based tasks! __________________________________________________________________________ Contact me here on Facebook :: Instagram :: WhatsApp __________________________________________________________________________ If you're inspired by me and think it's necessary to buy me a cup of coffee, you can give me a tip HERE 👌

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Cryptocurrency

Top 10 Cryptocurrency Wallet Apps in Nigeria – And Some Tips

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Today, we’ll see the top 10 cryptocurrency wallet apps in Nigeria.

I get it, you’ve begun your journey into the ever-changing world of cryptocurrency. The benefits you hear are amazing. The risks? Every business has its risks.

“This is wonderful,” you say to yourself. You dive in. You learn the fundamentals.

You’re eager to start trading. To see how lucrative cryptocurrency investment is. You don’t want to miss out on the rewards. But frankly speaking, you need a wallet; a cryptocurrency wallet where you can store your bitcoin, Ethereum and other coins you have.

And that’s a problem: 

I mean, the problem of knowing which of the wallet apps is meant for you.

You’re overwhelmed… 

…but you’re also smart! “There must be an answer,” you say. (Sure there is!)

So you beseech Google for answers: 

  • What’s the best cryptocurrency wallet in Nigeria?
  • What’s the best Bitcoin wallet in Nigeria?
  • What’s the best Ethereum wallet in Nigeria?..

Enough of the search! Take a seat, because…

…you’ve come to the right place, I’ll be answering your questions. And at the end of this blog post, you’d be able to choose what’s best for you.

Also, I’ll also be highlighting the pros and cons of each cryptocurrency wallet app listed here.

But before we get to the list, let’s understand some of the basics:

What is a Cryptocurrency Wallet?

A cryptocurrency wallet is used to store digital money or currencies, just as we use conventional wallets to store our money. And in some cases, they double as a cardholder.

And to store your digital assets securely, certain features need to be in place. Unfortunately, not all wallets are secure.

We have two broad categories of wallets, which are:

  1. Full Node and 
  2. SPV Wallets.

SPV Wallet is further divided into:

  • Hot wallets
  • Cold wallets

Cold Wallets are more secure since they are offline.

In contrast, Hot Wallets are not as secure and are less expensive as Cold Wallets. This is due to their online nature which makes them susceptible to remote attacks.

In this blog post, I’ll be focusing on Hot Wallets which are:

  • Web Wallets
  • Desktop Wallets
  • Mobile Wallets

Specifically, Mobile Cryptocurrency Wallets. And you may be thinking that…

Why Do I Need A Cryptocurrency Wallet?

You need a cryptocurrency wallet simply because of Security!

Let me explain: Storing your digital currencies on an exchange platform exposes your assets to risks, If the exchange gets hacked, you lose everything!

Since an exchange operates via an online structure, they run a risk of getting hacked.

We’ve had a lot of hacks in the crypto world:

Most recently, was the Italian cryptocurrency firm, Altsbit, which occurred in February 2020. They lost over $70,000 worth of cryptocurrency. A lot of traders lost huge sums due to this attack.

What’s my point?

Inasmuch as it is convenient to trade on exchanges, it is not a good option for holding cryptocurrencies. It is much safer to trade in chunks from your wallet, instead of risking it all on exchanges.

You should never store your digital assets on an exchange!

Now we’ve gotten that out of the way, what are the best cryptocurrency wallet apps in Nigeria?

We’re about to find out.

Top 10 Cryptocurrency Wallet Apps in Nigeria

#1. Blockchain Wallet App

Have you heard anything about Blockchain wallet apps in Nigeria, right? I bet you have, But there’s more to hear.

Blockchain wallet is the go-to choice for most beginners and enthusiasts alike. It’s simple and straightforward, with no fancy features. Only the required features needed for a cryptocurrency wallet.

Features of Blockchain wallet App

  • Support for your favorite assets
  • Direct trading from your wallet
  • Price charts history
  • Adequate security features
  • And much more

So, if you need a top-of-the-line cryptocurrency wallet, I’ll recommend using Blockchain. It is much secure since it’s just that — a wallet. 

Pros of Blockchain Wallet App

  • Advanced Security features like Hierarchical deterministic for each transaction.
  • Easy to use.
  • Direct trading from your wallet.

Cons of using Blockchain Wallet app

  • Can’t buy FIAT through the wallet.
  • Blockchain wallet is only compatible with Bitcoin, Bitcoin Cash, and Ethereum.

#2. Luno Wallet

Luno is the most popular cryptocurrency wallet app in Nigeria because the interface is neat and easy to navigate. Trading experience on Luno is one of the good options you can get.

