The Smart Ways To Start Bitcoin Business In Nigeria
The world of cryptocurrency has been gaining momentum since 2013 when international businessmen started buying into the idea of an internet currency. There are many denominations of cryptocurrency which include bitcoin and Litecoin. You can start bitcoin business in Nigeria and make a lot of profit.
For the sake of those who don’t understand what cryptocurrency is, permit me to venture a little into some explanation. Cryptocurrency is an online medium of digital exchange that is not regulated by a central system. In other words, it’s an internet currency.
Unlike the naira that is regulated by the Central Bank of Nigeria, or other currencies with their own central banks, cryptocurrencies are decentralized. There are many denominations of cryptocurrency which include bitcoin and Litecoin.
Bitcoin was the first and is the largest cryptocurrency in existence made by an alias Satoshi Nakamoto. You can start a Bitcoin business in Nigeria today because it has been on for a while but became popular in 2013.
It’s a false conception of many that bitcoin Business is Ponzi scheme. However, I want to formally clear the air on the fact that bitcoin-related businesses are legitimate businesses and not Ponzi schemes.
The only means bitcoins are made is through bitcoin mining. The bitcoin miners monitor the moment of the coins as they are used in transactions. They add the coins to blocks and get paid for that. It is so legitimate that governments of some countries including the USA get involved in trading bitcoins. So, embrace the bitcoin Business today and make way for a financial breakthrough.
Related: Bitcoin acceptance in Nigeria businesses
How to start bitcoin business in Nigeria
How does it work?
If you are going to start bitcoin business in Nigeria, it is important that you know how it works. To ensure that the amount of bitcoin in circulation is regulated and balances are kept, to prevent such things as double spending, every transaction that occurs with bitcoin is confirmed and entered into a public ledger called the Blockchain.
Confirmed transactions are called blocks, new blocks are added to a chain of blocks that can neither be edited nor destroyed: the Blockchain. No one can use the same bitcoin twice. This is what bitcoin miners do. They confirm. And then they are rewarded. And that reward is how bitcoins are made.
There are currently about 16 million bitcoins in circulation.
Interestingly, bitcoin mining is not a special reserve. This implies that bitcoin mining can be anybody’s Business. As an advantage, bitcoin is more secure than the paper currency.
This is because the miner can always confirm that the figures of the currency are accurate, unlike bank account balance that can be easily manipulated by your banker. Now that we know what Bitcoin is, it’s time to discuss its business face.
Bitcoin Business you can Start
The first step you should take if you want to start bitcoin business in Nigeria is getting a bitcoin wallet. Different sites and apps offer bitcoin wall. Two very popular and reliable ones are coinbase.com and localbitcoins.net.
It’s of utmost importance to ensure the credibility of a bitcoin site before signing up for an e-wallet. Both coinbase.com and localbitcoins.net are reliable sites.
Following are the various ways to make money online using bitcoins;
Freelance jobs for bitcoin
Offer your skills, do jobs and get paid in bitcoin. Visit sites like Bitgigs.com, Jobs4bitcoins.com, Upwork.com, Freelancer.com. These sites display a job board where you can exchange your skills for bitcoins.
Menial work for bitcoin
There are a couple of mundane jobs you can do and earn bitcoins in reward. These jobs include Watching of ads, clicking on links, and taking the survey. A couple of sites that offer these options include coinad.com, CoinWorker.com etc.
These are verifiable and viable options which you can take advantage of as it does not require anything for a start apart from an internet connection.
Also read: Three tested ways to fund your forex account
During mining, your computer finds new blocks and adds them to the blockchain. For every new block your computer finds, you receive a certain amount of bitcoins known as a “bitcoin reward”.
There are a number of ways you can get involved in bitcoin mining and they are stated below:
- You can get a mining software and put your Current computer to work. Though this happens to be the least profitable way of mining, it still guarantees some level of earning. The amount you earn in this medium depends on how fast your computer solves the mathematical problems it is presented with (Such a problem is called a “Hash”) measured in MH/s (Mega Hash per second), GH/s (Giga Hash per second) etc.
- You can also join a group of miners who join together to mine more effectively. This arrangement is referred to as a mining pool. Under this arrangement, the computers augment each other as they are joined together to function better. This arrangement increases the overall hash rate of the pool.Individual miners are paid according to their relative hash rates.
- You can also do well by purchasing your own mining computer Such as the AntMiner s7 with a hash rate of 4.73 TH/s (Tera Hash/ second), or better still Antminer s9 with a hash rate of 13.5 TH/s compared to normal PC’s which are in the GH/s, Giga hash per second rates. More Interestingly, you can start a mining farm. Though a bit expensive, it can still be bought in place of an iPhone as an investment to generate further income.
There is a limited supply of bitcoin to mine (21 million), which means that as time goes on there will be less money and more competition, but only 16million has been mined so far leaving opportunity for further 5million units. It’s advised to take advantage of this opportunity as there is still a lot to be made.
Bitcoin users have to pay a small fee for every transaction. When all the bitcoins have been mined, this fee will increase, so that miners are still rewarded a fairly constant amount for every block. This is so that people will continue mining because the system cannot function without the miners.
You can start with mining when you want to start bitcoin business in Nigeria
Another way to make money when you want to start bitcoin business in Nigeria is to buy and sell bitcoin. This is indisputably the easiest and fastest way to make money in bitcoins. The act of buying bitcoins when/where the price is low and selling when/where it is high is a smart way of making money. It can be likened to stock trading in which the trader does the Chief job of speculating intelligently.
You can buy and sell bitcoins in Nigeria on sites like Nairaex.com, Remitano.com and Luno.live and then fill your bitcoin wallet, however, these sites are for trades in naira only. Open trading accounts with foreign bitcoin exchangers and you can trade bitcoin with other currencies directly.
Just like bank lending, there are online Banks where you can lend bitcoins for interest. All you need to do is visit these online Banks and open an online account with them and deposit your bitcoins while the bank does the job of lending it out on your behalf.
The banks will lend out the currency on your behalf to the borrowing public and return your deposit with the interest on demand! As the world becomes more accustomed to bitcoin, more people will use it and more will need and borrow it. Hence, this is another easy and viable way to make money with bitcoin.
You can explore this option if you are ready to start bitcoin business in Nigeria.
Bitcoin was actually created with the idea of a natural resource. It is exhaustible and not replenishable. This implies that as long as the upper limit of 21million bitcoins is reached, new bitcoins cannot be unearthed.
Meanwhile, Miners have only unearthed about 16.6 million but once they reach 21 million, that’s it!! In 2015 one bitcoin cost about 85 thousand naira. A bitcoin today in 2017 costs over 1.5 million naira!! Just like any investment in gold, bitcoin is a huge opportunity.
Buy bitcoin now, and store it for the future because regardless of how the naira fluctuates, the bitcoin will be independent. Imagine if you had bought 10 bitcoins 2 years ago, and sold them today, you would make a profit of over 10 million naira! But it’s not too late, buy today.
You can start bitcoin business in Nigeria today by investing in it. You won’t regret it.
Bitcoin has presented a number of very profitable doors to you, the choice is yours which one you want to open when you want to start bitcoin business.