One fact that is worth knowing is that cryptocurrencies haven't only changed the world's expectations surrounding money, but have also continued to evolve in their own space since 2009 when the first Bitcoin block was mined.
Since then, hundreds, if not thousands of cryptocurrencies have popped up, with Bitcoin remaining the most popular.
Factors that have contributed to Bitcoin’s popularity
Below are some of the factors that have helped make bitcoin more popular than the other cryptocurrencies:
• Hire price: As at the time of writing this article 1 Bitcoin equalled ₦3,684,168.78, this is significantly higher than what you can get from the other existing cryptocurrencies.
• Easy to set up: Bitcoin is currently being supported by most digital wallet platform and notable exchanges. This has helped make the whole game even easier.
• Accepted by major companies: Some of the world's biggest retailers have begun accepting cryptocurrency payments in the form of bitcoin and ethereum. Companies like Nordstrom, Starbucks and dozens of others allow their customers to make transactions via bitcoin.
• Supported by investors: Bitcoin has been existence for nearly a decade, which is significantly longer than other cryptocurrencies. This has helped them gain a strong following of investors.
How to make money with bitcoin in Nigeria
• Bitcoin trading
The rising and falling of the bitcoins are caused by external factors in the market like industry news, regulation and bitcoin halving.
• Bitcoin arbitrage
Bitcoin arbitrage involves buying bitcoins on one exchange and selling them at another, where the price is higher. You (the arbitrage trader) will be taking advantage of the price differences between different exchanges to make a quick low-risk profit.• Bitcoin affiliate programs
Affiliate marketing is a type of performance-based marketing in which a business rewards an individual for generating sales to their product or service. For example, Simi has a fashion blog and joins the Konga affiliate program where she recommends trendy fashion products to her readers. If any of her readers buy the products, she'd earn a commission from the sellers.This also applies to bitcoins. So many cryptocurrency companies payout rewards to individuals who refer new customers to their businesses.
• Bitcoin faucets
If you've got some spare time, you can be making money from completing simple tasks like watching videos, downloading apps, completing surveys and clicking ads.The sites (called bitcoin faucets) will pay you Satoshis ( the smallest fraction of a bitcoin, 0.00000001 BTC) to complete these tasks which you'd, in turn, withdraw to your local bank account.
• Bitcoin network marketing
Bitcoin network marketing has gotten popular of recent, and you'd often see your friends advertising it on their WhatsApp status. I'd say that it combines cryptocurrencies and network marketing. A typical bitcoin mining network marketing company requires you to buy a contract for bitcoin mining similar to cloud mining and then you start earning dividends the amount depending on which package you buy.Where the network marketing aspect of it comes to play is that you'd be earning commissions from individuals you refer to the particular Bitcoin network marketing network.
• Bitcoin futures trading
In the bitcoin futures trading, traders will be allowed to speculate on the price of bitcoin without actually owning any bitcoin. In short, it involves betting against the price of bitcoin over a specified period of time.• Bitcoin mining
Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. If you have your own bitcoin miner, you can as well become a solo-miner or join a mining pool.
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