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!
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
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.
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.
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.
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.
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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Wakanda Inu: The First African Memecoin Turning Many People to Millionaires
Have you recently stumbled on Wakanda Inu (or $WKD) on Facebook, Twitter, WhatsApp status, and even on some top crypto or finance website like Nairametrics, and you’re wondering what this is all about?
Let me tell you about it.
But pardon me, it’s going to be more personal than formal. Of course, experience is the best teacher and that’s what I want to share with you in this blog post.
What is Wakanda Inu?
Wakanda Inu (also $WKD) is the first memecoin to ever come out in Africa. Just like Shiba Inu or Dogecoin, Wakanda Inu represent the black but fiery African dog with sharp fangs.
Wakanda Inu is not just a memecoin, but a “movement” launching the African generation out of poverty.
“Out of poverty”? Yeah! Wakanda Inu is here to change the narration that Africans are poor regardless of the poor governance and mismanaged resources.
Let me simplify this, I hate confusing parables too.
Wakanda Inu is a “meme” cryptocurrency token launched in Africa by Africans Africans and the rest of the world who believe in the movement of Wakanda.
According to Nairametrics, Wakanda Inu is “A memecoin bigger than Shiba Inu, driving crypto adoption in Africa”
That’s what Wakanda Inu is here for!
VIDEO: How to Buy Wakanda Inu
Here is a big deal about the Wakanda Inu;
Wakanda Inu was launched in just a few days (not even up to a week as at the time of writing this), but a lot of people who believe in the movement are turning millionaires with few bucks traded.
Wakanda Inu grew to 1200% in just 72 hours of launching.
In case you don’t know what that means; if you invested $50, you would have made $600 in just 72 hours!
I know what you’re thinking; “this gotta be a kind of Ponzi scheme or gambling” 😏
Okay, let’s talk about that;
Is Wakanda Inu Scam or Legit?
Short answer: Wakanda Inu is not a scam, it is 100% legit.
Long answer: Because it’s a memecoin launched in Africa doesn’t mean it has to be a Ponzi scheme or scam. It’s true that some coins launched in Africa are pure scams like the one in which its price pumped to over $80,000 – even the all-time high of almighty Bitcoin has got up to $70k.
When this project started, some people are discouraging others not to buy the token as it is a scam token. “It is launched in Nigeria by Nigerians, it has to be a scam”, that’s what they keep saying.
Even if the whole world transcribes “Nigerians” to “Scammers”, we are still proud of what we legally do to help humanity. Such as Flutterwave, Interswitch, and Paystack (acquired by Stripe) to solve online payment problems, and these are globally seen as great ideas and innovations.
Not to talk of other things we are doing to represent the continent.
“76% of the token is owned by one address” – This is another thing some people are saying to deplete Wakanda Inu.
Is it true that 76% of the Wakanda Inu is on one address?
Yes, it is true.
You’re disappointed? Don’t be.
If 76% of the token is on one address, does that mean it is a scam?
But the 76% are locked and meant to be burned, nobody has access to it. No developer, no founder!
To answer that question, take a look at the contract address on Bscscan.com or any tools you like and you will see it is LOCKED. If the total supply is made available for trading, then the token will be too much and useless.
Imagine if they are selling iPhone 13 Pro for just $50, everyone will buy it because it is cheap. And that will make iPhone 13 Pro and even, valueless.
So what’s the idea of burning such an amount of token? To make it scarce.
Yes, scarcity adds value to something, including a cryptocurrency. Using an address specialized to burn the token as a foreword to call a token “scam” is irrational.
Wakanda Inu is 100% legit and that’s why a lot of people are backing it.
Who are those backing Wakanda Inu?
A lot of big people. But let me point out clearly that, “backing” here doesn’t mean these people own the token, but they’re just supporting it with “passion”.
Who are these people? I will mention a few but I won’t say much about them though.
1. Chris Ani, founder of DABA
Chris Ani is a household name in Nigeria’s tech industry, especially in Cryptocurrency. He is the African ambassador for Binance (the world’s largest cryptocurrency exchange platform). And he’s a successful man who is rising to the top through cryptocurrency.
As part of his mission to educate and Impact people positively, he founded Digital Abundance Business Academy, DABA.
DABA is a school, a school that teaches you how to make money legally. I’m a student of DABA and the knowledge gained/gaining is helping.
Join us today, visit www.daba.school to learn more
2. Gaius Chibueze, founder of AbitNetwork
This man also rose to the class of upper echelon through cryptocurrency, and ever since then, he has created some platforms to help people get more out of blockchain technology.
He founded Tatswap, tatcoin, tatswap among others
3. Tola Fadugbagbe, founder of Crypto Masterclass
Tola is also a name that rings a bell in the African crypto space. Cryptocurrency also changes his life and he’s telling the world, especially Nigerians on how they can escape the trap of poverty with cryptocurrency.
Sequel to his experience and contributions, the young man has been interviewed by many media outlets including the world-famous BBC
And a lot of other big people and many other exchange platforms such as Quidax, Roquu, Flitaa, etc.
With all these people supporting Wakanda Inu, it’s definitely not a scam, or going to turn to a scam token soon.