As for the Luno wallet, you can store Bitcoin, Ethereum, LiteCoin, Bitcoin Cash, and Ripple. 

Apparently, the limited number might be a let down especially if you love to invest in altcoins.

But you still get a good trading experience on all five currencies. Whether you’re a newbie with no experience, or a pro looking to flex his muscles.

Security-wise, Luno has adequate security measures to keep your assets safe. And at the same time, provide a seamless trading experience.

Pros of Luno Wallet App

  • Easy to use
  • Adequate security measures
  • Live charts

Cons of Luno wallet app

  • Limited currency support

#3. Coinbase Wallet

As far as popularity goes, Coinbase is a household name world over. Don’t take my word for it.

Take a look at some of the features you get:

Features of Coinbase wallet app

  • A functional UI that makes trading seamless 
  • Supports your favorite cryptocurrencies 
  • Regular tips for beginners (and for experts) 
  • Access to decentralized apps (DApps).
  • Coinbase now lets you pay other Coinbase users with their usernames. Goodbye,  boring string of cryptic characters!
  • Coinbase offers bank-level security
  • Cloud integration (Google Drive and iCloud)  
  • Feature to remotely disable your account, and
  • In-app security.

And the best part?

  • You don’t need a Coinbase account to use the wallet. You can import your private keys from other wallets and get the best Coinbase has to offer.

Now you see why they’re so popular?

It starts at $20 and you can get all these and more.

Pros of using Coinbase wallet app

  • Instant transfer using usernames
  • Easy to use interface
  • A large variety of deposit and withdrawal options
  • Top-notch security

Cons of using coinbase wallet app

  • Privacy concerns
  • Below par support
  • Delayed deposit and withdrawal

#4. Trust Wallet (Binance)

In 2018, Binance acquired Trust Wallet as its official wallet. The acquisition brought a lot of improvements to the already great wallet.

With Trust Wallet, you don’t have to sign up or fill forms; download the app, and you’re locked and loaded.

Trust Wallet supports 150+  cryptocurrencies including all Binance, TRON, and ERC 20 tokens. It’s also open-source and this makes it more secure than most wallets.

Its server-free infrastructure means no one has access to your assets except you. Pin and biometric scanning is also provided for in-app security.

You also get a Multi-coin wallet with the Bitcoin and Ethereum wallet. And yes, the UI is simple.

Pros of using Trust wallet 

  • Large range of currency support
  • Easy to use
  • Cross-platform support

Con of Trust wallet

  • No 2FA

#5. Buycoins Wallet

Buycoins is a home breed. One of the few brands that you can instantly buy and sell crypto. They’ve gained a good reputation in a few years with their secure P2P trading platform. 

As for security, your wallet lives on secure servers. So you can trade instantly from your wallet knowing that Buycoins got you covered.

And before I forget, their rates are okay.

Want to know the best part?

Transactions are free on Buycoins: whether you’re trading on Bitcoin, Ethereum, or LiteCoin. It’s free!

Pros of Buycoins wallet

  • Ease of use
  • 0% transaction fee

Cons of Buycoins wallet

  • Inadequate security
  • Supports only three currencies

#6. Quidax Wallet App

Quidax is an African brand with focus on the growth of digital currency in the continent. This is why they’ve created the Quidax app to cater to all and sundry in this regard.

Quidax doesn’t offer a lot of options when it comes to supported currencies. But it supports some notable coins: Bitcoin, Ethereum, Litecoin, Ripple, Dash, and USDT.

Quidax’s wallet is backed by some good security features for safer transactions. Quidax also provides a 2FA system using Google Authenticator, Authy, or Email. 

With Quidax, you’ve got a wallet that protects your digital assets and allows convenient trading.

Pros of Quidax wallet

  • Easy to use
  • Convenient for trading

Cons of Quidax wallet app

  • Below par support

#7. Remitano Wallet App

Are you looking for an escrowed peer-to-peer trading platform? If yes, look no further because Remitano got you covered.

While its P2P exchange is one of the better options out there, the wallet still has room for improvement.

But Remitano isn’t a full-fledged wallet, its focus is on trading.

It doesn’t mean you shouldn’t use Remitano.

The mobile app has fantastic features that you don’t see on other cryptocurrency apps. The Swap feature allows you to swap between digital currencies, back and forth.

Remitano doesn’t support many currencies. But have the usual suspects: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP).

