How to Make Money with Bitcoins in Nigeria
One thing everyone investing in Bitcoins share in common is the drive to make a profit. It is perhaps the primary reason why everyone has decided to invest in Bitcoin in the first place. When someone first asked me that question I was shocked! Why? Hello, bitcoin is money already!! It is a digital currency that exists on a technology called Blockchain – that serves as a worldwide ledger that helps to store all the information and transactions about all Bitcoin that has ever existed. The information on the Blockchain can never be destroyed or manipulated. In this article, we’ll be discussing how to make money with bitcoins, specifically if you’re an investor in Nigeria.
So, how to make money with Bitcoins?
The truth is you can make serious and yet, legit money from trading on bitcoin, without even leaving the comfort of your home.
That’s right!! It comes with the ‘specs’ of the 21st century era of online financial operations.
But don’t worry because, in this article, we will attempt to figure out how to make money with bitcoin (which is the most recognized cryptocurrency out of the over two thousand cryptocurrencies globally) in Nigeria.
Bitcoin’s popularity in Nigeria
According to Google trends, Nigeria has the highest search volume for Bitcoin in the world. There are indeed rising interests in Bitcoin and increasing levels of adoption in the most populous Black nation.
A recent study conducted by Nairametrics found that Nigeria attracts more bitcoin interests compared to any other country globally. As of September 2020, Nigerians transacted about $8 million of BTC weekly; putting the country ahead of other African nations.
Strategies to make money with Bitcoins in Nigeria
Want to earn on bitcoins? Then you may want to check and consider these out:
Now I am not referring to physically hitting the ground to get bitcoin just like miners of mineral resources do. Like paper money is printed and distributed by governments, Bitcoin has miners who use special software to solve math problems and are issued with bitcoin in exchange. This system is what makes the Bitcoin network go round. These miners buy expensive computer parts (which a high street customer has little access to) that are required for more processing power in order to mine more difficult algorithms.
More on Bitcoin mining: What are ASIC Miners?
Trading on the growth and fall of the bitcoin rate
This is probably the fastest and easiest way to make some money with BTC. Similar to the stock exchange market, bitcoin trading involves buying at a low cost and selling when the price goes 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.
Bitcoin arbitration between exchanges
“Arbitrage” looks like a weird word? Lol, it is simply about making profit off the price difference on different platforms and taking advantage of it. So you can, buy Bitcoin on Easy Crypto Nigeria for 1 million Naira and sell it on another platform that has its Bitcoin price at 1.87 million Naira.
Investing in bitcoin
Like gold, Bitcoin is scarce due to its limited supply. Can I tell you this? There are going to be only 21 million Bitcoins EVER.
BTC offers an opportunity for high profit investment for the future, especially for Nigerians, as the Naira has had a bad outing in the foreign exchange market for quite a while. In fact, Nigeria is currently in her second recession in five years.
With the skyrocketing limps Bitcoin has taken in the past weeks, hitting more than $18,000 (per 1 BTC), you can imagine the profit you would make from buying bitcoins now for investment. Experts are projecting that BTC would hit $20,000 before the end of the year.
I’ll be quick to mention that there are more ways to earn money on bitcoin other than the above listed.
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So what are you waiting for? Get into the money-making mood with bitcoin; start trading, start investing today! Need I remind you that with the recession, hustles need to be doubled to make ends meet, especially with January 2021 strolling down the calendar?
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