8 ways on how to make money with Bitcoin in Nigeria
Table of Contents
How to make money with Bitcoin in Nigeria
Bitcoin is a decentralized cryptocurrency that was created by Satoshi nakamoto in 2008.
It was the first cryptocurrency that was created (or at least, the first we knew about).
The value of Bitcoin has significantly risen over the years, although very volatile (since it’s value goes up and down), lots of people have been able to profit/earn from bitcoin, early adopters of this cryptocurrency have made the most profit.
As at 2019, Bitcoin rose to as high as $10,735 which is almost four million naira (4,000,000).
Lots of people have been asking the following questions:
How to make money with bitcoin in Nigeria
How to earn bitcoin in Nigeria
How to get free Bitcoin in Nigeria
In this post, I am going to be showing you 8 different methods with which you can make money with bitcoin in Nigeria.
Although there are other ways, but I think these ones are the easiest
Table of contents
1. How to make money from Bitcoin faucets in Nigeria
2. How to make money from bitcoin mining in Nigeria
3. How to make money by accepting Bitcoin as a means of payment
4. How to make money hodling Bitcoin
5. How to make money by trading Bitcoin in Nigeria
6. How to make money from bitcoin arbitrage
7. How to make money from gambling Bitcoin
8. How to make money from bitcoin lending platforms
9. My personal opinion.
10. Conclusion
How to make money from Bitcoin faucets in Nigeria
Bitcoin faucets are websites that reward you with bitcoin’s for performing tasks on their websites.
They reward you for doing simple tasks like playing games, watching videos, clicking on ads e.t.c.
Bitcoin faucets is on of the easiest way from which you can make money with Bitcoin in Nigeria.
Bitcoin faucets usually pay in Satoshi ( which is one millionth of a Bitcoin), it us usually a very slow process to earn bitcoin, and it takes a lot of time to accumulate a substantial amount of Bitcoin.
Bitcoin faucets is a good place to start if you are just starting out in trying to earn bitcoin.
Although tine consuming, combining a bunch of these faucets is usually the best way to go about earning some free Bitcoin.
Some of the most popular Bitcoin faucets are:
BTC clicks
An established bitcoin faucet that was created in 2013. Users can make money from performing tasks on the website and also sharing their affiliate links.
You need to make about 0.10000mBTC before cashing out.
Freebitcoin
Freebitcoin pays out hourly, it offers a range of ways with which you can earn more free bitcoin including referring your friends.
Moon Bitcoin
Another top Bitcoin faucet where you can earn Satoshis every five minutes.
Visit the below post to view top 10 Bitcoin faucets
https://bestbitcoinexchange.io/news/the- top-10-free-bitcoin-faucets-of-2019/
How to make money from bitcoin mining in Nigeria
Bitcoin mining us another way to make money from Bitcoin in Nigeria.
Unlike how it sounds, it does not involve you digging up the ground to find Bitcoin (Although, i suppose you already know that, since bitcoin is a digital currency).
Bitcoin mining entails using highly powerful computers to solve mathematical computations.
In doing this, Bitcoin transactions are added to the block chain, and the reward for this is a new Bitcoin.
Bitcoin mining used to be fairly easy, but with the growing popularity of bitcoin, it has become more difficult.
These days it is very difficult for a single miner to gain Bitcoin, so they basically come together in groups to form what is called a “mining pool” to increase their chances of getting Bitcoin.
There are basically two types of mining
1. Standard mining
2. Cloud mining
The standard mining entails what we discussed above, if you are in Nigeria, this is fairly difficult and in some cases impossible, since you need not only powerful computers which are very expensive, but you also need a large amount of electricity.
It’s usually best to go for cloud Ming where you purchase a mining contract and you get a portion of Bitcoin for every mined bitcoin.
Basically what this means is you investing in people who already have the machinery to carry out the standard mining.
There are many places where you can buy a cloud Mining contract, I will be writing a review later on this blog.
You should be very careful with mining contracts as they have a high capacity for scam.
How to make money by accepting Bitcoin as a means of payment
If you offer some services(online or offline), you could get Bitcoin as a means of payment for your services.
That means when you offer a service, rather than getting paid in Fiat currencies, you could rather ask for Bitcoin.
There are currently many processors that can help you accept Bitcoin as a means of payment. For example:
Coinpayments
Coinpayments was established in 2013, and it is the most popular cryptocurrency payment gateway, with coinpayments, you can accept a range of cryptocurrencies, not just Bitcoin.
Bitpay
Bitpay was established in 2011, with bitpay, you can accept a range if cryptocurrencies.
Coingate
Coingate is also another trusted cryptocurrency payment processor that lets you accept payment in Bitcoin.
The advantage of you accepting payment in Bitcoin includes
i. You get to accept payment worldwide, no limitations
ii. You get to be your own bank
iii. It is also a future investment
How to make money hodling Bitcoin
“Hodl”, yes it isn’t spelt wrongly. It is a termed coined by cryptocurrency enthusiast, it means (Hold on for dear life).
