The simplest definition of Bitcoin is “Bitcoin is money”. Yes, Bitcoin is the money of the present generation and of the future generation. Well in the history several objects have been used to carry out transactions. Like in the past, barter system was used commodities were exchanged with commodities, then precious metals like gold and silver were used as a form of money, and then paper money is used for the payment of goods and services, but at present cryptocurrency like Bitcoin has taken place to fulfill all of these.
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Bitcoin is a digital money unlike the previous form of money, it is not anything physical. It exists on a tech called Blockchain which helps to store all the information and transactions about all the Bitcoin, this information can never be destroyed or manipulated. Also, Blockchain cannot be controlled by any bank or government. With Bitcoin, you are simply your own Bank, as you can spend your money anytime, anywhere, with no restrictions.
Recently Bitcoin has gained so much popularity in the world, and even in South Africa, Nigeria, Kenya and now people choose to send money to their families and friend with the help of cryptocurrency. Bitcoin is also gaining popularity in these countries due to hyperinflation, and poor government policies.
With this new form of money (Bitcoin) gaining popularity and acceptance around the globe, how can you as an individual benefit from it?
Buying and selling of Bitcoins is probably the fastest and easiest way to make money with Bitcoin. Just like in a stock market where you buy and sell stocks, Bitcoin trading involves buying the Bitcoin when the price is low and then sell them when the price has gone up. And it is far more volatile then the dollar, it means you can make huge profits in no time.
Investing in Bitcoin
Bitcoin like the other elements on earth is scarce, this is due to the limited supply of Bitcoin. There will be only 21 million Bitcoins on the earth, so far 12 million Bitcoins have been mined. By 2140 there will be 21 million Bitcoin and at this point creating more will become impossible.
So people of Africa and Nigeria should invest in Bitcoins as early as possible and should also use best Bitcoin Wallet to store them, so there investment will remain safe.
When you send money to your family or for business purposes across countries the international remittance organizations charge you a lot. But with the help of Bitcoins this problem is eliminated. Overstating it is the profit margin you make while ensuring a seamless, cheaper, and stress-free transfer of funds from any country to your loved ones in Nigeria, Africa, or anywhere around the world.
Blockchain ICO (Initial Coin Offering) – Token business model
This is the latest way to make money with Bitcoin anywhere in the world. Just like an Initial Public Offer (IPO), it helps people launch their own cryptocurrency through the cryptocurrency network, thereby making the founder of the new cryptocurrency a part of the blockchain initial coin supply and owning a significant amount of the cryptocurrency whose value could either grow or dwindle.