Investing money online as always been a dicey venture but Nigerians today are making a lot of money from bitcoin investment.At the heart of bitcoin technology lies the principle of P2P, i.e. from person to person, which implies a lack of participation from the bank. The management of transactions and the release of bitcoins is carried out on the Internet. Bitсoin has no owner and no controlling body, anyone can use it on their own will. Bitcoin ads in Nigeria.
How to earn on bitcoins?
- There are several ways to make money with bitcoin:
- Mining of bitcoins.
- Trading on the growth and fall of the bitcoin rate.
- Bitcoin arbitration between exchanges.
- Investing in bitcoin.
Let’s mention that there are more ways to earn money on bitcoin than listed above. But in our article we would consider the normal earnings, starting from three zeros.
Mining of bitcoins
Mining of bitcoins This is the most common. It involves the immediate extraction of bitcoins, which is called mining. It is a method of obtaining bitcoin by solving mathematical tasks. The complexity of bitcoin mining is constantly growing. For example, at the beginning bitcoins were extracted by processors. Nowadays these tools were replaced by video cards with the support of OpenCL and CUDA technologies, which are much faster than x86-compatible processors.
The very first miners who were engaged in the production of bitcoins, and who did not sell them for pennies, but held for at least a year or two, became very rich. Because in 2011-2012 the cost of one bitcoin did not exceed $20. And in 2013, on average, the price of one BTC was a maximum of $139, and in November 2013 the cost of one bitcoin exceeded $1,100. If you ask about this rate nowadays, you would probably be shocked. Today, 1 BTC costs above $15000, and it changes every day.
Trading on the exchange rate of bitcoin
Trading on the exchange rate of bitcoin It is the easiest way. You can register for any reliable exchange. For example, wex.nz (once known as BTC-E exchange), Kraken, BitStamp, Bitfinex, itBit, OKCoin. There are many options here. For example, you can recharge your account in bitcoins, or you can use electronic payment systems (Perfect Money, ADVCash, etc.).
For example, if you have replenished the account in US dollars, you decide on the pair you will like to trade. The most popular mode is the BTC/USD (bitcoin/dollar). You then look at the current BTC-to-dollar rate and buy bitcoin. Now you wait for the price of bitcoin to rise, after which you sell the bitcoins that you bought at a higher price.
Investing in Bitcoin There is another way to earn money on this cryptocurrency.
Let’s call it — investing in bitcoin with the strategy “buy and hold.” Here the name speaks for itself. You buy BTC, then just wait, but not a day and two, and not a week, and preferably not even a month, but at least six months. With the expectation that the price of bitcoin through these six months will be significantly higher. No matter what method you use, it is always necessary to get fresh information about BTC rates and market tendencies. Here is another tip: don’t save big amounts of money on the exchanges’ accounts. We all remember what happened with the accounts of WEX root — BTC-E Exchange. People’s investment were actually destroyed when the USA government opened a case against this Internet resource. No matter what method you use, ensure it is legal or be ready to face the consequences. If you want to try cryptocurrency, you need to understand that this way of making money is rather risky but can make you rich as well. Anyway, we wish you good luck.