Bitcoin in Nigeria: How to Register and make money online

Truth is, a lot of us hear about Bitcoin and the fact that people make money trading bitcoins, and wonder if the same story can be told of us. You don’t have to worry anymore because this article has been carefully written to capture the basics of this cryptocurrency called ‘Bitcoin’.

The first question that comes to mind is, what is Bitcoin?
Bitcoin is the first online decentralized money exchange cryptocurrency system and one of the most popular and most secure in the world. It is an electronic form of digital currency or money with a very high importance and value that keeps appreciating everyday.

Wei Dai according to Bitcoin.org, proposed the idea of such a currency like Bitcoin in 1998, a concept that will be later called “cryptocurrency”.
In its simplest form, cryptocurrency means a “secret and secure currency”. The reason is because cryptography is used for its creation as well as controlling the subsequent financial transactions coming from it. The first specifications and concept proof of Bitcoin was published by Satoshi Nakamoto in 2008. This is why he is seen today as the creator of Bitcoin. Satoshi Nakamoto published his work to provide a decentralized means of using money to buy and sell online.

What this decentralized system means is that for the first time, a new form of currency that is not controlled nor dependent on the government for its valuation was created. Unlike the actual money system you are conversant with, the cryptocurrency system is owned by no one in particular but every user of the cryptocurrency.

This is the truth, nobody owns Bitcoin. It might sound too good to be true, but nobody actually owns Bitcoin. With no central authority therefore, Bitcoin is an open source platform or interface. This is the major reason why any programmer anywhere in the world can edit the Bitcoin software and protocol.

However, before such editing must be accepted, it must be reviewed and accepted by many other programmers before being put to use. In other words, Bitcoin platform is controlled by every Bitcoin user in the world who uses the Bitcoin software that adheres to the defined protocols of Bitcoin.
To make it simpler, think of it as money in the public’s eye view, in an open environment that everyone is looking at. Because everyone is looking at it, doing any shady deals with it in form of altering the codes is totally impossible. No mago-mago.

At the moment, there are a lot of cryptocurrencies out there in the open cryptocurrency market and investors are therefore advised to examine and understand the idea behind the project before investing their money into it.

The Next Question is, how do i open a Bitcoin account?

Well, enough of the history lessons and let’s get deep into the business.

1) First, you have to download and install a Bitcoin mobile or computer app that will provide you with a Bitcoin Wallet. This Bitcoin Wallet is like Google Wallet, and allows you to send and receive bitcoins.
In a simple man’s term, it is like your normal bank where you open account and deposit your money in the local currency (Naira) for safe keeping and for other subsequent transactions.
Opening a Bitcoin Wallet is free.
Use link below to register.
https://bitcoinwallet.com/user_signup.php

2) You can also choose to use these other three Bitcoin Wallet providers:
blockchain.info
coinbase.com
luno.com
They are all authentic, secure, legit and offer the same services.

N:B- Never Forget your Bitcoin Wallet address. This is because none of the above cited Wallet providers keeps your password. They do not store your password, neither do they store your address.

Now follow this steps to open a bitcoin Wallet:
i) Have a working email.
ii) Log on to the website and Click on “wallet”, then click ‘create your wallet’.
iii) You will see a form. Fill it and submit accordingly.
iv) A verification mail through the email you filled on the form will be sent to you.
v) Log into your email account and verify your account.
vi) Go back to the site, log in with your Wallet ID and password.
The Wallet ID will usually be in the Verification mail sent to you.
vii) If you used blockchain account, Please login and take your time to observe it, you will see an icon “request”.
Click on the “request”, and the next screen will be your blockchain receiving address under “copy and share address”.
viii) The alphanumeric characters you see is Your blockchain Address to receive bitcoins.
Save it and don’t ever lose it.
– You could also install the blockchain app from playstore.
N:B- The same method applies to all the other sites.

How do you fund your Bitcoin account?
The next thing after opening your Bitcoin wallet is to fund it in order to start transacting with it. This is very simple.

i) Just send your Bitcoin Receive Address to a bitcoin merchant after negotiations on price and amount you want deposited into your wallet.
ii) The merchant will do exactly as you instructed and send the amount into your Bitcoin Receive address.
Nigerian trusted Bitcoin merchants you can buy from include:

naira4dollar.com,
mytopexchange.com,
instantgold.com,
nairex.com,
luno.com

Also, you can buy from individuals.
Now, you can do whatever you want with your Bitcoin, including sending to other people and doing a lot of financial transactions with it online.

Now that you know what Bitcoin is and how to open a Bitcoin account, won’t you want to make money with it?
If your answer to the above question is yes, continue reading. There are a lot of ways to make money trading bitcoins. However, the two main ways to achieve this are:

1) Speculative Buying and Selling:
As a universal currency, anybody in the world can buy or sell Bitcoin if they so desire.

As at 2016, 1 Bitcoin was valued at $737.94. Last year being 2017, the value has risen to $4518, over 600 percent increase in value. Today, Bitcoin is valued at $6,704.02.
Now, that’s some achievement, and the year is just halfway through. You can choose to trade it exactly like forex trading. Buy, keep and then sell it when you feel you can make profit off of it. Very simple.

2) By Mining For Bitcoins:
This process allows you to use your computer and other special Bitcoin mining hardwares and softwares to compete with many other miners. The mining is used to solve some complex or difficult mathematical problems which are then used as protection for Bitcoin transactions.
If your hardware and software solves a problem, you will be rewarded with Bitcoins (about 25 bitcoins per calculation). You can also team up with other groups of people and mine in a pool and then share the reward accordingly. If you don’t have a physical hardware PC or computer, you can still earn money from bitcoin mining online by using the services of cloud mining companies.

Other ways to make money with Bitcoin include:

3) Investment with Bitcoin.
4) Engaging in freelance jobs that pay in Bitcoin.
5)Complete tasks in websites that pay in Bitcoin
6) You can also accept payments in Bitcoin.
7) Trading in Bitcoin using the trade by barter formula.
8) You can also start lending Bitcoins
9) Engage in Bitcoin Gambling.
10) You can make a lot of money from Bitcoin also by trading it on any Cryptocurrency Exchange site like:
Binance.com
Bittrex
Bitfinex
Kucoin
10) Be a BTC trader on Paxful, Remitano, LocalBitcoin:
These websites enables trading of Bitcoins for fiat currencies through personal or individual trades. It is also known as Over The Counter trading or OTC. A lot persons prefer selling bitcoins over the counter since the transactions are fast and diverse methods of payment are offered.





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