You know “good name is better than gold” right? Yeah, they won’t put their name on the line to back a scam token.
Some people are using their blogs and social media handles to fight against Wakanda Inu because they believe nothing good can come out of Nigeria at all. These people will give you a reason not to trust the token.
But whatever their reason is, it is far from true.
The world believes African countries are underworld, that’s why Wakanda Inu is here as a strong movement to change that.
And of course, you can decide to listen to them. It’s not a loss or gain to the community or you.
This is not a Ponzi scheme. But if you read this blog post to the end, I will show you something about Wakanda Inu.
Read on 😉
But why Wakanda Inu?
Wakanda Inu is a community-driven token to help African gain financial control of their life. It’s all started as a discussion in a WhatsApp group, and the idea is taken up and launched!
Wakanda Inu is for poverty alleviation and anything around it.
Chris Ani’s said on Facebook;
“We will build schools, tech hubs, a marketplace in Wakanda with #wakandainu”
Yes, that’s the vision of Wakanda Inu and as citizens, we are supporting it.
Wakanda Inu: Many Are Called, Many Are Getting Rich
Everybody can be part of the movement including you. It takes nothing other than your determination and a little knowledge of how cryptocurrency work.
Currently, people are sharing sweet testimonies of how Wakanda Inu changed their financial position. A lot of people that I can’t even mention all of them
Is it a 15-year-old girl that bought $50 worth of $WKD and earned $1,900+ in just a few days? Or to mention a guy that said Wakanda Inu helped his brother to pay a debt of N1.3m – about $2000+
Or let me talk about myself.
I invested 0.1 BNB after the presale, that’s about $68 then and I made about 1.2 ( about $800)BNB in a few hours and I have to invest more.
Many are called, Wakanda is for everybody who believes in the spirit of Africa.
Where to Buy Wakanda Inu?
You can buy Wakanda Inu on the following platforms:
- Many are still coming
How to Buy Wakanda Inu
Buying Wakanda Inu is very easy, even if you don’t know anything about cryptocurrency trading. Follow the simple steps below;
- Download any of the apps above
- Sign up and complete your registration
- Verify your email address, phone number, and NIN submission to upgrade your limit
- Deposit fund (each platform will provide a guide to do this)
- Buy Wakanda Inu easily.
But in case you want to use pancakeswap, all you have to do is download wallet apps such as Trustwallet, MetaMask, or SafePal.
Watch this video to see how I used Trustwallet to buy Wakanda Inu
Create a wallet and go to the dApp search bar, search for https://pancakeswap.finance
Swap your Bep20 USDT, BNB or BUSD for Wakanda inu.
NOTE: You must have a small BNB to pay for the network fee.
Frequently Asked Questions (FAQs) on Wakanda Inu
What is Wakanda Inu’s Contract Address?
Wakanda Contract Address is: 0x5344C20FD242545F31723689662AC12b9556fC3d
Where Can I get learn more about Wakanda Inu?
- Wakanda Inu’s website: https://wakandainu.com/
- Coinmarketcap: https://coinmarketcap.com/currencies/wakanda-inu/
- CoinGecko: https://www.coingecko.com/en/coins/wakanda-inu
- Poocoin: https://poocoin.app/tokens/0x5344c20fd242545f31723689662ac12b9556fc3d
- DexTools: Pair Explorer – DEXTools
Disclaimer: Brotherly Advice Before You Buy Wakanda Inu
Wakanda Inu is not a Ponzi or get rich scheme. So don’t jump into think because you want to get rich quickly and get out. You may end up losing your money if you’re not patient.
Someone bought the token it has already pumped, then the market retraced and he was so sad that he decided to sell at loss.
If you can’t hold for a long time, don’t buy!
Also, avoid scammers. Some people have created fake telegram groups and maybe they did the same for other social media platforms, but avoid these people at all lengths.
If you’re interested in joining Wakanda Inu’s group, go to the official website (wakandainu.com) and scroll down below to see the official handles.
Lastly, cryptocurrency trading is risky. So, don’t borrow money or use your school fees to invest. Only invest what you can afford to lose.
This is not financial advice, but buy Wakanda Inu 👋
PS: This post is on Wakanda Inu not Sponsored. It was written by myself (Stephen Gbolagade) and published on my blog (https://gbolamedia.com). Everything here is my experience with Wakanda Ina
Buycoins Review: Easiest Way to Buy, Sell, Store & Trade Cryptocurrency in Nigeria
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.
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.
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
- GT Bank
- Kuda Bank
- Access Bank
- ALAT (WEMA Bank)
- Abeg App
- Fidelity Bank
- Diamond Bank (Acquired by Diamond Bank tho)
- 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?
- Click here to sign up for FREE;
- Put a correct email address and click on “continue”;
- A verification link will be sent to that email address, to and verify;
- Login to your Buycoins account;
- Upgrade your account (Click on “Verify Identity”): Add Bank account, BVN and Phone Number;
- Set up 2-FA for security sake;
- You can now deposit and start using Buycoins!
- 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.
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.
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Bitcoin Trading in Nigeria: How to Get Started & Everything You Need to Know
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.
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:
- Risk management
- Support and Resistance
- 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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