Last Updated on November 2, 2022
Nigeria rose to the top spot in the world for bitcoin transactions in 2021. According to an online poll, more than one-third of Nigerians have engaged in bitcoin and another cryptocurrency trading.
So if you’re interested in how to make money with bitcoin in Nigeria. This article will help you with everything you need to get started.
Why are Nigerians using bitcoin at an increasing rate and not wanting to look back? Actually, using bitcoin to gain money is a great opportunity.
One of the most common ways for Nigerians to make money is through peer-to-peer bitcoin trading. They purchase it at a discount and sell it out at a premium in order to make a profit.
Bitcoin is essentially digital money, thus it doesn’t need any paper like the US dollar or Nigerian naira do.
Some even refer to it as borderless money since it was designed to make moving money from one nation to another simpler.
Unlike traditional money (fiat), which is controlled by a single person, group, or country, bitcoin is instead governed by its users all around the globe.
Also See: Best Crypto Trading Platforms in Nigeria
How to Get Started With Bitcoin in Nigeria
It’s really simple to begin investing in bitcoin. The situation was the opposite a few years ago, but thanks to sites like Binance, investing in Bitcoin from Nigeria is simple. With more than 13 million users worldwide, Binance is the biggest cryptocurrency exchange in the world.
You may buy bitcoin with as little as N50 and add money to your account using a debit card or a bank transfer. Just register, put Naira into your crypto wallet and buy bitcoin after that.
P.S: Due to CBN restrictions, debit card deposits are not temporarily blocked. Instead, you may deposit and withdraw using Binance’s P2P area, which is simple and quick. Just go to the P2P area after signing up and validating your account.
To invest in Bitcoin using Binance in Nigeria, follow these steps:
1. Create an Account
When you visit Binance.com, a registration form will appear right away.
Complete the form, submit it, and use the link in it to confirm your email.
Visit “My Account” and choose “check your identity.”
2. Depositing Funds in your wallet
- In the menu on the webpage, choose “Wallets.”
- Next, choose “Deposit.” On the next page, choose “Deposit Fiat.”
- From the currency menu, choose Naira.
- You have a choice in the deposit method. a bank transfer or debit card
- Select “Continue”
- If you choose to make a bank deposit, enter the necessary information and then click “Pay” or “Submit.”
- Enter your card information to make a payment, then click Pay. Make sure to include the “Deposit Reference Code” in the transfer summary if you choose to make a bank deposit and transfer to the specified account information.
- When finished, the amount you deposited will be credited to your Binance account.
How to Make Money With Bitcoin in Nigeria
1. Perform Peer-to-Peer Trading
One of the most common ways for Nigerians to make money is through peer-to-peer bitcoin trading. They buy it cheaply and resell it for a profit at a higher price. As a result, those traders have engaged in a lot of arbitrage trading.
But how are they able to acquire them at a loss and sell them at a profit? There are just two key facts.
Exchange cryptocurrency via several sites. Coins are purchased by traders from one OTC market and sold to another platform at a better price. You can contrast the costs of various platforms.
Some knowledgeable Nigerian traders conduct business with Chinese traders. Chinese citizens have a lot of faith in bitcoin. They purchase a lot of bitcoin. This is why some merchants purchase bitcoin in Nigeria. And to the Chinese, sell it.
2. Bitcoin Investing
Bitcoin investments are getting simpler as prices continue to rise. Your digital wallet would have increased more than three times if you had purchased bitcoin last year and kept it. This is an investment for the long haul.
However, due to price swings, bitcoin is also a worthwhile short-term investment. Your level of professional investment determines the profit. You should become proficient in chart analysis for bitcoin.
Cryptocurrency investments are better made on exchange markets. The price varies up and down. Similar to the stock exchange, trades are filled swiftly here. You just need to pick the best time to trade, that’s all.
3. Earn Bonuses
Earning incentives from cryptocurrency platforms is an excellent place to start if you are new to bitcoin. It provides an excellent opportunity to learn about trading in addition to being a good source of revenue.
You might not be aware that a bitcoin bonus was transferred straight to your bitcoin wallet, though. In this advice, we remind you to monitor and check your bitcoin wallet.
51 People are Reading: Best Games & Apps that Pay Real Money in Nigeria
4. Accepting Bitcoin Payments (For Businesses)
Due to bitcoin’s potential and worldwide reach, more and more businesses are becoming aware of its benefits. As a form of payment. You may now purchase a Tesla with Bitcoin, Elon Musk tweeted a few days ago. More and more individuals are adopting bitcoin in their daily lives, which is a trend.
So, if you want to grow your company, you may accept bitcoin payments, which will give you access to a whole new market. You can store bitcoin in your digital wallet in the meantime if you’re a regular person. Whether you are travelling or shopping, it can be one of several payment choices.
Checkout: Cheapest Virtual Dollar Cards in Nigeria
5. Bitcoin Mining
Solving cryptographic challenges to produce new blocks and add them to the bitcoin blockchain network is known as mining.
Miners are the individuals who mine new blocks. Bitcoin is given to miners for each equation they solve.
You must invest money in mining supplies, electricity costs, and time if you want to be a miner.
Is Bitcoin Legal in Nigeria?
Although it is difficult to prevent individuals from using bitcoin, it has been classified as illegal in several nations.
However, there are no laws or rules in Nigeria prohibiting the usage of cryptocurrencies. Bitcoin is entirely legal in Nigeria.
What can you do with Bitcoin in Nigeria?
You can use Bitcoin as an investment vehicle to diversify your assets and trading by profiting from price fluctuations, similar to FX trading, which are two examples of what you may do with it in Nigeria. Additionally, quicker and less expensive international money transfers are possible with Bitcoin.
In conclusion, many Nigerians are becoming more aware of cryptocurrencies especially bitcoin which is at the frontier. Bitcoin And crypto in general are still developing and people are taking a chance on them to generate money.
Sign up right away to a cryptocurrency trading app in Nigeria if you want to start making money with bitcoin in Nigeria
Using Bitcoin as an investment option to diversify your assets and trading by profiting from price fluctuations, similar to Forex trading, are two examples of what you may do with it in Nigeria. Additionally, quicker and less expensive international money transfers are possible with Bitcoin.