5 Ways To Make Money with Bitcoin In Nigeria – ReapNG price of bitcoin

Make money with bitcoin in nigeria

Bitcoin is the world’s first decentralized digital currency and since 2009, it has been gaining acceptance in nigeria ever since. It is also a good thing to note that there are recent highs in bitcoin price. As a result, it has awoken the interest of the media, regulators, and speculators. Also, huge investors are streaming in as a result which keeps the price going higher. There are several ways to make money with bitcoin in nigeria. In this post, I will explain 5 different ways by which you can achieve that.

Disclaimer: these are some of the ways by which you can make money with bitcoin. It is also important to note that there are risks involved as the price of bitcoin cannot be stable. Well, risks must be taken isn’t that right?

Check out the 5 ways of making money with bitcoin in nigeria.The price of bitcoin

The concept of buying and holding bitcoins

The art of buying and holding bitcoin is the regular practice by the people involved. Before buying bitcoins, you need to have a bitcoin wallet. This is where your bitcoins are being stored. You can obtain one from an online based service such as coinbase or blockchain.Info. Follow the necessary steps when you are signing up on either of them. Also, you must remember to keep your passwords and phrase keys when you create bitcoin wallets.

After you must have done that, you can buy bitcoins by providing the seller with your wallet address. More-so, the safest way to store your bitcoins would be offline. For that, you could use a so-called “cold wallet” such as trezor. Either way, both works fine as i have not had any issue with online wallets.

Mining of bitcoins

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Mining of bitcoins to make money is quite complex especially for beginners. The reason behind this is that, the whole process involves sophisticated machines to mine. It also consumes a large amount of electricity. This whole process is mostly done via large scale operations. As a beginner, this will be a wrong way to start.

Although, you engage in bitcoin mining by investing in expensive mining hardware. It is strongly advisable for you to join a mining pool. In a mining pool, miners pool their resources together, share their hashing power with the aim of solving a block and dividing the reward equally, depending on the number of shares contributed by each person. It is an effective way to motivate small-scale miners to continue their involvement in mining activities. Some popular mining pools are:

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• antpool

• BTCC

• slushpool

You can find your self working with one of these large-scale operators as an individual and decide to join. It might take time to understand the concept as it is quite complex. At the end of the day, you get familiar with the process and start making money with bitcoin mining.

Becoming a market marker on paxful.Com

Paxful.Com allows you to trade bitcoins for fiat currencies through individual trades. Sometimes referred to as over the counter trading or OTC. Most people are comfortable selling bitcoins over the counter as the transactions are fast and they offer diverse methods of payment.

Also, paxful has a bitcoin wallet for their members, so you should not worry about getting a separate wallet. Below is a brief guide on how to create a paxful account and commence trading.The price of bitcoin

• sign up at paxful.Com

• create a good looking profile by using a photo (preferably yours) and a proper username, not just digits.

• post offers/advertisement ( you must have a minimum of 0.1BTC for your adverts to be seen). Also select a payment method, set your pricing limits and outline your terms of trade for prospective dealers as a free-form message.

• once a buyer opens a trade with you, the full bitcoin amount equivalent is automatically transferred from your wallet to escrow (serves like an online broker to prevent fraud).

• when the buyer has made the payment and pressed the mark payment complete button you will receive an SMS alert or a notification via email informing you that payment of the trade has been done.

• upon confirmation of the payment, the bitcoins are released to the buyer by you from the escrow to his paxful wallet.The price of bitcoin

• lastly, feedback for the buyer is left so as to gain reputation and make some trades.

Gambling in online bitcoin casinos

If you are really good with gambling, well this is another way to make money with bitcoins. There are several sites online that provide such services. All you need to do is registered with them and buy some game credits with bitcoins. However, some online casinos accept other digital currencies like ethereum and litecoin.

To start making money with bitcoins through gambling, you can check up some sites like starcoin, crypto games, betking, and vdice. These sites have games like dice, roulette, poker, lottery or slots and so many more. So you really do not have to worry about running out of games to play. Also note that gambling is a game of chance. Selling goods and services in exchange for bitcoin

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Do you know you can sell goods and services in exchange for bitcoin? Well, yes you can and this has really raised the hopes in the future of cryptocurrencies. Some of the things you can sell are clothes, old gadgets, cars and even homes in exchange for bitcoin. There are several platforms out there that can also help with making this possible.

Two popular sites to sell products in exchange for bitcoin are bitify and purse.

Bitify: bitify.Com is somewhat likened to the ebay for bitcoin. It uses an auction system to sell items in exchange for bitcoins. Bitify also offers escrow services so that buyers can ensure the goods are delivered to them first before releasing the bitcoins. The use of the escrow service is optional for buyers at a 1% fee. Sellers, on the other hand, have a 2.5% fee on the total sale price of the items.The price of bitcoin

Purse.Io: individuals with amazon accounts can sell items at a discount on purse. Buyers who use bitcoin advertise their wish lists on at their purse.Io accounts.

Also, there are numerous bitcoin-based freelancer platforms where one can offer their services, such as bitgigs or coinality.

CONCLUSION.

The future of cryptocurrency is looking bright. The adoption of the decentralized digital currency system is happening at a gradual pace. With time, it will be incorporated fully into the system. To make money with bitcoin in nigeria is not quite easy. With the above steps, you can be sure to start something with bitcoin. Also ensure that you thread with caution as the price of bitcoin fluctuates in other not to lose greatly.

Now over to you, what other ways do you think one can make money with bitcoin in nigeria?The price of bitcoin