Buy and Sell Bitcoin in Nigeria – Here I will show you how to make money by buying and selling bitcoin in Nigeria? Yes, this is actually possible.With this post, you will learn how to make money from bitcoin in Nigeria as well as any other part of the world.
Just like other currency trading, you can exchange bitcoin to Naira or Dollar and exchange Dollar or Naira to Bitcon using the agreed or market exchange rate with your seller or buyer.
Bitcoin exchange rate?
Bitcoin to Naira or Naira to Bitcoin exchange rate fluctuates from time to time. But you can always find the current exchange rate on the Bitcon marketplace.
How to Make Money Buying and Selling Bitcoin in Nigeria
It’s very simple to make money from buying and selling of Bitcoin especially if you understand how the normal money market works.
Let me explain to you…
Bitcoin is just more than money. It’s a very valuable commodity. The official value of 1 Bitcoin is about NGN220,000.00 (Two hundred and twenty two thousand Naira) and it’s about USD700. The acceptability is what is amazing me.
Note: Just like any other commodity, these exchange rate changes over time.
So how do you make money it after knowing all this?
Sure, you make money if you trade the commodity wisely (just like buying and selling jeans in Onitsha main market). You buy Bitcoin, knowing the current exchange rate and sell it to another person on a better exchange rate.
Once you succeed in selling it on a higher exchange rate, you now have a gain. On the way round, you can loose if you cannot sell it at the rate higher than the rate you bought it. This is like stock trading or Forex.
So, the deal is basically buying and selling Bitcoin and making profit from it. From my explanation and/or reality, you can loose your investment if you don’t trade smartly (as a business man).
1. Make Money from Buying and Selling Bitcoin through Currency Flipping
You can also make money from buying and selling Bitcoin if you are good playing with other countries currencies. Example, you buy Bitcoin with Naira and Sell it on a more valuable currency like Dollar.
For instance, you …
If you buy 1 Bitcoin is NGN220,000.00 and sell the 1 Bitcoin for for USD700
You can make more money in Naira (NGN329,000) if you change the USD700 to Naira with the current exchange rate in the black market (NGN470).
So, you will now make additional NGN109,000 as gain from the trading maneuver. This is called playing with currencies without waiting for appreciation time.
1. Make Money from Buying and Selling Bitcoin through Bitcoin Parking
Another way to make money buying and selling bitcoin is to buy it and keep with the hope that the value will rise for you to sell it later for profit.
See the explanation below:
Let me explain the bitcoin parking strategy for you.
For instance, you …
If you buy 1 Bitcoin is NGN220,000.00 and park
After sometime, the value of Bitcoin rises in Naira to about (NGN300,000)
You now sell it out to make additional NGN80,000 as gain from the trading maneuver. This is called Bitcoin parking by waiting for appreciation time.
You have to be very careful because you are trading a very high value commodity here. You can loose so much than you can recover.
Where to Buy and Sell Bitcoin Online in Nigeria
See the best place to buy bitcoin here. To buy and sell bitcoin in Nigeria visit Localbitcoin and signup for free. At Localbitcoin, they have electronic wallet to store your bitcoin. They also have escrow services that help in buyer-seller protection and avoiding incidence of scam.
There, you can buy bitcoins with credit card or buy bitcoin with PayPal.
After signup, you can then post a trade (advertise) your offer. You should only create Bitcoin advertisement if you plan to trade bitcoins regularly. If you are just buying Bitcoin, you can simple reply to the existing advertisement.
All your purchased Bitcoins are stored in your online bitcoin wallet with Localbitcoin.com. Please find and read their terms of service and understand it very well before you join.
I also buy Bitcoin at a reasonable rate. You can pick my contacts in the hire me page, let’s talk.
That’s it… Trade wisely.Get Free ₦1,000 plus 5% - 15% interests on savings and over 25% return on investments: Create a Free Account on PiggyVest