If you’d ever searched for how to Make Money with Cryptocurrency in Nigeria, you are not alone because I needed that years ago, and in this post, you will learn the simple tacts that have placed lots of guys balling larger.
In the year 2005, I was surfing the net and stumbled upon bitcoin, while I was reading about it I discovered that the price was up to (N300k) Three Hundred Thousand Nigerian Naira as at then. That aroused my curiosity to know the possibilities of making bitcoin here in Nigeria.
How do I make Bitcoin in Nigeria?
There are so many ways to make bitcoin in Nigeria, hang on while I explaining in details:
Buying and Reselling
This is a simple way of getting cryptocurrency in the sense that you buy when it is cheap to leave it in your wallet and wait till the price goes high then you sell it.
Most people do ask whether they will open a bank account for it; there is no bank account for cryptocurrency. Instead, you open a wallet which may be Coinbase, blockchain and Luno.
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This method of making money with cryptocurrency is better followed, now the price of bitcoin has gone down to 5,000 U.S dollar. Who knows what the price will be tomorrow.
Doing a simple task online
Anyone can Money with Cryptocurrency in Nigeria, but one needs to consider that money is the topic here. There are so many sites that someone can do the menial job online and get paid with cryptocurrency. There are websites like Bounty, StormX, and Zareklamy.
Their task includes watching videos, taking surveys, and testing of new products.
Cryptocurrency Faucet and Claims
For those that do not want to buy or work to earn cryptocurrency, this is also another method they can make cryptocurrency online, which is by claiming cryptocurrency hourly. Some sites that you can get this are sites like freebitco.in and moonbit.com.
When it gets to a particular amount, you withdraw or use it for another thing like playing games.
The only legitimate investment site that I can say for now where you can invest your cryptocurrency is bucksparadise.com, I will tell you about this site.
Buck paradise is a site that does so many things like gambling and investment.
But I will advise you not to go into the gambling section because it won’t be straightforward to make anything from there, but where you can invest and get your monthly or weekly return is through their investment platform.
One good thing about this website is that it has a link with PayPal, we all know that it is a difficult thing to withdraw from PayPal direct to Nigerian account, but how it works is that with these sites you can deposit dollar from Paypal and when you want to remove you request cryptocurrency to your cryptocurrency wallet.
Still, the only cryptocurrency they support is bitcoin.
There are so many online trading platforms that inculcate cryptocurrency in their trading platform, sites like olymptrade.com, alpari.com, bionomo.com, luno.com etc.
Once you buy your Crytocurenncy which can be done with Nigerian Naira, it will be converted to any cryptocurrency of your choice like bitcoin, Etherium, Litcoin, Monero, Dashcoin etc. and use it to trade the rise or fall of currency, commodities and stock.
When withdrawing your earnings, you can withdraw bitcoin to your wallet, which in turn converted to the local currency that gets direct to your bank account.
One of the reasons why so many Nigerians do not venture into trading cryptocurrency is because they are not well informed but fortunate enough many forex trading websites educate their clients on how to trade cryptocurrency and make a profit.
Related Content: Reasons to Save your Nigerian Naira in Dollars (USD)
Another good thing with the trading of cryptocurrency is that you no longer need a computer before you can trade online.
As I am talking to you now am selling on Olymp trade with my android phone, and I can deposit and withdraw at any time.
If you’re not informed you will be deformed, information is power. I was able to discuss cryptocurrency trading with some persons, and they were telling me that the reason why they haven’t started trading is that Nigerian currency Naira, is not acceptable in the world of forex trading.
What they said is true, but there are some things they need to know on how to withdraw and deposit cryptocurrency from Nigeria.
How Do I Buy, Deposit and Withdraw Cryptocurrency in Nigeria
Sometime in July 2017, I bought my first cryptocurrency. Still, before that, I carried out my research to see if I could get an online merchant that I can pay to help me deposit to my cryptocurrency trading account, I encountered so many of them.
Still, I was not comfortable with their charges and terms. They were charging half of the amount that I wanted to deposit, not only that they don’t deliver on time.
I continued with my research and discovered that all these online trading platforms made a provision for self-deposit and withdrawal, meaning that you can deposit by your self and withdraw your cryptocurrency by your self and withdraw by yourself with your local bank A.T.M Card.
I registered with luno.com and deposited a sum of five thousand Naira with my Gtbank Atm Card, and it was credited immediately, that was how I started trading cryptocurrency online.
The same channel of the deposit is also the same method of withdrawal.
Cryptocurrency has come to stay, and it will not go again; somewhat, it will rise and fall, This is the right time to join the cryptocurrency train.
I could remember sometime last year bitcoin rose to 10,000 united state dollar, but today it is now 5,000 dollar, who knows what the price will be tomorrow. the earlier, the better.
I’m also sure that you may not fully understand all the practical steps needed while we discussed how to Money with Cryptocurrency in Nigeria. You can reach me through the comment section below, where I can address the challenges.