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Home / Market News / Ethereum, Bitcoin version 2.0 for Africa

Ethereum, Bitcoin version 2.0 for Africa

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Alternative cryptocurrencies have always been criticized for being uninnovative and simple tools used for developer’s benefits. Whilst the reputation of cryptocurrencies is ruined by the considerable number of scam coins and ICO’s look for Bitcoin, there are a few coins dead set on carving out a future where fiat is ultimately replaced by digital currencies.

Currently the value and the volume traded of a particular currency have allowed it to rival the likes of Bitcoin, which is heralded as the essential founder of cryptocurrency. Ethereum builds on many aspects of Bitcoin but puts more control on the users end allowing for a multitude of developmental possibilities. Currently many utilise the Etherium platform to trade whilst some also use it as a platform for their own tokens. Allowing users to mint their own “currency” has enticed many as the possibilities are endless as you too could create your very own economy depending on the success of your token.

On the other hand drawing parallels to Bitcoin, Ethereum also has a wallet for the currency Ether which it is closely associated to. However with Ethereum you have your own platform to create your own wallet. Whilst this is attached to a custom Blockchain you are given the freedom to build on top of your wallet and Blockchain to create various different networks to send currency. Purchasing Ethereum is simple as Bitcoin can be traded at any local exchange.

 

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Trading advice:

Trading for Ethereum is slowly becoming popular in Nigeria with many realising the potential it has for growth and the potential it has to make profit. Whilst Ethereum is a more established cryptocoin, it is never advisable to risk more capital then you can afford. This week has been rough for Ethereum with markets slowly stagnating as volumes fell to a low of 0.024 BTC per ether. This is combined by the depreciating trading volume which has plagued the market particularly harshly this week as only $7.2 Million were traded on Sunday. Currently I would give Ethereum a strong buy signal with volumes having rebounded and a strong momentum having been built up over the past 24 hours. In the short term targets for the coin are estimated at around 0.02934 BTC whilst in the long run we may have hit a peak in value as prices over the past few months have failed to see a significant increase.

To buy Etheruem in Nigeria, simply exchange your Naira to Bitcoin at www.nairaex.com and exchange the bitcoin to Ethereum (ETH) at Poloniex

You can learn more about it at their official website: https://www.ethereum.org/

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