The Only Ways To Make Money With Bitcoin In Nigeria

How To Make Money With Bitcoin In Nigeria

There are a lot of ways you can make money with bitcoin in Nigeria. Before we jump right in, for those who don’t know what bitcoin is: Bitcoin is Money ( that cannot be touched). It is a cryptocurrency. And if you’d like to know more about cryptocurrencies, you can read about it here, before you continue. I’ll be right here waiting.

In the past, money has taken many forms like cowries, beads, precious stones, and so on. Now we basically deal with paper money (Naira notes). However, in this digital age bitcoin is predicted to be the future of money. So how can you benefit from this goldmine? We are going to look at how you can make money with bitcoin in Nigeria.

Before you start making money from bitcoin, the first thing you have to do is to get a bitcoin wallet. There are a lot of bitcoin wallets offered by sites and applications. However, before you select one make sure to have done thorough research about your choice. I’ll recommend Luno, I have never had a sad experience with them.

How To Make Money With Bitcoin In Nigeria

1. Trading Bitcoin

Buying and selling bitcoins is probably the fastest and easiest way to make money with bitcoin. Just like the stock market, bitcoin trading involves buying at a low cost and selling when the price has gone up. This can be very profitable and at the same time risky. This is because bitcoin is a very volatile currency which means the rate can rise or fall several times a day. And if you are not careful you can lose all your money.

Check Out: The 3 Rules OF Crypto Trading

 

2. Investment (HODLing)

HODLing means Holding On To Dear Life. It was coined some time ago when the price of bitcoin exploded and the early buyers who kept theirs became stinking rich.
Bitcoin like gold is scarce, this is due to the limited supply of Bitcoin. For life, there are only going to be 21 million bitcoins. There are about 18 million bitcoins available in existence now and the rest of them are currently being mined. With bitcoin, you can invest in the future. For Nigerians, Bitcoin can serve as a high-profit investment, due to the behavior of the Nigerian Naira in the foreign exchange market.
About 10 years ago, 1 bitcoin was around $0.08. Now the current price of 1 bitcoin is $9700. This over 3.5 million naira. Do the maths. That’s some crazy profits.  So you can buy bitcoin now, and store it for later because regardless of how the naira fluctuates, the bitcoin is not leaving anytime at all.

Check Out: What is the difference between Forex & Crypto Trading

3. Bitcoin Lending

Bitcoin is not just the most popular cryptocurrency, it is also used as a store of value. It is also an asset and it’s used like other assets people who want to take out a loan. Bitcoin lending is like your traditional loan and it’s offered by individuals and organizations just like traditional banks. For this, you just need to open an account in an online bank. Then deposit your Bitcoins so that the bank can lend them to other people.

Also, interested users can borrow funds by depositing their Bitcoins as collateral. The funds can then be paid back with an agreed interest over a predetermined time period. The borrower can decide to pay the loan in monthly installments or at once. This depends on the terms of the agreement.

Bitcoin has presented a number of very profitable doors to you, the choice is yours which one you want to open.

 

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