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Facebook’s Libra Cryptocurrency – Benefits & Everything You Need to Know

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Have you heard about Facebook cryptocurrency called “Libra”?

Few days ago, Facebook announced it’ll be having its own cryptocurrency, despite the constant fluctuation in the price of cryptocurrency, they’ve taken bold steps in introducing “Libra” to the world.

They released a document of up to hundred pages, explaining everything about the Libra project. Contained in the document is its founding members—currently composed of 27 organizations plus Facebook.

Other details were given, I’ll be breaking down the important parts of this document in this post.

Fasten your seatbelt, it’s gonna be a long ride!

What is this Facebook Cryptocurrency, Libra?

The term ‘Libra‘ is the Roman unit of weight, it’s equivalent to 327 grams. It a Latin word which means “scales” or “balance”.

The latter may seem to be the reason for choosing the name, given the current instability in the cryptocurrency industry.

Libra is Facebook cryptocurrency, just like Bitcoin and Etheruem.

READ: 6 Ways to Make Money from Cryptocurrency

It’s regulated by Blockchain.

Reason for Creating Libra, Facebook Cryptocurrency

The reason for creating this currency comes from the bane of high transaction charges for sending money—especially abroad.

It’s aimed at enriching the lives by reducing these cost which sometimes, have deterred some from sending money to their loved ones.

It is built on a scalable and secure Blockchain network, to be governed by an independent association—The Libra Association, and a reserve to protect its value in the financial world. The reserve is made up of real assets, also bank deposit and government owned securities will be deposited into the Libra reserve once a Libra is created.

Although they didn’t promise it’ll be free of charge, they’ve describe the charge to be that similar to that of “gas”. With this you can pay for anything online and offline (when it gets adopted) without worrying about charges.

Here is a big news about this Facebook Cryptocurrency, Libra

It’s going to have its official wallet— “Calibra”, that’ll be used for holding the Libra.

Calibra will allow users to pay for product and services, send/receive money or any other form of trading. This wallet will also be integrated into Facebook’s messenger and WhatsApp on the Android and iOS platform so as to ensure easy sending of money, it’ll be easy as sending of messages on those platforms.

Symbol or Logo for Libra, Facebook Cryptocurrency

The currency is represented by the (≋) symbol.

Facebook also announced that owning a Facebook account isn’t a priority for making use of Libra, they’ve also highlighted that a subsidiary body will be in charge of the affairs—Calibra.

They’ve also promised anonymity for users of Libra, this is due to recent events on breach of users’ privacy on the part of Facebook. According to the document, your personal details won’t be shared to Facebook, and won’t be used for targeted ADs, the Calibra organization will see to this.

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Although it’s been seen as a Facebook product, they’ve stated that all founding members will have an equal stake, this means no decision will be taken independently by Facebook as all members (more on this below) will have a 1% vote in taking of decisions.

The Libra Association – Facebook Cryptocurrency First Sets of Shareholders

As at when writing this, 28 organizations from different sectors around the world have combined to form the Libra organization.

Facebook also stated that it’s targeting at least hundred members before the official launch, direct competitors including Google and Twitter are also free to join the project. The organization will have it headquarters in Geneva, Switzerland. The choice of country was chosen based on the country’s support for innovative banking technology and neutral status as an institution.

Members of this facebook cryptocurrency, Libra are required to meet in Geneva twice a year.

The association will be a “not-for-profit” organization, at least in the early stages of Libra.

They aim to create an ecosystem where everyone can make use of money at all times without worrying about security and outrageous charges. They aren’t interested in making money currently, but in the future plans will be made to monetize the platform. We could see a possibility of taking loans, just like the conventional banks do.

CHECK: The Most Trusted Cryptocurrency Exchange Websites in Nigeria

Members paid $10 million each so as to join the association. This entitles them a single vote, a validator node (network that handles the Libra Blockchain), and a share of whatever is gained from the reserve. The members have been charged with the responsibility of helping enhancing the currency, recruit other members to serve as validator nodes.

According to Facebook;

An important objective of the Libra Association is to move toward increasing decentralization over time.

The Complete List of 28 members in Libra Association

The following members make up the Libra Association;

Technology and Marketplaces

  1. Facebook/Calibra
  2. eBay
  3. Spotify
  4. Bookings holdings
  5. Uber
  6. Lyft
  7. Farfetch
  8. Mecado Pago

Telecommunications

  1. Iliad
  2. Vodafone

Venture Capital

  1. Union Square Venture
  2. Thrive Capital
  3. Ribbit Capital
  4. Andreessen Horowitz
  5. Breakthrough Initiatives

Non-profit and Multilateral Organizations, and Academic Institutions

  1. Women’s World Banking
  2. Creative Destruction Lab
  3. Kiva
  4. Mercy Corps

Payments

  1. PayPal
  2. MasterCard
  3. Visa
  4. Stripe
  5. PayU (Naspers’ fintech arm)

Blockchain

  1. Xapo Holdings LTD
  2. Coinbase
  3. Anchorage
  4. Bison Trails.

These are the 28 founding members of the Libra Association with a goal to reach 100 members before the official launch.

