We have come to a time where it has become continuously herculean for an average Nigerian to live comfortably. As it has been for a while, the chance of a young educated Nigerian to get employed continues to hang by a thread. As the naira continues its free-fall against the dollar and loses its purchasing power, the country is thrown into associated inflation that sees the prices of groceries and materials doubled and tripled in some cases. Economics experts have continued to make suggestions on the way out of the nation’s predicament, with a strong case being made for local mass production for international trade.
While the debate continues and the economy struggles to aid the plight of the common man, it becomes imperative for the masses to look into ways of ensuring sustenance and survival. A rising and popular way to stay above the flood of inflation is the new trend in cryptocurrency trading. Although separate entities, the word cryptocurrency and bitcoin are often used interchangeably within the masses. Often, you hear people talk about the Bitcoin business in Nigeria while making references to cryptocurrency trading. While semantics matter very little in this regard, Bitcoin businesses in Nigeria are becoming the new norms, despite various governmental efforts to quench the passion for its reception. Here then, are five reasons why you should consider starting a bitcoin business in Nigeria.
- Ready-Made Market: one of the basic questions of production is ‘for whom to produce?’ Answering this question helps the entrepreneur define his target customer base while trying to structure and locate his business. When it comes to Bitcoin business in Nigeria, there is a readily available market. According to data on Paxful—a cryptocurrency trading platform—Nigeria is the second-largest country in terms of Bitcoin trade volumes. This implies that, despite the ban by the Nigerian government on cryptocurrencies, the Nigerian masses continue to trade heavily in Bitcoin. Bitcoin business in Nigeria is still yet to be close to saturation. The coming years would see most investment by Nigerians into cryptocurrencies. As such, it is safe to say that there is a readymade customer base and or audience for anyone starting a bitcoin business in Nigeria. What then are you waiting for?
- Store of Value: it is no longer surprising to see Nigeria’s apex bank devaluate the naira. The only commodity that backs the power of naira to attract foreign currencies is the oil, which has lost its once high value in the face of net-zero carbon efforts and green technology. As Nigeria continues the battle to find a commodity that can foster export and attract foreign exchanges, the hope of the naira’s ability to rise and regain its lost purchasing power looks bleak. As such, the naira is no longer a stable means of storing wealth. Unregulated, secure and fast to transact, bitcoin and other cryptocurrencies offer more stable and secure means of storing wealth, making them attractive to all investment enthusiasts in the country. Starting a bitcoin business in Nigeria thus allows you to leverage this opportunity to service a lot of people and earn income as you do.
- Source of Income: As it is widely known, a bitcoin business in Nigeria will enable the owner to earn income. The bitcoin business in Nigeria can earn income by helping others trade cryptocurrency by charging a small percentage of their price as the bitcoin in Nigeria business’ service charge. The bitcoin business in Nigeria owner can also invest his money in short-term or long-term trades that enable the business to earn more revenue. Like any other business, a bitcoin in Nigeria is a source of livelihood if properly understood and managed. With a readymade market, as discussed, it is thus an advantage to anyone to start a bitcoin business in Nigeria.
- Means of Investment: By its ability to store and increase value, Bitcoin and other cryptocurrencies are means of investment for people who have the extra fund to invest. Rather than hold money in traditional banks where it is exposed to the depreciation brought about by inflation, people are now securing their wealth by investing their extra funds into Bitcoin and other cryptocurrencies. As a Bitcoin business in Nigeria owner, you can help people invest their extra funds for some earning while also investing for your business to stem against inflation.
- Test of time: Cryptocurrencies have stood the test of time and promise to be around for donkey years to come. As it stands, some countries across the world have begun to accept bitcoins as legal tendencies for payment. In similar fashions, some businesses across the world are now accepting bitcoin as payment for goods and services. In addition, through the smart contract and side-chain capabilities of some recent Blockchain, normal businesses can now build their solutions on the Blockchain technology, using the proprietary, stable currency of the Blockchain as a legal tender for receiving payment. These and more have shown us that Bitcoin and cryptocurrencies are a technology that has come to stay. As such, starting a Bitcoin business in Nigeria is not a short-term fix but a business that can last if properly managed.
These are just five out of many reasons you can consider starting a bitcoin business in Nigeria. The business can be run on the side and full-time.
The money-making opportunities in it are huge.
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