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09-14-2017, 04:52 PM
Post: #1
Bitcoin is digital money; this simply means
that unlike the previous form of money,
Bitcoin is not anything physical. It is not
physical yet more real than any form of
money earlier used. It exists on a
technology called Blockchain which helps to
store all the information and transactions
about all the Bitcoin that ever exist. The
information on Blockchain can never be
destroyed or manipulated. Also Blockchain
cannot be controlled by one central body or
government, making Bitcoin the best form
of money to ever evolve. With Bitcoin, you
are simply your own bank, as you can spend
your money anytime, anywhere, with no
restrictions whatsoever.
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 ever
dropping value of naira.
With this new form of money (Bitcoin)
gaining popularity and acceptance around
the globe, how can you as an individual
benefit from it? I have tried to list a few
ways to get you started.
Strategies for Making Money With Bitcoin
In Nigeria
. Trading bitcoins
Buying and selling bitcoins is probably the
fastest and easiest way to try and make
some money with bitcoin. Just like the stock
market, bitcoin trading involves buying at a
low cost and selling when the price has gone
up. Bitcoin is a volatile currency which
means the rate can rise or fall several times
day with margin of $10-100 per bitcoin
. Investments
Bitcoin like gold is scarce, this is due to the
finite or limited supply of Bitcoin, there are
going to be only 21 million Bitcoin ever. I
mean 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,
Bitcoin can serve as a high profit
investment, due to the behavior of the
Nigerian Naira in the foreign exchange
Last year 5 Bitcoins was worth $1,000,
because each Bitcoin was about $200. The
equivalent naira rate for 5 Bitcoins was
about #220,00 because each dollar was
worth #220 on the black market. Fast
forward a year later, the same number of
Bitcoins now worth about $2,915 since the
value of each bitcoin has gone up from
$200 to about $583, and the equivalent
naira rate for 5 Bitcoins would now be
#1,078,550. Can you imagine the profit
. Remittance
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 Bitcoins,
this would save time and reduce over 10%
fees charged by several Money Transfer
Operators. Bitcoin exchanges are available
all over the world, allowing users to convert
any currency into and out of Bitcoin.
How to Buy and Sell Bitcoin
You can exchange your Naira for Bitcoin and
Bitcoin for Naira with ease in Nigeria at
In a quick summary, a bitcoin trading
process involves 3 simple steps which
. First you’ll need a bitcoin wallet – an app
that lets you receive, hold, and spend
. Open a Bitcoin trading account in Nigeria
at NairaEx website on ,
buy your first set of bitcoins and transfer
it to your bitcoin wallet. Bitcoins are
divisible, you can buy as little as $10
worth of bitcoin without no extra fees.
. For day trading, open trading accounts
with some of the major foreign bitcoin
exchanges and load it with Bitcoin funds.
This will allows you to trade bitcoin
directly with other fiat currencies such as
USD,EURO,GBP. click here to register
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