Getting Bitcoins For Free in Nigeria
Bitcoin is a digitally decentralized currency owned by nobody. The government has no control over bitcoin. This is because it uses peer to peer networking and cryptographic proofs to operate the bitcoin system. It is controlled and makes it fraud free by recording transactions in a block like chain. An open history record and once they are validated with a proof of the work system.
The bitcoin exchange network began operation in 2009 and the idea involves virtual currency which has no connection to the government regulated currency. As it uses the digital medium, it can become a lot more valuable than gold. The Bitcoin system has a few advantages.
Their operations started in 2009 and it involves virtual currency which has no connections to the government regulated currency. The system’s few advantages include:
- It is a democratic currency.
- It is a digital equal of something worthwhile.
- Can easily be transferred instantaneously all over the world. No transaction fees, moreover you can also be able to transfer it anonymously as well.
- Cheap to operate in the bitcoin market and uses the virtual money.
- It is an independent currency and no organization has any control of it.
No doubt in the fact that bitcoin trading is slowly taking the concept of trading by storm. There is some propaganda, which claims that bitcoin trading may be dangerous and hard, but honestly, it is a lot better to get bitcoins, easier still than you think bitcoin money it is.
Little wonder why the bitcoin exchange is slowly taking the concept of trading by storm. There is a misconception which claims that bitcoin trading may be dangerous and difficult, nevertheless it is more better to acquire bitcoin.
How to Get Bitcoins
Here are some steps to get bitcoin:
CREATE A BITCOIN WALLET:
Firstly, create an e-wallet. This wallet is a program or website used to store bitcoin to make transactions. Can be a store or a provider that gives softwares where bitcoins can be bought, traded and stored. Can also be run using a laptop or smartphones.
GET A BITCOIN WALLET
Secondly, you need to register with an e-wallet. Then create a free account that will let you store your bitcoin. The trader will allow you convert your local currency into bitcoin. Meaning the more local currency you have available, the more bitcoins you can purchase in the current bitcoin value.
CONNECT YOUR BANK ACCOUNT WITH YOUR BITCOIN WALLET
The trader must then link his bank account with his trading account. This is the reason why verification steps have to be performed. After verification, bitcoin can be purchased and you can then get started.
- The Buying & Selling of Bitcoin
As a newbie, once youre done with your first purchase, your bank account will be debited and you will get the bitcoins. Selling is completed just like the same way purchasing is performed. Keep in mind that the price of bitcoin changes time from time. The e-wallet youre using will reveal the current exchange rate, or the bitcoin conversion rate. You should know about the rate before you buy.
THE BUYING AND SELLING OF BITCOIN
Once done with your first transaction as a newbie, your bank account will be debited and you will get the bitcoin. Selling is always completed just the same way purchasing is performed. Remember, the prices of bitcoin changes from time to time. The e-wallet reveals the current exchange rate or the conversion rate. Remember you should know about the rate before you buy.
Mining bitcoin is another way from which you can get bitcoins. It’s like discovering gold coming from a mine.
But as mining of gold is time wasting, a lot of effort is required and this is exactly the same in the case of mining bitcoin. There are mathematical calculations which you will need to solve that are developed by computer algorithms to win bitcoins for free.
But it is mostly difficult for a newbie. Traders have to solve a number of mathematical calculations. In this procedure, there is no need to involve any money to win bitcoins. It’s merely brainwork that allows you to win bitcoins for free. Miners have to run software’s in order to acquire bitcoins with mining.
Also, it can be noted that bitcoin is a digital currency that is definitely not going away soon for a long time. Since inception, the trading of bitcoins has increased and it is increasing even everyday. It’s value has also increased with its popularity.
Bitcoins is also a new form of currency which many traders find attractive as a result of the earning potentials. In some places, bitcoin is now used for buying and selling of commodities. A lot of online retailers are accepting bitcoins for real time purchases. Buying bitcoin won’t be a bad option in Nigeria because there are a lot of scope for bitcoins in the coming era.
As bitcoins grows more acceptable and valuable, it’s expected that we’re going to see a new version of the online bitcoin scam. So it’s advisable that we should have exchanges along with other businesses that allow for moving money easily onto and away through trades. Do not wire money for bitcoin.
Best of luck trading with bitcoins!