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How Nigerians Can Make Money from Bitcoin


This is a continuation of our earlier post on How to Make Money from Bitcoin in Nigeria. However, in this post we want to show you different ways through which you can make so much money from the bitcoin and other cryptocurrencies. Needless to say that some smart Nigerians are already making plenty money from this innovation while many still do not understand the bitcoin and blockchain technology.

Ways to Earn Bitcoin in Nigeria

Mining Bitcoin

Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block using high technology powered computing devices, which is added to the blockchain, and receiving a reward in the form of few bitcoins. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009; at the end of the year, it was only 1.18. As of April 2017, the mining difficulty is over 4.24 billion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc. Due to the continues increase of the price of bitcoin as against major physical currencies such as the dollar, and th high technological requirements, it is becoming more and much more difficult to mine it successfully.

Receiving Bitcoin As Payment

Bitcoins can be accepted as a means of payment for products sold or services provided. Most international websites and shopping stores now accept bitcoin as a payment. Example of such shopping website is www.overstock.com. There is a rumour that Amazon will start accepting BTC soon. According cnbc.com, the eCommerce giant recently acquired three domain names relating to cryptocurrency; the domain names are amazonethereum.com, amazoncryptocurrency.com, www.amazoncryptocurrencies.com. The report also stated that amazon already owned amazonbitcoin.com. In the shortest possible time, most merchants will prefer being paid in bitcoin.

Working For Bitcoin

Those who are self-employed can get paid for a job in bitcoins. There are several websites/job boards which are dedicated to the digital currency. As the awareness of btc grew, more and more people now pay and accept it in exchange for work done or services rendered. 

Gambling

It’s possible to play at casinos that cater to Bitcoin aficionados, with options like online lotteries, jackpots, spread betting and other games. Of course, the pros and cons and risks that apply to any sort of gambling and betting endeavors are in force here too.

Trading Bitcoin

BTC Trading is one of the best, easiest and profitable ways of making money in bitcoin even in Nigeria. Every now and then, you may have seen people posting on facebook and other social media websites how they make money trading bitcoins and this seems like some very guarded secret meant only for the elites. The truth is anyone with basic knowledge of the internet can actually make money buying and selling bitcoins in Nigeria. What do btc traders do? They buy bitcoin when the price is fairly low and sell when it is higher. Do you know what? because of the volatile nature of btc, you can actually buy and resell within few days and make good profit running into millions.

As I said earlier, there is actually no myth in this just your ability to surf the internet is all you need to make millions of Naira just like others. One of the most reliable platform to buy and sell bitcoin is Remitano! Yes you may have heard of it right? Remitano is a peer to peer (person to person) platform where individuals purchase bitcoins. Just so you know, people have complained of being scammed in an attempt to buy or sell bitcoin either after they have parted with their Naira or bitcoin but with the remitano platform, such thing CANNOT happen. The platform provides escrow to both buyer and seller. With escrow I mean security for both parties. During trading, Remitano receives the bitcoin from the seller and keeps it and then instruct the buyer to make payment to the seller and after he does and seller confirms receipt of the Naira in his bank account, they release btc to the buyer. Its as simple as that. In my next post, I will guide you by hand through the steps to enable you have a smooth trading experience.

Investing in Bitcoin

This one is actually the "boomest" thing happening globally in the cryptocurrency world currently. More and more people are pulling their money from banks just to invest in bitcoin, the bitter truth is that it is really expected. As at November 17, 2017, I made a facebook post stating how bitcoin had risen from $6,800 to $8,858 and that anyone who purchased bitcoin and stored it for only 7days could have made a whooping $2,058 which is equivalent to N740,880 within one week. As I write this today, BTC has risen to $11,000.

How Then Can I Invest in Bitcoin?
This is one of the most common question I have been asked recently by friends and fans alike. Basically, there are two ways you can invest in bitcoin and make some good money within a very short time.
  •  Buy and keep in your wallet when the price is then watch the trend and sell when the price increases.
  •  Utilise bitcoin automated trading software which will help you monitor the market. And because it is automated, you actually have little or no input. The software will help you buy when it is low and sell when it rises. More interestingly, you will get 1% of your bitcoin balance paid to you daily as interest.
In my next post, I will show you how to buy and sell your bitcoin within minutes as well as how to invest in bitcoin to earn 1% of your investment daily for 140 days. Are you ready for this exposure? Check back in few days and also remember to share this article with your friends...

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