Have you heard about Bitcoin? Or you are yet to wrap your head around what cryptocurrency is all about?
It’s simply digital money. You might be wondering, “Can I really make money with Bitcoin?” Well, the answer is yes! In this article, we’ll show you some cool ways you can use Bitcoin to make extra cash right here in Nigeria in 2023.
Whether you’re new to the world of cryptocurrency or just curious, we’ve got you covered in this article. In addition, we’ll answer some of the frequently asked questions about this topic. Kindly read down and pay close attention!
What is Bitcoin?
Imagine a world where money isn’t made of paper or metal but exists only digitally. That’s where Bitcoin comes into play. It’s a form of digital currency, also known as cryptocurrency, that operates entirely online. Instead of physical coins or papers, Bitcoin is represented by lines of code stored on computers.
What’s special about it is that Bitcoin isn’t controlled by any single bank or government. Instead, it’s maintained by a decentralized network of computers around the world. A giant global team working together. This network uses a technology called blockchain, which is like a digital register that records every Bitcoin transaction securely.
Here’s how it works, when you want to send someone Bitcoin, your computer adds the transaction to the blockchain. Other computers in the network verify this transaction, making sure you have the Bitcoin you’re sending. Once confirmed, the transaction is complete, and the receiver now has the Bitcoin you sent.
The value of Bitcoin is determined by supply and demand. Since there’s a limited amount of Bitcoin available its value can go up when more people want to buy it. This has led to some people using Bitcoin as an investment, hoping that its value will increase over time.
People also use Bitcoin to buy things online, just like using regular money. Some online stores and companies accept Bitcoin as a form of payment. It’s like having a special online wallet that holds your digital money securely.
Of course, using Bitcoin isn’t without challenges. Its value can be unpredictable. This means it can go up a lot or drop suddenly. Also, since it’s digital, there’s always a risk of losing access to your Bitcoin if you’re not careful with your digital wallet and passwords.
Bitcoin And The Nigerian Government
The Nigerian government, like any government, looks after the country’s rules and regulations. When it comes to Bitcoin, they’re trying to figure out how to make things safe for everyone. Bitcoin is new and different. It’s not like regular money that we’re used to. That’s why the government wants to ensure people don’t get tricked or lose their money because of Bitcoin.
The government makes rules and regulations. These rules help keep things in order and protect people. In Nigeria, the government has been talking about how to use Bitcoin safely. They want to make sure it doesn’t cause any problems for the economy or people’s finances.
So, they’re trying to balance things out. They’re looking at the good stuff Bitcoin can bring, like more ways to earn money and better ways to handle transactions. But they also want to make sure nobody uses Bitcoin for bad things, like scams or illegal activities.
They’ve been watching how other countries deal with Bitcoin too. This way, they can learn from their experiences and make decisions that are best for Nigeria.
7 Proven Ways To Make Money With Bitcoin In Nigeria In 2023
You can make money through any of the following ways;
- Bitcoin trading
- Long-term Investment
- Affiliate programs
- Bitcoin business
Let’s quickly explain each method below;
Bitcoin trading is like a game, but it’s also a bit tricky. Prices can change quickly, and you need to keep an eye on them. Some people do it full-time and make lots of money, while others do it part-time.
Just know that it’s not always easy. Sometimes you win, sometimes you learn. It’s important to learn more before you start and never use money you can’t afford to lose.
Here is how to trade with Bitcoin;
- Buy Low: When it’s low, that’s the time to buy. You use regular money to get some Bitcoin.
- Wait and Watch: Now, just like magic, the price of Bitcoin can change. Sometimes it goes up, sometimes it goes down.
- Sell High: When the Bitcoin price goes up, you sell it.
- Count Your Profits: The difference between the price you bought at and the price you sold at is your profit.
Another way to make money through Bitcoin is through long-term investment. Long-term investment isn’t about quick money. Sometimes the Bitcoin price might go down, but if you believe in it, you wait. But also remember, there’s no guarantee that Bitcoin’s value will go up. It’s important to do some research and only invest money you can afford to keep for a while.
For long-term investment, follow the steps below;
- Buy Bitcoin
- Hold on Tight
- Watch It Grow
- Patience Pays Off: The longer you wait, the more your Bitcoin might be worth.
- Sell When It’s Right: When you see that the value of your Bitcoin has grown a lot, you can sell it.
- Enjoy the Profits
While mining can sound cool, it’s not easy money. It’s like playing a challenging game that costs money to play. Some people mine Bitcoin as a full-time job, while others do it as a hobby. But as technology advances, mining is becoming harder for regular computers to do. So, before jumping in, do your research, understand the costs, and decide if mining is the right game for you.
Here is how to mine Bitcoin;
- Join the Mining Network: To start, you need a special computer and software.
- Solve Puzzles: Now, the computer helps the Bitcoin network by solving really hard math problems. Just like solving a puzzle that no one else can crack easily.
