How To Make Money From Bitcoin Nigeria -Simple Guide

Ways Of Making Money With Bitcoin In Nigeria

1.  Buy and Sell bitcoins

I am sure you have come across Abokis’ requesting you purchase dollars in exchange for Nigerian Naira. These guys get the dollars at a cheaper rate and sell at a higher rate. This is how you can also make money from bitcoin.

All you need do is buy bitcoin during a dip or from someone you know who sells at a cheap price.

Once you have the bitcoin in the wallet, the next thing is for you to hold until  the price appreciates to a level.

Then you can then sell.

For example you can purchase 50 dollars worth of bitcoin and once the bitcoin value of your holding increases to 70 dollars you sell 50 dollars. This means you earn a profit of 20 dollars.

2. Giving Investment Firms

One can also make money from Bitcoin by investing in companies that trade on your behalf. One such company is USI TECH. Presently approved to do business in the US –Usi Tech gives you the opportunity to make 1% daily of your investment over a period of 140 days.

Investors can also make money when they refer others apart from their own investment. The reason investing in USI Tech is great is because it allows you to compound your investment. And it is nice investing in them because they pay you in Bitcoin

3. Trading on an Exchange

There are several exchanges such as Bitfinex, Bittrex and Poloniex where you can deposit bitcoin and purchase other currencies such as Litecoin, NEO, and Ethereum etcetera.

Once you have your bitcoin deposit in your account, you can purchase the cryptocurrency of your choice. This is not easy as it sound, as you need to study the market, read lots of news that may impact on the cryptocurrency you want to buy.

  4. The Holding  Investments

There will only be 21 million bitcoin that will ever be in circulation. This is why bitcoin is worth investing in. This limited supply of bitcoin means that its price will most likely continue to rise against the dollars. Presently 1 BTC is over a 8000 dollars. This means the values in years to come will be mouth watering for Nigerians who key in early.

 5. Remittance

Many online portals are beginning to accept bitcoin as  to send payment. This means freelance writers have the opportunity to receive money in bitcoins.

 Also Nigerians in Diaspora can easily send money to their loved ones in form of Bitcoin. They no longer need to stress themselves using Western Union to receive payment with its attendant risk. By the click of a button, Nigerian will be able to receive money from relations and redeem same through the use of Bitcoin exchanges such as NairaEX.

Digital Vs virtual

The monetary reward in games you play like Candy crush is termed virtual currencies. It only exists within that ecosystem and cannot be used to transact business in another ecosystem.

Digital currency on the other hand can be traded and used to carry out transaction.

The first application of the blockchain technology was for monetary reward. That is bitcoin. 

The advent of block chain is revolutionary. 

For example civic will help eliminate the use of password

It solves the problem of people forgetting their password.

 Patientory: Makes it possible for your health records to provide you money. So organization who access your health record can pay you if the record is used in scientific research

Decentralization makes it difficult for hackers to hack. 

Before investing into any coins understand it's use case. What problem does it solve?

Ethereum smart contract will one day push lawyers out of business. 

Blockchain will also help e-voting as it would reduce fraud since every single transaction can be seen on the network.

Blockchain will help pensioners. Smart contract can be set up in such a way that a worker pays the dues into a blockchain wallet which will only given back to person at retirement.

This way pensioner’s money becomes secured.

How to determine a genuine cryptocurrency

·        limited supply

·        limitless transactions

·        privacy

·        transparency

Every crypto currency should have either proof of work or a proof of sort to sure it's genuine.

What is Cryptocurrency? 

It is a digital rep of value that is neither issued by the company or public authority not necessarily attached to a fiat currency but it's is accepted by legal persons as a means of payment and can be transferred stored or traded electronically

 Blockchain 

This is a digital ledger in which transaction made in bitcoin or other currencies are recorded chronologically and publicly.

 Ibm- it is a shared immutable ledger for recording the history of transactions

 It is a distributed ledger technology. 

Every cryptocurrency should:

·        Have a Consensus

·        Be Decentralized

·        Be Distributed

·        Have Immutability

Some key questions to ask before investing into  any cryptocurrency

·        Is it convertible?

·        Does it have technical participants?

·        Is it decentralized? 

Roles of CBN

·        Monetary stability function

·        Financial stability function

·        Anti money laundering

·        Financial infrastructure and provision function

WHAT HAS THE CBN DONE SO FAR?

·        It has formed internal work group

·        Industry collaboration 

·        Public caution

·        : International collaboration

Implication of blockchain for financial services 

·        Payment system

·        Identity management

·        Intellectual property right

·        Notarization

·        Voting system

·        Participant of  blockchain Technology

·        Miners

·        Exchanges

·        Brokers

·        Financial advisors

·        Merchant

·        Payment service providers

·        Technology providers

·        Users