Bitcoin Business in Nigeria: What you must know

It is of a good purpose one should have knowledge on what he/she is investing and willing to partner with. Bitcoin had been one of the crypto currency which many has invested on and some are yet to invest with the believe that it a fraud which prove it wrong. The knowledge is never ending and with much wisdom come more benefits.

The reason people see it profitable and willing to invest on is due to the mindset of selling when the price rise, yet no one can make exact prediction regarding Bitcoin.

This is why many invest in it are numerous but the most essential reasons are:

  • Speculation Purpose: this like the investment when one purchase something and sell it at a higher price in the future to get profit. Investor of the Bitcoin invest with the motive of selling it whenever its price increases or to make profit.
  • Payment Purpose: most of the users had made Bitcoin a tool to be used to carrying out business activities such as buying and selling of goods and services through the internet. They can be some challenges while using it as medium of transaction due to the disbelieved of citizen and unstable price in the market. Even with that many still used as a medium of payment or settling debts.

Some many citizen have asked if Bitcoin worth investing? Yes, but let’s look at following points;

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1. A Bitcoin Mining is not a cheaper thing

If you are planning or wants to invest on bitcoin using the mining method it’s may require spending a lot of money.

Mining is not a much affordable activities in the bitcoin world. When you lack the knowledge of the computer, you may find it difficult to do the mining.

To those who has knowledge of computer using the right software that can be taken into usage to make calculation for the 64 digit code that generate a Bitcoin.

Bitcoin software is an expensive one and its comes in range of thousand you can’t start it mining as a cheaper thing due to the nature of its fluctuating depending upon demand in supply. Then its increase you can’t predict of its success or continuation in the future ahead.

 2. High Demand

In the Bitcoin world limited bitcoin are available and once 2040 is over, no one may be able to create bitcoin further. A lot are been said concerning bitcoin on government equipping it and been present as a reserved like Gold and others.

3. No agencies Regulate Bitcoins

Bitcoin has no agency that is regulating it. You as an investor who wish to invest with your saving should know that it is not investing money in the stock market, and you can consider using it as a paper currency available in physical form where everyone have easy access on. You can invest or sell bitcoin with the help of a brokerage.

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Bitcoin Exchange

Choosing a Bitcoin exchange is one of the essential thing a Bitcoin investor should look into. Bitcoin could be among the little currency but cant act like others in the interment. You need to make a proper research before investing it. There factor to be considered while investing in Bitcoin this factors are:

The Reputation of the Bitcoin Exchange: having it in mind that Bitcoin is an online investment where hackers are surrounded with you need to have its knowledge or reputation of a crypto exchange by reading the view of others traders or taking vital details provided on the home page of their website. You conduct research on other exchange to know their reputation or also maker proper used of the internet to evaluate the result in a better way.

Security future: Checking out the security measure before an investor and trader participate in a Bitcoin exchange should be a paramount thing should be carryout by the investor as to know if the Bitcoin exchange are providing the same level of security for those who invest and trade on it. This should be checkout befor making conclusion or choice of investment.

Once you select secured Bitcoin exchange you can visit the news spy by trading Bitcoin as a pro, you can earn a good amount of money in no time.

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Exchange Fees: When picking in Bitcoin exchange one need to come in a point of knowing the exchange fees, every Bitcoin exchange its charges fees, this fees changes from the inventors and its traders and you need to know which among could give you what you desired of before moving into it.

At the point of making requirement on the charges fees you are expected to if its carry’s additional fees or not which the final decision could be made.

Location of the Exchanger: Having interest as an investor of Bitcoin or trader you needs to know the location of the exchange knowing fully that the law and regulation of country varies from country to another. It will help you to make difference to buy Bitcoin in your country when taking the location aspect of the Bitcoin you are choose to start a junction which will help you on Bitcoin transaction around you in terms of Bitcoin exchange accepting multiple currency including your local currency. You may also save up the additional fees, which is usually the required for currency conversion.

Inventor of Bitcoin

No one know who invented Bitcoin or atleast not conclusive. Satoshi Nakamot is name associated with the person or group of people who release the original Bitcoin while paper in 2008 and work on the original Bitcoin software that was release in 2009.

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