Luno is a cryptocurrency exchange that provides users with the platform to buy, sell and trade different cryptocurrencies such as; Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin.
The exchange started with the name: “BitX”, but was rebranded to Luno (which means “to the moon”) in 2017. This move was a direct reflection of their goal which is to upgrade the world to a better financial system.
Luno is a platform that matches buyers of cryptocurrency with sellers, and it is one of the most popular platforms that offer this service. Navigating through the Luno platform may be quite difficult for some people who have little knowledge of how cryptocurrency works. The purpose of this article is to give you an overview of how to use the Luno exchange to transact cryptocurrencies.
Signing Up on Luno
Before you can make use of this platform, you will need to create an account. Luno exchange allows anyone to sign up with the exchange, on the condition that such an individual has attained the age of 18 and is not a national or resident of the United States of America.
Signing up only requires an email address and password. You will need to verify that you are not a robot and then, by signing up, you agree to Luno’s term of use. Luno reserves the right to restrict, suspend or terminate your Luno Account if any of the terms is breached.
After filling the required fields, complete the captcha and click “sign up” and a confirmation link will be sent to your email address. Once you verify your account through the link that will be sent to email, your Luno account will be ready for use.
How to Deposit Funds on Luno
Once your account is activated and ready, the next thing to do is to fund your account for you to explore other features on the platform such as the buying and selling of cryptocurrencies.
Luno offers a platform where an individual can purchase cryptocurrencies with his or her local currency. To fund your account, once you are logged in, select “Wallet” from the menu and choose your local currency wallet and select “Deposit”
Deposit through bank transfer
Once you have selected Deposit, you will see the option to deposit through bank transfer. Select this option. It will open a dialog box for you to fill in the amount of money you would like to deposit. When the required details are filled in, click “Next”.
The amount you have selected to deposit, alongside the transaction fee will be displayed to you. If you are okay with it, click “Continue to Paystack”. The Paystack here is a third-party firm Luno works with in Nigeria for easy local currency transactions.
In any country that Luno supports deposit through bank transfer, there is always a third-party firm they partner with. The next is to link your bank by providing your account number and verifying it with an OTP from your bank.
Deposit with Debit or Credit Card
Another method one can use to deposit to Luno is through the use of debit or credit card. Once you have selected “Deposit”, click “Debit or Credit card”. Fill the amount you want to deposit and click “Next”. The amount you want to deposit and the transaction fee will be displayed. If you are good with it, click “Continue”.
Fill in your credit or debit card details and click “Pay”. Your bank will send you an OTP for confirmation of the transaction. Once you confirm your transaction, expect your cash to reflect within an hour.
How to deposit Cryptocurrency on Luno
Depositing digital assets on Luno is very easy and straightforward. Go to “wallet” and then choose any of the digital assets you want to deposit. It is either Bitcoin (BTC) or Ethereum (ETH). Once you have chosen the digital asset option, click “Receive”.
If that would be the first time you would be opting to receive that asset on your Luno account, it will ask you to create a receiving address for the asset you chose. Click “create new account”, and fill in the name you want the address to bear. After this, click “create” and your receiving address will be created.
How to buy and sell on Luno
There are two methods of trading on Luno. You can either use instant buy/sell or make use of Luno exchange where you can place a limit order.
This method is preferred if you wish to either buy or sell on Luno instantly, without waiting in the queue. The transaction fee charged here is much higher than what is charged when you make use of Luno exchange where you can place a limit order.
To use this method, go to “Wallet” and choose any of the assets you want to trade— either BTC or ETH. If you want to buy, click “buy”, if you want to sell, click “sell”. Fill in the amount of the asset you want to buy or sell and click “Next”. It will display the quantity of the asset you will get and the fee for the transaction. If you are satisfied with that, go ahead to buy and it will instantly be converted to the asset you chose.
Placing a Limit Trade on Luno Exchange
Many people are unaware that Luno has an exchange where one can place a limit order. To access this, once you are logged in, click “Exchange” then you will see where to choose which asset pair you want to trade on the top left hand of the page.
Choose any of the pairs from the drop-down menu. On this page, you will see the trade chart, order book, and trade history. Then fill in the price you wish to buy or sell and the amount you are buying or selling and click “Place order”. Your order will enter the order book, and execution would be pending. There is a provision to make use of stop-limit order on Luno Exchange.
