In this article, we share with you the step-by-step guide on how to start Bitcoin business in Nigeria. See the terminologies, how to get Bitcoin wallet, and how to invest to make money from it.
The Bitcoin business is among the business you can do online in Nigeria and it involves trading on digital currencies. Bitcoin is now among the popular currencies in the digital currency market and this article tells you how to start your Bitcoin business. Many opportunities exist for Nigerians online and Bitcoin business is one of them.
Terms In Bitcoin Business
Wallet is a digital bank that keeps your money inside safes and strong rooms. The wallet keeps your cryptocurrency in public and private keys and you utilise it for receiving and sending. Many wallets exist for storing currencies and you can choose the one to use.
You have to know about the wallet categories and this is necessary before starting the Bitcoin business in Nigeria. Examples of wallets are LUNO, LocalBitcoins, Paxful and Block chain.
More on wallets
After setting up your wallet, the next is funding of that wallet and this involves an exchanger. Note that there are Bitcoin scammers and avoid them.
Go for exchangers that are genuine and avoid fake ones. You Luno wallet can fund using your bank account and then you can proceed.
There are many exchangers within and outside Nigeria. Ensure that you conduct some research about the company or exchanger before investing.
Some payment systems let people to exchange money in the internet and this is without banks. These systems are cryptocurrencies and they offer cheap transactions.
There is up to 1500 cryptocurrencies and examples include Etherum, Litecoin, Bitcoin, Jetcoin and Ripple.
c. Marketing (Selling) Orders
These are orders from sellers for those buying to fill up. Once the seller’s order matches with the purchasing order it moves in an automatic way to the orders for selling.
Steps To Start The Bitcoin Business In Nigeria:
This resembles opening an account with your bank and here you open with the exchanger you choose. You can go for many exchangers and this depends on the coin factor. Check out some wallets and open an account. There is a verification process and this is to secure transactions.
You can also invest in coins like alt coins but Bitcoins happens to be the major category of coins. Many ways exist for you to obtain Bitcoins apart from purchasing it from one exchanger or the other.
Methods Of Obtaining Bitcoin
a. Mining method
This is a method for you to earn some Bitcoins and this is for beginners. You can obtain these coins and market it with the mining method. This method can comprise of solving mathematics and getting some rewards.
Mining of Bitcoins was cheap with the laptop before but now it is different. This is because of the need for some high end machines and another method is to go to mining pools. Minergate can help in mining alternative coins and this is with laptop.
b. Speculating For Bitcoin
Many alt coins exist and they have some potentials. One of the examples is the Ethereum coin and you can get it for $0.6.
What you do when you are a speculator is to buy or purchase the coin at a low price. Then you can wait for some months like 6, 8 or 7 and then sell.
Many alt coins exist with some potentials and one of them is jetcoin. There is much profit in this method and this is one of the simplest methods for beginners.
This is among the simplest and fastest methods. It is just like FOREX but one of the difference is that cryptotrading tends to have more volatility than FOREX.
Trading pairs exist in cryptotrading and they include USD/EUR, USD/GBP etc. Other pairs include BTC/ltc and others. More than 50 pairs exist and you can utilize them. Do some research and find out which is applicable to you.
Let’s say you buy the radium coin with a rate as 73000 sats for more than 1 btc and the rate moved to 87100 sats. When you now sell it you get 1.19 btc and the profit margin for that is N21,971 for 24 hrs.
Taking Freelancing Jobs On Bitcoin
Now if you are operating as a freelancer, you can tell clients to pay for Bitcoins and this is part of the Bitcoins business. There are some freelancing sites like Jobs4bitcoins.com and Bitgigs.com that let you make payments using Bitcoins.
Some people may see the tasks as menial or mundane but it still has an earning potential. Clicking links, taking surveys and ads are among the jobs. Other sites include Coinad.com and Coinworker.com.
Banks earn some interest when they lend money and this applies to Bitcoin. You can lend Bitcoins to different online banks and people online. This is a simple process and the banks handle the lending.
The requirements for this is an online account and you utilise this online account for depositing Bitcoins. Banks handle the rest and as more people do Bitcoin transactions, you lend to more people. This is a viable and effective method of utilising the Bitcoins.
Investing In Bitcoins
Amount of Bitcoins for mining is limited and this is different from the fiat currencies. There will be no Bitcoins to mine according to speculations and this is after 21 million of Bitcoins. However miners have mined 16.6 million and the value is increasing.
For example in the year 2015, one Bitcoin was about N85000 and now it is N11.5m. Investing in Bitcoins is profitable and purchasing and then selling is one simple method. Bitcoin does not depend on the value of the naira and this is an advantage.
Read Also: How To Start Tipper Business In Nigeria
More On Investing In Bitcoins
Now you see that investing on Bitcoins is profitable since the value of Bitcoins increases with time. There is a company with the name LUNO and they do cryptotrading. You can also invest on this company and earn a passive way.
Also you can transfer Bitcoin to those who are new customers and then take its cash equivalent. Bitcoin mining also requires some investments since you will have to utilize a special software and a computer. You have to know how block chain works and this takes some time.
Bitcoin business is one of the profitable business you can do in Nigeria and this article tells you how to start. Avoid Bitcoin scammers and fake exchangers. The value of Bitcoins increases and this is as time goes on.
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