Bitcoin is not a new word for anybody living in this planet and In 2021, Bitcoin (BTC) is set to turn 12 years old.
But come to think of it, as popular as BTC is, many still find it hard to trade it or rather make money from it but we understand that it can sometimes get hard to keep up.
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 and keeps increasing in value.
With this new form of money gaining popularity and acceptance around the globe, how can you as an individual benefit from it? Well,this article will help you.
What is bitcoin trading?
Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or persons who created the technology is still a mystery.
Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
Bitcoin trading is how you can speculate on movements in the cryptocurrency’s price. While this has traditionally involved buying btc through an exchange, hoping that its price will rise in time, cryptocurrency traders are increasingly using derivatives to speculate on both rising and falling prices – in order to make the most of bitcoin’s volatility.
Bitcoin was the first digital currency to be created. It is also the most respected, capitalised and traded cryptocurrency in the world. Cryptocurrency trading allows for maximum yield when it is volatile, due to its many ups and downs. This is precisely the reason global traders enjoy Btc trading.
The media plays a big part in Bitcoin’s volatility. Whenever a breaking story surfaces, Bitcoin starts to fluctuate and traders have the opportunity to cash in. History has shown that Btc traders and speculators routinely push this digital currency to the forefront of CFD trading.
It is increasingly being used as the preferred payment option for merchants, money transfers and trading purposes. Bitcoin enjoys widespread popularity as a financial trading instrument, despite no association with governments or central banks.
Bitcoins are mined with powerful computer hardware and software. A maximum of 21 million Bitcoin will be available, after which no further bitcoins will be produced.
The algorithm which governs the production of Btc limits the quantity that will be produced, and the rate at which they will be produced. It is a finite commodity – there is a fixed amount, and that ensures that greater demand will always prop up the price. In this way, it is similar to other finite commodities such as crude oil, silver, or gold.
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How to buy and sell Bitcoin in Nigeria
There are apparently several ways to buy and sell your bitcoin. You can sell btc’s both online and offline. Follow these steps.
There are many wallets online that you can quickly go and register for free. The registration is fast and easy. If you want to buy and sell online, you can choose any online platform that that suites your wants and if you don’t want to go through the stress of creating wallets with all those verification process, you can contact Nairabusiness.
We buy and also sell your btc. Not just Btc, we deal with other cryptocurrencies. All you have to do is to click here and it will take you to our contact us page or if you want to chat with us, you can click here and it will take you to WhatsApp.
Fund your wallet
This is the next step to take after you’ve successfully complete your registration you need to fund your wallet.
After funding your wallet with bitcoin, if you want to sell, you can get buyers on other platforms or even social media. But to save you the stress, you can send us a message here or use the contact page to reach us.
Note, you can make more money when you sell your btc but not at the same rate you buy it.
Look for Buyers/Sellers
Are you a buyer, or a seller?
If you are a buyer, you can buy your btc from other platforms or buy from individuals.
While sellers can look for those who want to buy btc.
You can get buyers and sellers on social media.
Make sure the person who you are about to do business with is well trusted so that you won’t fall for scams.
If you wish not to go through the whole stress of searching for individuals who will buy or sell btc to you, you can contact us to do business with you.
Our services are very fast and reliable with fast transaction.
Most interestingly, our rate is sweet and very much affordable.
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How to make money with bitcoin in Nigeria
Making money with Bitcoin is easy as there are many ways to do that.
Are you an investor? Or you are someone who likes investing on a long term? Here comes btc for you.
Like golds btc is scarce and this is due to the finite or limited supply of Bitcoin. There are going to be only 21 million Btc 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, Btc can serve as a high profit investment, due to the behavior of the Nigerian Naira in the foreign exchange market.
Btc keeps increasing and no one knows how far it can increase to later in the future.
About a year ago, 5 Bitcoins was worth $1,000 because each Btc about $200. The equivalent naira rate for 5 Bitcoins was about #220,00 because each dollar was worth #220 on the black market.
Now let’s fast forward a year later, the same number of Bitcoins now worth about $2,915 since the value of each btc has gone up from $200 to about $583, and the equivalent naira rate for 5 Btc would now be #1,078,550.
Can you imagine the profit margin. Okay, check the price of btc today and think of how much its going to worth in the next coming years.
Like I said concerning buying and selling of btcs. This is one of the fastest ways you can make money from cryptocurrencies.
You can buy at small rates and later sell at higher rate. With that, you can gain a lot from buying and selling of btc alone.
This is a volatile currency which means the rate can rise or fall several times a day with margin of different price per bitcoin value.
When you notice a fall in price, that should be an opportunity for you to buy plenty and when it rise later, you then sell at higher rate.
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 Btc, this would save time and reduce over 10% fees charged by several Money Transfer Operators. Btc exchanges are available all over the world, allowing users to convert any currency into and out of Bitcoin.
Best Sites To Buy and Sell Bitcoin In Nigeria
At Paxful, they believe Btc is the future and a vehicle for change. Built with Btc is our initiative to provide opportunities, improve lives, and make the world a better place for communities that need it the most, using Btc.
Trust Wallet is a mobile wallet company for Ethereum and ERC20/ERC223 tokens. It provides provide a fully security audited system that makes it simple to store your cryptocurrency. Trust applications, designed for iOS and Android, provide the best possible experience and ease of use.
Quidax is a digital assets exchange that allows users seamlessly buy and sell cryptocurrency with their local currency.
Here’s how to buy;
Go to the Instant Buy/Sell page. Select the cryptocurrency you want to buy. Then, select the currency you want to buy with. In the amount to spend, enter the amount for the currency you’re buying with.
At LocalBitcoins, people from different countries can exchange their local currency into btc. They also allow users to create advertisements where they can choose the payment method and exchange rate for buying and selling btc from and to other LocalBitcoins’ users.
By replying to these advertisements, a trade chat is opened and escrow protection is automatically activated. Escrow protects both buyer and seller by keeping the btc safe until the payment is done and the seller releases btc to the buyer.
LocalBitcoins also provides a web wallet from where you can send and receive btc transactions.
There are actually more than enough online platforms you can purchase cryptocurrencies like bitcoin online.
Note, if you want fast services, you can send us a message to let us know if you want to buy or sell.
We also offer training for those who are new to buying and selling of cryptos online.
Above are 5 online platforms that are comfortable for trading currencies in Nigeria. There are more buy I hope these will help.