They’ll work together to finalize the Association’s charter. In the meantime, Facebook will maintain its leadership position throughout 2019. Calibra, a subsidiary of Facebook, currently headed by David Marcus—Facebook’s VP on Blockchain, will ensure that users data wouldn’t be shared with Facebook.

Once Libra is launched, all members will have equal rights and privileges in operation of the Association, even though teams from Facebook led to formation of the Libra Association.

These members have met certain requirements and future members will need to meet them. Here are they:

Requirements to Join Facebook’s Cryptocurrency, Libra Association

  • They’re are ensure that they’ve got a dedicated internet connection, 100 megabits per second or half portion of server space
  • More than a billion dollar worth of assets
  • Blockchain firms like Xapo, Coinbase etc. would have been into business for more than a year, have an enterprise-grade security and more than a hundred million dollar worth of asset
  • Non-profit and Multilateral Organizations, and Academic Institutions are required to have at least $50 million in terms of budget, must be in Charity Navigator’s top 100 and must reach out to a lot of multinationals.

Benefits of Facebook’s Cryptocurrency, Libra?

Facebook has hammered on the need for a decentralized and portable currency, this will lead to a better financial inclusion and competition. There’s need for merchants and developers around the world to work seamlessly with digital currency, the Association has this as one of its primary objectives.

Top Ways to Make Money Online In Nigeria

Sending money will be as easy as sending a message using your favorite instant messaging app.

Privacy has been promised in the Association’s White paper which was released days back, this has been an ongoing issue in recent times and the Association is tasked with maintaining anonymity of transactions, at least you don’t need a Facebook account to own and use Libra—you financial details are safe (according to them).

Its 28 member (to increase in the future) association will ensure a highly decentralized currency which will be readily available to anyone one with internet connection—according to Facebook CEO, Mark Zuckerberg.

Also, to ensure stability—which is one of Libra features, the currency value will be similar to rate of currencies like the Dollar, Pound, and Euro. With this you can exchange your Dollar for Libra without losing much value, send to friends and pay for products without incurring much charge.

Security will also be top notch as you’d be protected by reliable cryptography, especially for those who would be using it on the social platforms like Messenger and WhatsApp.

Facebook Cryptocurrency, Libra: Launch Date 

With all the goodies promised by Facebook, one may be itching to lay their hands on this new digital currency.

Well, it’s gonna be a long wait as the Libra project is still in its developmental phase, developers are working on making the Libra and its wallet—a remarkable one.

Although Facebook didn’t give a specific date, they’ve hinted that the launch will happen in the first half of 2020. Until then, Facebook will continue to lead the Libra Association.

Developers are also encouraged to join the project. They are expected to make use of the Association’s programming language called “Move Programming Language”.

The language was created to make writing of Blockchain easier, meanwhile the Rust Programming language will be used to implement the core APIs of Libra. The Move language is still going through development, so it’s not been released to developers yet. Once it’s released (on or before the launch in 2020), developers will be able to create apps that be able to work with Libra platform. But for now, they’ll be able to create script and prototypes using Move IR, which should be available to them.

What Experts Say About this Facebook Cryptocurrency, Libra

Many experts have hinted at the possibility of incongruous developers using the platform for fraud, this is due to the fact that the Libra Blockchain is open source, with an Apache 2.0 license.

There has been no response from Facebook on this even though they’ve stated they’re open to public enquiry from policy makers and regulators.

Later this year, the Association will be partnering with HackerOne, they’ll pay experts in cybersecurity for identifying bugs, breaches and flaws that may be present. This is why the Association has chosen to use Rust in the development of Libra’s core. Since Move will be open source, it wouldn’t be recommended for implementing the important parts of Libra Blockchain.

Public Reactions on Libra

Many person have hinted at Facebook’s shady practices in terms of privacy and are still not convinced on the idea, believing it’s the same good old Facebook that ‘says and never does’. Someone the other hand, are very excited about the initiative and are ready to jump on it once it gets launched.

Experts believe that the Libra wouldn’t be decentralized as has been promised by the Libra Association, they believe that true decentralization in almost impossible even though Facebook has promised it. Many are still skeptical, never liking the ideologies behind cryptocurrency and with Libra’s promised stability, scalability and wide acceptance, they’ve chosen to remain unchanged.

You’ve gone through just a brief from the Libra Association’s White Paper, you can read everything >>>>>> https://libra.org/en-US/white-paper/.

