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Guide on How to Make Money with Bitcoin in Nigeria 2019 – Part 1

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Bitcoin in Nigeria: Guide on How to make Money with Bitcoins Cryptocurrency

What is Bitcoin?

Today you will learn how to trade bitcoin in Nigeria, how to make money with bitcoin in Nigeria
bitcoin investment in Nigeria opportunities and bitcoin business in Nigeria will be our major concern.

We have all heard about Bitcoin but not many people can tell you exactly what it is. In the simplest terms Bitcoin means “digital currency”, that is, it can neither be seen nor touched, but it can be used for internet transactions.  Some offline stores also accept Bitcoin as a form of payment. However, Bitcoin is not yet in use in Nigeria. It is quite popular in advanced countries, especially does in Europe and North America, but in Africa, it’s still not used for serious things.

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Who Created Bitcoin

Wei Dai was said to have proposed the cryptocurrency concept in 1998, this is according to Bitcoin.org. And it means secure currency. However the concept was proven 11 years later by Satoshi Nakamoto Therefore he is widely regarded as the father of Bitcoin. Though Satoshi himself has denied being the creator of Bitcoin, this leaves some more confusion about who created it.

Who owns Bitcoin?

The Bitcoin platform is controlled by all Bitcoin users world over who have the appropriate software and follow certain guidelines. As for who owns it, nobody does. But since the software is an opens source code any developer can edit it. It will be vetted however by other programmers before it can be put to use.

How does it Work?

Download the app unto your mobile or software on your Pc. With this you’ll get a wallet with which you can use to carry out Bitcoin transactions. You can see the List of best Bitcoin wallet to securely keep all your coins.

Related: Top 10 best cryptocurrency wallet 2019

Is it Secure?

For the most part yes, however since it is digital it can still be hacked. Pretty much anything digital can be hacked.

How do You Make Money Through Bitcoin?

You can do this through two ways

1) By Buying and Selling Bitcoin

Through speculative buying and selling: just like forex and stocks. If you think the value of Bitcoin at a certain point will drop, you buy, if it will rise, you sell.

3) By Mining for Bitcoin:

This is done on your computer using special software and Bitcoin mining hardware.  Basically what you do here is to solve very difficult mathematical problems. These calculations serve as a firewall for Bitcoin transactions. For solving 1 problem you get rewarded with 25Bitcoins. 1 Bitcoin is over $700. If you convert this to Naira it is some money, so solving one of these problems can actually make you a very rich person. Bitcoin can also be mined as a group, and the profits are then shared around the group. Bitcoin mining is not expected to continue forever. However it is still a long time till when there will be no more Bitcoin to mine.

Should you deal in Bitcoin?

Personally, I’d say that Bitcoin is still in the beginning stages. This means that it is very tricky and risky. To make a success out of it though you’d need to be educated in the act of it. This doesn’t still mean you won’t lose money. However it is worth the risk, this is because some Nigerians are making money from it.

Recommended Articles:

How to Trade Bitcoin on Bittrex

The Advantages of Blockchain Technology

Best Bitcoin Wallets in Nigeria

Where to Buy Bitcoin With Credit Card

How to buy Bitcoin with Credit Card in Nigeria

To Learn More about how to make money with bitcoin in Nigeria, bitcoin investment in Nigeria, bitcoin mining in Nigeria, how to trade bitcoin in Nigeria, how to earn bitcoin in Nigeria, how to make money with Bitcoin 2018, how to trade bitcoins to make money and other, kindly see our Cryptocurrency Category.

 

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What is Cryptocurrency And How Does It Work? 

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Cryptocurrencies are decentralized digital assets that operate on blockchain technology that in turn operates by storing a ledger of every transaction on all nodes powering the blockchain. 

In layman’s terms, blockchain technology is like a record keeper, it collects data (in blocks) and links one block of data to another, forming a chain. The data on the blockchain is open for all to see and cannot be easily altered. Blockchain technology can be used for a variety of use cases besides cryptocurrency, ranging from voting to crowdfunding, keeping health records, etc.

Using Bitcoin as an example, nodes are computers connected to the network to mine Bitcoin,  – this collection of independent nodes working together is what makes the network decentralized.

The decentralized nature of cryptocurrency is down to the creators recognizing flaws in traditional banking & financial systems like governments and financial institutions acting only in their best interests and not in the best interest of the common man, leading Satoshi Nakamoto (the creator of bitcoin and blockchain technology) to take steps to rectify that.

Related: What are NFTs?

To make cryptocurrency transactions, you will need to have a set of both public and private keys that will act as passwords protecting your crypto wallet. 

The Public key is connected to your wallet address, allowing you to share the address with others to receive cryptocurrency, while the private key is known to only you and is what you will use to approve outgoing crypto transactions from your wallet. 

