How to Invest Bitcoin for Nigerians
Nigerians are typically quick to jump on potential investment opportunities with different tales of failures and success. Digital assets are the most popular with forex, stocks and gold investments the popular ones.
However, the advent of Bitcoin in the past decade has seen a shift by many Nigerians towards the cryptocurrency. Despite this, the popularity of the coin within the mainstream media is next to nothing.
This is due to the crypto bust in 2018, which caused a bit of skepticism among Nigerians. There is a growing perception that Bitcoin is not an excellent digital asset for investment, which is false.
In this article, we will explain the workings of Bitcoin and why you should invest in the cryptocurrency.
What is Bitcoin?
Bitcoin is simply a digital currency, just like the naira that can be used to make transactions online. However, unlike the Naira that is controlled by the Central Bank of Nigeria, bitcoin is a decentralized currency. This means that bitcoin does not have a central control point.
Why should you invest in Bitcoin?
Bitcoin’s major strength is that it is not controlled by any institution, which makes it valuable as human-made disasters like wars and government policies do not influence cryptocurrency.
Also, since less than a quarter of the world knows about it; there is a great potential for the coin to increase from its current value. This is partly due to the market demand as more countries and businesses adopt Bitcoin as a means of payment.
As someone who has made money from investments in Bitcoin, I understand that the following are proven ways to invest in Bitcoin.
This is the most popular way in which many Nigerians invest in the coin. With Bitcoin trading, you can easily make steady profits from buying and selling as long as you stick to specific strategies.
Many trading sites have excellent platforms and user interfaces that make trading easier. Bitcoin trading is also similar to the stock exchange or Forex. Therefore, the higher the risk, the higher the reward value. It is crucial to have a preset strategy that can increase your profits while minimizing losses.
Long term Investments
This is the type of investments that Bitcoin fanatics go for as they believe that the coin has limitless potentials in what value that it can attain. There are two types of long term Bitcoin long term investments which are flexible or rigid investments.
The flexible type of investment could see you hold the coin for some time, which could be three to sixth months to see how the market develops.
While the rigid investment is a long term holding of the coin without any time duration, long term Bitcoin gives good results but takes a longer period than Bitcoin trading. For example, Bitcoin was $3000 in February but currently trades at over $11,000.
The profit margin for anyone that bought during that period and sold three months later is 300%.
Bitcoin Mining is a form of investment in Bitcoin that is not popular in Nigeria. Bitcoin mining is essentially the process whereby transactions are verified and inputted on the blockchain network.
It is also the way whereby new Bitcoins are produced. Anyone can begin Bitcoin mining with suitable electronic gadgets and easy access to the internet. However, you would need to have cheap power as mining consumes a lot of electricity. The major profit from Bitcoin mining is transaction fees from the mining process as well as potentials for new Bitcoin mined.
Affiliate Programs is a way to earn money from Bitcoin as several Bitcoin exchanges offer rewards for referring new users to their platform. The websites gain more money from the referrals and traffic why you earn for delivering the new referrals. While some sites give bonuses for signing up with them.
What is the Best Platform to Invest Bitcoin in Nigeria?
For you to invest your Bitcoins, you would need specialized platforms called exchanges. There are tons of exchanges online, and CoinCola is the fastest-growing one.
What Makes CoinCola Standout from Competitors
The ‘Buy Bitcoin with Gift Cards’ Page on CoinCola
As a dual trading platform, CoinCola is perfect for all types of Bitcoin investments, such as daily trading and long term investment.
Also, CoinCola runs a referral program whereby users get 20% commission on referrals. This provides a cool way to earn money without spending a dime.
The exchange platform also has a novel security policy which keeps transactions and Bitcoins safe within its environment.
In conclusion, it is essential to read this article properly and apply its tips for investing in Bitcoin while using CoinCola as the ideal trading platform.