Looking for how to make money with bitcoin in Nigeria? Anyway, today, I’ll be sharing various ways in which you can make money with bitcoin.What I’m about to share is from a friend who has/is still making money from bitcoin. I’m sure his experience will be of great benefit to you.
Not only did he reveals how to make money with bitcoin or how to trade bitcoin in Nigeria. But he as well, tells us the challenges you might face in the business.
According to him, the Era of making easy money from bitcoin is gone. So, it needs time, dedication and proper understanding of the crypto currency world for you to make money with bitcoin. Before then, what is bitcoin.
What is Bitcoin?
Simply put, bitcoin is a form electronic money and the most known cryptocurrency, which has no central point of regulation. This means that it is a currency that no one can manipulate or regulate. It is only regulated by force of demand and supply by traders all over the world.
Cryptocurrencies are currencies that governments or banks have no control over. It doesn’t need any approval or influence from banks or governments to trade on crypto currencies in the world. Other known cryptocurrencies are litecoin, ethereum, ripple, dogecoin and many more.
But now we are talking of how make money with bitcoin or how to trade bitcoins to make money here in Nigeria.
So, let’s go.
How to Make Money With Bitcoin in Nigeria
There are several ways you can earn and trade bitcoin online here in Nigerian. But I’ll discuss six, which I know pays more
- Bitcoin Trading
As the name implies, it means buying and selling of bitcoin through an intermediary platform known as bitcoin exchange. The bitcoin exchange platform provides real time match between buyers and sellers on bitcoin within Nano-seconds.
If you’ve traded forex or stock online before, then you’ll understand what I am saying. It takes few clicks to buy or sell bitcoin on the platform.
To trade bitcoin in Nigeria successfully you must have good knowledge of currency fundamental analysis and technical analysis. Most successful traders make money with bitcoin in Nigeria by specializing on technical analysis.
My friend uses candle stick trading pattern and it works for him. So, if you really want to learn how to trade bitcoin and make money then think of developing a trading skill.
Interestingly, you can start learning with virtual money, which is known as demo trading. This means you can develop sound knowledge of how to make money with bitcoin from Nigeria without losing money.
In addition, there are some bitcoin trading classes going on round the country. So, make research on the closer to you to undergo training before investing your real cash.
2. Speculative Buying:
In fact, speculative buying was exactly what enriched many Nigerians through bitcoin. At the early stage of bitcoin some people hard the information and they bought it at very low prices. When the news and awareness spread out and there was rush for it, those people that bought it at very low prices sold them out at higher prices.
To make money with bitcoin in Nigeria through speculative buying you must own a block chain account. Which will enable you buy and sell at your wish from local bitcoin or cryptocurrencies exchangers.
3. Investing in Bitcoin
There are many bitcoin investment platforms in Nigeria. In this case you don’t need to trade or buy bitcoin. Instead you give your money to bitcoin traders and get interest over time. Some people offer 15% returns on investment per month, while some offer up to 50% monthly.
As with every investment, there is risk. In as much as you’re looking at the interest gain, also think of the case of losing it along the way.
As a rule of thumb, make sure you can only invest what you can let go in case of losing your investment
How to Earn Bitcoin in Nigeria
There are 3 basic ways you can earn bitcoin. Earning comes with an exchange of services or work with pay. It’s applicable to bitcoin business. For those that have no money to buy bitcoin, they can earn it by rendering services or contributing to actions that will result to paying them in bitcoin
1. Article writing:
If you’re a good writer, then you’ve a very big opportunity to earn bitcoin easily. There are blogs/website owners that pay writers in bitcoin for an exchange of content writing.
You can earn up to $100 (depending on how big the blog you write for is and how good you are in writing) per article you write.
2. Bitcoin Forum:
Like the Google Products Forum, there are also the Bitcoin talks Forum.
Here, you’re to share things you know about bitcoin in quality posts. The amount you can make from this forum depends on the number of quality posts you make.
To become a Top Contributor in this forum, you’ll need to make a minimum of 100 quality posts.
Here is a link to the Bitcoin Forum https://bitcointalk.org
3. Bitcoin Faucets:
A bitcoin faucet is a type of website that gives little amounts of bitcoins to its users, with owners making money by placing ads on their site and pays the individuals who visits the ads or completes any survey.
They also give you small amounts of bitcoin for any referral you make. However, you won’t make much here. Most will end up earning pennies a day. The highest amount you can earn is $3.
These are the most popular ways of how to make money with bitcoin in Nigeria. It is more like the foreign exchange market.
What Are The Challenges in Bitcoin Trading?
If you’re new to bitcoin business, there are some things you should know. it is not easy making money from Bitcoin as many people claimed. There are ups and downs of investing in or trading on bitcoin. So, let’s take a brief look into this challenges
1. Bitcoin is Volatile (dynamic):
The price of bitcoin is so volatile that it makes price prediction very difficult. So, speculative buyers are at danger of losing money or be lucky to make much profit. So, if you’re still thinking of how to make money with bitcoin in Nigeria then be aware of the unstable nature of the price of bitcoin.
2. Payments made in bitcoin can’t be reversed:
Bitcoin transaction is irreversible. You’ve to play safe whenever you’re making a transaction.
The only way you can get back the bitcoin you sent by mistake is for the receiver to refund you, which is not usually easy.
Great care should be taken whenever you’re making transactions in bitcoin.
Do not send bitcoin to any individual or company that you don’t trust. You should only do bitcoin business with an individual or a company, or a well recognized company that has an outstanding reputation.
3. Government taxes:
Most government of the world does not recognize the authenticity of bitcoin as a currency. Hence they do everything within their powers to discourage people from using it. One of the things they do is to place high tax on goods sold with bitcoin.
4. Lack of Trust:
During the early days of bitcoin, it was used as a payment means to purchase illegal materials because of its anonymity. These materials include hard drugs but not limited to illegal weapons. It was used to launder money around the world, hence the lost of its trust value
How to Overcome Bitcoin Challenges in Nigeria
There are challenges you’ve power over and there those you can’t do anything about them. For instance, the issue of trust is left for the world to rebuild on bitcoin. Also, on the issue of volatility, you can’t do anything about it because lot of factors determine the volatility of bitcoin.
So, what is it you’ve power over? That is the psychology of trading. This means you don’t have to invest a dime on bitcoin until you understand how it works.
So, how to make money with bitcoin in Nigeria or how to trade bitcoin to make money begins with full understanding of how it works and how to open bitcoin account in Nigeria.
Above all, make sure you start or invest what you can afford to lose in any investment you decide to go for.
How to Make Money With Bitcoin in Nigeria -Conclusion
Making money with bitcoin is not easy as many proclaim. But with good knowledge of the market, you can make money easily.
It’s a business or investment worth trying or doing. Believe it or not, cryptocurrncies are the future money in no distance time. Therefore, take your time to understand it today
If you’ve any question on how to make money with bitcoin in Nigeria, then ask via the comments section below.