You can also earn more money using Remitano Invest. With this, you can invest in altcoins using USDT.

It’s an interesting addition and a nice way to make passive income.

Pros of Remitano Wallet app

  • 24/7 P2P trading
  • Good support
  • Easy to use

Cons of Remitano Wallet app

  • A limited number of cryptocurrencies

#8. Paxful Wallet App

Paxful is a good platform for trading Bitcoin. It’s a simple platform but lacks support for other digital currencies.

Yet there are lots of options to simplify trading from its Bitcoin wallet.

One is its multiple payment options: You can buy Bitcoin using over 300 payment options. Some of which are Gift cards, debit or credit card, cash, and Skrill

You don’t have cash? You can use your credit or debit card.

No card? Make use of Skrill.

The payment options are endless. Nothing stops you from buying Bitcoin via Paxful.

But before you buy, check out the pros and cons.

Pros of using Paxful wallet app

  • Easy to trade Bitcoin
  • Multiple payment options
  • Excellent customer support

Cons of Paxful Wallet app

  • High exchange rates
  • Inadequate security
  • No 2FA

#9. Busha Wallet

Not popular as a brand, but Busha makes it to our list of cryptocurrency wallet apps in Nigeria.

Here’s why:

Unlike many platforms, trading of cryptocurrency on Busha is free.

And you’re thinking…

“Their rates will be high.” Not true!

Busha offers you competitive rates on Bitcoin, Ethereum, and LiteCoin.

It’s the best of both worlds!

As for Busha’s cryptocurrency wallet, it is user-friendly but falls short in many areas.

You wouldn’t expect much from somewhat of a new player, would you? I bet you won’t!

Either way, you can start using Busha by visiting your app store. 

Pros of Busha Wallet app

  • User friendly
  • Good rates

Cons of Busha wallet app

  • Below par support
  • No 2FA
  • Only supports Bitcoin, Ethereum, and LiteCoin.

#10. Patricia Wallet

Patricia is a new player in the crypto space. They’re now getting traction as the days go by.

Although still in their early stages, Patricia’s services are one to look out for. They’re not at the bleeding edge in the crypto world, at least not yet.

But they’ve got a team focused on continuously improving on its services. And if this continues, they may as well go ahead of every other player in the Nigerian crypto space.

Patricia only supports Bitcoin which you can easily trade directly from your wallet. 

  • The wallet has multi-level security in place to make sure funds are secure. 
  • It’s a functional wallet but there’s still room for improvements.
  • Supporting other digital currencies will be great.
  • An added layer of protection with 2FA.
  • And if possible, a cold storage facility. 

All these and more will make a lot of difference.

But for now, you can download Patricia from your favorite store and start trading Bitcoin.

Pros of Patricia wallet app

  • Easy to use
  • Competitive Bitcoin rates

Cons of patricia wallet app

  • Below par support
  • No 2FA
  • Only supports Bitcoin

There you go! Those are the top 10 cryptocurrency wallet apps in Nigeria. But here is a bonus:

3 Safety Tips to Remember when using any cryptocurrency wallet apps

  • Remember to keep your device (smartphone, laptop, or PC) secure. Be mindful of links you click.
  • Don’t keep your seeds on your device. Some apps above integrate seamlessly with cloud storage options. Try utilizing these options.
  • Finally, no one needs to know you have a crypto asset. If anyone does…well… you don’t want to hear what I’ll say next.

Conclusion on top cryptocurrency wallet apps in Nigeria

Which is the best for you?

Is it Luno’s wallet and its straightforward system? Blockchain wallet with the Hierarchical deterministic feature? Or Trust Wallet with support for many digital currencies?

Perhaps you want to try the new players, they’re also good options.

Note that, none of these wallet apps are promoted, and this post is not sponsored by any brand or person. Kindly like this blog on Facebook.

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Cryptocurrency

How to Buy and Sell Bitcoin on Truexgold in Nigeria

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Ever heard about TrueXGold.com? Or have you been looking for an easy, reliable but yet, profitable, and quick way to buy and sell your bitcoin in Nigeria? If yes, then look no more, as I’m going to introduce one of the best digital currency exchangers in the country to you right in this blog post.

And I will also show you how to buy and sell bitcoin on Truexgold; which is one of the many digital currencies you can exchange on the platform. Before I show you these steps, let’s take a look at bitcoin – the currency we’d be exchanging here;

If you’re new to bitcoin, you might have been asking that;

What is bitcoin?

