Business & Investment

How to Start Bitcoin Business in Nigeria

Ever since in 2009, when the first cryptocurrency, Bitcoin, was introduced under the pseudonym Satoshi Nakamoto, cryptocurrencies have grown in popularity.

Cryptocurrency businesses have gained tremendous traction in various markets, including Nigeria. In Nigeria, it is one of the best online businesses today.

How to Start Bitcoin Business in Nigeria

The primary reason cryptocurrency trading such as Bitcoin or Litecoin, has become so much popular is that it can help you become self-employed.

Investments are also pretty low, in case you’re just starting out. You probably need 0.2 BTC or more and make a lot of profit.

Bitcoin business in Nigeria has been in existence for a while, but it only becomes popular in 2013.

Read Also: How to transfer bitcoin to bank account in Nigeria

In this article, we will show you to how you can start Bitcoin business in Nigeria and make a decent profit as a beginner. Let’s get started:

But, first a little background about cryptocurrencies in general.

What are Cryptocurrencies?

Cryptocurrencies are decentralized payment systems that enable people to send currency from one party to party over the internet.

Unlike fiat or traditional currencies, you don’t need banks or financial institutions to transfer money among the parties. Bitcoin transactions are mostly free, though some parties may charge a very small fee. Also, the payments are anonymous too.

As of February 2018, there are around one thousand five hundred cryptocurrencies in existence, which include Bitcoin, Etherum, Litecoin, Ripple, etc.

 

How to Start Bitcoin Business in Nigeria

1. Get a Bitcoin Wallet

To get started in Bitcoin business in Nigeria, the first thing you need to do is to get a bitcoin wallet. There are many websites as well as apps that offer bitcoin, but we would recommend you get one from either LUNO , coinbase.com or localbitcoins.net. Both LUNO, coinbase.com and localbitcoins.net are very reliable sites and popular among the bitcoin trading community.

2. Get Paid For Freelance Jobs in Bitcoin

If you’re working as a freelancer, you can ask your clients to pay in bitcoins. It’s a good way to earn bitcoin, which you can use for bitcoin trading. Popular sites like Upwork.com, Bitgigs.com, Jobs4bitcoins.com, etc allow payments to be made in bitcoins.

If you think that you don’t have the required skills to offer your services in the sites we mentioned above, there are some other jobs that you can do to earn bitcoins.

Most will find the tasks advertised in these sites mundane or menial, but it is still a good way to earn bitcoins. These jobs include clicking on links, taking various online surveys, watching ads, and so on. Sites such as Coinworker.com and Coinad.com offer jobs like these for example.

3. Bitcoin Mining

Another way to earn bitcoins in Nigeria is with the mining method. You can mine your own bitcoins and sell them. For those who aren’t familiar with the mining methods of bitcoins— in short, mining methods involve solving complex mathematical problems.

As a reward, you’re offered bitcoins. During the early days of bitcoins,  mining bitcoins was relatively easy and less expensive.

People were able to mine bitcoins using their laptops. Today, however, it’s a totally different ball game now.  This is mainly because the mathematical problems are much more complex to solve and powerful, high-end machines to accomplish it.

4. Bitcoin Trade

Buying and selling bitcoin is another way to make money in Nigeria when you start a bitcoin business. This is by far the fastest and easiest way to make a profit when dealing with bitcoins.

This is how it works: You probably are well aware that the price of bitcoins goes up and down depending on market conditions and customer speculation. So, buy bitcoins when the price is low and selling them when it is high.

In Nigeria, You can buy and sell bitcoins on sites like Nairaex.com, or Remitano.com. You can use the proceedings from the spread to fill your bitcoin wallet.

However, keep in mind that these sites only trade in naira (Nigerian currency). If you want to trade bitcoin with other currencies, then you need to open trading accounts with foreign bitcoin exchanges.

5. Bitcoin Lending

Banks earn from interest payments from lending. The same process can be applied in bitcoins. You can lend your bitcoins for interest to various online banks.

The process is pretty simple as the banks will take care of the lending. All you need to do is to open an online account with these online banks and deposit your bitcoins.

The bank will take care of the rest. As more and more people are getting accustomed to bitcoin, it’s highly likely that they’ll borrow more of it. It’s the perfect and viable way to make a profit utilizing your bitcoins.

6. Bitcoin investment

Unlike fiat currencies, only a limited amount of bitcoins will ever be mined. Bitcoin is exhaustible and can’t be replenished.

It is prophesied that no bitcoins will be mined after 21 million bitcoins. Up until now, miners have unearthed about 16.6 million bitcoins, and when it reaches 21 million, it’s done!

The value of bitcoins is expected to keep on increasing. For instance, back in 2015, you were able to buy a bitcoin for around 85,000 nairas. Guess what—you need over 1.5 million nairas to buy one bitcoin in 2018!

Just like any investment, investments in bitcoins can yield huge profits.

Similar to gold, which is also a good investment, we recommend you buy bitcoins as soon as possible and hold it for the future.

Read Also: How to Earn Money with Bitcoins inNigeria

It doesn’t matter whether the value of the naira fluctuates or not, you can be fully assured that bitcoin will be independent.

Just imagine, how much money you could have racked in 2018, had you invested in only two bitcoins in 2015?  But, it’s better late, then never.

Final Thoughts

Today, bitcoin has presented itself as a great investment product. The demand and circulation of bitcoins will only keep on increasing, so there is a huge opportunity to make high profits by starting bitcoin business using the techniques mentioned above. So, invest in bitcoins today! You won’t regret it!

 

Author Bio

  

David A. Buhr has over fifteen years of experience in the field of technology. He is an expert in the area of developing strategies of technology blog. He is presently working at https://smiletutor.sg

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