Bitcoin and Cryptocurrencies: More than just trading

In today’s global economy, thriving in the e-commerce space requires thorough knowledge and research, not just making a certain amount of profit but creating a niche of some sorts in a highly crowded online space.

Trading of Bitcoin and other cryptocurrencies in their simplest form presents one of several opportunities to make money online i.e. through buying and selling of these digital assets in a passage of online wallets or virtual payment gateways.

READ ALSO: Bitcoin at 11: Quidax launches mobile app, gives out iPhone 11 and 11,000 Naira in Bitcoin

Trading cryptocurrencies is similar to trading in the stock market. Bitcoin trading is famously used by ‘High Net-worth Individuals (HNI)’ or deep-pocket investors who trade bitcoins either through brokers or directly between each other. It involves buying bitcoin at a low cost and reselling the bitcoin when the price goes up.

In today’s crypto world, trading, buying and selling Bitcoin is not the endpoint, it is now a whole lot more with fast-rising start-up companies getting in on the act and disrupting the traditional method of using “Bitcoin functions”.

A ready example is Patricia, the Bitcoin, and Giftcards company is taking the game to a whole new level with the introduction of products and services that gives users -that is, Bitcoin owners and traders- the opportunity to do more as they can pay everyday bills, subscriptions, buy airtime, and even convert airtime to cash.

READ ALSO: Paxful boosts financial inclusion in Africa with Bitcoin

It is quite unfortunate that many Nigerians believe that the Bitcoin trading business is a game of luck, as a result, many criticisms surround the platform, but it is apt to say that Bitcoins is much more than just trading or buying and selling, it is now a whole lot more.

Though it cannot be disputed that many have fallen victim to various scams through fraudulent and improper information about bitcoin trading.

Some investors have lost their money in the bitcoin trading business due to unreliable market sources and a general lack of know-how and genuine expert advice. Therefore, thorough research and study is indispensable to prevent incurring losses when venturing into the bitcoin business”



Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.