This is what you need to set your mind on;

Facebook and its founding members of the Libra project has promised stability, scalability and a more decentralized currency. Privacy and top notch security has also been promised and we wait to see if all these get implemented when it’s launched in the first half of 2020.

What do think of Libra?

Do you think that this Facebook Cryptocurrency, Libra will work in Nigeria?

Kindly share your opinion with us here in the comment box below!

 

My name is Stephen Gbolagade, people say I'm a multi-skilled guy. I guess maybe because I'm a Blogger, Website Designer, SEO specialist, Content Writer, Business coach, Digital Marketer, and Self-taught Frontend Developer. But what do I have to say about myself? My contents, personality, and services will say and prove the person I am to you. __________________________________________________________________________ You can hire me for Music Promotion, Website Design or Blog Setup, Marketing and any Digital-based tasks! __________________________________________________________________________ Contact me here on Facebook :: Instagram :: WhatsApp __________________________________________________________________________ If you're inspired by me and think it's necessary to buy me a cup of coffee, you can give me a tip HERE 👌

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Buycoins Review: Easiest Way to Buy, Sell, Store & Trade Cryptocurrency in Nigeria

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Is Buycoins legit and is it the easiest crypto exchange app in Nigeria?

Maybe at a point while surfing the internet for the best apps to buy or sell your Bitcoin and other crypto assets in Nigeria, you came across Buycoins and you’re wondering if the platform is legit or scam.

And if it’s legit, how can you buy and sell easily on Buycoins?

In this blog post, I’m going to answer these questions.

Not just that, I will also show you how you can make money on Buycoins by simply doing small tasks.

If this is the first time you’re hearing the name “Buycoins”, you may want to know what the platform is all about, isn’t it? Okay, let me give you short overview about the company.

About Buycoins

Buycoins (or Buycoins.africa) is a crypto exchange platform in Nigeria where you can buy, sell, store and even trade some cryptocurrencies such as the famous Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and few others.

But Is Buycoins Legit or Scam?

Buycoins is 100% legit.

I’ve been using the platform for about 2 years and I can tell you that Buycoins is tested, and trusted.

Although before I got to know of Buycoins, I have been using Okex and Luno apps, but on getting to Buycoins, I have no choice than to fall in love with the platform.

What are the things that makes Buycoins stands out?

Pros of Buycoins: Why Should I Use Buycoins.Africa?

I’m going to make the points clear but simple. Below are the reasons why I’m using and vouching for Buycoins;

·         Clean and Easy to Navigate Website & Apps

Buycoins.Africa did a great job on the user interface (UI) and users’ experience (UX) of their products (the mobile apps and website). Everything is simple, clean and direct.

Buycoins Review

To be honest, other competitors are doing great jobs on UI/UX but the simplicity of Buycoins is on point. If you’re new to Crypto of things, you won’t get lost as the platform is self-explanatory and simple to use.

·         Easy ways of Funding Your Account

Funding your Buycoins account is very easy from day one, as you can send money from your bank account to your Buycoins generated account number (Providus).

But Remember that CBN ban banks in Nigeria against anything cryptocurrency. As a result of this ban, some exchange platforms who operates in Nigeria are faced with the issue of how their customers will be depositing funds in their account.

Fortunately, Buycoins is one of the first platforms that came with a solution. Now, you have multiple ways of funding account with Naira from your banks.

You can’t fund your account on some platform (like LUNO) till date because of that CBN ban, but that’s not the case on Buycoins.

·         Withdrawal is easy too

Just like it was easy to fund your account with Naira, you can withdraw your money in Naira on Buycoins to your Nigeria’s bank account without falling for P2P scams which frequently happen on Binance, Okex etc.

·         Customer Care Response is very Fast!

I once had issues on my account but I got them solved in the blink eyes just because of the fast customer care representative.

Till now, Kuda Bank is still ghosting me, I contacted them on Live chat, e-mail and Twitter, I’ve got no response.

Personally, I like a company who invests on their customer care team. That’s the reason I keep using JUMIA for shopping despite the frustration I’m personally facing with them.

RECOMMENDED: 5 Ways to Make Money on JUMIA

And because of fast and patient customer care support, that’s why I chose to Heroshe to ship from USA for me instead of ShopToMyDoor.

If you’re a curious person like me, and/or you want to get fast solution any issue you may face using a product or service, then you should look for a company with good and fast customer care team.

That’s why I choose Buycoins and I think you should do the same. (Click here to start)

·         The Founding Team

Well, maybe this is not necessary to you. But to me, it means a lot.

I’ve not met the founding team of Buycoins.africa face-to-face, but they’re quite famous especially on Tech twitter, Tech or Entrepreneurship News on Africa.

Timi Ajiboye, Tomiwa Lasebikan and Ire Aderinokun are the frontliner of Buycoins and other related companies. (you can google the names tho).

