How to start a Bitcoin business in Nigeria

I once read somewhere that if you don’t own bitcoin, you are making a bad financial decision.

Bitcoin is the most popular cryptocurrency that was created by an unknown person(or organization) only known by the alias Satoshi nakamoto back in 2007.

Over the past few years, Bitcoin has seen tremendous rise, going up to as high as 5 million naira.

Early adopters of the cryptocurrency are now millionaires. The price/value of Bitcoin is quite volatile, it goes up and down, it is never stable.

The success of Bitcoin has led to the rise of numerous other cryptocurrencies like litecoin(LTC), ethereum (ETH), Dogecoin (DOGE), monero (XMR) e.t.c.

Bitcoin still remains the most valuable, this has led alot of people to sought after ways on how to make money with Bitcoin.

In this blog post, am going to be writing about how you can start a Bitcoin business in Nigeria.

Before you can start a Bitcoin business in Nigeria, you will need a Bitcoin wallet.

What is a Bitcoin wallet?

Bitcoin wallet is a digital wallet where you store your Bitcoin, it is of different types and each different type has its own level of safety.

There is the mobile wallet, paper wallet, desktop wallet, the hardware wallet (technically the safest) e.t.c.

To get a Bitcoin wallet, visit blockchain.info.

Am going to be writing about five different ways on how to gain with Bitcoin in Nigeria.

1. Bitcoin mining

2. Hodling Bitcoin

3. Offering your services for Bitcoin

4. Bitcoin faucets

5. Trading Bitcoin

Bitcoin mining

The people who are involved in Bitcoin mining are known as Bitcoin miners.

What do Bitcoin miners do?

Technically, Bitcoin miners keep the blockchain secure, they basically verify every transaction that is made with Bitcoin by adding it to the public ledger known as the blockchain.

How do they do this?

Bitcoin miners use powerful computers made specifically for mining, this computer/machine is known as ASIC.

The processing power of this machine is very high, the machine solves complex mathematical computation.

Whoever solves the computation first gets to add the next block to the blockchain.

How do Bitcoin miners profit?

For every Bitcoin that is sent, there is a transaction fee attached to it. This transaction fee goes to the Bitcoin miners.

It is their reward for verifying the transaction.

Also a new Bitcoin is brought to the surface during this process, this Bitcoin goes to whoever finds the block.

How do I get involved in Bitcoin mining?

There are two types of bitcoin mining.

1. Physical mining

2. Cloud mining

In the physical mining, you are involved in the technical aspects of mining i.e you purchase the machine(mining rig) needed to mine Bitcoin(the ASIC miner) and other necessary hardware.

This hardware combination can become quite expensive to purchase and to maintain also.

The best way is usually to join a mining pool, to improve your chances of mining Bitcoin.

The disadvantage to this is that the mined Bitcoin is usually split among all members of the mining pool.

Cloud mining involves you buying a contract, this means that you don’t have to buy the necessary hardware to be involved in Bitcoin mining.

It’s almost like investing in other people who already have the hardware to mine Bitcoin.

You get paid based on the hash rate you purchase.

Hodling bitcoin

“Hodling” , yes, it’s bot spelt wrong, it is termed coined in the cryptocurrency community, it means hold on for dear life(HODL).

Since Bitcoin is volatile, it creates opportunity for people to profit.

Imagine the price of Bitcoin is 10 naira today, if you buy Bitcoin today and in a year time, the value of Bitcoin rises to 20 naira, that means, you have gained a 100% increase on your cryptocurrency asset.

The people who had Bitcoin when it was not up to 100,000 naira and held on to it, are now millionaires.

Is it too late to hodl on to Bitcoin?

No, infact now is the best time to buy Bitcoin, Bitcoin is still volatile, it goes down and up.

This means there is still plenty of room to profit.

But the advice given to investors is to invest their extra money and not their savings.

So when the price goes up and down, you will be at peace.

You can buy Bitcoin on local Nigerian exchanges like Nairaex, Ngexchanger(now blockvila), Naira4dollar, Naira2usd e.t.c

Offering your services for Bitcoin

If you have services that you offer, maybe online services like website design, content writing, search engine optimization (SEO), graphic design e.t.c.

You can request to be paid in Bitcoin for your services.

There are many platforms that allow you to accept Bitcoin payment like bitpay, coinpayments e.t.c

Online service platforms like Fiverr, upwork where you can offer your service allow you to accept Bitcoin.

Why should I accept Bitcoin for my service?

1. Bitcoin is the most valuable cryptocurrency, one Bitcoin is worth over 4 million naira (as at the time of writing this post).

2. Bitcoin is continually gaining worldwide acceptance

3. It is an investment for the future. The price of Bitcoin might go up in the next few years, making you get more value for your work.

4. Bitcoin is a future currency.

Bitcoin faucets

Bitcoin faucets are websites or application that pay you Bitcoin to complete task on their website.

They pay you to play games, complete surveys, watch ads and other basic activities.

Bitcoin faucets usually pay in Satoshis, which is the smallest unit of bitcoin.

Bitcoin faucets is on of the easiest and fastest ways to gain from Bitcoin. The disadvantage is that the pay is very small, that makes it a very slow way to earn bitcoin.

Alot of people usually combine a bunch of them to earn more.

Some Bitcoin faucets also give out other alternative cryptocurrency like either, litecoin, monero e.t.c.

Trading Bitcoin

This is probably the most popular method of starting a Bitcoin business in Nigeria.

Since Bitcoin is a very volatile asset, lots of smart traders have reaped profit from the sharp spike in the price.

Much like forex, Bitcoin can be traded on, but unlike forex, it is not traded through brokers but on exchanges.

The volatility of Bitcoin means that one can gain significant profit on a single trade. This also means one can also lose a lot in a short period of time.

The advice given to any potential trader is to trade what they can afford to lose and also to trade without emotion.

If you want to start trading Bitcoin, you can do that on a trusted exchange like binance. Binance now even accepts the Nigerian naira on it’s exchange.

This means you can now buy Bitcoin with naira on the exchange.

Before going into Bitcoin trading, you should make sure you have all the necessary education before investing your money.

Conclusion

If you have been thinking of how to start a bitcoin business in Nigeria, I hope this blog post has helped you.

The only thing you can now do is to take decisive action.

The price of Bitcoin will continue to go up and down(at least for a while). This means there is plenty of opportunity to make some serious profit.

If you have enjoyed this article or have questions, you can comment them below.

Don’t forget to share also, thanks for reading.

 

 

 

 

 

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