How to start bitcoin business in Nigeria – Tips for beginners
In case you don’t know to start cryptocurrency business in Nigeria is one of the best online businesses in Nigeria today. As a beginner, I will be teaching you how you can start trading cryptocurrency in Nigeria and make it a full-time business.
Cryptocurrency trading is one business that can help you become self-employed. With a little investment of 0.2btc or more, you can rake in millions within the shortest possible time. I won’t ask you to go read some ebooks or watch movies about it, this post will guide you to become an expert and start cryptocurrency business in Nigeria as a beginner.
To start bitcoin business in Nigeria as a beginner, there are several things you have to understand before you start this business.
These are decentralized payment systems that allow people send currency to one another over the web without the need for a trusted 3rd party like the banks or financial institutions. The transactions are majorly free, and in most cases very cheap. Also, the payments are pusedo anonymous too.
There are about one thousand five hundred cryptocurrencies in the market as at 1st Feb 2018, and they include;
- Jetcoin, etc.
This is like the conventional bank that stores your money in strong rooms and safes. A cryptocurrency wallet stores your cryptocurrencies for you. It stores the public and private keys which you can use to receive and send cryptocurrency. There are several wallets that you can use to store your currency, so it depends on you. To start cryptocurrency business in Nigeria as a beginner, you should know the several wallets where you can store your currency. E.g. includes; blockchain, paxful, localbitcoin, etc.
The buying orders are orders created by the buyers for sellers to fill. If you are a buyer and your order matches any of the selling orders, it will automatically be filled. If it doesn’t match, then it is moved to selling orders.
These selling orders are orders created by sellers for buyers to fill. If as a seller your orders match the buying order, it will be filled automatically. If it doesn’t match, it will be automatically moved to selling orders.
Steps to invest in cryptocurrency as a beginner in Nigeria
To start cryptocurrency business in Nigeria as a beginner, you should follow the following steps. You should also be aware that there are lots of scammers who are waiting to rip you off your hard earned sweat.
Register an Account
This is just like opening a bank account with your favoured bank. In the case of bitcoin or other cryptocurrencies, you are allowed to open a wallet with your favoured exchanger. You can have as many as you wish; depending on the coin you wish to have. You can check the wallets you can open with.
You would have to undergo lots of verifications to make sure that your transactions are secured.
You may decide to invest in other coins named alt coins, but Bitcoin is the father of all other coins presently. There are several ways you can get your bitcoins aside not buying it from an exchanger.
They are as follows;
This is another way to earn bitcoins if you decide to start trading cryptocurrencies business in Nigeria as a beginner. With the mining method, you can get these coins and then sell it. It doesn’t come on a platter of gold tho. These methods involve solving complex mathematical problems, and you get rewarded with these coins for solving them. In the past, it was very easy to mine bitcoins with your laptops, but it is a different ball game now. This is because the difficulty rate of solving these complex mathematical rates is high now, and it requires high-end machines to achieve that.
Another option is to visit mining pools to get the coins if you can’t achieve it alone. If you intend to make use of your laptop to mine alternative coins, you can achieve that with the help of minergate.
- Become a Speculator
There are lots of alt coins with so huge potentials in the future. A popular example is the Ethereum coin that was sold for less than $0.4 is now above $6. As a speculator, all you needed to do was simply buy the coin while low, wait for about 6,7, 0r 8 months before you sell. There are some alt coins on the market with so much potential now, and example of it is the jetcoin. I have done my research about it, and I am already thinking of investing in it. Do your research, buy them cheap, wait, and then sell it so high. The profit margin is always breathtaking. This is the simplest method to start cryptocurrency business in Nigeria as a beginner.
- Become a Crypto Trader
This is the fastest and easiest way to make more Bitcoin and money. It is quite similar to FOREX, but the difference is that crypto is more volatile than the regular FOREX trading. I am actively involved in crypto trading since about 2 years ago, and I can tell you that there have been no regrets.
Just like in forex, there are trading pairs like USD/GBP, USD/eur, etc. In crypto trading, you have pairs like BTC/used, BTC/ltc, BTC/eth, BTC/jet, etc. There are more than 50 pairs you can exchange with on different exchangers. You should do your research well, and then decide which is best for you.
Here is an example of how I traded cryptocurrencies.
As at yesterday (31/01/2018), I bought a coin called radium with more than 1btc at the rate of 73,000 sats. Now the radium coins have appreciated to about 87,100 sats. If I decide to sell my radium now, I will be receiving about 1.19btc. From my calculation, I will be having a home run with a profit margin of 0.19btc ($78 = N21,971) just within 24hrs of trading.
If you decide to start cryptocurrency business in Nigeria as a beginner, it becomes the best way for you to beat unemployment. The basic lesson to learn as a beginner cryptocurrency trader is to remain patient with the system or cash out when the flow is going south.