The best and simplest definition for Bitcoin is this “Bitcoin is Money”. Yes, Bitcoin is the money of our generation and the future generations. Well, in the history of money, several object has been used to carry out transactions. Money in itself is any clearly identifiable object of value that is generally accepted for payment of goods and services and repayment of debts within a market or which is a legal tender. Bitcoin fulfills all of these. In the past, money has taken many forms like cowry shells, beads, precious metal, paper, and in our generation it is becoming digital in form of bitcoin and other cryptocurrencies.
Bitcoin is digital money; this simply means that unlike the previous form of money, Bitcoin is not anything physical. It is not physical yet more real than any form of money earlier used. It exists on a technology called Blockchain which helps to store all the information and transactions about all the Bitcoin that ever exist. The information on Blockchain can never be destroyed or manipulated. Also Blockchain cannot be controlled by one central body or government, making Bitcoin the best form of money to ever evolve. With Bitcoin, you are simply your own bank, as you can spend your money anytime, anywhere, with no restrictions whatsoever.
Recently Bitcoin has gained more popularity in the world, and even in Nigeria, people now choose to send money to their families and friends using this unique form of money. Young men and women working online now prefer to receive payment with Because of the advantage it has over ever dropping value of naira.
With this new form of money (Bitcoin) gaining popularity and acceptance around the globe, how can you as an individual benefit from it? I have tried to list a few ways to get you started.
Strategies for Making Money With Bitcoin In Nigeria
- Trading bitcoins
Buying and selling bitcoins is probably the fastest and easiest way to try and make some money with bitcoin. Just like the stock market, bitcoin trading involves buying at a low cost and selling when the price has gone up. Bitcoin is a volatile currency which means the rate can rise or fall several times day with margin of $10-100 per bitcoin value.
Bitcoin like gold is scarce, this is due to the finite or limited supply of Bitcoin, there are going to be only 21 million Bitcoin ever. I mean EVER! (Out of that only about 16 million is in circulation now, as the rest are continually being mined). With bitcoin you can invest for the future. For Nigerians, Bitcoin can serve as a high profit investment, due to the behavior of the Nigerian Naira in the foreign exchange market.
Last year 5 Bitcoins was worth $1,000, because each Bitcoin was about $200. The equivalent naira rate for 5 Bitcoins was about #220,00 because each dollar was worth #220 on the black market. Fast forward a year later, the same number of Bitcoins now worth about $2,915 since the value of each bitcoin has gone up from $200 to about $583, and the equivalent naira rate for 5 Bitcoins would now be #1,078,550. Can you imagine the profit margin.
Nigerians living in diaspora and those doing business across Africa, China and the world can save on money transfer fees and foreign exchange rate by sending money in Bitcoins, this would save time and reduce over 10% fees charged by several Money Transfer Operators. Bitcoin exchanges are available all over the world, allowing users to convert any currency into and out of Bitcoin.
How to Buy and Sell Bitcoin
You can exchange your Naira for Bitcoin and Bitcoin for Naira with ease in Nigeria at www.nairaex.com
In a quick summary, a bitcoin trading process involves 3 simple steps which include:
- First you’ll need a bitcoin wallet – an app that lets you receive, hold, and spend bitcoin.
- Open a Bitcoin trading account in Nigeria at NairaEx website on www.nairaex.com, buy your first set of bitcoins and transfer it to your bitcoin wallet. Bitcoins are divisible, you can buy as little as $10 worth of bitcoin without no extra fees.
- For day trading, open trading accounts with some of the major foreign bitcoin exchanges and load it with Bitcoin funds. This will allows you to trade bitcoin directly with other fiat currencies such as USD,EURO,GBP.