Bitcoin is a digital currency that has been around for a decade and counting. It’s a form of money, but unlike the conventional money, it is decentralized; it has no bank regulating its flow. 

Over the last couple of years, bitcoin is slowly getting wider acceptance as many merchants now accept it as a means of making payments. If you also work online, most platforms have an option to pay you with bitcoin. 

In certain countries, the currency has begun to get more credence, it’s being slowly used but not regulated. 

Despite all these, trading bitcoin is one good way of making money online, this can be achieved in many ways like exchange and mining. We’ll be discussing the former, but you may ask, why should I invest in bitcoin? Is it even worth it? Well, the answer is yes, and I’ll tell you why.

Why Invest in Bitcoin in Nigeria?

This is the question on the minds of many, and I’ll start by saying this: when a thing is owned by many people, it has little value; if it’s owned by a few persons, it is valuable! 

Presently, bitcoin is the most valuable form of money in the world; more valuable than the United State’s Dollar, Pounds, Euro, and all other forms of conventional and digital money. 

Although its price is inconsistent – which is the thing with all forms of money, it still holds more value, and one can make money whilst trading it for other conventional forms of money.

One of the cool reasons why you should consider looking into this currency is its flexibility as a means of payment. You can send money to anyone, and anywhere in the world without any form of restriction, no bank could block you for carrying out transactions with it, government policies are non-existent in the world of bitcoin. 

Most Nigerians make money trading bitcoin, and some have lost money in this business which is quite unfortunate. The big problem is that there are lots of bad apples in the crate, lots of scammers posing to be legit, and you might easily fall prey to their antics. 

To help salvage this situation, I’ll again love to introduce you to Truexgold.com – a platform for cryptocurrency exchange; with all the major currencies available.

TrueXGold.com will buy your bitcoin or sell to you without cheating or “ripping” you. But most people ask, which you might have also been thinking right now that;

Is Truexgold.com Legit or Scam

Truexgold is legit! 

Truexgold is a cryptocurrency exchange platform where any Nigerian can exchange various forms of digital currencies. But the most bankable reason about this platform is that it has been around for quite some time now, and so far, they’ve remained true to delivering the best crypto exchange service in Nigeria. 

Well, a man can be old with grey hair and still be useless. But Truexgold.com has been in the bitcoin buying and selling game for a while, and they’re still useful, strong, and legit.

A lot of positive feedback has been given by users of this platform, this speaks volumes of their credibility in this field. You can check them here: https://truexgold.com/reviews/

It’s pretty easy to exchange any form of currency via Truexgold.com; they’ve got highly skilled personnel who put in their “A-game” to make sure you keep coming back for business. 

Truexgold offers some of the best rates in the market across all the available currencies. They have a partially automated system that makes transactions much faster and efficient. 

Visit https://www.truexgold.com to get started. Signing up should take some clicks and you could begin exchanging right away. 

Requirements to Get Started on Truexgold

Before heading on the start exchanging, here are certain things to have;

1. You Must be a Nigerian: 

Truexgold is currently serving Nigerians and so to be able to carry out any transaction, you have to be a citizen.

2. A crypto wallet/address:

This is where you hold your digital currencies. There are quite a good number of wallets out there, kindly make sure you have one already.

3. Bank Account:

This is a no-brainer! Anyone willing to engage in financial transactions ought to have this. 

The requirements below are not compulsory but may be needed for additional verification. Without verification, there are automatic limits imposed on your account, and you may not be able to carry out a certain volume of transactions without a verified account. 

In order to verify, you need to have carried out at least 10 transactions on this platform, with addition to the following;

4. A Regulatory ID Card:

Having any of the government-issued ID cards is important here. Truexgold suggests you have either an International Passport, National ID Card, or a Driver’s License, any of these will work just fine.

5. Face/ID/Date Verification:

This is done by most crypto exchange firms; you have to take a picture of yourself holding your ID card and a paper showing the day’s date. So, your picture should clearly show your face, your ID, and a paper with an inscription of today’s date if you’re signing up today. 

Below is what it should look like:

Truexgold Verification Demo

6. Phone Number:

You should get a call from the account operator to verify your number.

These are what you need in order to start exchanging on Truexgold.com; with these in place, I think it’s time I show you how to buy and sell bitcoin on Truexgold.

 How to Buy bitcoin on Truexgold

Buying bitcoin via Truexgold is quite easy, and you can do that with these few steps;

  1. Visit their official and only website: https://www.truexgold.com.

For mobile users, you would need to switch to the original website by tapping on the “Go to Original site“, which can be found at the bottom. This is the best way to transact.

