Cryptocurrencies like the bitcoin, Ethereum, Litecoin, and much more which simply started as an alternative to the world’s global payment systems have not just exceeded all expectations, but have come to be a renowned system of exchange for goods and services.
Beyond these, they have gone on to even turn into money-making tools for millions of people around the world, with the bitcoin business being the most lucrative so far and also creating millionaires and billionaires in the process.
But First, What Is A Cryptocurrency?
A cryptocurrency is a digital currency or alternative currency that is completely decentralised from any form of government or bank control. Meaning it is a global tender that is used for transactions without the government or bank’s influence and approval.
Then What Is A Bitcoin?
A bitcoin is a type of cryptocurrency and also a global payment system. It is the first currency that was completely decentralised without banking or government control and is the most popular cryptocurrency in the world.
Some other cryptocurrencies like the bitcoin are Ethereum, Litecoin, ZCash, Ripple, and much more.
How To Make Money With Bitcoin In Nigeria, Africa, Or Worldwide:
There are a number of bitcoin business opportunities that have helped create millionaires and billionaires around the world. These bitcoin business opportunities have been fueled by the volatile nature of bitcoin whose value rises and drops without any form of government or bank influence, but strictly by market vices that control the cryptocurrency’s value.
That said, here are 6 bitcoin business opportunities that you can use to make money with bitcoin in Nigeria Africa, or anywhere around the world.
1). Trading Bitcoin:
Trading bitcoins is the most common way to make money with bitcoin anywhere in the world. Much like the foreign exchange business or bureau de change as they are widely called, the bitcoin is also a currency who is more volatile than trading against the dollar, making it far more likely to be more profitable than trading physical legal tenders.
People make money with bitcoins every day by trading the currency to people who are buying and selling, with modest markups or markdowns on the value everytime a transaction occurs.
2). Investing In Bitcoin:
A bitcoin investment is much like a forex investment where you buy bitcoins at a certain value with the aim to sell it at a much later time when the value has greatly risen.
People who bought bitcoins as early as 2011 (two years after bitcoins launched) for anywhere around $1 would have their bitcoins worth thousands of dollars now, thereby resulting in an interest rate of over 1,000,000%.
People who bought bitcoins in 2016 for around $1,000 are currently experiencing profit margins of over 1,000% as at 2018.
If you buy a bitcoin today with the aim of selling in the future, you may experience a valuable revenue growth.
3). International Money Transfer:
International remittance organisations charge an arm and a leg to help you send money across countries. With bitcoins, this is eliminated, as you can help people transfer money by receiving what they want to send in a certain bitcoin value, converting it to the local currency of the country you’re in, and handing the money over to the recipient.
Here, the bitcoin’s value would have to be slightly overstated, which the client would fully be aware of. Overstating it is the profit margin you make while ensuring a seamless, cheaper, and stress-free transfer of funds from any country to your loved ones in Nigeria, Africa, or anywhere around the world.
4). Bitcoin Exchange:
Bitcoin exchanges are increasingly popular as they’re platforms that people signup on to buy and sell bitcoins to each other. The bitcoin exchange may collect a commission on every transaction that happens or may even charge a monthly subscription fee to use them without charging users on transactions they carry out on their platform.
If you have the ability to pull a large traffic of bitcoin buyers and sellers, starting a bitcoin exchange platform may be a profitable move to make.
5). Bitcoin Mining:
There are approximately just 21 million bitcoins in the world, and just as gold, emerald, diamond, and more are mined, bitcoins are also mined, but digitally.
To mine bitcoins, people purchase certain technical tools in the forms of hardware and software that are built for the task, and run the mining operations on many servers to increase the chances of successfully mining a bitcoin or several bitcoins.
If you have the financial capacity to invest in bitcoin mining tools, you could start a bitcoin mine.
6). Blockchain ICO (Initial Coin Offering) – Token business model:
This is one of the latest and common ways to make money with bitcoin anywhere around the world.
Here, just like an Initial Public Offer (IPO), an Initial Coin Offering (ICO) is the process of selling and releasing a brand new cryptocurrency into the network or industry. Essentially, it helps people launch their own cryptocurrency through the cryptocurrency network, thereby making the founder of the new cryptocurrency a part of the blockchain initial coin supply and owning a significant amount of the cryptocurrency whose value could either grow or dwindle.
Challenges Of The Bitcoin Business
1). Bitcoins can easily be used for money laundering since there’s no real way for governments and banks to monitor which transactions belong to whom.
2). The bitcoin market is extremely volatile and can either jump in value overnight or crash overnight.
3). It’s extremely easy to lose a bitcoin once you forget your blockchain login details as if you can’t remember it or the other recovery details you pre-set, your bitcoins are permanently gone.
4). Using bitcoins for any type of transaction is not as easy as using legal tender where you can easily just pay cash. You’d need to understand how bitcoins work and more to get used to using it for various purposes.
To Sum It Up
The bitcoin business is a highly volatile one as it has created millionaires & billionaires, while also crashing at the most unexpected times. While investing in bitcoins requires a complete understanding of how the various bitcoin business opportunities work, mastering the bitcoin business can grow your finances by leaps and bounds once understood right.
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What are your thoughts on how to make money with bitcoin in Nigeria, Africa, or anywhere around the world? Let me know by leaving a comment below.