This is a more traditional way to make money with Bitcoin.
If you buy Bitcoin and you hold on to it until you feel it’s the right time to sell.
Since the value of Bitcoin is very volatile, lots of people want until the value drops, then they buy it and hold(hodl) on to it for a longtime, usually 2-3 years, when the value has significantly risen, then they sell it for huge profit.
The early adopters of bitcoin, when the value was next to nothing are basically millionaires right now.
Even though you missed out on it then, doesn’t mean you can’t take advantage of it now.
The price still goes up and down for now, so you can bet there is still is a huge margin for profit currently.
How to make money by trading Bitcoin in Nigeria
Bitcoin can be traded on, much like forex, money can be made from sharp spike in the price of Bitcoin.
Since Bitcoin is very volatile, lots of traders have made money from it by selling high and buying low.
Trading bitcoin is similar to trading forex, the one Stark difference is that, rather than trade through brokers, Bitcoin is traded one exchanges. Some of the most popular Bitcoin trading platform are:
Bitstamp
The most popular pair to trade on is usually the BTC/USD pair.
If you have valuable experience trading forex, you can easily learn to make money trading Bitcoin also, but as you should also know, just like forex, your capital is always at risk.
One wrong trade, and you could lose all your money.
You should ensure you have all the pre-requisite knowledge before you begin trading Bitcoin.
It is usually very easy to get started trading Bitcoin on these exchanges, you will have to sign up and also provide some personal information, so your account can be verified.
If you have any experience trading forex, this should not be new to you.
How to make money from bitcoin arbitrage
Arbitrage is when you buy an asset from one market at a particular price and then you sell it on another market at a different price, looking to make profit from the price difference.
This Strategy is called arbitrage.
Arbitrage can be applied to Bitcoin, if you buy Bitcoin at a particular exchange for one price and you sell at another exchange where the price is different, you can make money from it.
For example, if the price of Bitcoin at exchange A is $10,000, but the price at exchange B is $10,200.
You can buy at exchange A for $10,000 and sell at exchange B for $10,200 making $200 in profit.
In reality tho, this is not usually the case, as exchanges charge transaction fees and also the blockchain is sonetines slow to process transactions.
In some cases, you might actually be losing money than gaining.
Bitcoin arbitrage is in truth not really a long term strategy for making money with Bitcoin.
How to make money from gambling Bitcoin
Another way to make money with Bitcoin in Nigeria is gambling with Bitcoin, if you are not really used to gambling, then this might not be for you.
Gambling obviously is high risk, and there is a the chance for high profit and also high losses.
Gambling for Bitcoin is an emerging markets trend as we see new companies providing platforms where one can gamble with Bitcoin.
Online casinos, poker rooms and sports betting are some of the ways to gamble Bitcoin.
Although there are platforms where you can gamble other cryptocurrencies, the Bitcoin platforms are the biggest.
Some of the Bitcoin gambling platforms are:
1. Satoshidice
2. Primedice
3. Coinroll
Gambling is obviously a high risk way of making money with Bitcoin, so you should be very careful.
How to make money from bitcoin lending platforms
This basically entails loaning your Bitcoin to another person at a certain interest rate for when you get paid back.
This is usually done on modified exchanges. Profit lies in the interest rate, which can be very high.
Bitcoin lending is a fairly new concept and it definitely has a high potential for scam, so I will advise anybody going into Bitcoin lending to be very careful.
Some pla platforms for Bitcoin lending are:
1. Btcpop
2. Bitbond
My personal opinion
If someone comes to me for my personal advice on how to make money with Bitcoin, I would tell the person to look at bitcoin as a long time investment.
Lots of people want to make quick money from bitcoin, but the truth is it doesn’t always work like that.
Except you are going into bitcoin trading, the best thing you can do is to think long term about Bitcoin.
This means that any money you put into bitcoin, should be money that you can risk.
The main reason why people fall for many bitcoin scams is “impatience”. If you are patient enough to invest in Bitcoin and basically forget about it for a while, you can make real money from it.
Another point I want to make is that if you are going into bitcoin trading, you should make sure you learn all you need to know about bitcoin trading, otherwise you would end up losing your money.
You should also keep at the back of your mind that trading usually comes with a lot of risk and you can end up losing all your money.
On the positive side, if you get it right, you could get very rich easily.
Conclusion
As bitcoin’s popularity increases, more opportunities will come up where one can make money with Bitcoin in Nigeria, the advice I will give to anyone looking to make money is to be very careful as there is still a large capacity for scam in the cryptocurrency world.
You should always do your research before deciding to invest in any platform.
I hope I have helped you learn how to make money with Bitcoin in Nigeria. If you have any questions or comments, leave them below and I will tend to them as soon as possible. Thanks for reading.
Checkout this post on the best bitcoin wallets to use.
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