2. On the site, tap “Exchange” on the horizontal dashboard

Truexgold Exchange

 

3. Since we’re buying bitcoin, we have to select Naira (NGN) on the left, which should show us a handful of options on the right, which we’re to select BTC.

Naira to Bitcoin on Truexgold

4. Click on “Bitcoin BTC” on the right, or the Bitcoin logo, to enter the exchange panel

5. On the panel, fill out the required information, answer the mathematical captcha, then click on “EXCHANGE”.

N.B. The minimum amount you can buy is N4,000.

6. Right after that, you’d be promoted to create order; read and agree to the Ts and Cs, then select “CREATE ORDER”

Buy Bitcoin on Truexgold

7. On the next page that pops up, you’d be given instructions on how to pay and verify your payment. Follow the instructions, submit the required information, and then tap “PAID”.

How to Pay on Truexgold

8. Upon verification of the transaction, your corresponding value of BTC would be sent to your wallet. This usually takes between 5 minutes – 1 hour during working hours, but could be longer outside working hours.

These are the steps to take in order to buy BTC on truexgold.com

But sometimes, you may have bitcoin in your wallet and you need to sell it. So, what if you want to sell bitcoin on Truexgold? Well, here is…

How to Sell bitcoin on Truexgold

  1. Repeat steps 1&2 above.
  2. For the sale of bitcoin, we are to select BTC on the left.

Sell Bitcoin on Truexgold

N.B. On Truexgold, you pay on the left and then, receive on the right.

  1. Tap on the Naira logo on the right. You’d be taken to the exchange panel.
  2. Fill out the required information, take note of the minimum BTC value, solve the mathematical captcha, then select “EXCHANGE”.
  3. On the next page, you’d be shown a brief summary of your transaction details. You need to accept the terms and conditions, then select “CREATE ORDER”.

Create Order on Truexgold

  1. Next up, you would be given an address to pay the required amount of bitcoin. After successful transfer, verify your transaction, then select “PAID”.

How to Pay on Truexgold with BTC

When confirmed, Truexgold will send the equivalent Naira value to your bank account.

That’s all – On How to Buy and Sell Bitcoin on Truexgold in Nigeria

If you have any question or face any technical issue, you can see how to contact the Truexgold.com’s admin on the website or better still, you can use the following to contact them;

Skype: Truexgold.admin

Email address: Hi@Truexgold.com

Telegram: OfficialTrueXgold

Contact form: https://truexgold.com/feedback/

Remember, this is a legit exchange platform, so you have nothing to worry about. Just follow the instructions, get your account verified, and you could exchange all day, no matter the amount but below 100BTC tho.

If this blog post is helpful, kindly share with your friends by clicking on the social media icons floating here. If you have any questions regarding buying and selling bitcoin on Truexgold, please contact the admin responsible using the contact details above.

Also, I’ll be happy if you can tell me and other readers your experience on Truexgold.com by using the comment box below.

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Cryptocurrency

Good News! Bitcoin ATM in Nigeria is Now Available — Withdraw from Wallet

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Are you looking for a way to withdraw cash from your bitcoin wallet in Nigeria, or you’re even doubting if this will be possible? Well, that was impossible for some years but now, you can now withdraw your bitcoin earnings via Bitcoin ATM in Nigeria.

As you know that Bitcoin is a digital currently, the most traded in financial market. Regardless of its ups and downs prices, investing in Bitcoin or cryptocurrency business is one of the most lucrative and passive ways to make money in Nigeria.

There are lot of people who’ve made fortune from cryptocurrency, and people are still making some hefty income from bitcoin in Nigeria.

Recommended: How to Make Money from Bitcoin/Cryptocurrency in Nigeria

Here is one of the sad demerit of it;

Smart entrepreneurs are really making money from crypto in this country but unfortunately, they’re not enjoying their profits to the ‘fullest’. Why? Because some percentage of their profits are lost to exchangers.

Well, that was the only way you can enjoy your bitcoin earning in Nigeria, I mean sending those bitcoin from your wallet to the exchangers’ wallets and he will send you cash in returns.

This is what I’m saying;

Let say 1Btc is $20,000 on normal exchange rate.

But if you want to sell the same 1Btc to an exchanger in Nigeria, you could be paid $18,000 — $19,000. But I’m sure no exchanger will give you $20k.

Check hereTop 11 Cryptocurrency Exchange Websites In Nigeria

In some countries, they have ATM machine to withdraw cash from their bitcoin wallets. Which makes it possible for them to enjoy their maximum profits trading or investing in bitcoin. They don’t have to send to any exchangers unlike Nigerians.

