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How Can You Buy Cryptocurrency Online?

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buy cryptocurrency online

Cryptocurrency is the digital currency that can be used to buy goods and services. In recent months, the interest of people in this form of currency has increased many folds due to its trading for profit, with speculators at times causing the prices of cryptocurrencies to soar many times.

How much potential cryptocurrencies have?

Some people believe that some cryptocurrencies such as Bitcoin have the potential to replace the current currency system that is traded in terms of gold. Bitcoin and Ethereum are two well-known cryptocurrencies, but new cryptocurrencies are also being introduced and invested in.

Ethereum is the second-largest cryptocurrency which has gained huge potential as a long-term investment. When the legality of cryptocurrency is questioned, the monetary regulatory authority Central Reserve Bank argues that there is currently no legal framework applicable to these types of currencies.

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Bitcoin, Ethereum, Ripple, EOS etc. are some of the examples of cryptocurrencies having some or more monetary value. The past four years have seen cryptocurrencies become prevalent in every region of the world.

How to buy Cryptocurrency Online?

Coming to the point of how you can buy cryptocurrency online, it can be bought through exchanges and stockbrokers, or from other owners. The risk of investing in digital assets is always kept in consideration while buying the currency as Bill Gates says that people should think wisely before investing in Bitcoin or any other cryptocurrency if they have less money than Elon Musk. This implies that everyone on this earth should invest wisely.

Where to buy cryptocurrency online?

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For buying cryptocurrency online, four major steps are to be performed. Firstly, one has to choose where he or she wants to buy the crypto. They can use any of the mediums of their comfort including exchanges and traditional brokers.

How to buy Cryptocurrency at Cryptocurrency Exchanges?

Cryptocurrency exchanges are online websites that help you in buying cryptocurrency in exchange for your local currency. Payment methods used at these exchanges are bank transfer or payment through credit card. Some of them also accept Paypal. There are a lot of exchanges with different levels of security. The most common methods followed at these exchanging centres are as described below:

  • First step is to register yourself with your credentials;
  • Second step is verifying your identity. This can be done through your identity card, passport or driving license;
  • Next step is further verification to secure your account called two-step verification.
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Once you are done with the above, you can start buying cryptocurrency online on the exchange. You can buy and hold your cryptocurrency or exchange it with any other cryptocurrency.  

Precautionary steps while trading online:

  • Check the security of the exchange;
  • Transaction fee;
  • The number of payment methods available;
  • The amount of time needed to activate your account;
  • Checking the user reviews related to a certain exchange.

Summing it up, you can buy cryptocurrency by following the above simple steps. You should search for the best broker exchanges for cryptocurrency such as Coinbase, Coinmama, CEX.io, Bitstamp, Kriptomat etc.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

NGX Lists 29.4 billion GT HoldCo Shares at N28.55 Each

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GT HoldCo Shares

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited has finally listed 29,431,179,224 ordinary shares of Guaranty Trust Holding Company (GT HoldCo) Plc on its trading platform.

The stocks were admitted on the exchange on Thursday, June 24, 2021, after the delisting of the entire GTBank equities on the same platform.

Business Post reports that the shares were listed today at a unit price of N28.55.

Last Friday, the stock exchange placed trading in the equities of GTBank on full suspension ahead of their delisting to allow the introduction of GT HoldCo shares.

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Today, the GTBank shares were removed from the exchange, a total of 29,431,179,224 and were replaced with 29,431,179,224 units of GT HoldCo.

Confirming this development, the NGX in a circular said, “We refer to our market bulletin with reference number NGX REG/LRD/MB16/21/06/18 dated June 18, 2021, wherein the market was notified that trading in the shares of Guaranty Trust Bank Plc (GTB) was placed on full suspension effective Friday, June 18, 2021, in preparation for the delisting of GTB and listing of the Holding Company, Guaranty Trust Holding Company Plc (GT HoldCo).

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“The market is hereby notified that the entire 29,431,179,224 issued shares of GTB were delisted from the daily official list of the NGX today, June 24, 2021, while GT Holdco’s entire issued share capital of 29,431,179,224 ordinary shares of 50 kobo each were also today, June 24, 2021, listed on the daily official list of NGX at N28.55 per share.

“The delisting of GTB and listing of GT HoldCo on NGX is pursuant to the Scheme of Arrangement between Guaranty Trust Bank Plc and the holders of its fully paid ordinary shares of 50 kobo each as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court.”

