I’ve made unexpected profit from Bitcoin businesses!
Do you want to know how much that was?
I’ve made more than 4 million Naira doing different kinds of Bitcoin business, without breaking the central bank of Nigeria.
At times, when I tell most of my friends that they too can make huge money off this particular cryptocurrency, they will start swimming in doubts.
Lol… Imagine that?!
Well, I decided to write out this article, so you will understand in detail how you can start making money with the very first crypto coin created by Satoshi Nakamoto.
Meanwhile, I also wrote a guide on ways to make money with Bitcoin, so you can simply read it along if you’re outside, or not even a Nigerian.
Without taking much of your time, I will like to start showing you how you can start your own Bitcoin business for profit right away.
How does Bitcoin business work?
The major ways to make income with Bitcoin business is very simple, but you need to understand how to do it right, so you will not loose your money.
Bitcoin business is mostly like trading stocks and buying assets, so you treat it the same way you handle those kinds of businesses too.
Before you start doing Bitcoin business in Nigeria, you will need some tools that will help you to follow the price trends and also keep the security.
These tools are:
- Cryptocurrency wallet to get Bitcoin address (Recommend Hardware wallet)
- Crypto portfolio trackers
- Reliable exchanges (Binance or Luno)
If you do not know how to create crypto wallet to receive Bitcoins, you can read my step-by-step guide on how to open Bitcoin wallet.
How do I start a Bitcoin business?
As of this age, cryptocurrencies are slowly, but surely winning over the hearts and wallets of the people in this country, Nigeria.
Bitcoin being the first cryptocurrency happens to be the most popular and one of the expensive cryptocurrencies at the moment.
And being a digital currency, you cannot store it in your physical wallet, or even in a bank account (that is, without converting it into fiat currency), so you need to understand how it works.
Ways to start Bitcoin business
Several youths are making lots of money by joining the cryptocurrency industry and participating in one Bitcoin business or the other.
Let me discuss some of the best ways to make money with BTC business below…
1. Lending and borrowing
Bitcoin is not just the most popular cryptocurrency, it is also considered as a store of value. Bitcoin is also an asset and it can be used to procure loans.
Bitcoin lending is like your traditional loan that is offered by individuals and organizations just like your traditional banks.
You can have interested Bitcoin users deposit their BTC as collateral, and borrow monetary funds from you.
Once they paid back with an agreed interest over a predetermined time period, you can send their Bitcoin investment back to them instantly.
The borrower can decide to pay the loan in monthly instalments or even at once. This depends on the terms of agreement between the both of you.
2. Send and receive money overseas with Bitcoin
Do you know that many young people in Nigeria make huge income by just helping people to send, or receive huge money abroad with Bitcoin transaction?
This is method of BTC business is simple – Just help people to convert their cash into Bitcoin and send it to someone overseas without the financial institution protocols.
This method of transferring money is more secured and faster, due to the fact that blockchain is built with speed and security in mind.
3. Bitcoin trading
This is one of the most popular ways to make money in the cryptocurrency industry. To make money trading Bitcoin, you have to sign up with an exchange.
There are certain features you have to look out for before joining such as the security of their site, transaction fees, transaction speed, ease of trading, kind of cryptocurrencies you can trade and the type of fiat currencies they accept.
Open trading accounts with any of the Bitcoin exchanges, and you can trade BTC with other currencies directly.
All of these sites can also trade directly with Naira local currency, but I personally prefer using Binance exchange platform mostly to buy Bitcoin cryptocurrency.
To learn more about how to use this Chinese platform in any part of the world, you can read my comprehensive Binance exchange review.
4. Website carding with Bitcoin
This is the kind of Bitcoin business that most successful Yahoo and GBoys require who will be doing it for them.
In this one, you can help the hustlers in the street to pay for the membership profiles that needs to be carded with foreign Master or Visa cards.
There are many Bitcoin oriented companies that can issue you virtual credit cards, which your Bitcoin is also converted as your balance for the card.
You can then use the card to pay for any payment merchant online.
I will answer some of the frequently asked questions you will find online here, so read through to get answers to most of those vital questions below…
Is accepting Bitcoin payment a good business?
The simple answer to this question is YES. Accepting Bitcoin as payment is one of the ways to becoming rich with this cryptocurrency, because the Bitcoin price can appreciate at any time and the value will also increase.
For instance, let me assume someone paid you about $1,000 in BTC when the price of each coin was $1,000, then after few months, the price of 1 Bitcoin increases to $2,000 per coin.
That’s a whooping 100% profit!
Is Bitcoin legal in Nigeria?
Yes, Bitcoin is legal in Nigeria, but the Nigerian SEC (Securities and Exchange Commission), warned citizens about crypto investments being risky and sometimes even fraudulent.
How much does a Bitcoin cost in Nigeria?
The cryptocurrency market is highly volatile, and price of Bitcoin fluctuates every time. But you can check the current price of Bitcoin here.
How much can I use to start Bitcoin?
There’s no minimum amount you should invest in Bitcoin business. The minimum amount is only the one set by the platform on which you’ll buy your first piece of Bitcoin.
If you are just getting started to buy your first Bitcoin, I will recommend purchase BTC with Luno. Both of us will get some amount of free Bitcoins if you use the link.
Is Bitcoin investment a good business?
Yes of course!
Generally, investing in different cryptocurrency and not just Bitcoin is a good business, but you need to understand how to do crypto investment the right way.
Bitcoin business have made many young individuals very rich and wealthy.
Do not forget that cryptocurrency market is very volatile as well as risky. So always invest or start the business with amount of money you can afford to loose.
Do thorough research on each cryptocurrency project and asset you wish to put your financial funds in, because there are many scams in the crypto space.