Bitcoin ,blockchain technology and cryptocurrencies is one of the innovative technologies that has made many millionaire in dollars. There are a good number of success stories in Africa. Some of the few successes includes:
Bitland the Ghanain start up the hve used Block chain in the Real Estate Industry.
Golix one of the most sucessful African cryptocurrency exchange that started in Zimbabwe after the Zimbabwean dollar suffered from inflation.
Gaius Chibuzee one of the early bitcoin investors in Africa(Nigeria) who bought his first bitcoin in 2011.
The Young Ghanaian guy Elisha OWusu Akyaw (16 years old in 2018) who is making thousands of dollars monthly on bitcoin mining
There are more who made fortunes with bitcoin and more who are still to come based on the fact that the technology is at the infant stage.
Another group of people in Africa are those people who have lost money trying to invest in ponzi schemes commonly referred to as INVESTMENT PLATFORMS.
Well most of these platforms have nothing to do with bitcoin or blockchain technology. It is thus important for you to know how you can invest in bitcoin by educating yourself . This is why we have come up with this community so that everyone can contribute to the growth of the technology in Africa. The Money part of bitcoin and cryptocurrencies is very important . We will share with you for now 5 ways you can make money with Bitcoin and cryptocurrencies.
1. HODLING Cryptocurrencies :
The HODL strategy is one in which you buy bitcoin or other altcoin and hold for them to gain value. Some time you might get profits in a short time or in a long run. This means that if you plan to invest in cryptocurrencies using the HODL strategy, you should not use money that you have urgent use with it as the market can take a reverse direction before recovering. In one of our post we looked at how bitcoin and cryptocurrencies moved in 2017 and it was crazy with some coin giving returns of 10,000%. But by early 2018, the direction was reversed with people getting losses of up to 75%. Well stay calm, cryptocurrencies are volatile. But get out there an take risk!. My advice is always to set your target in one year.
2. Trading Bitcoin:
Africans can trade bitcoin on exchanges or on local markets . One exchanges bitcoin are traded in pairs XBT/USD or any other fiat. The trader through technical analysis can predict when the the price is about to drop or increase in a short period of time. Traders make profits in minutes, per day ,per week or per month. There are long term and short term traders. The decision will be based on your strategy. You can also become a local traded if you have a constant supply of bitcoin. By this method of trading, you buy bitcoin
3. Initial Coin Offerings aka ICOs:
An ICO is a form of fund raising for a blockchain project. During the ICO phase of the projects Invested buy tokens at a cheaper value considered cheapest by the company launching the ICO. The investors now get rewarded with tokens which after the ICO are traded on exchanges at a higher value. There are some techniques you have to apply to make sure you make it well in an ICO. there are so many scam ICOs. Below are some things you have to consider this three main factors:
Do not invest in ICO that are promoted using MLM, Consider the circulating supply of the coin and the team behind the project.
The first three ways above can be used by any person without any technical knowledge. Well Africa has many techies who can equally make use of block chain technology to change their lives and the continent of Africa. The tech communities in Nigeria,Cameroon,Kenya,Ghana,Uganda , South Africa,Algeria,Tunisia can use this revolutionary technology to make Africa great. Yes , with bitcoin and block chain technology we can !!. Let us get to the next way to make money with bitcoin and block chain technology.
4. Develop a Bitcoin /Cryptocurrency Exchange :
Exchanges are a good way to earn with bitcoin. The basic way an exchanges function is that it brings together traders who buy and sell bitcoin. The exchange then get money through commissions. It is all about how secured your exchange is and the amount of traffic you have. There are very few exchanges in Africa. In order to get into the market make sure you exchange has something the existing exchanges dont have. A common problem with most of the exchanges ia accepting fiat deposits from Africa. Binance is handling that in Uganda together with Golix in South Africa,Nigeria,Kenya and others.Get involve and make the codes work for you.
5. Use Bitcoin in Money Transfer :
African are challenges with the problem of money transfer in and out of the continent. Companies like western union, money gram, World remit and others are making huge sums of money from either the high exchange rates or the high fees involve when doing an international remittance. Creating a solution using bitcoin and cryptocurrency to enhance this can be a step to joining the world billionaires. Golix is attempting to solve this with the GLX token. Local traders are equally taking part by doing bitcoin trading across the borders. You can just become if you can think out of the box.
Blockchain is here to stay and Africa need to get involve. For more information on how to make money with cryptocurrencies you can request our ebook via email. Over to you in the comment section for other methods and questions.