The sole aim of investing is to make a profit. Bitcoin, the most talked-about Cryptocurrency all over the World has yielded numerous profits for its traders and investors over the years. Investing and trading on Bitcoin can be said to be easy, but to earn enough profits there are some certain trading skills you must know.
The Bitcoin Market is global and involves traders from all parts of the World, so it is said to be International, this means you can send and receive Bitcoin from all parts of the world. The flow of Bitcoin is not controlled by any Government. The blockchain is decentralized so the price or exchange rate of Bitcoin is not stable as it is steadily increasing or decreasing every second of the day.
Here, I’ll explain how to earn money from Bitcoin investment in Nigeria. Before investing in Bitcoin make sure you have first-hand knowledge of What Bitcoin is and how it works.
Getting Started
To invest in Bitcoin, first get yourself a Bitcoin wallet from any renowned Bitcoin broker like Luno, Blockchain, Remitano, etc. Make sure to keep your account security at the highest level, with the high numbers of internet hackers today it wouldn’t be nice to have your wallet breached. If you are good at web decryption, you can choose to mine to get Bitcoins.
This process involves finding solutions to online algorithms which are usually mathematical problems with your computer and then getting paid in Bitcoins, you need to be really skilled to do this. The simpler method of getting Bitcoin is by buying it; so deposit some money into your Bitcoin Wallet to buy some Bitcoin.
You can start with whatever is good for you, from N150,000 to N300,000 is the best bet to start with, however, you can still start with lower amounts if you are just beginning. After your deposit, submit an order to buy Bitcoins, you’ll be charged at the current exchange rate.
Investing (Profit/Loss)
Now you have your capital, you are now a trader at risk, make a profit or make a loss there is only one result. The easiest thing you can do to make a profit is to buy and sell. You buy your Bitcoin at a low price when the exchange is low and sell at a high price when the exchange rises easy right? But you have to be extremely careful.
Like I said earlier, the price of Bitcoin changes daily, this is what you should be watching out for as you follow the Bitcoin market every day. This is how you make your profit. Let’s take, for instance, I bought 1 BTC at a rate of N147,000 this morning, by evening the Bitcoin exchanges at a rate of N163,000.
Selling my Bitcoin at this point means I just made a profit of N16,000 in less than a day, imagine making N16,000 daily which’s close to N500,000 monthly. But if by evening, the 1 BTC I bought at N147,000 sells at N140,000, I am currently at loss. I can still hold on till the next morning and if the price still depreciates instead of appreciating,
I can withdraw my money and make a little loss and buy again when the price favors me or I can still leave it there with the hope that the price will still rise again in my favor. You see why you have to follow the market daily to be updated, this is what almost every Bitcoin investor does, and with just 0.1 BTC you could be swimming in millions of Naira tomorrow.
You can also go into long-term investment by refusing to sell your Bitcoin until months or even years when you believe the price would have risen to a certain advantage and then you sell. However, Bitcoin is a lot more expensive now compared to before. 1 Bitcoin is worth over N20 million.
It’s unlikely that you’ll buy up to 1 BTC. However, the deal with BTC or any other crypto is that the higher you invest, the higher the profit you can make – and the higher the loss as well. That’s why you shouldn’t invest any money
Safe Investing In Nigeria
In Nigeria, Bitcoin investment is somewhat risky. Despite the country being one of the top Bitcoin transacting countries in the world, the CBN placed a ban on utilizing these currencies. When the derivative was issued, a lot of Nigerian-based crypto exchanges were affected and forced to change the course of their business. Foreign exchanges like Binance and Luno which have thousands of users in Nigeria were also affected.
If your account is traced to be involved in Bitcoin transactions, it could get blocked which means you lose instant access to your money. A lot of people have suffered from this already. Therefore, if you must invest in Bitcoin, you must be very careful. You should be mindful of the payment channels you’re using. Don’t directly pay on crypto platforms using your card as that’s how banks can trace you. What you should do is make use of P2P platforms to transact.
P2P is very safe as everything is done off-book. You find a person willing to buy or sell crypto to you directly. Make payment to them like you would pay anyone. You can transfer money to their account without mentioning anything crypto or Bitcoin in it.
Final Note
You should choose a regular method to follow that gives you your desired profit and stick to it while watching out for more chances of earning. When you start making profits from your investment, you can also try other cryptocurrencies.
Try not to invest much more than you can handle the loss and remember you can withdraw your money immediately if you feel that the system is going down. Be smart, invest wisely, trade well and you will always smile at your Bank account balance.