How to Withdraw Local Currency
To withdraw your local currency, go to “Wallet”, then choose your local currency. Click “withdraw”. If it is your first time of using this service on Luno, you will be asked to add your local bank details. Click “Add Bank Details” and fill in the required fields, and add. To withdraw, just choose the bank you added, fill in the amount of money you wish to withdraw, and withdraw the sum.
How to Withdraw Cryptocurrency
Withdrawing a digital asset from Luno is as simple as depositing the same on Luno. Go to “Wallet”, choose the digital asset you want to withdraw. Click “Send” and then fill in the receiving address and the amount of the assets you wish to withdraw.
Then, click “Next”. The amount of the assets you are withdrawing, the receiving address, and the transaction fee will be displayed. If the details are accurate, you can go ahead and hit the send button.
All the images on this article were gotten from Luno Exchange.
Understanding Speculation and Crypto Volatility
Everyone who dabbles in the crypto industry learns almost immediately that the market is very volatile and oftentimes things can change very quickly. That volatility is the fundamental reason why some investors make absolutely stunning gains in so short a time and others lose a lot of money as well. Trading in crypto is one of the riskiest ventures any person can undertake and as they say, it’s not for the faint of heart. The risks can be mitigated of course and sometimes depends specifically on the coin or crypto asset being traded on, barring general market trends.
Nevertheless, to get to the bottom of the volatility concept, one must understand speculation in the market. To start off, the concept of speculation isn’t limited to cryptocurrencies, on the contrary, speculation has existed for as long as economics and trading has. But it is worth saying that speculation is often a feature of novel sectors, assets, commodities and the like. So, even though cryptocurrencies have been around for more than a decade, they’re still in their infancy as far as markets go. One could say that the market is still trying to find its feet.
One of the fundamental reasons why cryptocurrencies are so volatile is that they are fundamentally backed by nothing of value outside the attention that they get. Unlike many fiat currencies which are either pegged to another currency’s value or whose value is unilaterally determined by a central authority, cryptocurrencies only derive value as a function of how many people are willing to use is to transact, i.e. trust in the asset because other people trust it. As a rule of thumb, the larger the number of people who accept the asset, the more valuable it becomes.
This is one of the hallmarks of speculative trading. In the crypto world or in any market that’s novel and untested, many people are in it to win it which means their strategies in trade has the objective of making as much profits as possible in the short term. Therefore, the market enters a subtly dangerous cycle of rapidly changing prices of assets. Basically, investors typically buy assets when prices are low and wait. As more investors are attracted to the commodity for its low prices, it sets off a cascade where more people buy in, causing the price to steadily rise.
However, all good things must come to an end and it almost always gets to a breaking point whereupon the price gets high enough for investors to begin to sell. This reverses the earlier cascade and as more and more investors pull out, the prices can fall dramatically causing even more to sell off in fear of losing whatever investments they have left. The prices having fallen resets the game and primes investors to begin buying again.
Volatility has been one of the talking points of many critics of cryptocurrencies often comparing it to a Ponzi scheme. And in certain cases, persons of interest with large pulls and audiences can substantially affect the rate at which prices rise and fall. Other factors include government regulations. Volatility at its core reflects the often chaotic nature of trade and market interactions and human hopes and fears.
How to Approach Cryptocurrency Investment in 2021
Years have gone by and many cryptocurrencies have come to be. Speculators and Investors now see cryptocurrency as an alternative to universal currencies like the dollar, euro, and naira. Today, virtually everyone wants to learn how to invest. If you’re looking to invest in cryptocurrency, this article is for you.
Before diving into the crypto journey, it is important to be aware of what is at stake. For everyone who has acquired immense wealth trading crypto, there is also someone who has lost massive finances while trading. Nevertheless, if you’re still focused on cryptocurrency investment, keep reading.
Only Invest Money You’re Prepared To Overlook
Needless to say, you should only invest money you can afford to lose. The main purpose of any form of investment is to add to your fortune. If an individual invests his entire savings, and the said investment doesn’t work out as planned, that is a big loss. So, when investing in Cryptocurrency, whatever amount you put in is completely up to you, but it should only occupy a small percentage of your income, such that, if there is a hiccup, you’re not left completely stranded.
Make Your Choice
Choose your cryptocurrency or cryptocurrencies. There are tons of cryptocurrencies to select from and while it’s fine to make good with just one, it’s also not a bad idea to invest in as many as you want, as long as you’re not spending above your means. That way, you gain some, and you lose some. However, if you would rather invest in one, Bitcoin seems to be the most reliable, followed closely by Ethereum.