The founding team members are Nigerians, so they understand what we need better unlike some alien companies (other are trying too, but “Abinibi yato si Ability” – Naturality differs from Ability or artificial).

·         Ability to Trade on Buycoins

For years, we depend on using foreign platforms like Binance, Okex, Kukoin, Bitmex etc., to trade cryptocurrency.

That’s not really a problem. But the problem is “How to Easily Fund the Account”.

We know a way we use manual peer-to-peer exchange and then send to the foreign trading apps. The stress, the fees and the exuberant interface is a headache to, especially newbies.

But gladly, we can now Trade easily on Buycoins on the Buycoins Pro app.

And that’s also a milestone too. Buycoins is one of the first to Nigerian crypto’s company to achieve that. We may totally ditch the foreign apps and use Buycoins Pro to trade easily.

·         Zero Transaction Fees

If you’ve bought or made a transaction on Binance or LUNO or any other platform, you will understand what I mean. I mean the transaction fees on those apps are very high!

But on Buycoins, transactions are free!

You only pay the network fees.

I don’t need to explain too much, sign up for Buycoins and see these features yourself.

·         Reliable P2P Trading System

In cryptocurrency space, you’ll be dealing with 90% of people you don’t know if you want to buy or sell using Peer to Peer (P2P) which you can’t even escape.

While dealing with these anonymous people, you can be scammed easily. And once you’re scammed, that’s the end.

It’s unfortunate that, as big as Binance and Okex are, they haven’t curb scamming on their P2P system, which they can’t really because they can’t control the system totally (i.e. they’re decentralized).

But on Buycoins, you have nothing to worry.

Most of the buy and sell orders on Buycoins are P2P but you may not notice as everything will be taken care of, for you.

Cons of Buycoins: What are the Downsides of Buycoins?

As good as this platform is, we shouldn’t see any downside, right?

But I’m afraid to remind you that nothing is perfect in this our planet earth.

So, what are the downside of Buycoins? They are;

·         They Still Need to List Some Coins!

I don’t know the processes behind listing coins on both exchange or trading platforms. But whatever the processes are, I know they’re not easy.

Maybe that’s why there are not enough coins listed on Buycoins.

But popular coins like BTC, ETH, LTC, XRP, USD Coin and USDT are there. And recently, the likes of DOGE, Chainlink, Cardano, Stellar, Binance Coin are added.

I know as times goes on, Buycoins will have lot of listed coins like Binance.

·         Not all Nigerian Banks are supported

We have more than 20 banks in Nigeria, but you can only fund or withdraw to less than 10 banks.

Nigerian Banks available for Deposit and Withdrawal on Buycoins

  1. GT Bank
  2. Kuda Bank
  3. Access Bank
  4. FCMB
  5. ALAT (WEMA Bank)
  6. Abeg App
  7. Fidelity Bank
  8. Diamond Bank (Acquired by Diamond Bank tho)
  9. Zenith Bank

If you’re not using any of these banks, then you can’t fund or withdraw with Naira. ☹️

But the good news is that, you can easily join the Abeg App or Kuda Bank easily.

That’s it about Buycoins.

Now back to the previous question; is Buycoins the Best in Nigeria; Is it legit or scam?

Buycoins is the easiest exchange app in Nigeria, it is the best and it is 100% legit!

If by now you’re interested in using Buycoins, the next question you may want to find answers to is;

How to Get Started on Buycoins?

  1. Click here to sign up for FREE;
  2. Put a correct email address and click on “continue”;
  3. A verification link will be sent to that email address, to and verify;
  4. Login to your Buycoins account;
  5. Upgrade your account (Click on “Verify Identity”): Add Bank account, BVN and Phone Number;
  6. Set up 2-FA for security sake;
  7. You can now deposit and start using Buycoins!

Important Notice:

  • First, your BVN is safe; It’s just to verify your information.
  • Make sure you add all your bank accounts (linked with your BVN)
  • Make sure you deposit ONLY from your bank accounts added.
  • If you mistakenly deposit from any other bank, your account will be locked and you’ll need to do another verification to unlock it. Hence, add all your account numbers and only deposit from your added account numbers.
  • You can only withdraw to your added accounts number too (if available for withdrawal).
  • For easily transactions, download and use the mobile apps

I told you earlier that I will show you how to make money on Buycoins right? Let me fulfil that promise now 😉

3 Ways to Make Money on Buycoins Africa

1.      P2P Trading

You can buy coins at low price and sell at higher price on Buycoins’ P2P trading platform.

Let’s say you have N100,000 in your bank and the current BTC price is $41,000. You can buy N100k worth of BTC and quickly sell on P2P maybe when BTC hit $42k.

That’s called swing trade. You might not make big money, but you will definitely see earn few bucks

2.      Coin Lock

Aside from quickly buying and selling coins on the P2P platform, you can also earn money by locking your coins for a certain period of time.

