Bitcoin is a digital currency; this simply means that unlike the past forms of money, Bitcoin is not anything physical. It is not a hard currency yet more real than any form of money ever used. It exists on a new high technology called Blockchain which helps to store all the information and transactions about all the Bitcoin that was ever mined and transacted. The information on Blockchain can never be destroyed or manipulated( this attribute led to the questioning of it’s authencity by many countries including China) . Unlike paper money, Blockchain cannot be controlled by the government or one central body , making Bitcoin the best form of money to ever evolve from the human brain. With Bitcoin, you are simply your own bank( you make the rules), as you can spend your money anytime, anywhere, with no restrictions whatsoever( a benefit you cannot get with your usual bank). in recent times, Bitcoin has gained more popularity accross the world, Nigeria included, people now choose to send money to their families and friends using this new unique form of money. Young men and women who work online now prefer to receive payment with it because of the advantage it has over the ever dropping value of naira.Cryptocurrency(Bitcoin) is gaining popularity and acceptance around the globe.
How can you as an individual benefit from it? I have tried to list a few ways to get you started.Strategies for Making Money With Bitcoin In Nigeria
How To Make Money From Bitcoin
- Trading bitcoins
Buying and selling BTC(bitcoins) is probably the easiest and fastest way to make some money with bitcoin. Like it’s forefather,the stock market, bitcoin trading involves buying at a low cost and selling when the price has gone up. Bitcoin is a volatile currency which means the rate can rise or fall several times day with margin of $10-100 per bitcoin value. Because of this, many traders have panicked in past years and have sold off their bitcoins as soon as they thought it would come down crashing hard!.
Bitcoin like gold can be quite scarce, this is due to the finite or limited production of Bitcoin, there are ever going to be only about 21 million Bitcoin ever mined. I mean EVER! (Out of that only about 16 million is in circulation now, as the rest are continually being mined). With bitcoin you can invest for the future. For Nigerians, BTC can serve as a high profit investment, due to the unpredictanle feature of the Nigerian Naira in the foreign exchange market. In the past, 5 Bitcoins was worth $1,000, because each Bitcoin was about $200. The equivalent naira rate for 5 Bitcoins was about #220,00 then because each dollar was worth #220 on the black market. Fast forward a year later, the same number of Bitcoins now worth about $2,915 since the value of each bitcoin has gone up from $200 to about $583, and the equivalent naira rate for 5 Bitcoins would now be #1,078,550. Can you imagine the profit margin.
Nigerians living in in far away countries and those many others doing business across Africa, China and the world can save on money transfer fees and foreign exchange rate by sending money in Bitcoins, this single act would save time and reduce over 10% fees charged by several Money Transfer Operators. Bitcoin exchanges are available all over the world, allowing users to convert any currency into and out of Bitcoin.
How to Buy and Sell Bitcoin?
You can exchange your Naira for Bitcoin and Bitcoin for Naira with ease in Nigeria at www.nairaex.com
In a quick summary, a bitcoin trading process involves 3 simple steps which include:
- First you’ll need a bitcoin wallet – an app that lets you receive, hold, and spend bitcoin. I recommend you use Binance for this
- Open a Bitcoin trading account in Nigeria at NairaEx website via www.nairaex.com, proceed to buy your first set of bitcoins and transfer it to your bitcoin wallet. Bitcoins(BTC) are divisible, you can buy as little as $10 worth of bitcoin without no extra fees.
- For day trading, open trading accounts with some of the major foreign bitcoin exchanges and load it with Bitcoin funds. This will allows you to trade bitcoin directly with other fiat currencies such as USD,EURO,GBP.