Bitcoin is one of the biggest phenomena in the past decade as the emergence of the popular cryptocurrency has changed the financial landscape. The number one cryptocurrency has been able to revolutionize the way we make transactions by providing a decentralized way. This means that there is no central control of the coin leading to low transaction fees.
The 2017 boom in which Bitcoin went from $800 to $20,000 within the space of 8 months made thousands of people around the world including Nigerians millionaires. The boom really brought the coin to the mainstream focus of young Nigerians as an attractive investment asset.
However, like all booms, there was a huge crash in 2018 which saw the coin lose more than 300% in value as the coin plummeted leading to a wave of pessimism across the board. The major difference between the crash in the crypto sector and other financial crashes is that Bitcoin has the confidence of a lot of investors.
Subsequently, after the crash, the coin has seen massive adoption with thousands of merchants listing the coin as a means of payment. Also, more Bitcoin ATMs are popping up with an average of five new ATMs installed per day across the world.
Young Nigerian investors to ask questions about the viability of Bitcoin as an investment option in 2019. In this article, you understand how and why Bitcoin will continue to make money for investors in Nigeria this year.
Bitcoin has continued to rise in 2019
A major factor that influences the choice of investing in a particular digital asset is the potential of its value increasing over time. Although Bitcoin can be described as a volatile currency, the coin has shown over time that it is the real deal.
For example, if you bought 100,000 Naira worth of Bitcoin in early March your current investment would be 260,000 Naira due to the swift gains that the coin has made within this period.
Bitcoin has shown in 2019 that it remains one of the best options to invest in the financial market as it has made over 150% rise in price since the start of the year. If there is one thing that we have learned about cryptocurrency is to buy when the price is low.
Bitcoin can rise to as high as $20,000 for 1 BTC in the coming months with its current pace of growth.
Bitcoin offers different options for making money
You can leverage the potentials of earning on Bitcoin as there are multiple ways to make money from Bitcoin.
You can decide to become a Bitcoin trader this means buying at a low cost and selling when the price increases in value.
This is the fastest way to make money as the price of Bitcoin tends to fluctuate several times daily and a smart investor can make gains from observing the market trend. This takes expertise but is a high-risk reward method of making money trading on Bitcoin.
Invest in Bitcoin long-term
You can also become an investor of Bitcoin which is a long-term approach as many people tend to hold the coin for a certain duration of time. This could be for a few weeks or 3 months’ time frames depending on your preference.
Bitcoin investment is quite profitable in the long run and is a good option for those that don’t want the risk of daily trading.
However, you have to ensure that you buy when the price is low as this would provide more profits in the long-run.
Receive payments in Bitcoin
This is another way to make money from Bitcoin as you can sell your skills online and receive payment in Bitcoin.
This is a new way that many skilled Nigerians make money as they receive their payment in Bitcoin by creating a cryptocurrency wallet where the funds would be paid into.
Best Platform for Buying Bitcoin in Nigeria
With this wealth of information provided above, you can see that Bitcoin provides a lot of money generating opportunities. However, for a newbie, you would need to know the best platform that you can purchase Bitcoin from Nigeria.
The preferred website must be able to accept payments from your local currency or via other methods such as gift cards while providing a secure environment for trading.
From my research within the African market, the best option that comes close to fulfilling these requirements is CoinCola.
Why you should use CoinCola for your Bitcoin transactions
Low transaction fee: CoinCola offers one of the lowest transaction fees in the market with the platform only taking 0.7% of your total transactions. This means that you can easily accumulate more Bitcoin at a fair rate within the platform.
Dual trading system: CoinCola allows you to trade for Bitcoin with either gift cards or fiat currency. This means that you can exchange gift cards for Bitcoin and also exchange local currency (Naira) for Bitcoin.
Secured Platform: CoinCola provides a secure environment for trading as it integrates similar security protocols used by Banks. This means that all transactions performed within the platform are safe from scam or fraudulent schemes.
Register on CoinCola cryptocurrency trading platform and start your gift card and bitcoin trading today!