This post covers the following topics:
- History of Bitcoin
- How much you can make from Bitcoin
- How to InveInvest in Bitcoin in Nigeria
- How to secure your Bitcoin wallet
WHAT IS BITCOIN
In January 2009 just after the housing market crash a special digital currency was created and named ‘Bitcoin’ with the aim of having a lower payment mechanism that charges fewer fees than the traditional payment methods. The system aimed at having a decentralized authority payment management and a secured digital payment that is quick and among other benefits. The originator of Bitcoin is not yet clarified but the idea started from the documentary made by Satoshi Nakamoto.
As a digital currency, Bitcoin cannot be seen or handled physically rather it is only in digital figures in the form of numbers while only balances are kept on a public ledger that other people can access. Bitcoin and its transactions are carried and verified by a high amount of computing power.
Legally, Bitcoin has not been declared as a legal tender by banks and governments but it has attracted notable popularity and private individuals’ acceptance coupled with its increasing price charts. Besides, the success of Bitcoin as a digital currency also known as a cryptocurrency has triggered the launching of other digital currencies referred to as Altcoins in the cryptocurrencies definition.
Bitcoin has turned out to become one of the leading cryptocurrencies in the world. It is a digital currency that has to stand the test of time and continues to spread its acceptance across the globe. Popular online platforms now implement Bitcoin payment as an option among other payment modes.
Bitcoin currently has an approximate record of over a hundred thousand transactions every 24hours. From trading of the currency to the making of payments with the digital currency. Bitcoin has been and continues to be a leading cryptocurrency and the most costly among other cryptocurrencies.
CRYPTOCURRENCIES TRADING
HOW MUCH CAN YOU MAKE FROM BITCOIN
Those that have made good money from Bitcoin where the early miners. Nevertheless, people still make lots of money from Bitcoin. During its early stage, Bitcoin was cheap and early miners were able to buy enough of it at a lower price before the price increased to its current amount and may continue to increase as time passes by. The simple rule in making money with Bitcoin is to start investing as soon as possible.
However, making money currently with Bitcoin goes beyond just buying Bitcoin for the purpose of selling it, rather, it has to do with the following of market charts and signals to know the current price, when the price is lower, future forecast, and possible time to sell.
When everything is done right and if you have substantial capital, you could make big money that is enough to settle all your bills every month by simply trading Bitcoin.
The potential for making money with Bitcoin is higher because it is the most frequent trading cryptocurrency. It has higher chances of giving you more profit than other coins.
HOW TO INVEST ON BITCOIN IN NIGERIA
If you are within Nigeria and wish to buy or invest in Bitcoin there are many options available for you. Before you can buy Bitcoin you need to get a wallet. Bitcoin wallet works like its name. The job of the wallet is to store the Bitcoin you are going to buy. Consider Bitcoin wallet as your physical wallet you keep money and vital things like ID cards. That is exactly what Bitcoin Wallet does. To get a digital wallet for your cryptocurrency is very easy and free. All you need is to visit blockchain.com and signup with your email address to get a wallet. Your wallet will be sent to you via email beneath every email from the Blockchain.com website during login operations and other operations that send email to your email address.
Now that you have the wallet, you can buy Bitcoin from a friend who is selling it or visit popular websites where buying and selling of Bitcoins are carried out. A good example of such a website is localBitcoins.com such a website will require you to open an account and verify your identity. Then you can proceed to request Bitcoin from any of the sellers on the website. A trading platform will open and will close once you have received your Bitcoin after payment has been made by you. When you create an account, your wallet created from the blockchain website will be linked to any Bitcoin trading platform and will receive any Bitcoin sent to your wallet.
HOW TO AVOID LOSING YOUR BITCOIN
Losing Bitcoin from your wallet is not rare except if there is a bridge of security from your own end. This could happen if someone hacked your email address and was able to access your blockchain account using your wallet id and email address but such is not rare. Another possible way of losing your Bitcoin is when you send it to the wrong address instead of the intended address of the buyer. You can also lose your Bitcoin from the wallet when you send it first to an intending buyer who denied or refused to pay for the Bitcoin. This last option usually receives a penalty from online trading websites by flagging the Bitcoin receiver as a criminal thereby making it impossible to use the website again.
To avoid losing your Bitcoin you need to;
- Secure your email by using two-factor authentication.
- Move all emails coming from blockchain or any Bitcoin platform to a secret folder in your email.
- Ensure the payment address is collect before transferring your Bitcoin to it.
- Allow buyers to make payment first before sending the Bitcoin.
If you can pay attention to these four precautions, your Bitcoin will remain secured in the wallet. These are not the only rules, the main instruction is to be careful when dealing with digital currency and take privacy to be a serious concern because Bitcoin payments cannot be reversed and are privately carried out, and hence anyone who has access to your personal details can tamper with your Wallet.
