Bitcoin and gift cards have helped a lot of youths and adults made a fortune in Nigeria, the good news is you’re not left out, it is never too late to start. Like they say you, once you can imagine it, you can achieve it. To be honest, this goes beyond imagination in the sense that you have to be consistent, work hard to get and keep your customers, you need a lot of customers to make meaningful amount from this business.
At this point I won’t waste much of your time as I have detailed article on how to trade your card on Paxful or sites like localbitcoins, both platforms are okay but they are not 100% scam free so you must be very careful and make your choice wisely. On the other hand, I know if a reputable exchange company I have personally used over time and they provide very awesome service , I buy bitcoin from them and also trade gift cards with them, I feel comfortable trading my cards with them for the sole reason that their rates is far better compared to Paxful or localbitcoins.
This awesome company I’m talking about is called sloo xchnage , owned my the CEO of slooreviews, so your mind can be at peace trading with him unlike trading with faceless people from china and awaits their judgments in good fate.
Haven’t said all that, let me run you through some ways you can go about this business.
What is bitcoin?
Bitcoin is cryptocurrency, a form of electronic cash , it is decentralized digital currency without a central bank or single administrator, it can be sent from user to user on the peer-to-peer sites or network without the need of intermediaries , Bitcoin was created in 2009 by a man named Satoshi Nakamoto, this man went incognito and is nowhere to be found since the creation of Bitcoin.
What is a cryptocurrency?
This is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank, this shows Bitcoin is a cryptocurrency but there are many more cryptocurrencies too just that Bitcoin is the king of them.
Bitcoin is somehow complicated to those that don’t know much about it, but I tell you it is a nice innovation that has made life easier for millions of people and has also lifted them out of poverty, about a year and a few months ago sometimes in December 2017 Bitcoin has a nice bull run hitting all-time high of $20,000 per coin, the growth was massive so people are comparing it to a kind of bubble and says it will crumble or burst like the dotcom (.com) boom, with so many countries creating laws and restricting it citizens from participating in it, with china making new laws and placing ban on it almost every week, all the negative energy of shutting Bitcoin down caused panic and FUD (fear, uncertainty, and doubt) which leads to dumping (situation whereby majority of the people owning Bitcoin and other crypto-assets sold it off, the price plummeted and fell to $3,000. The US governments try all they could to interfere with how the business is being conducted but they failed and Bitcoin keeps waxing stronger.
Without further waste of time, I will fast forward to explain the 3 ways you can make money from Bitcoin.
To mine Bitcoin, one needs to join task with companies that own mining equipment, this might be in the form of paying a certain amount of money.
So many companies came up towards the end of 2017 with business idea or mining Bitcoin which fascinated a lot of people including myself but turn out to be a scam at the end of the day. So I will advise you don’t invest with any company claiming they are into Bitcoin mining at the moment, I’m not too sure but I don’t think there is any more Bitcoin to be mined again.
The second method of making money from Bitcoin is by investing in Bitcoin, how do you invest in Bitcoin? People like Bill Gates are rumored to have a crypto asset which they don’t talk about in public, those that understand the power behind Bitcoin knows it will keep on growing so they bought some Bitcoin and keep it till it grows to their desired selling point. To be an investor, large capital is needed, as at the time of writing this article Bitcoin is #3.9m Naira so to invest and make good profit one must own at least a coin of Bitcoin.