Guide on How to Make Money with Bitcoin in Nigeria 2018 – Part 1

Bitcoin in Nigeria: Guide on How to make Money with Bitcoins Cryptocurrency

What is Bitcoin?

Today you will learn how to trade bitcoin in Nigeria, how to make money with bitcoin in Nigeria
bitcoin investment in Nigeria opportunities and bitcoin business in Nigeria will be our major concern.

We have all heard about Bitcoin but not many people can tell you exactly what it is. In the simplest terms Bitcoin means “digital currency”, that is, it can neither be seen nor touched, but it can be used for internet transactions.  Some offline stores also accept Bitcoin as a form of payment. However, Bitcoin is not yet in use in Nigeria. It is quite popular in advanced countries, especially does in Europe and North America, but in Africa, it’s still not used for serious things.

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Who Created Bitcoin

Wei Dai was said to have proposed the cryptocurrency concept in 1998, this is according to Bitcoin.org. And it means secure currency. However the concept was proven 11 years later by Satoshi Nakamoto Therefore he is widely regarded as the father of Bitcoin. Though Satoshi himself has denied being the creator of Bitcoin, this leaves some more confusion about who created it.

Who owns Bitcoin?

The Bitcoin platform is controlled by all Bitcoin users world over who have the appropriate software and follow certain guidelines. As for who owns it, nobody does. But since the software is an opens source code any developer can edit it. It will be vetted however by other programmers before it can be put to use.

How does it Work?

Download the app unto your mobile or software on your Pc. With this you’ll get a wallet with which you can use to carry out Bitcoin transactions. You can see the List of best Bitcoin wallet to securely keep all your coins.

Related: Top 10 best cryptocurrency wallet 2018

Is it Secure?

For the most part yes, however since it is digital it can still be hacked. Pretty much anything digital can be hacked.

How do You Make Money Through Bitcoin?

You can do this through two ways

1) By Buying and Selling Bitcoin

Through speculative buying and selling: just like forex and stocks. If you think the value of Bitcoin at a certain point will drop, you buy, if it will rise, you sell.

3) By Mining for Bitcoin:

This is done on your computer using special software and Bitcoin mining hardware.  Basically what you do here is to solve very difficult mathematical problems. These calculations serve as a firewall for Bitcoin transactions. For solving 1 problem you get rewarded with 25Bitcoins. 1 Bitcoin is over $700. If you convert this to Naira it is some money, so solving one of these problems can actually make you a very rich person. Bitcoin can also be mined as a group, and the profits are then shared around the group. Bitcoin mining is not expected to continue forever. However it is still a long time till when there will be no more Bitcoin to mine.

Should you deal in Bitcoin?

Personally, I’d say that Bitcoin is still in the beginning stages. This means that it is very tricky and risky. To make a success out of it though you’d need to be educated in the act of it. This doesn’t still mean you won’t lose money. However it is worth the risk, this is because some Nigerians are making money from it.

Recommended Articles:

How to Trade Bitcoin on Bittrex

The Advantages of Blockchain Technology

Best Bitcoin Wallets in Nigeria

Where to Buy Bitcoin With Credit Card

How to buy Bitcoin with Credit Card in Nigeria

To Learn More about how to make money with bitcoin in Nigeria, bitcoin investment in Nigeria, bitcoin mining in Nigeria, how to trade bitcoin in Nigeria, how to earn bitcoin in Nigeria, how to make money with Bitcoin 2018, how to trade bitcoins to make money and other, kindly see our Cryptocurrency Category.

 

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