Apart from loosing some percentage of your profits to an exchanger in Nigeria, you can also be scammed.

To be safe and enjoy all the benefits that comes with bitcoin, we need to have a stable Bitcoin ATM in Nigeria to withdraw cash from your bitcoin wallet.

First Bitcoin ATM in Nigeria is Launched

For the past few years, we didn’t have such in Nigeria, I don’t no why. Maybe because it’s too expensive or those cryptocurrency entrepreneurs didn’t value it.

But I’m happy to announce to you that; there’s a Bitcoin ATM in Nigeria where you can withdraw your bitcoin earning!

Yes, hundreds of people are happy on Facebook when a media entrepreneur who is also into crypto business, Makinde Azeez (founder & CEO of famous Naijaloaded.com) made the public announcement that his Bitcoin ATM just got delivered to him. And of course he shared the picture of himself with the BATM as a proof.

Bitcoin ATM in Nigeria by Makinde Azeez

Naijaloaded CEO, Makinde Azeez with the First Bitcoin ATM in Nigeria

Although, Makinde Azeez bought the first (and currently the only) Bitcoin ATM in Nigeria but I’m sure that someone else is ala thinking of the same thing in this country.

Currently the bitcoin ATM can only be found in Lagos, Nigeria

Although Makinde Azeez is not in all 774 local government areas in 36 States in Nigeria, but you as a person who’s into cryptocurrency can benefit from him.

Ask me how!

Remember I said the only way to withdraw cash from your bitcoin wallet in Nigeria is to sell it to exchangers in return for money or cash.

That’s the method we are still going to be managing for now until we have these Bitcoin ATM saturated in Nigeria.

So, how are you going to withdraw cash from your bitcoin wallet in Nigeria?

It’s simply by contacting Makinde Azeez!
To contact him physically, you will need to find his location in Lagos and close the transaction between you guys or contact him digitally (online).

To contact him digitally, you’ll send the bitcoin to him and he’ll help you withdraw it from his BATM.

Note that he’s not going to do the transactions for free. He will surely charge you a taken according to how much you want to withdraw from your bitcoin wallet.

No matter how much he charge you, it’s safer than giving your hard-earned and expensive bitcoin to someone that will scam you or ripped out some profits more than normal as his exchange fee or percentage.

Let me use the previous example to explain this better.

If normal exchange rate for 1btc is $20,000. An bitcoin exchanger in Nigeria may buy it from you at $19,000, making you to loose a whole $1,000!

And that $1,000 in Nigeria currency is equivalentIs to N362,000! That’s lot of money. In fact, you can use this to start a business or buy a plot of land in some areas in Nigeria.

But sending your bitcoin to Makinde Azeez for Cash withdrawal will be little bit lesser.

Why sending your bitcoin to Makinde Azeez for Cash withdrawal via Bitcoin ATM? Is he trusted?

Yes! He’s trusted and has been building his reputation online for past decade. He’s the founder of Naijaloaded where you download your latest music.

Please note that a lot of people will be trying to impersonate him or act as if they are his agents in order to scam you but please, don’t fall from them.

I don’t how many percent he’ll take but very possible he will be the best and most  affordable bitcoin exchanger in Nigeria.

Conclusion — Bitcoin ATM in Nigeria, Withdraw Cash from Bitcoin Wallets

This is NOT a sponsored post or post published for advertising sake!

I don’t know Makinde Azeez and same from his side. But as an entrepreneur, it’s a good news that someone made an effort to sacrifice and buy this expensive bitcoin ATM in Nigeria.

And also, making it more easier to withdraw cash from your bitcoin wallet without loosing much from your profits.

You may be asking..

How can I Contact Makinde Azeez?

To contact him is easy but you need to be very careful because people are impersonating him a lot. I won’t drop any link here but you can go to go to Naijaloaded.com, click on the contact us page and you’re good to go.

Please don’t fall for scam trying to get to him. I can help you get his personal WhatsApp number if you wish (kindly comment below for this)

Also, I’m not a cryptocurrency exchanger. So don’t contact me for this.

But if you have payoneer funds, I can buy from you at a good exchange rate.

Over to you….

Are you happy for this good news? Will you like to try the bitcoin ATM out? Do you have anything to say about this bitcoin ATM and cash withdrawal from your bitcoin wallet? Please let share them using the comment box below

And don’t forget to share!

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