Subsequent to my interview on this platform, I’ve been getting series of messages, most of which are inquiries on how to go about this subject. So I decided to come up with this and avoid myself explaining over and over to different individuals.
I might not be able to go too much into details but I believe this piece should be good enough to get you on track when it comes to bitcoin trading.
FIRST OFF, WHAT IS BITCOIN?
It is a digital currency/cryptocurrency founded in the year 2008. It is greatly similar to the fiat money we have but does not manifest in physical form. It has become the most sought-after coin as it allows for clandestine transactions. i.e it can neither be traced or reversed. It is designed for secure financial transactions that require no central authority, no banks, and no government regulators. Bitcoin would let transacting parties remain anonymous, keep transactions very secure, and eliminate middlemen fees.
To get along with Bitcoin very fast, you can consider becoming a member of the best Bitcoin forum in Nigeria.
WHAT IS THE DRIVE BEHIND THE BITCOIN INNOVATION?
What drove its initial development was its purely digital existence, totally away from the control of government regulators. The values of other currencies can rise and fall when a central bank decides to print more paper money. But since Bitcoin is digital and there is a limited number of them, the expectation is that it won’t be prone to such devaluation.
You might want to read this: What You must Know About Bitcoins In Nigeria
HOW SECURE IS BITCOIN?
Speculators and money launderers have taken a liking to the anonymous digital currency, and that has forced the government to play catch-up. While Bitcoin users need a secret, numerical key to unlock their accounts, the anonymity of the system is vulnerable when the virtual currency is exchanged for dollars. Speculators have hoarded Bitcoin just because there is a limited number of them. And when banks around the world decided to downplay the currency, its value took a tumble. The people and businesses that make transactions using Bitcoin, therefore, have dealt with their share of disruption.
HOW TO CREATE A BITCOIN WALLET?
This is very simple. However, this piece is for those who are familiarized with the coin but it will not hurt to go over a few basics. Go to blockchain.info and follow the procedures to register a free account or download the application directly from PlayStore or AppStore on your android and iOs devices respectively.
For a detailed guide on creating a blockchain wallet, here is a reference.
NOTE: I have recommended Blockchain because it is what I trust best for newbies.
WHAT YOU NEED TO KNOW ABOUT BITCOIN TRADING
First off, check this guide – 3 Easy Steps To Make Money Trading Bitcoins
The basic and most essential focus is on the ever-fluctuating market. You need to be conversant with what the market is saying and update your rates whenever required.
Just like the trading of fiat currencies, in order to make gains, you buy at a cheaper price and sell either at a higher price or hoard until the price goes up.
Those are two ways with which you make profit on any currency exchange. This applies most certainly to bitcoin as well. The price margin is what constitutes the profit. Take for example; I buy at #355 per dollar and sell at #385 per dollar, the price gap here would be #30. This, multiplied by the quantity of exchange, constitutes the profit.
However, no business would strive without an effective promotion strategy. I will list below some of the methods I adopt.
First of all, you need to design a banner or logo to give your business a professional glitter. These days, people find it hard to trust easily since many have fallen victims of petty and embarrassing scams, they need to be convinced of your Genuity. Once you bypass this, you are a step closer to breaking their wall of distrust. Banner designed must detail the essentials of your business and what it offers. A shabby one is a complete turnoff and you end up taken as some sort of joke or con artist. A properly detailed and focused banner goes a long way in promoting your business and says 80% of what it is all about.
Once this is achieved, you are ready for the next step. What is the use of a banner if you have no one to view them? That is a question that needs to be tackled. A large customer base is the ‘mitochondrion’ of any business pertinent to trading at large.
You can decide to run ads on Instagram and Facebook about your business and what it is all about, not forgetting to attach your banner. Facebook and Instagram generate billions of traffic, so, imagine what this could do to your business? Take a deep breath, close your eyes and think about it. The best thing about this is you could center your ad to a specific category of people e.g age markers e.t.c This has really helped my business, no doubt!
You could also set up profiles on popular forums such as Nairaland, Guruslodge, etc as a bitcoin merchant.
These forums are known for their active users. A lot can be achieved by promoting your bitcoin exchange business on popular forums.
Another strategy that worked for me is Nairaland adverts. See how to run ads on Nairaland here.
Broadcast messages on instant messengers and social media platforms might as well help, but do this smartly so you won’t look like a hungry spammer.
All in all, the early days might be tough, but once you build a considerable amount of buyers and sellers who trust you, more often than not, they will refer others and as well come back to trade more, it becomes an easy ride from there.
You might want to see: How This Lady Makes Money Online Trading Bitcoins.
You can as well download this book: [PDF] My Dirty Little Bitcoin Secrets – Ofir Beigel
You might also want to see – Bitcoin Income Kit
I hope you find this piece useful! Don’t forget to share with friends.