How to Make Money with Bitcoin in Nigeria.
If you have been around for a while, you have heard about Bitcoin. It’s only the “in thing” in Nigeria right now. No, it’s not “yahoo”, the business is 100% legit. I’m about to tell you how to make money by trading Bitcoin. For the benefit of the noobs, we’ll start with a brief description of what it is.
Brief Description of What Bitcoin is
Bitcoin is a digital currency. This implies that it has no physical form and cannot be stored in a bank. Instead, the transaction details are stored on Blockchain. Unlike a bank, blockchain is not under the control of any bank, it can’t be manipulated, and it can’t be destroyed. Basically, you are in charge of your own bank and can spend any time you want.
Impressive, right? That’s not even the best part. Stick with me, we are getting there.
Bitcoin has gotten more popular in Nigeria in recent times. Smart folks have found different ways of making money through investment in this cryptocurrency, to use it as a form of payment, and to receive payment for services rendered. It is especially useful when compared with the ever-dropping value of Naira.
There is one question that is bugging you right now. You are wondering how valuable is Bitcoin really? Let me give you a hint. One Bitcoin is currently worth $8,200(as at the time of this post lol, click here for current rate), considering that just three years ago, the same quantity of Bitcoin was about $400. Convert that figure to Naira… Are you seeing how much you can make?
Now that we are done with all the preambles, let’s get to the subject matter;
How to Make Money with Bitcoins in Nigeria
There are three basic ways you can use to make money through Bitcoin. These are;
- Trading Bitcoin
- Investment in Bitcoin
Let’s start from the beginning, shall we?
This is the fastest and most popular way of making money through Bitcoins. It basically involves buying the cryptocurrency when the price is low, and selling when the price is high. You are taking advantage of the volatility of Bitcoin in this part. The value can rise by $10 to $100 several times a day.
Investment in Bitcoin
This is a long-term kind of thing. Think of Bitcoin as a scarce resource (there are only 21 million in the world) whose demand is ever increasing. As the demand increases, so does the price. Considering the constant fluctuation in the value of Naira, it only makes sense to convert your cash into Bitcoin for future purpose. It can easily serve as a high-value investment.
This involves making payment for your foreign transactions using Bitcoins. Not only does this save you a lot of time, you also get 10% reduced fee for paying with Bitcoins. You can conduct your business anywhere in the world using Bitcoins.
On a final note, you can make a lot of money from bitcoin through trading, investment and remittance. However, you have a question. You are wondering where to buy Bitcoin in Nigeria. The article you are looking for is right here.