How to start Bitcoin for beginners will be explicitly explained in this article. This will guide you to start your bitcoin business.
Bitcoin is a digital asset that works as a medium of exchange using strong cryptography for the security of financial transactions. They are created through a process commonly called mining.
The coin was invented by a group of people who preferred to remain anonymous in 2009. It is a coin that serves as electronic cash with a decentralized administration and as such, it is easily sent from one person to another without the interference of a third party.
Bitcoin is indeed currency as it can be exchanged as a means of payment for goods or services. It can also be exchanged like every other currency for a lower currency.
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Bitcoin works and operates just like traditional paper money and its value increases as the day goes by. The only difference between bitcoin and traditional currency is that bitcoin can only be monitored over the internet but not touched, felt, seen, or printed out.
Bitcoins are extracted (mined) from the bitcoin network and they are only functional when the miners have successfully mined the bitcoin blocks.
In Nigeria, the fraction of those who have come to terms with Bitcoin is around a ratio of 2:100. This leaves Bitcoin as a very good investment opportunity.
Remember that the beginning of anything is usually not palatable but assuredly with patience and keeping abreast of the fact, the bitcoin business pays off in the long run.
Quickly, you’ll be guided on how you can make huge money from bitcoin the right way in Nigeria.
How to start Bitcoin for beginners
1. First and foremost, in order to start Bitcoin, you need to have a Bitcoin wallet
The bitcoin wallet works like the conventional wallet, it is an electronic medium of storing your bitcoin for mining and in doing this, you need legitimate websites.
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In the webspace, there abounds a lot of websites that operate solely to dupe people of their hard-earned currency. There are numerous websites to help secure your bitcoin but three are the most reliable. The three most recommended websites to create a wallet are:
2. Register on a site that supports buying and selling Bitcoins
To do this effectively, you’ll need to open an account with a website that accepts Nigerian currency. This makes the process easy. Sites like nairaex.com and remitano.com help people trade bitcoin in Nigerian currency.
3. Invest heavily in Bitcoin
Generally, only 21 million bitcoin will ever be produced in the whole world and at the time of publication of this article, only 16.5 million had been mined. The best you can do is to start investing in bitcoin now that it is quite affordable.
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4. Get online Jobs that pay in Bitcoin
The best way to grow anything is to keep adding perpetually to it and to add to Bitcoin, you need to work in order to get paid in Bitcoin. You can even invest some of your extra cash into Bitcoin.
Beware of scam sites while trying to get Bitcoin because there are many scammers who will pose as miners when they are just out to scam you.