Let’s say you’re saving in Ethereum. Instead of just stacking Ethereum like that, you can lock it and earn money.

You’ll earn 12% interest of whatever you locked.

If you locked N100k, 12% interest on it is N12,000!

3.      Buycoins’ Refer and Earn Program

This is another sure way to make money on Buycoins, all you have to do is refer your friends to join Buycoins and when do they that, you’ll be paid N1,000 for each person.

Buycoins - Referral Apps to Make Money in Nigeria

If you’re able to refer like 20 people, that’s N20,000 for you.

NOTE: Those people you referred must complete their sign up, deposit at least N5,000 and trade up to N10,000 on Buycoins before the money can be released to you.

Conclusion: Buycoins is LEGIT and the Easiest Platform in Nigeria

So that’s all about Buycoins Review and how to Easily Buy, Sell, Store and Trade Cryptocurrency in Nigeria.

If you have any question, kindly use the comment box below. Subscribe and don’t forget to share this with someone, it will take you few seconds (please do that)

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Cryptocurrency

8 Legit Ways to Make Money with Bitcoin (Cryptos) – No 2 is the Easiest!

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How to Make Money with Bitcoin and Crypto

I understand why you are trying to make money with bitcoin; you’re either tired of that job, that vocational skill that’s not giving you enough, you’re a student and you’re trying to start taking your own responsibilities or, you are just looking for a reliable side-hustle.

That’s quite good, I hate comfort zones too.

But you need to be very careful because you can easily be scammed due to your lack or inadequacy of knowledge about making money with cryptocurrencies.

Right in this blog post, I will highlight a few ways you can definitely make money with bitcoin and other cryptocurrencies. And I will also show you a few ways you can spot a scammer who’s trying to turn you into a prey.

Before we go into the pool, do you know what bitcoin or cryptocurrencies are?

Oh well, for the sake of those who need a brief introduction, let me say one or two things about cryptocurrency so that you’ll understand basically how it works.

What is Bitcoin and Cryptocurrency?

A cryptocurrency is simply a “digital money”.

Too quick right? Okay, let me explain further;

A cryptocurrency (“Crypto + Currency”) is a means of exchange or currency that makes use of digital files as “money”. These digital files are so secure because they’re created using a method known as “cryptography” and are decentralized.

Let’s me make it clearer;

Cryptography is the science of hiding information, meaning that you can visibly see the currency (just like the Paper notes or coins) but you can know how much of a cryptocurrency you have, you can send, receive and trade it.

“Decentralized” simply means it is under nobody’s control. 

This is the most interesting part of cryptocurrencies. Unlike the US Dollar, Japanese Yen, Nigeria Naira and other currencies that are being controlled by the government, nobody is controlling bitcoin or cryptocurrency!

What is bitcoin?

Bitcoin is a cryptocurrency created in 2008 by someone or a group of people (anonymous) called Satoshi Nakamoto. 

Bitcoin is one of the cryptocurrencies we have, just like the US Dollar is one of the note currencies we spend in the world. Other cryptocurrency we have included Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Monero (XMR) and so on.

Now that you know what bitcoin is, let’s talk about making money with it.

Kindly note that just like you can make money with bitcoin, you can also make money with Ethereum and other cryptos. 

Make Money with Cryptos: How to Make Money with Bitcoin

1. Trading

This is the fastest way to make money with Bitcoin and any other cryptocurrencies. 

Trading requires deep knowledge and insight about the crypto sphere. You need to learn how to do your Technical analysis, Fundamental analysis and sometimes, Sentimental analysis.

If Cryptocurrency trading is easy, everyone would have become a billionaire by now.

You need to invest in learning ‘how to trade crypto’ by paying a mentor who’s a lion in the space.

Note that Trading is risky, you can make a lot of money if your analysis is correct while reverse is the case if your analysis didn’t tally with the market.

So, you can learn how to trade, if you can afford the mentorship fee.

The mentorship fee varies from $200 (N100,000) upwards depending on the mentor’s package.

2. HODLing

You are wondering, what is the meaning of “HODLing”, isn’t it?

Well, HODL simply means “Hold”. 

HODL is a term used in cryptocurrency which means to hold a particular coin for a while, with the expectation that the coin will gain more value in the future.

A good example is when they told you to HODL Bitcoin.

One (1) Bitcoin was around $5,000 a year ago. Hadn’t you bought a fraction of Bitcoin that was worth $1,000 and HODL till now, you will be in massive profit.

Because bitcoin is now $60,000 (as at the time of writing this) – that’s 6 times increase… you will have more than $6,000 now.

HODLing is a safer way to make money with bitcoin and other cryptos. It’s just like saving money and you have nothing to lose.

HODLing is slow compared to Trading.

But I personally prefer to be on the safer side.

