According to coindesk.com, Bitcoins is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
Bitcoin is the world’s first decentralized digital currency and since 2009, it has been gaining acceptance in Nigeria ever since. It is also important you know that they have been recent highs in Bitcoin price. As a result, it has awoken the interest of the media, regulators, and speculators. Also, huge investors are coming into the market and as a result of this the price keeps going higher. There are several ways to make money with bitcoin in Nigeria. In this article, I will share with you 3 different ways by which you can achieve that.
Please you must note this, money can be made from bitcoin but its price cannot be stable, so therefore risks are involved in this marketplace, but risks must be taken, Isn’t that right?
As at the time of writing this article, the price of 1 bitcoin equals #5,217,676.20
Check out the 3 Ways of Making Money with Bitcoin in Nigeria.
Buying and Holding Bitcoins
Buying and holding bitcoin is the regular practice by the people involved. Before one buys bitcoins, he or she needs to have a bitcoin wallet, where the bitcoin purchased would be stored. You can obtain one from an online based service such as Coinbase.com or Blockchain.info. Follow the necessary steps when you are signing up on either of them. Also, you must remember to keep your passwords and phrase keys when you create bitcoin wallets, its extremely important.
After you must have done that, you can buy bitcoins by providing the seller with your wallet address. More-so, the safest way to store your bitcoins would be offline. For that, you could use a so-called “cold wallet” such as Trezor. Either way, both works fine as i have not had any issue with online wallets.
Gambling in Online Bitcoin Casinos
If you are really good with gambling and you know your way around it you can probably use this method to make more bitcoins. There are several sites online that provide such services. All you need to do is register with them and buy some game credits with bitcoins. However, some online casinos accept other digital currencies like Ethereum and Litecoin.
To start making money with bitcoins through gambling, you can check up some sites like bitsler, primedice, betking, and vDice. These sites have games like dice, roulette, poker, lottery or slots and so many more. So you really do not have to worry about running out of games to play. Also note that Gambling is a game of luck.
Selling Goods and Services in Exchange for Bitcoin
Do you know you can sell goods and services in exchange for bitcoin? Well, yes you can and this has really raised the hopes in the future of cryptocurrencies. Some of the things you can sell are gadgets(probably old ones of yours), clothes, furnitures, accessories, cars and even homes in exchange for bitcoin. There are several platforms out there that can also help with making this possible.
Two popular sites to sell products in exchange for bitcoin are Bitify and Purse.
Bitify: Bitify.com is somewhat likened to the Ebay for Bitcoin. It uses an auction system to sell items in exchange for bitcoins. Bitify also offers escrow services so that buyers can ensure the goods are delivered to them first before releasing the bitcoins. The use of the escrow service is optional for buyers at a 1% fee. Sellers, on the other hand, have a 2.5% fee on the total sale price of the items.
Purse.io: Individuals with amazon accounts can sell items at a discount on Purse. Buyers who use bitcoin advertise their wish lists on at their Purse.io accounts.
Also, there are numerous bitcoin-based freelancer platforms where one can offer their services, such as BitGigs or Coinality.
The future of cryptocurrency is looking bright. The adoption of the decentralized digital currency system is happening at a gradual pace. With time, it will be incorporated fully into the system. To make money with bitcoin in Nigeria is not quite easy. With the above steps, you can be sure to start something with bitcoin. Also ensure that you thread with caution as the price of bitcoin fluctuates in other not to lose greatly.
Now over to you, what other ways do you think one can make money with bitcoin in Nigeria in the year 2018 and beyond?