Because it is digital and decentralized, Bitcoin can be used as a replacement for fiat currency. Bitcoin is gaining traction in Nigeria as a viable investment and payment option. How to make money and earn bitcoin in Nigeria is the subject of this tutorial.
Within 5 minutes you will learn how you can easily make money in Nigeria through bitcoin.
What is Bitcoin
Bitcoin is a decentralized digital currency that operates on a peer-to-peer network and is not tied to any government or financial institution. It has a limited supply and can be used to buy goods and services or transfer money to others. While it has potential benefits, it also faces challenges and risks, and users should exercise caution and informed decision-making when using or investing in Bitcoin.
To buy or use Bitcoin, users must have a digital wallet that can store and transfer the cryptocurrency. They can acquire bitcoins through online exchanges, mining, or other means, and can then use them to pay for goods and services or to send money to others.
Why is Bitcoin Popular in Nigeria?
Bitcoin is very popular in Nigeria among the youths, and you might be wondering why?
Nigeria bank offers bad quality services in terms of managing accounts,money safety, customer services and account maintenance fees.
So young people prefer to use bitcoin because it is decentralized and can’t be controlled by the government or bankers, you don’t need a maintenance fee for owning bitcoin and it is one of the fastest means of payment.
Also a lot of Nigerians are mining bitcoin, either through foreign miners or websites, some are also investing in bitcoin.
Another reason why bitcoin is popular in Nigeria is because of yahoo scam, many youths are into yahoo yahoo, and they use bitcoin as means of payment to collect money from their clients.
How to buy bitcoin in Nigeria
Though this is a very long topic but I will explain the summary on two ways you can buy bitcoin in Nigeria
P2P stands for “peer-to-peer,” which refers to a type of computer network in which participants share resources and communicate directly with one another. In this method of bitcoin buying, the bitcoin seller goes to the p2p website, register, setup prices and advertises his bitcoin for sale.
You, As the buyer goes to the p2p website register, funds your account and looks for bitcoin sellers on the website, there are always many sellers, so you check the price and terms that suit you and buy.
Examples of P2p websites are Binance, paxful and Kucoin.
There are many bitcoin vendors in Nigeria selling and buying bitcoin, they buy at lower rates and sell higher rates , they are all around social media and website examples of these vendors are Patricia, pu exchange e.t.c
Ways to earn and make money with bitcoin in Nigeria
For you to start Bitcoin mining in Nigeria, you will need to invest in specialized hardware such as an Application-Specific Integrated Circuit (ASIC) device, which is designed specifically for Bitcoin mining. You will also need to download and install mining software, such as CGMiner or BFGMiner, and join a mining pool, which is a group of miners who work together to solve puzzles and share rewards.
It’s important to note that Bitcoin mining can be a complex and risky process, and it may not be profitable for everyone. It’s important to do your research and carefully consider the costs and benefits before investing in mining hardware and software.
Bitcoin trading involves buying and selling Bitcoin for profit, either by using an exchange or by trading with individuals through a peer-to-peer platform.
There are many platforms where you can trade bitcoin as a Nigerian, for example, I trade in Binance
It’s not hard, go to Binance website , register with your correct details, verify your account with government ID. Fund your account with card or bank transfer, buy bitcoin.
Now that you have bitcoin in your Binance account you can now advertise to sell your bitcoin in the platform, set your price and add your profit.
Watch the video below for more understanding.
Freelancing can be a great way to earn Bitcoin, as there are many online platforms that allow freelancers to offer their services in exchange for Bitcoin payments.
To start earning bitcoin through freelancing,you can take these steps:
Firstly, Find a freelancing platform that allows you to offer services in exchange of getting paid after the services is being rendered. There are many website that offers these.
Then register your profile in the platform, make sure to use your correct details so you don’t get stuck while trying to verify your account.
Update the services you render in a unique way, check how other sellers are setting theirs up, use similar way but make it unique.
Once you get a job make sure to deliver accurately and timely.
You will be paid through bitcoin.
Investing in Bitcoin in Nigeria is possible, and can be a good way to diversify your portfolio and potentially earn a high return on your investment. Here are some steps you can take to invest in Bitcoin in Nigeria.
To get started, look for a platform that allows you to buy and sell bitcoin , register on the website and make sure the website is legit and has many users .
Fund your account and purchase Bitcoin, now leave the bitcoin and monitor the charts from time to time, once the Bitcoin price goes up, you can sell and make profit, then wait for when the price will come down and buy again.
Keep repeating this process, but bear it in mind that you can still loss in Bitcoin investment.
You can truly make and earn money through bitcoin in Nigeria, but learn the method you are using very well and bear it in mind that Bitcoin involves profit and loss .