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GTBank restructured its business to allow it to offer more services and improve the earnings and value of the company. This led to the change to a financial HoldCo, with GTBank becoming a private company and will operate as a banking institution.

Other subsidiaries were created to offer services in financial technology (fintech), insurance, asset management and other sectors.

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Economy

June 2021 Allocation to FG, States, LGs Drops to N605.96bn

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June 2021 allocation

By Adedapo Adesanya

The federal government, the 36 states of the federation and the 774 local government areas shared the sum of N605.96 billion from the revenue generated in May 2021.

This was disclosed by the Federation Accounts Allocation Committee (FAAC) in a communique released on Thursday after its meeting held via virtual conferencing.

Business Post reports that the amount shared by the three tiers of government for the June 2021 allocation was lower than the N616.9 billion disbursed last month.

Giving a breakdown of the disbursement, the committee explained that from the inclusive cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the federal government received N242.1 billion, the states received N194.2 billion, while the local government councils got N143.7 billion.

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The nine oil-producing states of Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos all received N26.9 billion as a 13 per cent derivation of mineral revenue.

The communique issued by the FAAC at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for May 2021 was N181.1 billion as against N176.7 billion achieved in the preceding month of April 2021. This resulted in an increase of N4.368 billion.

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The distribution is as follows; federal government got N25.3 billion, the states received N84.2 billion and local government councils received N58.9 billion.

The distributed statutory revenue of N428.198 billion received for the month was lower than the N497.385 billion received for the previous month by N69.197 billion, from which the federal government received N175.5 billion, states got N89.0 billion, while the LGs got N69.6 billion, and the 13 per cent mineral derivation handed to the nine oil states amounted to N24.666 billion.

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The communique also revealed that Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty decreased in the month, meaning only VAT increased in the month under review, although marginally.

The communique, however, disclosed that total revenue distributable for the current month inclusive of gross statutory revenue of N357.9 billion, VAT of N168.4 billion, solid mineral revenue of N7.9 billion, exchange gain of N1.7 billion and augmentation from oil and non-oil revenue of N50 billion and N20 billion respectively brought the total distributable revenue to N605.958 billion.

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Economy

National LPG Takes Sensitization to 12 States

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Domestic LPG

By Adedapo Adesanya

The National Liquefied Gas Petroleum (LGP) sensitization and awareness campaign to reduce gas flare has kickstarted in 12 states across the country.

Speaking at a two-day sensitization and awareness campaign held in Abuja, Mr Dayo Adeshina, the programme manager National LPG expansion implementation plan (NLEIP), said the exercise was the commitment of the climate change initiative to reduce emission by 20 per cent.

He said the National LPG pilot programme, which will start after the sensitization, is to begin in Enugu and Ebonyi States for South-East then to the South-South States of Delta and Bayelsa and in the South West – Lagos and Ogun.

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In the North West are Sokoto and Katsina States; the North East batch will be done in Bauchi and Gombe States while in the North Central, it will kick off in Niger and the Federal Capital Territory (FCT).

He said, “The sensitization awareness campaign is targeted at 12 pilot states, two in each geo-political zone. During the campaign, we will highlight the importance of the LGP to the government and the people.

“Every year almost nine hundred thousand people are affected by the effects of kerosine and charcoal which leads to malaria, the government plan is to display the energy mixture which currently stands at 65 per cent, kerosine 30 per cent, LPG 5 per cent.

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“LPG would ensure accessibility, acceptability and affordability.”

Mr Adeshina said to drive the exercise well, an inter-ministerial committee on LPG was constituted and is being headed by the Vice President, Mr Yemi Osinbajo, adding that the composition of the committee shows the commitment of the federal government to the expansion and implementation of LPG in Nigeria.

“So, to make it available, some of the policy directives were worked on and past in 2017, the government will remove necessary bottlenecks,” he said.

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LPG is a fossil fuel closely linked to oil. As a fuel, it is used for cooking, lighting, and central heating. It is a clean-burning, non-poisonous, dependable and high-performance fuel stored and transported in containers as a liquid, but is generally drawn out and used as gas.

LPG has a very wide variety of uses, mainly used across many different markets – agricultural, recreation, hospitality, calefaction, construction, sailing and fishing sectors – as an efficient fuel.

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