![]() One of the key features introduced is the ability for users to access and unstake their Ethereum tokens that were previously locked in a smart contract as validators on the Beacon Chain. The Shanghai upgrade brought in a range of technical enhancements to the Ethereum platform. ![]() In a PoS consensus mechanism, users can stake 32 ETH to validate transactions rather than solving computational puzzles using mining equipment, making the process more energy-efficient. What Is Ethereum's Shanghai Upgrade?Įthereum completed its switch from a PoW to a PoS consensus mechanism in September 2022. Ethereum’s growth can be attributed in part to its smart contract capability, which has enabled a growing ecosystem of DApps, non-fungible tokens (NFTs) and more. The Ethereum network can be used by anybody to create and run smart contracts, which are software programs that run autonomously, without user intervention. ETH specifically used by the Ethereum blockchain to pay for transactions, and is responsible for powering just about everything that occurs on the network. All network transaction fees, or gas fees, are paid in ETH. In addition, Ethereum is an open-source blockchain platform that runs on the usage of its native currency, called Ether or ETH. The network is decentralized, making it highly resistant to any form of censorship or downtime. The platform is based on the principle of decentralization, which means that it is not controlled by any single entity.Įthereum allows users to build and deploy software, commonly in the form of DApps, which are then powered by a global distributed network of computers running Ethereum. This can be attributed to how it has brought much innovation and many use cases to the industry by introducing smart contract functionality, which has paved the way for decentralized finance (DeFi) and decentralized apps (DApps).Įthereum was created in 2015 by Vitalik Buterin, a Russian-Canadian programmer. Ethereum (ETH) is the second-largest cryptocurrency token in terms of market capitalization. For Nigerians, this article will show you how to deposit and withdraw on Binance via Cashlink. Now that you know how to convert your cryptocurrencies easily and at no cost, you deposit into your Binance account using your local digital fiat currency and convert to any crypto of your choice. You can also convert cryptocurrency back to your local digital fiat currency whenever you want to make a withdrawal - all with no fees. Using this method of converting cryptocurrencies on Binance, you can convert your NGN (or any digital fiat currency) after depositing to any cryptocurrency of your choice. Once on this page, you can find “P2P” in the “Trade” section. You will be directed to the Convert section of the Transaction History page, where you can view the details of your previous conversions. You can also view your conversion history by clicking “View History”. You can go back to the home page by clicking “Back Home”. Step 4: You should be redirected to this page containing details about your transaction and confirm the conversion. If all the details are in order, click the “Convert” button before the countdown expires to confirm the conversion. Step 3: Next, you will see a pop-up containing a summary of your transaction. You can also view the minimum and maximum quantity of each cryptocurrency you are allowed to convert.Įnter the quantity of cryptocurrency you want to convert in the “From” section and click “Preview Conversion”. To convert from one cryptocurrency to another, select the correct cryptocurrency in the “From” and “To” sections respectively. Before you proceed, ensure that the crypto you want to convert is currently in your Spot wallet. You can convert your crypto using a market (instant) or limit order. Step 2: You will be directed to the “Convert” page. Once on this page, you can find “Convert” in the “Trade” section. If you can’t find this on your home page, click “More” to access the full app service page. Step 1: On the Binance app home page, click “Convert”. This article will show you how to convert between cryptocurrencies and digital fiat currencies more quickly and easily - and with zero fees. It also allows you to convert your digital fiat currencies to crypto after deposit and vice versa for withdrawal.ĭid you know there’s a way to convert your deposited digital fiat currency or cryptocurrency to any cryptocurrency of your choice, with no fees? You can convert cryptocurrencies and digital fiat currencies on Binance using Binance Convert.īinance Convert offers an easier and faster method of conversion, with no fees.
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