First and foremost What is Cryptocurrency?
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
Examples include bitcoin,Ethereum and litecoin which are common ways of trading and making money
But in this article we will be telling you how to make money through bitcoin
We all know that bitcoin is one of the example of cryptocurrency which is the most common ways of making money in the world
Right now, there are so many cryptocurrencies out there in the market and investors are always advised to study and understand a project before putting in their money into it.
Beyond this, Bitcoins have gone on to even turn into money-making tools for millions of people around the world, with the business being one the most lucrative so far and also creating millionaires and billionaires in the process
However, bitcoin is one of the most expensive currencies. As of January 2019, you need to spend $6,221 to purchase 1 BTC. If we talk in term of Naira you need to ₦2,259,588.92 to purchase 1 Bitcoin. Bitcoin is not a physical coin. It is a paperless, transparent and electronic form of money.
Making Money on bitcoin is very easy,just follow this steps
- Earning free cryptocurrency and converting it to the country currency;
Many cryptocurrency exchanges and peer-to-peer marketplaces have created a free source of earning cryptocurrency; otherwise known as an ‘Affiliate Program’. By joining an affiliate program with a cryptocurrency exchange and promoting its listed products, you can make a quick buck in commission.
Generally, after signing up, affiliates will receive a link with a unique tracking ID attached to it. The crypto exchange will use the tracking ID to identify when someone uses their platform through the affiliate’s unique link. In return, the affiliate will receive a percentage commission. If the commission is in cryptocurrency, the affiliate can still make money by converting it to Naira.
- Bitcoin and Altcoin Trading:
Trading cryptocurrency is another way which people have been using to earn themselves lots of Bitcoin. This method involves buying Bitcoins and altcoins when the market is down and selling off after few hours or days when the value goes up a bit and buying it back when the market falls again. In this method on how to make money buying and selling bitcoin, one needs to be careful and watch the market movement closely to avoid losing money. Just like Forex trading, you can lose everything trading bitcoin. TO do this, kindly learn how to trade Bitcoin using any of the reputable cryptocurrency exchange sites before hopping in.
- Building your own cryptocurrency business
Building a cryptocurrency-related project can be a tricky process. Generally, you would need to run an ICO which can create hard forks, build a decentralised app (DApp), receive bounties and help a cryptocurrency community. Some wealthy enthusiasts prefer the easy route of becoming an investor in a cryptocurrency company or buying stocks. While others make money from a cryptocurrency company by simply working for one.
But, who does not want to be their own boss in today’s world market? Becoming a Cryptocurrency Trade Vendor is the most convenient way to do so.
- Doing Micro Jobs
Much like Microworkers and Cloudfactory, which pay you a small fee to complete very simple tasks like watching a YouTube video or completing someone’s survey, there are several micro working sites that will pay you in bitcoin. Bitcoinget is the major player in this market which will pay you around 20,000 satoshis per task while there are several others like Cointasker that will pay you a slightly lower sum.
- Gambling in Online Bitcoin Casinos
If you are really good with gambling, well this is another way to make money with bitcoins. There are several sites online that provide such services. All you need to do is registered with them and buy some game credits with bitcoins. However, some online casinos accept other digital currencies like Ethereum and Litecoin.
- Writing about Bitcoins
Cryptocurrency in general is a new niche and there is a scarcity of writers who genuinely know this niche. This means the market is flooded with newbie copywriters who simply rehash the content that contributes to the deterioration of quality. However, if you really know this niche and you have decent writing skills, you can actually make money.There are several websites that will pay you for writing about bitcoins.
This article has made justice to the following questions
- how to trade bitcoin in the world
- bitcoin investment in the world
- How to buy bitcoin in the world
- how to earn bitcoin in the world
- how to open bitcoin account in the world
- how to trade bitcoins to make money
- how does bitcoin make money
If you decide to start bitcoin business in Nigeria as a beginner, it becomes the best way for you to beat unemployment.
Don’t you think so, too?