The Bitcoin business is among the business you can do online in Nigeria and it includes trading in digital currencies. Bitcoin is now among the most popular currencies in the digital currency market and this article tells you how to start your bitcoin business. Many opportunities exist for online Nigerians and the Bitcoin business is one of them.
Terms in the Bitcoin business
A wallet is a digital bank that keeps your money in safes and strong rooms. The wallet keeps your cryptocurrency in public and private keys and you use it for receipt and sending. Many wallets are available for storing coins and you can choose which one to use.
More on wallets
Once the wallet is set up, the next is the financing of that wallet and that includes a replacement. Note that there is a Bitcoin scammer and avoid them.
Go for original replacements and avoid fakes. Luno's wallet can be funded through your bank account and then you can continue.
There are many substitutes inside and outside Nigeria. Make sure you do research about the company or replacement before investing.
B. Coins Coins
There are payment systems that allow people to exchange money online and that is without banks. These systems are cryptocurrencies and they offer cheap deals.
There are up to 1500 cryptocurrencies and examples include Etherum, Litecoin, Bitcoin, Jetcoin and Ripple.
third. Marketing Orders (Sale)
These are orders from sellers to those who buy to fill. Once the seller's order matches the purchase order it automatically switches to the sales orders.
Steps to start a bitcoin business in Nigeria:
This is similar to opening an account in your bank and here you open with the replacement you choose. You can go for many exchanges and it depends on the currency factor. Check some wallets and open an account. There is a verification process and it is for securing transactions.
You can also invest in currencies like alt currencies, but Bitcoin happens to be the main category of currencies. There are many ways to get Bitcoin besides buying it from one exchanger or another.
Methods for obtaining bitcoin
A. Mining method
This is a method for you to earn some bitcoin and it's for beginners. These coins can be obtained and marketed by the mining method. This method can involve solving math and receiving rewards.
Mining Bitcoins was cheap with the laptop before, but now it is different. This is because of the need for some luxury machines and another method is to go to mining pools. Minergate can help with coin mining and that with a laptop.
B. Bitcoin speculation
There are many alt coins and they have certain potentials. One example is the Etherium coin and you can get it for $ 0.6.
What you do when you are a speculator is to buy or purchase the currency at a low price. So you can wait a few months like 6, 8 or 7 and then sell.
Many alt coins exist with several potentials and one of them is jetcoin. There is a lot of profit in this method and it is one of the simplest methods for beginners.
This is one of the simplest and fastest methods. It's just like FOREX, but one of the differences is that cryptotrading tends to be more volatile than FOREX.
Trading pairs exist in cryptotrading and they include USD / EUR, USD / GBP etc. Other pairs include BTC / ltc and others. There are more than 50 pairs available and you can take advantage of them. Do some research and find out what works for you.
An example of a crypto trade
Suppose you buy the radium coin at a rate of 73000 sat for more than 1 btc and the rate has moved to 87100 sat. When you sell it now you get 1.19 btc and the profit margin for it is N21,971 for 24 hours.
Taking Freelance Jobs in Bitcoin
Now if you work as a freelancer, you can order customers to pay for Bitcoin and it is part of the Bitcoin business. There are several independent sites like Jobs4bitcoins.com and Bitgigs.com that allow you to make payments using Bitcoins.
Some people may see the tasks as easy or mundane, but it still has earning potential. Clicking on links, conducting surveys and ads are among the jobs. Other sites include Coinad.com and Coinworker.com.
Banks earn a certain interest rate when they lend money and this applies to Bitcoin. You can lend Bitcoin to various online banks and people online. It is a simple process and the banks handle the loans.
The requirements for this are an online account and you use this online account to deposit bitcoin. Banks take care of the rest and as more people make bitcoin transactions, you lend to more people. This is a viable and effective method for using Bitcoin.
The amount of bitcoins for mining is limited and this is different from fiat currencies. There will be no bitcoins for mines according to speculation and that is after 21 million bitcoins. However miners mine 16.6 million and the value increases.
For example, in 2015, one bitcoin was around N85000 and is now more than N28 million. Investing in Bitcoin pays off and buying and then selling is one simple method. Bitcoin does not depend on the enlightened value and that is an advantage.
More on investing in Bitcoin
Now you see that investing in Bitcoin is profitable because the value of Bitcoin increases over time. There is a company with the name LUNO and they perform cryptotrading. You can also invest in this company and earn passive way.
You can also transfer Bitcoin to those who are new customers and then take its cash equivalent. Bitcoin mining also requires certain investments because you will need to use special software and a computer. You need to know how a chain of blocks works and it takes some time.
Bitcoin business is one of the profitable business you can do in Nigeria and this article tells you how to get started. Avoid Bitcoin scammers and counterfeit exchangers. The value of bitcoins increases and that is as time goes on.
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