Buy and Sell Bitcoins in Nigeria.
Bitcoins is no longer a news in Nigeria most Nigerians now use bitcoins for one thing or the other online. It is a fact that bitcoin is the fastest growing currency ever known to mankind raising from a value of less than $0.01 in February 2010 to over $900 in December 2016 but not without its own ups and down which common to other currencies.
A lot of ordinary people have become very rich and some multi millionaires from dealing with bitcoins either has a trader, merchant or as an investor. In this post I will be be focusing on how you can make money daily in Nigeria through buying and selling of bitcoins.
Buying and selling bitcoins for profit is no different from other buying and selling practice. The core principle behind it is buying LOW and selling HIGH. If for example you buy 1BTC for 385,000 Naira and you sold it for 410,000 naira, you have made profit of 25,000 naira just from that single transaction. You may be wondering who will buy that amount of bitcoins in Nigeria, where is the money but it is fact that an individual bitcoins trader in Nigeria sells or buy over 3 Bitcoins daily basis that is about 1.350 Million naira based on today’s bitcoins exchange rate.
The reason why bitcoin is so easy to sell is that has value has both money you can spend and also as a commodity people store for investment purpose, this make bitcoins very liquid. Also there are millions of Nigerians participating in various online money making programs requiring bitcoins as payment method to become a member. so there is no shortage of customers when it comes to bitcoins trading in Nigeria.
HOW TO I MAKE MONEY BUYING AND SELLING BITCOINS IN NIGERIA?
STEP 1: Create a bitcoin wallet address. The purpose of your wallet address is to be able to receive and send bitcoins. You can create a free wallet at Blockchain
STEP 2: Join online Nigerian forums like nairaland or facebook groups where people are talking about bitcoins or programs that members use bitcoins. I will suggest you stay active in the group by posting relevant and useful contents. Don’t be in hurry to sell, when people start seeing your post and comments they will even be the first to start asking questions relating to bitcoins.
STEP 3: Source for bitcoins, there several bitcoins exchanges in Nigeria. you want to compare prices on 3 to 4 Nigerian bitcoin exchange before buying bitcoins. The reason why its important to buy from Nigeria bitcoin exchange site is because they will allow you change your naira directly to bitcoins. In order to choose the best nigerian bitcoins exchange Please read previous article Best Nigerian Bitcoins Exchange
STEP 4: Know the daily bitcoins exchange rates. You can check this at Blockchain Martket
STEP 5: Know how to quote price to customers. Bitcoins prices are quoted directly E.g 1BTC = 385,000 Naira OR indirectly E.g $1 BTC = 485 Naira. It is important you know how this is calculated. To know how please read article How to calculate bitcoins rate in Nigeria.
STEP 6: Start given your potential customers your bitcoins price quote. bearing in mind your profit. If for example your bought bitcoins for $1 BTC = 485 Naira you can sell to customers for $1 BTC = 500.
STEP 7: Beware of current market price. Bitcoins prices changes very quickly either up or down. So if the prices have gone up from your initial profit target you need to increase your selling price too as this will help makeup for times when prices go down and you may need to sell without a profit.
STEP 8: Manage you customers expectation, to not tell your customer they will get bitcoin instantly when you know it will take you up to an hour to send them the bitcoins. Most Nigerians usually become impatient after paying you money they want their bitcoins instantly if you tell them to give you say an hour or two and you deliver in a lesser time is better.
STEP 8: Make record of all your transactions. Your purchases and sales and do a daily accounts to know your daily profit.