Trading Cryptocurrency on Obiex

Obiex finance website

With the popularity of cryptocurrency trading currently at an all-time high, the biggest challenge for many rookie traders is selecting which cryptocurrency exchange to trade on.

If you fall in this category, the immediate priority should be finding an exchange that allows rookie traders to make trades easily, doesn’t charge extra fees and is completely secure. That exchange is Obiex Finance.

In this guide, you will be shown how to navigate the Obiex mobile app & website easily and what to do to get started with making cryptocurrency trades. 

Getting started with Obiex Finance 

Obiex Finance is a digital asset exchange and financial technology (Fintech) platform that gives its users the ability to easily execute cryptocurrency trades from anywhere regardless of their skill level.

Their commitment to ensuring that users get the best experience is shown in how they allow instant swaps from volatile coins like Bitcoin to stable coins like USDT, and vice versa, without confirmations. In a market where the value of crypto can fluctuate wildly, this feature is especially valuable as it allows users to seamlessly switch between making profits to saving those profits in a more stable currency before the value drops.  

To create an Obiex Finance account, simply head over to their homepage, click on “sign up”, fill in the required fields and verify your email address. After that, create wallet addresses for your crypto assets and you’re ready to start trading!

The cryptocurrency available for trading on the Obiex Finance platform are: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Polygon (MATIC), Dogecoin (DOGE), Tether (USDT), Binance USD (BUSD), and USD Coin (USDC).

Getting Started with Cryptocurrency trading

After creating your Obiex account, you need to follow these simple steps:

  1.     Have a Trading Strategy: Trading cryptocurrency without having a strategy in place is the easiest way to lose your money. You will need to research the various crypto trading strategies thoroughly and choose the one that best suits your needs and temperament. For example, if you’re a patient person who is content to make smaller, safer trades over a long period of time instead of making riskier trades, then scalp trading is the best trading strategy for you. There are also other crypto trading strategies such as Swing trading, position trading, Arbitrage, dollar cost averaging etc.
  2.     Pick the cryptocurrency you’d like to trade: There are several cryptocurrencies available on Obiex Finance such as Bitcoin, Ethereum, Binance Coin, Tether etc. Selecting which cryptocurrency to trade is usually down to making a choice; whether to stick with the safer, more established cryptocurrencies like Bitcoin or to go with the more volatile coins that have a high upside and an equally high-risk factor like the Dogecoin which can move in either direction based on what Elon Musk tweets.

It is also important to note that when you pick a cryptocurrency to trade, it would be wise to ensure that the cryptocurrency matches the strategy you pick. For example, if your preferred strategy is patient scalp trading, then investing in volatile coins that have a high upside but carry a lot of risk is not the wisest move. 

To swap crypto on Obiex Finance, add the wallet of crypto assets you’d like to swap, send the crypto to the wallet you just created, navigate to the ‘swap’ option on your dashboard, and select the coins you’d like to swap. You will receive the swapped coin in your wallet balance immediately without waiting for network confirmations.

  1.     Securely store your cryptocurrency: The same way you’d protect your goods and profits if you had a physical store is the same way you need to protect your cryptocurrency so it doesn’t fall into the wrong hands.

You can store your crypto securely on your Obiex wallet but if you want an alternative, physical wallets are also an option. Physical wallets allow you to store your crypto in secure hardware, offline storage device reducing the likelihood of online hackers stealing your hard-earned crypto. This is a list of reliable physical wallets you can use.

Conclusion

If you’re a newbie to crypto trading, the keyword is patience. Taking the time to properly understand the market before making trades will stand you in good stead. While risks occasionally pay off, a patient, long-term strategy is required to make consistent profits. For more information about trading as a newbie, you can check this out to understand unfamiliar crypto terms and to learn more about spot trading and futures.

Obiex Frequently Asked Questions | Obiex FAQs

  • Will I be charged a fee when I swap coins on Obiex? 

No you won’t. While other crypto exchanges charge for trades and require confirmations to execute swaps, Obiex allows you to make free, instantaneous swaps without the delay that comes with waiting for confirmation. This also helps you avoid unnecessary losses.

  • Can I trade crypto on Obiex if I don’t know much about crypto? 

Yes, you can! The Obiex Finance platform allows both rookie and experienced traders to make easy, safe trades regardless of trading experience.

  • Can I send and receive crypto easily?  

Yes, you can. To send crypto, you will use your private key to execute outgoing trades and your public key/your wallet address to receive incoming trades. You can also send and receive crypto using just Obiex usernames.

  • Why do I need to swap coins? 

Swapping coins allows you to either acquire a coin you think is (currently) more valuable than a coin you have a lot of. You can also use swaps to ensure that your funds are invested in a more secure coin like USDT if you feel the volatile coin you’re holding is about to go on a bear run and lose value.

  • Do I get a referral bonus when I invite friends to use Obiex? 

Yes, Obiex has a referral campaign that rewards users that invite their friends and family to trade the minimum of $10 on Obiex.

 

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