- Verify Transactions: When you solve a puzzle, you’re helping verify transactions – that’s like making sure everyone’s money moves safely.
- Get Bitcoin Rewards: As a big thank you for helping, you earn some Bitcoin.
- Keep Mining for More Rewards: The more puzzles you solve, the more Bitcoin you can earn. But remember, solving these puzzles takes a lot of energy and powerful computers.
- Cover Costs: Mining uses electricity, and powerful computers can be expensive. The Bitcoin you earn needs to cover these costs to make a profit.
- Stay Updated: Bitcoin mining changes over time, so keep up with the latest technology and ways to mine efficiently.
Staking is like letting your Bitcoin do a job while you earn rewards. But it’s not risk-free. Sometimes rewards can be small or the value of your staked Bitcoin might go down. So, choose a reliable staking platform, do some research, and only stake what you can afford to wait for.
To earn money through Bitcoin staking, do the following;
- Buy Bitcoin: First, you need to have some Bitcoin. It’s like having coins you want to put in that special bank.
- Choose a Staking Platform: Find a safe online place that lets you stake your Bitcoin. It’s like picking a bank where you want to earn interest.
- Lock Your Bitcoin: When you stake, you lock up your Bitcoin for a while. It’s like putting your coins in the bank’s crypt.
- Help the Network: Your locked Bitcoin helps the Bitcoin network do its job.
- Earn Rewards: You get rewarded in Bitcoin.
- Wait and Watch: Your staked Bitcoin grows over time.
- Withdraw and Enjoy: When your staking period is over, you can take out your Bitcoin and your rewards. It’s like opening the bank crypt and collecting your coins with interest.
Swapping Bitcoin can be a cool way to get and make cool money. But be careful and only swap with people or platforms you trust. Also, keep in mind that the value of Bitcoin can change, so make sure you’re getting a fair deal to avoid excess loss.
Follow the guidelines below;
- First, you need to find someone who wants to swap their Bitcoin for something you have, like cash or goods.
- You and the other person agree on how much Bitcoin and what you’re giving in return.
- You give your part of the deal, and the other person gives theirs. Step
- After the swap, you both have something different.
- Be cautious when swapping Bitcoin. Make sure you’re trading with someone you trust, and take safety precautions.
Affiliate programs are about sharing things you genuinely like with others. Be honest and recommend things you truly believe are good and then earn commission in Bitcoin.
To make money with Bitcoin through Affiliate programs;
- First, you join an affiliate program offered by a company that’s related to Bitcoin or cryptocurrency. It’s like becoming a member of a special club.
- The company gives you a special link. When your friends or referrals use this link to buy something from the company, they know it was because of you. Now, you share this special link with your friends, family, or anyone who might be interested. It’s like telling them about a game you think they’ll enjoy.
- When people use your link and buy something from the company, you earn a commission.
- The more people use your link to make purchases, the more money you can make.
- The company pays you the commission you earned.
Just like any business, starting a Bitcoin business takes effort, time, and sometimes money. But it can be really exciting and rewarding. Whether you’re helping people buy Bitcoin, accepting it as payment, or offering services, make sure to learn all you can about Bitcoin and how your business can benefit others.
Here is how to go about it;
- First, decide what kind of Bitcoin business you want. It could be a Bitcoin ATM, an online store that accepts Bitcoin, or even offering services related to Bitcoin.
- Research how your Bitcoin business will work. Figure out costs, how you’ll reach customers, and what you’ll offer.
- Next, set up your Bitcoin business. If you’re doing an online store, create a website. For a Bitcoin ATM, find a good location.
- Tell people about your Bitcoin business. You can use social media, flyers, or word of mouth.
- When people come to your Bitcoin business, give them great service. Just like serving delicious lemonade to your customers.
- As your business grows, keep learning about Bitcoin and what your customers want. It’s like trying new lemonade recipes to make your stand even better.
Frequently Asked Questions
What will Bitcoin be worth in 2023?
Bitcoin will be worth potentially low for $18,200 and potentially high for $31,000.
How to invest in Bitcoin?
To invest in Bitcoin;
- Open an exchange account
- Deposit fiat currency
- Search for Bitcoin (BTC) and buy
- Then follow the steps given in the long-term investment guide above to complete the process.
Which crypto will boom 2023?
It is predicted that Ethereum (ETH) will boom and explode in crypto in 2023.
How to make money with Bitcoin for beginners in 2023?
You can make money as a beginner with Bitcoin through the following;
- Buying and selling
- Affiliate programs etc.
You can make cool cash from Bitcoin through any of the proven ways discussed in this article. Meanwhile, remember that it takes time and patience.
Above all, do not trade what you can not afford to lose, and carefully guide your Bitcoin wallet and passwords to avoid scammers and fraudsters.
We hope that this article met your search intent, kindly use the comments section to express your thoughts and ask questions.