Bitcoin is a popular word among online investors in Nigeria, Bitcoin is one of the many Cryptocurrencies we have in the world today and currently the price of one Bitcoin is over 2 Million Naira. Bitcoin can be a very good source of income if you know and understand it very well. I shall be talking about the two main ways of making money with Bitcon here in Nigeria.

  1. BITCOIN MINING

This may seem difficult for starters but it is one of the main methods of getting bitcoin and then selling it off to make profits. Think of it as the normal mining you know where engineers dig the ground to look for mineral resources. In Bitcoin mining, you don’t dig to get bitcoins, you solve complex mathematical algorithms to acquire Bitcoins and you do it through a specialized computer. Bitcoin miners are mostly for people that have knowledge in coding and programming because miners are important to keep the Bitcoin network secure and they acquire new Bitcoins after every successful mining, this simply means that as a Bitcoin miner you are in charge of issuing new Bitcoins into the system. When you mine out new Bitcoins, you sell it and make your money. To start mining Bitcoins, visit Bitcoin mining sites like CGminer, BFGminer, BitMinter etc or install some Bitcoin mining software on your computer.

Although this might not be feasible in Nigeria due to poor power supply as electricity is one important factor in mining. However if you have an alternative to uninterrupted electricity supply either by purchase of Solar panels (which can be very expensive), then you are good to go. On the other hand you can as well register and partner it miners who are already into the business and successful. This type of partnership is called ‘Cloud mining’. This approach to mining will erase the stress but you will be charged a commission fee by the parent miner!

      2. TRADING BITCOINS

This is a more easier method compared to the above mentioned. It is simple, you buy and sell Bitcoins. To do this, you must have a Bitcoin wallet where you will store your bitcoins. There are many sites that serve as a Wallet online like Blockchain, Luno, Huboi etc. What you should know about these Bitcoin wallets is that they hold security at a very high level and you should be very careful about your security details, a case of forgotten password may cause you to lose your Bitcoins if you don’t provide all necessary retrieval requirements. You can buy Bitcoins from a fellow trader or from Cryptocurrency exchange sites and you can also sell to a fellow trader or Cryptocurrency exchange sites, Top Cryptocurrency exchange sites in Nigeria include Remitano, Localbitcoin, Mytopxchange and many more. The method of making money here is simply buying when the price is low and selling when the price is high.

 

Above are the two main ways of acquiring Bitcoin and selling it off to make money. However, if you provide services online, you can choose to get paid in Bitcoin instead of normal currency. Making money with Bitcoin may not be easy at first but with constant involvement you will surely make money out of it.

Comments

  1. Hey There..

    Yes! I Have opened A Bitcoin Account,

    And I’m Interested In Mining,

    And Earn An Extra Income On My Bitcoin Account

    Best Regards

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