How To Start a Bitcoin Business in Nigeria – Beginners Guide

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Therefore, it is no surprise that more and more people want to jump on the bitcoin train to start their own bitcoin business before it is too late. How do they usually involve themselves in the bitcoin business? The three most common options are bitcoin mining, bitcoin trading/investing and accepting bitcoins as payment for services provided or goods sold.

Bitcoin Business

Bitcoin has become increasingly popular in the last few years. Experts from the financial industry expect its price to continue its steep journey in the future.

However, the increasing demand for trading bitcoin and implementing bitcoin payment services has motivated many to start their own bitcoin business such as exchanges since it portrays a splendid opportunity to earn a significant amount of income through transaction fees.

Bitcoin is the money of our generation and the future generations.  Well, in the history of money, several object has been used to carry out transactions. Money in itself is any clearly identifiable object of value that is generally accepted for payment of goods and services and repayment of debts within a market or which is a legal tender. Bitcoin fulfills all of these. In the past, money has taken many forms like cowry shells, beads, precious metal, paper, and in our generation it is becoming digital in form of bitcoin and other cryptocurrencies.

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 Some Bitcoin Business Ideas In Nigeria

  1. 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 value.

How to Buy and Sell Bitcoin

You can exchange your Naira for Bitcoin and Bitcoin for Naira with ease in Nigeria at www.naira4dollar.com

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In a quick summary, a bitcoin trading process involves 3 simple steps which include:

  • First you’ll need a bitcoin wallet – an app that lets you receive, hold, and spend bitcoin.
  • Open a Bitcoin trading account in Nigeria at Naira4Dollar website on www.naira4dollar.com, 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.

 

  1. 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 market.

Last year 5 Bitcoins was worth $1,000, because each Bitcoin was about $200. The equivalent naira rate for 5 Bitcoins was about N220,000 because each dollar was worth N220 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 N1,078,550. Can you imagine the profit margin.

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  1. 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

4. Start an eBay-style Bitcoin store

Take advantage of the appreciation and growth of Bitcoin, and open a store that accepts payments only in Bitcoin. You can undersell your competition in price, take Bitcoin payments, and leverage their naturally increasing value as a profit margin. You will probably need an investment partner as you’re buying goods short-term, and probably losing money up front, to get a return in future Bitcoin gains.

5. Become a Bitcoin Consultant in your area

Brand yourself as the local Bitcoin expert in your city. How many Bitcoin consultants are there in your town? The answer is not many, if any at all. So take the lead and walk people through how to get started. Of course, you’ll need to “bone up” on how Bitcoin works, but hey, that’s one of the many ways this Bitcoin Bonanza guide helps bring you value! The information in here will make you an instant expert in your locale. And you don’t need to be the world’s greatest Bitcoin mind. If you know three things about something that somebody else doesn’t know, they’ll look at you as an expert, and they’ll treat you as such. But why stop at three, right? Become The Bitcoin Guy, or Gal, in your area.

6. Become a Crypto-currency Transfer Warehouse or Exchange

Take Cash, Litecoins, Altcoins, Dogecoins, and exchange them for Bitcoins or vice versa. Exchanges are hard to open in the U.S., but have a huge global upside. Plus, more and more countries are making the rules of exchange engagement clearer for the new Bitcoin business creator. If you which to know more about setting up your own exchanging or transfer business click HERE.

 

That’s it about “how to start a bitcoin business in Nigeria”.

We hope that this article has clarified some misconceptions and will help you better understand the framework behind a bitcoin business.

Either way, if you have any questions, an opinion, write a comment below.

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About Abuku Orode 355 Articles
My name is Abuku Orode, I am a full time blogger and article writer. I make research on the best, possible and legal way to enhance your tech life, finance and other survival tips and make them available here on Cashrange. My goal is to show you what works for me in the hope that it will work for you too. Best Regards [Cashrange]

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