Luno - Simpy the best Bitcoin wallet in Africa. #BestDApp.

By focusnow | focusnow | 19 Dec 2019


There are hundreds of cryptocurrency wallet apps and each of them boast features that make it easy for users to buy, sell, store, send or receive cryptocurrencies. But for me - and many other crypto enthusiasts in my country, Luno is simply the King. Before I go on to sing the praises of Luno wallet and why it occupies top spot in my mind, it would be nice to let you know that this article is my entry for the #BestDApp #Publish0x Writing Contest. You are welcome to join this contest and submit an entry before Friday 20th December, 2019. If you wish to join, click here. Alright, having said that, lets barrel along.

What is Luno?

Luno is a platform that allows users to buy, sell, store, send or receive cryptocurrencies. Through the web app, Android and iOS apps, anyone can quickly create a wallet account and start buying or storing their cryptocurrency in the wallet. Right now, the luno wallet supports Bitcoin, Ethereum and Bitcoin Cash. To create a wallet account, a new user needs a functioning e-mail address and phone number. Luno has processed several million cryptocurrency transactions and is available in over 40 countries of the world. Luno makes it practically simple and safe for users to manage their cryptocurrency assets in a secure manner. But, with hundreds if not thousands of cryptocurrency wallets apps available online, why is Luno my best crypto wallet - my BestDApp? There are many reasons, but here are just four of them.

 

Why is Luno wallet my BestDApp

1. Simplicity: Cryptocurrencies and blockchain technology are relatively new to many people. That is a reason why you hear about mass adoption whenever they are discussed. No one will say that about TV or Radio. If that is the case, then the tools used to manage cryptocurrencies should be easy to use and not too technical. The luno wallet is one of the easiest DApps to use. Even people that are not tech savvy quickly understand how to do the basic things such as sending or buying Bitcoin. To sign up for a Luno wallet account is very straight-forward and just requires e-mail, a phone number and a password. In the name of security, most other cryptocurrency wallet apps will require new users to pass through extensive KYC (Know Your Customer) procedures. Luno does not welcome new users with such technicalities. Instead, after sign up, a new user can start immediately to buy cryptocurrencies. They are only required to do KYC after transacting for a set limit. Even at that, the KYC in Luno is simple and happens in stages, allowing the user to continue managing their assets at a certain level, instead of shutting them out like most others. That is simplicity!

 

2. Security: Luno wallet is very secure. With so many cases of breached wallets and stolen crypto assets, it is understandable to be concerned about how your hard-earned digital assets are stored and managed. Luno implements more than one industry-standard security feature to ensure your crypto's are in safe hands. The most basic is the strong password which new users are required to create. The password must contain an uppercase character, a number and a minimum of 8 characters in length. After that, the new user must also create a transaction password. The transaction password is numeric and must be provided to validate all transactions. This is the second layer security feature of Luno. Is that all? You know the answer - NO! Luno even puts security in your hand by allowing users to further protect the funds in their wallet. For example, users can turn on two-factor authentication (2FA). This will ensure that only authorized devices are allowed to manage the cryptocurrencies in your wallet. As an added layer of security, users can also review the devices currently connected to their accounts to ensure they are recognized devices. Suspicious ones a=are quickly removed. Users are also encouraged to update their passwords from time to time. All these security features make it possible for users to keep their funds in their Luno wallet and still sleep with both eyes closed. Little wonder that Luno has processed over $8 billion transactions and is yet to record any loses from intruders or hackers. You better store your Bitcoin, Bitcoin Cash or Ethereum where it is safe - in a Luno wallet!

3. Direct Fiat - crypto management: This is the biggest reason why we (crypto enthusiasts in Nigeria) choose Luno. Luno is the first and one of only two cryptocurrency wallets that allow users to buy cryptocurrencies directly with fiat and convert to fiat too when they wish to sell. This is really a big deal for us here. Like I said earlier, cryptocurrencies are still relatively new in some places - like Africa. Luno is the first wallet platform in Nigeria that allows us to buy bitcoin with Naira (Nigeria local currency). Before now, we first need to run foreign currency domiciliary (usually dollar) accounts with the local bank. This makes us loose money on two ends. We first change fiat to dollar, deposit the dollar into the domiciliary account, and then buy bitcoin through a Mastercard tied to the domiciliary account. So you loose money when changing fiat to dollar and when buying Bitcoin with the dollar. But since Luno came, we ditched the domiciliary accounts. No need again to run them. With our Luno wallets, we simply buy bitcoin directly with fiat. Makes it easy, fast and efficient. Like I said earlier, there are currently two wallet platforms that allow fiat-crypto management in Nigeria and most other places. I use this opportunity to call on other cryptocurrency wallet platforms to consider this feature and tap into the huge cryptocurrency market in Nigeria, Africa and other places of the world. What Luno is doing is to single-handedly power the mass adoption of cryptocurrency in Africa. This ease of use of fiat to exchange for cryptos is the reason I made choose to make this article. Luno is King for me here. There is still another feature that Luno has.