A downside to trading in cryptocurrencies is that you can’t just walk into a bank or an investment brokerage firm to get them. You have to find sites dedicated to cryptocurrency exchanges. There are several sites like eToro, Coinbase, Gemini, Binance, etc. dedicated to this cause.
Save Your Cryptocurrency
Cryptocurrency is mainly stored in either a hot or cold wallet. This wallet permits users to keep and reclaim their digital assets. A user can store cryptocurrencies like Ethereum in their wallet and from there, use it to perform transactions. You have access to your wallet through a public key and a private key. The public key is referred to as your cryptocurrency address and it can be used by the other party in the transaction, while the private key is for you alone. It is important to have both keys to finalize a transaction. In addition, your wallet provides a history of all your transactions, as well as your present balance.
Safeguard Your Cryptocurrency
Keeping your cryptocurrency secure after buying it is principal. To encrypt your data, make use of VPNs, like NordVPN and ExpressVPN. These help in securing your transactions and making sure that your purchases are kept a secret from prying eyes.
Just as with other forms of investment, in cryptocurrency investment, it is important to focus less on what is being said, but rather carry out your own research and study the market to the best of your ability. Do your own fact-finding instead and select the strategy that works best for you. This will help you to have a clear picture of what it is you’re jumping into.
Bitcoin, Cryptocurrency-Maana Na Jinsi Inavyofanya Kazi
Sehemu ya kwanza
Miaka kuku na moja iliyopita, neno “cryptocurrency”lilionekana la ajabu kwa wengi. Hata Sasa hili neno limekuwa likisikika mara kwa mara lakini bado watu wengi wamekuwa hawajui linamaanisha nini hasa. Ni neno lililozoeleka Kama fedha za mtandaoni ama Bitcoin.
Je fedha za mtandaoni ni nini hasa?
Watu wengi Wana uelewa potofu juu ya fedha za mtandaoni, kwa baadhi ni neno linalohusishwa na wizi na njia zisizo halali za kifedha, kwa wengine hili neno limekuwa msamiati watu wakitumia kutengeneza fedha. Cryptocurrencies inaweza kuelezewa na kueleweka kwa njia rahisi. Uelewa wa mahesabu yake huchukua mda mrefu Sana. Ingawa, kuwa na uelewa kidogo juu ya mfumo wa thamani yake Ni kitu pekee kinachohitajika ili uweze kutumia.
Je Cryptocurrency ni nini?
Cryptocurrency ni fedha ya kimtandao iliyo dhahiri au halisi ambayo inaweza kutumika kubadilishana au kufanya manunuzi. Inaweza kuonekana Kama fedha ya kawaida, lakini ambayo mtu hawezi kushika. Ili kupata uelewa sahihi wa dhana hii,uione kama hawala ya fedha-naira ya Nigeria, Cedi ya Ghana, dola ya Marekani,Shilingi ya Kenya au Rand ya Afrika kusini. Cryptocurrencies inafanyanishwa na aina hizi za hawala, lakini ikiwa na tofauti kuu-cryptocurrency ni ya uhalisia.
Tofauti na hawala ya kawaida, Cryptocurrencies hazimilikiwi na eneo ama nchi Fulani, kwahiyo zenyewe zinaweza kutumiwa na mtu yeyote, popote (Ingawa, uhalalishaji wake ni hafifu kwa baadhi ya nchi).
Kitu gani kinafanya ziwe salama?
Cryptocurrencies zinadhibitiwa na fumbo (cryptography). Fumbo Ni njia ya kulinda ujumbe ndani ya mtandao. Katika kipindi ambacho biashara nyingi na miamala mingi imehamia katika mfumo wa digit, fumbo (cryptography) inabeba jukumu muhimu ya kulinda taarifa ambazo zinakuwa zinabadilishwa katika tovuti mbalimbali duniani. Fumbo inafumba taarifa au jumbe ili iweze kumfikia muhusika pekee (mlengwa). Cha kushangaza fumbo haikuanzia kwenye mitandao. Ni mfumo ulioanza kutumika tangu miaka ya 1900 Kabla ya Kristo.
Jinsi gani mfumo wa fumbo (cryptography) unavyofanya kazi na fedha za mtandaoni.