You can get crypto wallets to start your savings today. Below are the list of apps to help you get started;

Top Wallets to HODL (Save) Cryptocurrencies

  • 1. Binance
  • 2. OkeX
  • 3. Luno
  • 4. Buycoins (for Nigeria)
  • 5. Trustwallet

HODLing to make money with bitcoin doesn’t require a special skill. All you need to learn is how to create your account and verify it and finally, how to buy the cryptocurrencies.

3. Staking

Staking is a way to make money with cryptos.

Generally, staking is like a “BONUS” but more massive than a mere bonus you may be thinking of.

If you’re holding a particular coin, let’s say Ethereum…

You will have to just keep the Ethereum there and wait till the price pump (increases). But as a sharp guy, you are supposed to make money with Ethereum instead of waiting for the pump season.

That’s where “staking” comes in.

You can stake Ethereum to earn another coin for FREE.

I sometimes staked ETH and earned COMP for free. Later, the price of ETH and COMP pumped at the same time, that’s profit for me.

For instance, let’s say I staked $50 Ethereum to earn COMP.

After a month, I have earned a free 0.004 COMP… 

The COMP that I earned is FREE, and I will make money if I sell it. Note that my ETH is still there and its price is increasing as the market is pumping.

In essence, Staking is a 2-in-1 way to make money with cryptos. 

You can check on the likes of Okex, Binance and the BSC platforms for coin staking.

4. Receive Payment with Cryptos

A good but not common way to make money with Bitcoin.

If you’re a freelancer, you can simply ask your client to pay you in Bitcoin or any other cryptocurrencies. I prefer this option as a method of receiving payments from abroad as it is faster and safer.

If you worked for someone and the agreed price is $100, if you receive the money in fiat (paper currency), you can never have the same $100 in your Bank account. Why?

If you receive the money through PayPal, you’ll be charged by PayPal if you are withdrawing directly. And if you are exchanging the funds, you will lose some money due to the exchange rate and the exchanger’s commission on the transaction.

Same thing applies to receiving the money through a freelancing website, most of them charge 20% fee. That’s $80 left and the payment processor will still take theirs.

But if you receive the $100 through Bitcoin, Ethereum, you will have more than that $100 in a few days, if you can HODL and even proceed to STAKE it.

5. Become an Exchanger

There’s money in this business, but you need to have money to make the money.

Confused?

Some people want to SELL Bitcoin while some others want to BUY. What if you cover the distance between these BUYERS and SELLERS?

You buy from the SELLER at a particular price and SELL to the BUYER at a higher rate.

Let’s say you bought Bitcoin at the rate of P500 per USD, you can sell to the person that wants to buy Bitcoin from you at the rate of P540 per USD… Meaning, you will make P40 on every dollar transacted.

NOTE: P is your local currency such as Naira, Rupees, Cedis etc.

Let’s say you bought $100 worth of Bitcoin at P500, that’s P50,000 spent, right?

If another person comes to you to buy $100 worth of Bitcoin, and you sell at P540 per USD, that’s P54,000 – meaning you’ve just made P4,000 profits.

That’s just a peak of how a (local) exchanger like this TrueXgold.com makes money with Bitcoin and other cryptos.

Do you know that you can HODL and STAKE in the process (before someone shows interest in buying from you)…?

I once sold $60 worth of ETH because I needed money urgently. 

Do you believe that ETH pumped massively the second day? Hadn’t been I haven’t sold the ETH, I would have made more than $100 (about $40 profit).

Well, the exchanger got the profit.

Another great way to make money with Bitcoin as an exchanger;

If you have some money to invest, you can hire developers to develop an exchange platform like Binance, Hotbit, Buycoins etc., for you.

But it requires a lot of processes and money to be spent on the development and marketing team.

You should have a minimum of $30,000 for this project.

You can try the local exchanging business and see how it works.

6. Crypto Faucets

Without much ado, Crypto faucets let you earn FREE coins or tokens by completing a given task.

Sometimes, it can be to play games online and earn very small tokens as reward.

A good example of websites that offer this type of rewards is Freebitco.in where you will be given free satoshis (small amount of bitcoin).’

You can also get Brave browsers and engage in some of the opportunities that pop to you.

Do more research on this, there are many apps and websites that reward free tokens by completing simple tasks.

7. Crypto Mining Pool

Just like hidden treasures like Gold and Silver are mined, cryptocurrencies can also be mined but not with the spade or digger. You need strong machines and hardware to mine cryptocurrencies

Another best way to make money with bitcoin and other cryptocurrencies is to mine them.

Setting up this machine is a bit technical and expensive.

But, you can also find some platforms (websites or platforms) where you can mine cryptos or tokens for free without setting up any machine. 

An example is Stormgain, where you can start mining bitcoin with a small fee.

Do your research on this too.

8. Affiliate Marketing

Affiliate marketing needs no introduction, but if you don’t know anything about it, kindly read this post on what’s affiliate marketing and how to be successful at it.

