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  3. Nigerian Naira (NGN) to ETHPoW (ETHW)

Convert
Nigerian Naira (NGN) to ETHPoW (ETHW) Instantly

NGN NGN
ETHW ETHW
Buy ETHPoW (ETHW)

Purchase ETHPoW (ETHW) with Nigerian Naira (NGN) easily at Switchere and benefit from fast, secure transactions.

About
ETHPoW (ETHW)

ETHW (ETHW) represents a hard fork of the Ethereum blockchain, initiated following Ethereum's transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism, an event widely known as "The Merge." The primary purpose of ETHW is to maintain the original Ethereum PoW chain, thereby offering a continuation for the existing community of miners and users who prefer the PoW model or have significant investments in PoW mining infrastructure. This decentralized network preserves the Ethash mining algorithm, relying on miners to validate transactions and secure the blockchain technology through computational work, a foundational aspect of the pre-Merge Ethereum digital ledger.

The native ETHW token is crucial for the ecosystem's functionality. It serves as the primary digital asset for paying transaction fees, commonly referred to as gas, which are necessary for executing smart contracts and interacting with decentralized applications (dApps) operating on the ETHW chain. Furthermore, ETHW tokens are distributed as mining rewards, incentivizing miners to contribute their hash power to maintain network integrity and on-chain security. ETHW aims to support a segment of the Ethereum dApp landscape and its associated tokenomics, providing an alternative platform for developers and users committed to the Proof-of-Work consensus, positioning itself as a distinct branch within the broader Web3 infrastructure.

ETHPoW (ETHW)

How to Buy ETHPoW (ETHW)

swipe Step-by-step guidance
card Easy credit card payments
btn Streamlined purchase process
  1. Step 1 illustration
    01

    Choose NGN to ETHW Pair

    Select your preferred payment method and enter the amount.

  2. 02

    Enter Your ETHPoW Wallet Address

    Provide your ETHW wallet address and proceed with the payment.

  3. 03

    Receive Your ETHPoW

    Complete the payment, and your ETHW will be sent to your wallet.

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Frequently asked questions

  • What exactly is the NGN/ETHW trading pair?

    The NGN/ETHW pair represents the direct exchange rate between the Nigerian Naira (NGN) and EthereumPoW (ETHW). ETHW is a hard fork of Ethereum that continues to use the original proof-of-work consensus mechanism post-Merge. This pair serves as a crucial fiat on-ramp for Nigerian users to acquire this EVM-compatible digital asset, which remains popular with the GPU mining community, directly using their local currency.

  • What are the common methods to buy ETHW with Nigerian Naira (NGN)?

    Due to local banking regulations, the most prevalent method for buying ETHW with NGN is through peer-to-peer (P2P) markets on cryptocurrency exchanges. Users can find vendors willing to sell ETHW and accept NGN via local payment methods like bank transfers. The exchange acts as an escrow, holding the digital asset until the NGN payment is confirmed, ensuring a secure transaction.

  • What kind of fees are involved in an NGN to ETHW blockchain transaction?

    There are typically two types of fees. First, the cryptocurrency exchange or P2P platform might charge a small trading fee, though many P2P services have zero fees for takers. The price set by the P2P vendor usually has their profit margin built-in. Second, when you withdraw your ETHW from the exchange to a personal digital wallet, you must pay a network 'gas' fee. This fee is paid in ETHW to miners on the EthereumPoW chain to process and validate your blockchain transaction.

  • Is KYC/AML compliance required to trade the NGN/ETHW pair?

    Yes, virtually all reputable cryptocurrency exchanges that offer P2P trading for NGN pairs require users to complete Know Your Customer (KYC) and Anti-Money Laundering (AML) verification. This involves submitting identification documents and is a standard security measure to prevent fraud, protect users, and comply with global financial regulations, ensuring a secure trading environment.

  • How does ETHW's proof-of-work mechanism impact its value proposition against NGN?

    ETHW's adherence to a proof-of-work (PoW) consensus mechanism makes it fundamentally different from the current proof-of-stake Ethereum. For Nigerian users trading with NGN, this distinction is key. PoW is seen by some as a more battle-tested and decentralized security model. It also provides an opportunity for individuals with GPU mining hardware to participate in securing the network and earning rewards, an aspect lost in the main Ethereum chain after 'The Merge' fork.
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