Kitu cha muhimu katika mfumo wa fumbo kwenye nadharia ya fedha za mtandao ni suala la saini ya digiti. Saini mara nyingi inatumika kuonesha uhalali katika dunia ya mtandao na vivyo hivyo ndivyo inavyotumika katika ulimwengu wa digiti. Saini itakuonesha mmiliki wa hati, hakitakiwi ighushike, na pindi hati ikisainiwa saini haiwezi kuondolewa. Hivi ndivyo saini za kidigiti hufanya.
Hata hivyo, japokuwa saini ni njia Bora ya kuonesha uhalali, bado zinaweza kughushika. Ili kuondokana na changamoto hii, mfumo wa fumbo unaenda hatua moja zaidi kwa kuongeza funguo katika sahihi hizi za kidigiti. Funguo hizi zinafunga hati ili kuhakikisha macho yanayochungulia kushindwa kuona sahihi.
Kuna mahesabu magumu mno katika mfumo wa fumbo ambazo zinasaidia katika fedha za mtandao hivyo huzifanya fedha hizo kutumika kwa ufasaha.
Historia fupi ya Bitcoin na fedha za mtandao
Flooz, Beenz na DigiCash ni Kati ya walionza mapema kutumia fedha za mtandaoni mnamo miaka ya 90, kwa bahati mbaya wote walishindwa. Kwa matokeo hayo, kushindwa kwa majaribio yao ya kwanza kuhusu fedha za kidigitali, kulifanya wazo zima kupoteza muelekeo na hakukuwa na kumbukumbu ya majaribio yaliyorekodiwa tena tangu kipindi hiko.
Kisha akaja Satoshi mwaka 2009 mtaalamu wa kompyuta asiyejulikana, aliyetumia jina la Satochi Nakamoto, alikuja na wazo la Bitcoin. Alielezea Bitcoin kuwa haipo chini ya mamlaka yeyote ambayo haikuhitaji mtu yeyote wa katikati. Kutuma fedha ilikuwa rahisi Kama kutuma faili kutoka kwenye simu moja kwenda kwemye simu nyingine.
Hali ya fedha ya mtandaoni kutokuwa chini ya mamlaka yeyote ni moja ya sifa yake bora zaidi. Kama ilivyo aina ya Mitandao mingine ya malipo ilitakiwa ishughulikie tatizo la kulipia kitu mara mbili. Kulipia Mara mbili ni kitendo Cha kitapeli Cha kutumia kiasi kile kile Cha fedha Mara mbili. Njia ya kawaida ya kutatua tatizo hili ni kwa kutengeneza mfumo ambao utatunza rekodi ya kila muamala na kumbukumbu ya salio. Hata hivyo, mfumo hu unahitaji mtu wa tatu ambaye atakuwa na taarifa sahihi baina ya watumiaji wawili. Bitcoin za Satoshi zinahitaji sehemu maalumu ha kutunzia kumbukumbu. Inatumia mfumo wa kutunza kumbukumbu ambao umetawanywa unaojulikana kama blockchain. Hii inaondoa haha ya kuwa na mfumo mmoja wa kuhifadhia kumbukumbu za miamala. Blockchain ni mfumo wa kumbukumbu ambao unaacha nakala ya kumbukumbu kwa kila mtumiaji. Mabadiliko yeyote yanayofanywa katika mfumo huu huweka kumbukumbu hiyo kwenye nakala ya watu wote, hivyo basi kufanya mtu mmojawapo asiweze kubadilisha taarifa kwenye kila kumbukumbu.
Ndani ya mtandao wa fedha za kimtandao kama Bitcoin, watumiaji wanathibitisha mialama. Watumiaji wanafanya hivi kwa kutatua mfumo mgumu uliowekwa.
Kwahiyo, namna gani tunaweza kutumia fedha za mtandao?
Kama fedha nyingine,fedha ya mtandao inaweza kutumika kulipia bidhaa na huduma. Mnamo tarehe 22 mwezi wa tano mwaka 2010, mwanamme mmoja kwa jina la Lazlo Hanyecza alilipia pizza yake kwa Bitcoin 10,000. Hii ilikuwa Mara ya kwanza kwa fedha ya mtandaoni kutumika Kama njia ya kufanya manunuzi. Hii siku inajulikana Kama siku ya Bitcoin pizza. Leo, Lazlo angelipia dola 231,000 kwa ajili ya hiyo pizza.