The easiest way to make money with Bitcoin and other crypto is affiliate marketing.

You don’t need to spend anything than recommending a platform to someone through your unique affiliate link and you earn commission if the person takes action.

Almost all crypto exchange platforms have this feature.

For instance, Okex will give you $30 if you invite your friend to BUY cryptocurrency on the platform. Binance, Hotbit, Bundle Africa, Luno and others have theirs.

Imagine you referred 20 people to BUY their cryptos on OKEX with your affiliate link, and 5 people actually take action, that’s $30 x 5 = $150 for you.

Affiliate marketing in crypto is a side hustle though.

BONUS: 

You can also try Airdrops.

I don’t really want to talk about this because most of them are FAKE and others are pure scam. But nevertheless, some people who’re lucky enough, still make money with Airdrops.

So, DYOR (Do Your Own Research) on Airdrops and how to make money with it.

CONCLUSION: What’s the best way to make money with bitcoin (cryptos) in 2021?

I have highlighted 8 ways you can make money with cryptocurrencies and this applies to anybody irrespective of your location, either Nigeria, USA, India or Italy.

But try as much as possible to avoid being scammed.

If you don’t know something, Google is your friend, read and consume a lot of information online and if you have the money, get a mentor.

Kindly note that FOREX including Cryptocurrency trading or engaging in it is risky, so don’t borrow money to invest and don’t invest more than you can afford to lose.

Those are the ways to make money with bitcoin and other cryptocurrencies.

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Bitcoin Trading in Nigeria: How to Get Started & Everything You Need to Know

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How to Make Money with Bitcoin and Crypto

Bitcoin trading in Nigeria is one of the passive ways to make money in the country and I’m sure you’re aware of that, but what you don’t know is how it really works. That’s what we are to discuss right now.

Based on the recent happenings in Nigeria and the world at large, I decided to cover one of the trending topics today – Bitcoin. This post will introduce you to the ever-growing world of Bitcoin, cryptocurrency, and Blockchain technology.

This post isn’t just for newbies, but also for those with existing knowledge of how Bitcoin trading and cryptocurrencies work in Nigeria. 

Join me as we venture into this new world of digital money. But first, let’s start with how it all began.

Evolution of Money

Any agreed commodity we choose to give value that can be used for the purchase of goods and services is termed as money. It began with brick and stones, then barter where we exchanged goods for other goods – based on the assigned value. 

We then moved to gold where we assigned some sort of value to them. And then came metallic coins.

Notice a trend? The physical size of what we call ‘Money’ overtime has continued to reduce. This solves the problem of portability which is one of its features. Metallic coins were physically smaller, but when accumulated, it’s nearly impossible to carry around. This gave birth to paper currency as we know it today.

Paper currency did solve the issue of portability, at least to a reasonable extent. But it did come with its problems too. More significantly is the issue of inflation. Also, it is owned and controlled by a government that regulates and controls its distribution.

ALSO READ: How to Get Canada Visa and Permanently moved from Nigeria

Now they could print as many currencies as they want, then push it out into the economy. This in itself among other factors leads to inflation which devalues such currency over time.

So how do we solve this problem? Thanks to technology which has been about improving every aspect of our lives, we now have digital currencies. Digital currencies are set to change the way money works, and it’s just getting started.

Meaning of Cryptocurrencies?

Cryptocurrency, otherwise known as digital currencies are here to stay. And Bitcoin is one of its forerunners. Unlike conventional money, cryptos are decentralized i.e. they are not controlled by a central body e.g. CBN. This is one of its major advantages.

Digital currencies are protected by cryptography which makes it nearly impossible to be destroyed or duplicated. This can’t be said about paper money which is prone to damages if not properly handled. 

And due to the decentralized nature of cryptocurrencies, they can be sent and received by anyone anywhere in the world without restrictions. Naira as we all know can’t be sent to someone in the United States. Yes, there exist some ways of doing this, but it’s made easier by crypto.

Digital currencies have indeed solved some of the problems that came along with conventional currencies. But how are all these possible? What’s the technology behind digital currencies? Well, read along.

Meaning of Blockchain

The leaps we made in the world of digital money has been made possible by Blockchain technology. It makes use of cryptographic hashes to record each and every transaction in a database. Unlike other databases, the Blockchain stores transactions in the form of blocks.

Aside from this, the technology has helped greatly in the field of remittance across countries. Sending money via your favorite digital assets is made possible by Blockchain technology. Though remittance can be carried out using fiat currencies (paper money), this seemingly new technology has reduced the time, cost, and intermediaries needed to facilitate such transactions.

Different digital currencies are built on a different Blockchain network. Bitcoin was the first digital asset built on the Blockchain network by Satoshi Nakamoto in 2008. And today, it is the leading digital currency. This is why I’ll be introducing you to how to make money trading Bitcoin. So stay with me.

