After over a decade of the introduction of digital currency, bitcoin still tops the chart as the world’s largest cryptocurrency. However many wonder how profitable bitcoin is with all the fluctuations and if they could make money with bitcoin in Nigeria. Off course bitcoin is profitable and anybody can make money with bitcoin if they go about it the right way.
Having said that i know the next thing that pops to mind is “How to make money with bitcoin in Nigeria”
There are several ways one could make money with bitcoin in Nigeria, of which the most common ways one could make money with bitcoin in Nigeria through; Mining, Trading, Investing, Accepting as payment, Lending bitcoin, and pay-to-click websites amongst others. Nevertheless, there is none of these methods that can be regarded as the best way of making money with bitcoin in Nigeria. But this post will discuss in detail ways to make money with bitcoin in Nigeria.
How To Make Money With Bitcoin In Nigeria
This is the process in which miners use powerful computers to solve complex mathematical problems. When they crack the code, they’re rewarded with newly-minted bitcoin. It’s basically a race to see who can solve the block the fastest and those lucky enough to do so reap the rewards. Back in the day, mining wasn’t as complicated as it is now. Some of the earliest miners were able to mine thousands of BTC using just their home computers. Now, it’s a very different scenario. To mine in today’s bitcoin scene, you’ll need top-tier equipment—which can set you back a few thousand bucks. Also, since Bitcoin has made a name for itself now, you’ll have a lot of competition.
Trading bitcoin in Nigeria is a fast way of making money but one i would recommend if you are good with reading the charts as this requires taking advantage of the bitcoin’s volatile market and making profits for yourself. This method requires sound knowledge of the market and adequate practice before a dive. Making short and quick trades, allowing opportunities for small and fast profits. So this consists of carefully analyzing the market, seeing small money-making opportunities, and capitalizing for a small profit. Nevertheless, making a cumulative significant profit at the end.
Investing in Bitcoin/Blockchain Based Start-Ups
Investing in bitcoin can be lucrative, this is process of buying bitcoin and leaving it to appreciate in value. Generally, investing in bitcoin is commonly termed as bitcoin “HODLing” and its some-what different from bitcoin trading which essentially is about making short and quick trades. You could also make money with Bitcoin by investing in blockchain base startups, or even companies that are into blockchain development itself. But you should be careful with investments, because it’s is no secret that the cryptocurrency market is a very unpredictable place.
Accepting Bitcoin as payment
Bitcoin is gradually gaining a wide acceptance in most parts of the world and more businesses begin to accept bitcoin as payments, even the auto mobile maker “Tesla” recently began accepting bitcoin as a means of payment, hence if you are running a business you can also accept bitcoin as a means of payment for your products or services you render as bitcoin is a fast and secure means of payment. The best part is its quite easy to start accepting bitcoin in Nigeria ever since recent ban by the CBN and Nigerians now rely on peer-to-peer exchange of bitcoin. Once you start receiving funds in bitcoin, you could even get luckier as bitcoin keeps increasing in value.
Related Post; How Long Should I Hold Bitcoin and Other Cryptocurrency?
Lending is one of the hottest spaces in cryptocurrency innovation right now, with tons of companies figuring out novel ways to adapt and mix up the infrastructure of traditional financial lending products for the blockchain space. You could lend out bitcoin and make profits when due as platforms such as Dharma offers a P2P cryptocurrency lending solution that channels investments made by lenders to borrowers.
Pay-to-Click (PTC) websites
Pay-to-Click websites pay you in Bitcoin for watching an ad or clicking on a link to a particular page containing ads. But have in mind, that it is quite tasking to make significant amount of money from these sites. Nevertheless, these sites are an excellent way for you to earn a quick buck if you can put in the time and work require of it. Coinpayu and adBTC are good sites to check out if you’re interested in making money with cryptocurrency.
Similarly, Nairadirect and Exchangeindeed are platforms were you can get bitcoin at the best rate in Nigeria, these platform allows you buy any amount of bitcoin at a cheaper rate, hence you make profit when selling on other platforms.
How to make money off Bitcoin using these methods requires a lot of practice, and the amount of money you will make depends on the level of risk you are willing to take, so don’t expect to get it right on the first attempt. Make your own findings and figure out which strategy is best for you, and if you are on the look for fast and reliable platform to buy bitcoin i will recommend any of these two; Nairadirect and Exchangeindeed.