Kuna wafanyabiashara wengi ambao wangekubali fedha za mtandaoni Kama malipo. Katika maduka ya apple, fedha ya mtandaoni imethibitishwa Kama njia ya malipo. Katika maeneo mengi ya Afrika Kama vile Nigeria, Ni njia Bora ya kufanya malipo nje ya mipaka.
Ukiachana kutumika Kama njia ya malipo ,fedha za mtandaoni pia zinatumika Kama njia mojawapo ya uwekezaji. Mtu ambaye aliwekeza Bitcoin moja mwaka 2010, kipindi ambacho Bitcoin ilikuwa chini ya dola moja, angeweza kupata $ 18,000.
Ingawa Bitcoin inaweza kuwa Kati ya vitu vya thamani ndani ya miaka kumi ni muhimu kujua kwamba fedha za mtandao zinabadilika haraka Sana, hivyo kufanya uwekezaji wake uwe wa hatari.
Bitcoin, fedha ya mtandaoni iliyo imara zaidi ilishuka kwa ghafla Sana mwaka 2017. Thamani yake ilipanda Sana hadi $20,000 na ikashuka ghafla Hadi $3000. Hata hivyo, fedha hii imeendelea kupanda juu Sana. Kwa Sasa ina thamani ya $23,000 wakati wa kuandika makala hii.
Ushuhuda kutoka kwenye kazi za uvunaji
Fedha za mtandaoni pia zinaweza zikavunwa. Uvunaji ni muhimu Sana kwa fedha za mtandaoni, hasa kwa wale wanaotumia mfumo wa POW. Wavunaji wanathibitisha muamala ili iweze kuwekwa katika kumbukumbu. Kwa kufanya hivyo, wanaongeza huduma za utunzaji taarifa za miamala. Wavunaji wanatatua mafumbo mbalimbali ya fedha za mtandaoni. Mafumbo yanazidi kuwa magumu kwa fedha maarufu kadri siku zinavyozidi kwenda. Siku hizi mahesabu ya Hali ya juu mno yanahitajika ili mtu aweze kufanikiwa kuvuna. Kwa kila fumbo litakalotatuliwa mvunaji anapewa zawadi ya Bitcoin. Uvunaji ni kati ya njia inayoifanya sarafu kuzunguka. Miaka inavyozidi kwenda kiwango Cha zawadi kwa wavunaji kimekuwa kikipunguzwa ili kupunguza mzunguko wa fedha za mtandaoni. Hii pia imekuwa sababu ya Bitcoin kuongezeka thamani. Wavunaji walikuwa wanapewa zawadi ya Bitcoin 50 hawati fedha hii inaanza, Sasa hivi zawadi Ni Bitcoin 6.25. Hata hivyo zawadi hii itaendelea kushika mda unavyozidi kwenda. Bitcoin milioni mbili tu ndizo zilizobaki kuvunwa. Kuvunwa kwa hizo kutafanya kuwe na na Bitcoin milioni 21 katika mzunguko.
Uwekaji wa dau uhitaji waweka dau wabainishe kiasi Cha dau.
Ukiacha uvunaji, fedha nyingine zinatumia mfumo wa dau. Bitcoin inahitaji mvunaji kuthibitisha muamala, frledha nyingine za mtandao hazihitaji hivyo. Mfano Ni ethereum 2.0, fedha hii ikiwa ni ya pili kwa ukubwa ukiacha bitcoin. Ethereum inahitaji kuthibitisha muamala unaotokea ndani ya mtandao wa ethereum. Wahakiki wanahitaji dau la angalau ethereum 32 ili kukupa haki ya kuhakiki.
Uhakiki hatuhitaji mahesabu ya Hali ya juu Kama uvunaji. Kompyuta ya kawaida inaweza kuhakiki.
Uwekaji wa dau, hata hivyo haujaanza bado kutumika katika mtandao wa ethereum. Ni mfumo mpya ndani ya mtay ambao utaanza kutumika mnamo mwaka 2021.
Kujifunza kuhusu fedha za mtandao ni hatua ambayo inaanza kwa kuzimiliki kwanza. Kusoma maoni katika mitandao ya kijamii kutachangia uelewa zaidi. Fuatilia akaunti mbalimbali za mitandao ya kijamii na taarifa mbalimbali ili kufanya maamuzi sahihi kwenye fedha za mtandao
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