How Much Can I Use To Start Bitcoin Business in Nigeria – Bitcoin remains the first Cryptocurrency and it is the largest cryptocurrency in existence which was made by Satoshi Nakamoto. Unfortunately many Nigerians have the misconception that it is one of the numerous Ponzi initiatives and other illegitimate online platforms. It is false, bitcoin is a legitimate and secure currency, is as legitimate as the paper money that you are using to buy food.
How does Bitcoin work?
There is one way make bitcoins and that is through Bitcoin mining, To make sure that the amount of bitcoin in circulation is regulated and that the balances are in order, to avoid such things as double-spending, any transaction that is being carried out with bitcoin is first confirmed and then it is entered into a public ledger which is known as the Blockchain. Confirmed transactions are what we call blocks, fresh blocks are added to a chain of blocks-that are not prone to editing or destroying the blockchain. And so, no one can make use of the same bitcoin twice. This is basically what bitcoin miners do. They make confirmation. And then they are payed. And that payment/reward is how bitcoins are made. Presently, there are about 16 million bitcoins that are widely in circulation.
With Bitcoin, you work with your skills, do jobs and you will get paid in bitcoin. You can check sites like BitGigs, Jobs2Bitcoins, Upwork, Freelancer. These websites and more display a job board where you can use your skills to gain bitcoins. You can even Watch ads and you can even click on links to earn, take surveys while you are rewarded bitcoins. Examples of such sites where you can do menial works in exchange for Bitcoin are coinAd, CoinWorker etc. These are many options, but you may not compulsorily need bitcoin to do these. The chances can still exist outside of bitcoin.
The interesting thing is that anyone can be a miner, and so bitcoin can be said to be even more legitimate and secure than any paper currency due to the fact that you can ensure yourself that the digits are correct and that those numbers will not be easily changed by anyone. Unlike your bank account where it is easy to manipulate the numbers .
How Much To Start Bitcoin Business in Nigeria?
It is very simple to start Bitcoin business in Nigeria, once you start you can buy and sell Bitcoin in Nigeria. In fact, bitcoin is currently in the list of the cheapest investments in Nigeria. You can start investing in your Bitcoin business with as little as two hundred Naira (#200) but you have to note that the money you invest will be a determining factor for the worth of your bitcoin and it will give you an insight on how much you will make later on.
Additionally, starting Bitcoin business in Nigeria is not as difficult as piloting an aircraft, and when you have a little guidance or study, you can carefully invest your money in a system that offers you a certain percentage. As a bonus reward for persons who are just beginners in the crypto world, you may now buy any fraction of a bitcoin! BTC can be bought for as low as five thousand naira (₦5,000) in Nigerian currency value.
You can start a Bitcoin business in Nigeria by using one of the apps like Quidax, Luno, Patricia, Binance. All you should do is open an account with any of these apps using a bank transfer or with your debit card.
Steps to start bitcoin business in Nigeria.
You can start buying and selling bitcoins in
Nigeria using any of the above mentioned apps by following the election steps;
1. Have an Account opened with the app
Then click on create an account then fill in important fields. After which you will Submit and verify your details via your email. Click on the link in your inbox to confirm
registration. After which you should refer back to app to verify your identity. This is
mostly the last step for registration.
2. Start Depositing Money in your Wallet
You should check on the “wallet” tab on the website, after clicking wallet select bank deposit, debit card, or any other kind of payment method, carefully input the details of how much you want to fund then click “pay”. If you happen to do all this without mistakes you should be credited with the value deposited.
3. Buying Bitcoins (BTC)
This is the last stage you actually purchase your bitcoin. Immediately you noticed that your wallet has been credited you can go ahead to check on “buy or sell” then select “buy” on the app/website. After choosing buy select bitcoin as the currency and Naira as the currency you wish to use to buy these Bitcoins. For instance: If you want to purchase #9,000 of BTC just type it 0.9 in the field. Go ahead to confirm your details and then click buy. Then refresh to know if you have been credited in BTC, thats all!
Bitcoin Business you can Start in Nigeria
The first step to starting a Bitcoin business in Nigeria is to get a bitcoin wallet. Many
websites and apps offer bitcoin wallets. A very famous one is coinbase. When choosing a site, please be sure that it is a secure/reliable one. Coinbase is known to be one of the
secure sites. Please note that Bitcoin business is not as difficult as piloting an aircraft, and when you have a little guidance or study, you can invest your money in a system that offers you a certain percentage. As a bonus reward for persons who are just beginners in the crypto world, you may now buy any fraction of a bitcoin! BTC can be bought for as low as five thousand naira (₦5,000) in Nigerian currency value.
There are different ways to make money from Bitcoin which are;
Through Freelance jobs for bitcoin
You work with your skills, do jobs and you will get paid in bitcoin. You can check sites like BitGigs, Jobs2Bitcoins, Upwork, Freelancer. These websites and more display a job board where you can use your skills to gain bitcoins.
Menial work for bitcoin
You can Watch ads and you can even click on links to earn, take surveys while you are rewarded bitcoins. Examples of such sites where you can do menial works in exchange for Bitcoin are coinAd, CoinWorker etc. These are different options, but you may not compulsorily need bitcoin to do these. The chances can still exist outside of bitcoin.
Bitcoin mining
When you are mining Bitcoin, your computer discovers new blocks
and includes them in the blockchain. For each of the new block your computer discovers, you will get a certain amount of bitcoin, this is otherwise called “bitcoin reward”.
Conclusion
Starting a Bitcoin Business in Nigeria (Bitcoin buying and selling (trading) or bitcoin investment in Nigeria) is a very lucrative business idea if you take your time to have deeper understanding of the business very well before riding into it.
Frequently Asked Questions
How much can I start Bitcoin with in Naira?
Start your Bitcoin journey with less than 500 Naira
How much will I get if I invest 5000 Naira in Bitcoin?
5000 Nigerian Naira is about 0.000444 Bitcoin.
Does Zenith Bank accept Bitcoin?
Zenith Bank does not directly support crypto purchases, but they do allow users to withdraw NGN and transfer to a licensed crypto exchange.
Does Kuda bank accept Bitcoin?
Kuda Microfinance Bank is not allowed to and does not deal in, or facilitate the trading of, any form of cryptocurrency.
How can I get rich with cryptocurrency fast?
Day Trading – Buying and Selling Crypto Throughout the Day to Make Regular Gains.
Reference
- Theinfoworth.com – How to Start Investing in Bitcoin in Nigeria (2023)
- Wealthresult.com – How To Start Bitcoin Cryptocurrency Business In Nigeria
- Makemoney.ng- How to start investing in Bitcoin in Nigeria
- Nairaland.com – How To Start Bitcoin Exchange Business In Nigeria With Zero Capital
- Linkedln.com – How to Investing in Bitcoin in Nigeria 2022
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