4. Reward for networking: Still talking about mass adoption, Luno has another feature that pushes us to that end. The promotion feature of Luno wallet encourages new users to tell their friends about about Luno. Each user has a promotion code which can be entered into the account of a new recruit. Once the new user purchases bitcoin the equivalent of $13 (For users from Nigeria), both the new user and the one that referred him are paid a promotion bonus of almost $1 each in Bitcoin. This might sound like a very small amount, but a user that referred so many friends can make accumulate significant amount of bitcoin through the referral system. This promotion feature is really great. We tell our friends about really nice services or products we used. So Luno is rewarding users to do what they do for free everyday.

 

There are several other reasons why Luno is a cryptocurrency wallet of choice for me and many friends here in Africa. For example, the app is free to download and unlike many other apps, it does not include in-app ads that are really annoying. However, no DApp - or any technology as a matter of fact is perfect. So Luno also has some downsides that needs to be improved on or eliminated if possible. Here are two of them that I will like to be worked on.

 

Luno wallet downsides

1. High network fees: I understand that the blockchain consumes energy as it processes transactions. However, the transaction fees on Luno wallet is slightly on the high side, especially with regards to sending cryptocurrencies to another wallet. Though there is no fixed fee for sending Bitcoin or other cryptocurrencies to other wallets, it could be as high as 4% or higher during some periods. Every transaction has its transaction fee and some times, they are significantly higher when compared to other services. I would love to see a downward review of the network fees, especially with regards to transactions involving small amounts. If the network fees are kept at an acceptable level, it will encourage more people to use cryptocurrencies and drive mass adoption to a whole new level.

 

2. Withdrawal times: I will also love to see a faster withdrawal time with Luno. Sometimes, when I sell Bitcoin for fiat, it takes hours before I get a debit alert in my bank account. There are times when one runs into an emergency and needed money quickly. Withdrawal at such times would still require the individual to wait, making it impossible to use the money fast. A quicker processing of withdrawn funds and sending them to the banks will greatly enhance ease of access to funds exchanged on using Luno wallet.

Aside from these two downsides, Luno still remain the top selection for many crypto users in Nigeria and Africa as a whole. As the development team is up and doing, I hope they will continue to make the app more intuitive and efficient. 

Now, it is time to demonstrate to you how stuff works in Luno wallet. I am going to demonstrate at least the 3 basic activities you can do with your Luno account:

1. How to create an account.

2. How to deposit money into the local currency wallet.

3. How to buy bitcoin.

Now let us begin with how to create an account.

 

How to create a Luno wallet account 

Note: I will use the web app to demonstrate this lesson. But the same steps apply when creating the account using the mobile app.

Step 1: Log on to www.luno.com and click on Sign up. The form shown blow will appear.

Step 2: Enter your email address and choose your password (8 characters in length, 1 uppercase and 1 number).

Step 3: Select your country

Step 4: Click Register.

Step 5: Confirm your email and phone number to complete the registration.

 

 

 

How to deposit money into the local currency wallet.

Note: I will use the mobile app to demonstarte this lesson

Step 1: Open the mobile app and login to your account

Step 2: Click on wallets.

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Step 3: Click on your local currency as shown on the wallet (Mine is Nigeria naira)

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Step 4: Click Deposit

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Step 5: Select your payment method. I normally use PayU to deposit money into my wallet (For Nigeria).

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Step 6: Enter the amount you wish to deposit and click NEXT

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Step 7: Confirm the amount you wish to deposit and click "CONTINUE TO PAYU"

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Step 8: Enter your card details and click pay. Once you are able to confirm the payment with your bank in the next window, the money will appear in your local currency wallet. Congratulations! you have added money to your local currency wallet and ready to buy cryptocurrency.

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How to buy Bitcoin

Step 1: Open your Luno app and login to your account

 

Step 2: Click on wallets

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Step 3: Click on Bitcoin

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Step 4: Click on Buy

Step 5: Select how to pay. You can pay with Ethereum or money in your local currency wallet or Bitcoin cash. In this case, am paying with Ethereum. So I click ETH wallet.

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Step 5: Enter the quantity of Bitcoin to buy and click NEXT

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Step 6: Confirm the transaction details and click CONFIRM

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Step 7: Enter your transaction PIN. Congratulations! you have successfully bought Bitcoin

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Conclusion

There are so many cryptocurrency wallets out there and you probably used some of them, but Luno is king and top of the chat for me because of the above reasons and more. No system is perfect and as far as the development team is concerned, Luno is still work in progress. The challenges I mentioned above and other features that will make the DApp more efficient should be added in due time. I hope you share my excitement about Luno and the work they do and you will probably agree that Luno is the best DApp for me and - for everyone!

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focusnow
focusnow

Charles designs responsive Wordpress websites. He is an Entrepreneur, public speaker, IT trainer and has been blogging since 2009. Charles writes about Cryptos!


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