We would be talking about the world’s first decentralized digital currency which Bitcoin, and since 2009, it has been making a brand in Nigeria ever since. It is also a good thing to note that there are recent highs in Bitcoin price. As a result of this, it has aroused the interest of the media, regulators, and speculators. Also, huge investors are flowing in as a result which keeps the price going higher. There are many ways to make money with bitcoin in Nigeria. In this short article, I will explain five different ways by which you can also do that.
Disclaimer: These are some of the methods by which you can make money with bitcoin. It is also necessary to note that there are risks involved in the price of bitcoin cannot be stable(means, it falls and rise). Well, risks must be taken isn’t that right?
Below are the 5 Ways of Making Money with Bitcoin in Nigeria.
The Concept of Buying and Holding Bitcoins
The act of buying and holding bitcoin is a normal practice of the people involved. So, Before buying bitcoins, you need to have a bitcoin wallet(is just like your offline bank). This is where your bitcoins are being saved. You can get one from an online based service such as Coinbase or Blockchain.info. Just follow the required steps when you are signing up on the platform. Also, you must keep your passwords, and also phrase keys save when you create bitcoin wallets.
Having done that, you can buy bitcoins by giving the seller with your wallet address. More-so, the safest and reliable way to store your bitcoins would be offline. For that, you could use a wallet called “cold wallet” such as Trezor. Either way, both work fine as I have not had any problem with online wallets.
Mining of Bitcoins
Making money with bitcoins Mining is quite complicated, especially for beginners. The idea behind this is that the whole process involves sophisticated machines of mine. It also occupies a large amount of electricity. This whole process is mostly done via large-scale operations. As a starter, this will be a wrong way to start.
Although, you engage in bitcoin mining by funding in expensive mining hardware. It is advisable for you to register a mining pool. In a mining pool, miners pool their resources together, share their hashing power with the aim of solving a block and dividing the reward equally, depending on the number of shares contributed by each person. It is an efficient way to motivate small-scale miners to continue their involvement in mining activities. Some popular mining pools are:
You can find your self-working with one of these large-scale operators as an individual and choose to join. It might take time to get the concept as it is quite complex though. You get used to the process and start making money with bitcoin mining.
Becoming a Market Marker on Paxful.com
Paxful.com allows you to trade Bitcoins for fiat currencies through individual trades. Seldom referred to as over the counter trading or OTC. Most people are love selling bitcoins over the table as the transactions are fast and they offer diverse methods of payment.
Also, Paxful has a bitcoin wallet for their users, so you should not worry about getting a separate wallet. Here is a brief guide on how to create a Paxful account and commence trading.
- Sign up at Paxful.com
- Create a good-looking profile by using a photo and a proper username, not just digits.
- Post offers/advertisement (You must have at least of 0.1BTC for your adverts to be seen). Also select a payment method, set your pricing limits and outline your terms of trade for prospective dealers as a free-form message.
- Once a buyer opens trade with you, the full bitcoin amount equivalent is automatically transferred from your wallet to escrow (serves as an online broker to prevent fraud).
- Once the buyer made the payment and hit the Mark payment complete button, you will surely receive an SMS alert or a notification through email informing you that payment of the trade has been done.
- Upon approval of the payment, the bitcoins are released to the buyer by you from the escrow to his Paxful wallet.
- Lastly, feedback from the buyer is left to gain reputation and make some trades.
Gambling in Online Bitcoin Casinos
If you are good with gambling, using this is another method to make money with bitcoins. There are some sites online that provide such services. All you need to do is joined 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 via gambling, you can check up some sites like Starcoin, Crypto Games, BetKing, and vDice. These sites got some games like dice, roulette, poker, lottery or slots and so many more. So you dont need to worry about running out of games to play.
Also, remember, Gambling is a game of chance though.
Trading Goods and Services in Exchange for Bitcoin
Can you sell goods and services in exchange for bitcoin? Well, yes you can, and this has raised the hopes for the future of cryptocurrencies. Some of the stuff you can sell are clothes, old devices, cars and even homes in exchange for bitcoin. There are some platforms out there that can also help with making this possible.
Two famous sites to sell products in exchange for bitcoin are Bitify and Purse.
Bitify: Bitify.com is slightly compared to the Ebay for Bitcoin. It practices an auction system to sell items in the market for bitcoins. Beautify also offers escrow services for buyers to ensure the goods are delivered to them first before releasing the bitcoins. The use of the escrow service is voluntary for buyers at a 1% fee. Sellers, in other words, have a 2.5% fee on the total sale price of the items.
Purse.io: Everyone using 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 seems to be looking bright. The approval of the decentralized digital currency system is occurring at a gradual pace. With time, it will be consolidated fully into the system. Making money with bitcoin in Nigeria is quite not easy. With the above measures, 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 talk to us, what other ways do you think one can make money with bitcoin in Nigeria?