What is Bitcoin?

Bitcoin, you heard about it on the news, friends have spoken to you about it, you’ve even seen it on the internet. But what exactly is Bitcoin? I’ll tell you.

Bitcoin is the first cryptocurrency to have ever existed. Though other forms of digital money have been attempted, Bitcoin is seen and recognized as the first. It was founded by a Japanese who goes by the pseudonym Satoshi Nagamoto. It was all made possible through Blockchain technology. 

Bitcoin was created to solve the problems faced by fiat currencies. One of such problems has to do with control. And this was solved in two ways: first, it is decentralized which makes it free of control by anybody, the CEO, or a group of persons. Secondly, and also to curb inflation, Bitcoin has a limited supply of 21 million. In essence, we can’t have more than 21 million Bitcoin in existence. 

This leads to an increase in demand which will invariably increase its value over time. And so it has been from it’s all-time low of $0.003 to an ATH of $42,000 and currently at 40,000 USD. If you had bought it in 2008, you would have been super-rich by now. But it’s not too late to jump on the moving train, there are more ways to make money off Bitcoin. One of such ways is Bitcoin Trading!

How to Trade Bitcoin in Nigeria?

It’s simple, as conventional trading would suggest, you buy low, then sell at a higher price. That’s what we’ve grown up to know, but is that ideal in the world of digital currencies? To an extent, yes, but there are some variations. 

Ask yourself this, when do I know when to buy and when to sell. How do I know if the price is low enough? And if the price appreciates, how high is high enough to make profits? Though it’s an exciting world, the crypto space comes with many complexities which you’ll have to master. 

Here are certain things to factor in before getting into trading because I can tell you first hand, it’s not for the faint-hearted, it’s not for the emotional, you need lots of patience as this isn’t a get rich quick scheme. You need to know the basics, then walk your way up from there.

Bitcoin Trading is a skill to be learned, you can as well call it a profession. Just like the medical doctors who spend years to attain mastery in their craft, so is a trader expected to spend months, or probably years mastering the ins and out of the crypto space. As you learn the ropes, bear in mind that techniques will help you, but instincts will save your life.

There are different trading patterns, but learning the following will take you a long way:

  • Candlesticks
  • Risk management
  • Support and Resistance
  • Trendlines
  • Triangle patterns
  • Technical indicators
  • Entry and Exit strategy
  • Market structure

Armed with the knowledge of these, you should be well on your way to making money off Bitcoin and other cryptocurrencies. There are tons of free and paid courses that could help you level up. No course is perfect, no course is the best, just pick whatever works for you. Personally, I understand some tutors more than others. Because a course has the best reviews and ranks higher than the rest doesn’t mean it’s the best for you. It’s best you take out time to choose because sometimes, what’s good for the goose isn’t good for the gander.

Pro and Cons of Bitcoin Trading

So if you choose to begin trading after reading this post, make sure to bear the following pros and cons in mind:

Pros of Bitcoin Trading

  • Global payments made easy: Unlike fiat, you can pay for goods, services, or pay merchants anywhere around the world with just a few clicks.
  • Transparent: Bitcoin is open source. And thanks to Blockchain technology, you can view each and every transaction carried out using a Blockchain explorer. Anyone and everyone can see it too.
  • Secure means of payments: Cryptography makes it difficult for third parties to tamper with your money. You can send and receive money anonymously.
  • Low fees: This is relative. It also depends on what wallet or exchange you use. 

Cons of Bitcoin Trading

  • Volatility: The major problem that has hindered Bitcoin and other cryptocurrencies from getting wide acceptance is their unstable nature. Fiat currencies do a better job in this regard.

Recommended Platforms, Apps, and Tools for Bitcoin Trading in Nigeria

So, if you’ll be going into trading of Bitcoin make sure to have the following:

  • A good laptop or smartphone (or both)
  • An exchange: Binance, Luno, Buycoins, Okex etc.
  • A wallet for storing your coin and tokens: Hot wallets like Trustwallet, Metamask, Atomic Wallet, Math Wallet. Or you could go for cold wallets (offline) like Trezor and Ledger.
  • A 2FA app: Authy, Google Authenticator
  • Extras: Coinmarketcap (app or web), Coingecko (app or web), TradingView (app or web)

PS: You need to be on different social media platforms to stay updated on the latest happenings.

Are you ready to get into Bitcoin Trading?

Are you? You better be because the world is moving at an incredible rate and it waits for no one. Bitcoin trading still remains one of the better ways of making passive income in Nigeria. If you’re yet to start, please do. 

In my next blog post on this category, I’m going to discuss a few ways you can make money with Bitcoin and other cryptocurrencies.

And if you’re already a trader, do well to share your experiences with us in the comments. 

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