Connect with us

get a dubai visa and apartment with bitcoin

Business

How to Start Bitcoin Business in Nigeria

Published

on

Join our Signal Channel

Buy Crypto with zero fees in Kenya, Nigeria and Uganda at zero fees

Blockchain technology has fathered a new digital financial wave: the cryptocurrency. The best-known cryptocurrency is Bitcoin, but there are hundreds of other “altcoin” cryptocurrencies. All of these cryptocurrencies are developed by cryptocurrency companies. 

Since the introduction of Bitcoin, the first cryptocurrency under the pseudonym Satoshi Nakamoto in 2009, cryptocurrencies have become increasingly popular. Nigeria as the biggest economy in Africa is still underdeveloped when it comes to blockchain technology. 

This is an attractive prospect as the crypto space is small making it easier for new investors to thrive. Furthermore, the business dynamics within the country ensures that blockchain technology could rapidly spread in the coming years. 

With cryptocurrencies, citizens no longer have to rely on government infrastructure to do business. Investment capital is so small that anyone can start using laptops, cell phones, and internet connections.

Crypto Discussion Group

There are easy ways to start a cryptocurrency business in Nigeria. Some of these are: 

Trading Bitcoin

This is one of the most popular ways to make money in the cryptocurrency industry. To make money with Bitcoin, you first need to register for an exchange. 

Before joining, you need to consider certain features, such as website security, transaction fees, transaction speed, transaction convenience, the types of cryptocurrencies that can be traded, and the types of fiat currencies accepted.

Such an exchange with all these functions is Okex. Okex holds many benefits for new and experienced traders with many versions of crypto to fiat exchanges, low trading fees, and an amazing referral program.

Many traders have made a lot of money due to BTC’s price hike. In addition, prices for other altcoins have risen sharply, which has allowed some traders to make a lot of money by trading cryptocurrency pairs.

Although the craft requires patience, anyone can use the right tools to become a trader. It may sound good, but potential day traders should keep in mind that the cryptocurrency market is extremely volatile and that some people are losing their money and this does not exclude experienced traders. Therefore, it is important to be careful and not make harsh decisions.

You can always learn how to make money trading cryptocurrencies without necessarily losing money with a chance of making around 5-30% monthly, depending on how well you practice. 

By taking this crypto trading master course on Blockchain University, you can escape the harsh struggles towards crypto trading mastery. 

Bitcoin Investment

For investors who can’t stand the tough test of day-to-day trading, they’d prefer to use a simple method for long-term investment in BTC. How do you do that? They simply put their coins in a digital wallet (don’t confuse them with hold, the term means to live a loving life).

Investors are trying to predict the price and value of BTC against the US dollar. You will buy the asset in bulk at a low price and hold it until the asset rises. Sometimes this can take months or even years.

BTC’s price is affected by many factors that can cause its value to increase over time. For example, some investors smiled at the bank in 2017 because their investment generated more than 100% profit.

Since then, the crypto market has experienced several bearish trends during the so-called crypto winter. The price of BTC dropped to around $ 3,400 before rising again. Now it hovers in the $10,000 range.

Cryptocurrency Mining

This is one of the most profitable ways to make money with Bitcoin. Just like we use natural resources, Bitcoin can be mined. The difference is that individuals have to blame their computer systems (typically high-performance mining machines) for solving complex mathematical equations that can be verified by others on the blockchain network. Then reward miners with Bitcoin.

The more bitcoins that are mined over time, the more complicated the mathematical equations become so that more mining capacity is required. For those who don’t have the money to buy expensive mining equipment, you can join a mining pool where you can team up with several other users around the world to mine Bitcoin. The only downside is that profits are shared by everyone.

For those who don’t have the technical knowledge of trading Bitcoin a day, the best option is to hold and sell the asset when the price goes up. As already mentioned, trading and holding on the same day is not suitable for shy people. For those with enough capital to secure their future, mining is a profitable adventure that they can consider.

Lending

Bitcoin is not only the most popular cryptocurrency but is also used as a store of value. Bitcoin is also an asset. It is used like other assets that you want to borrow. Bitcoin loans are like your traditional loans provided by individuals and organizations like traditional banks.

Interested users can borrow money using their Bitcoin as security. The funds can then be repaid with the agreed interest within a specified period. The borrower can choose to repay the loan monthly or once. This depends on the terms of the agreement.

Get Paid For Freelance Jobs in Bitcoin

If you are a freelancer, you can ask your customers to pay Bitcoin. This is a great way to earn Bitcoin. You can use it for Bitcoin transactions. Popular websites such as Upwork.com, Bitgigs.com, Jobs4bitcoins.com, and others enable Bitcoin payments.

Today Bitcoin is an excellent investment product. The demand and spread of Bitcoin will only continue to increase, so there is a great opportunity to make high profits with the above technology to develop the Bitcoin business. Invest in Bitcoin today! You will not regret it!

Copyright © 2020 LightBlocks | https://t.me/crypto_flight