Cryptocurrency is one of the most divisive trends of the past few years. There are lots of people who think it’s one big hoax, but there are also lots of people who are profiting from cryptocurrency every day. If you are interested in starting a cryptocurrency business in Nigeria, here is how to do it.
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1. Choose your currency
Bitcoin is probably the most famous cryptocurrency right now, but your choices are not limited by it. Along with Bitcoin, you can trade Ethereum, Steam, Ripple, Litecoin, Dashcoin, and a few other cryptocurrencies. They may not be as widespread as Bitcoin, but some of them offer even more advantages to the traders.
Read more: How To Trade Bitcoin In Nigeria
2. Decide where to get cryptocurrency
There are several places to get cryptocurrency on the internet. Some lucky internet users are gifted cryptocurrency for their birthday, but if that’s not an option for you, there are a couple of other things you can try. The most obvious one is to buy the currency from other people on the internet. Alternatively, you can mine it if you have a powerful computer. You can also make small amounts of cryptocurrency by performing one-time jobs on the internet or working as a freelancer for people who dabble in cryptocurrency.
3. Pick a place to buy the currency
Unless you are ready to rely on chance, the most effective way to get cryptocurrency right now is to buy it online. The cryptocurrency business has been booming in Nigeria for several years now, and there are several popular platforms where you can buy any amount of cryptocurrency. From the local services such as Naira2USD, NairaEX, and Instant Gold Nigeria, to world-famous platforms such as CEX, LocalBitcoins, LUNO, Changelly, and Remitano – there are dozens of companies to choose from, just make sure the service you go for has competitive conditions.
Read more: First Bitcoin ATM In Africa Has Been Opened In Lagos! Check It Out!
4. Lend, invest, or trade?
Once you have a substantial amount of cryptocurrency in your online wallet, you can’t help but wonder: what to do with all that money? There are three most common ways to manage your cryptocurrency:
- Lending, where you lend a certain amount of cryptocurrency to another user for an agreed period of time. The user then repays the loan, at once or in installments, and you make money on lending fees.
- Investing, which allows you to store your cryptocurrency in your wallet and make money on currency fluctuations. Hold on to your currency and sell it when it reaches its highest point.
- Trading, which is, in many ways, like investing, but happens much faster. Trading is done on a cryptocurrency exchange and you need to use your knowledge of trends to find the best moment to sell your currency.
5. Final tips
The nature of cryptocurrency can be even more volatile than regular currency, but if you are determined to succeed and do lots of research, you will soon get the hang of it. A cryptocurrency business can eventually become your primary occupation, so it’s necessary to keep up with the trends, learn from the best traders on the internet, and make your own conclusions to know exactly how to grow your business.
Read more: How To Start A Currency Trading Business
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