{"id":922,"date":"2020-11-02T16:06:30","date_gmt":"2020-11-02T13:06:30","guid":{"rendered":"http:\/\/ictguy.com\/?p=272"},"modified":"2026-04-17T09:28:36","modified_gmt":"2026-04-17T09:28:36","slug":"how-to-make-money-with-bitcoin-in-uganda","status":"publish","type":"post","link":"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/","title":{"rendered":"How To Make Money With Bitcoin In Uganda"},"content":{"rendered":"<p>Cryptocurrencies like <a title=\"Bitcoin\" href=\"https:\/\/bitcoin.org\" rel=\"noopener\" target=\"_blank\">Bitcoin<\/a>, Litecoin and Ethereum which started as alternatives to world\u2019s global payment systems have not just exceeded their expectations but have come to be a renowned medium of exchange for goods and services.<\/p>\n<p>Cryptocurrencies have gone ahead to turn into tools for making money for thousands of Ugandans, with trading bitcoin being the most lucrative business so far.<\/p>\n<p>Cryptocurrencies have created millionaires in Uganda and at the same time made some people lose all they had due its volatile nature.<\/p>\n<p><strong>Also read; <a title=\"The Insider Guide To Starting An Online Business In Uganda\" href=\"https:\/\/condala.com\/blog\/start-online-business\/\" rel=\"\">How to start an online business in Uganda<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#What_is_cryptocurrency\" >What is cryptocurrency?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#Popular_cryptocurrencies\" >Popular cryptocurrencies<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#So_then_what_is_Bitcoin\" >So, then, what is Bitcoin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#How_does_Bitcoin_work\" >How does Bitcoin work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#How_can_I_get_bitcoin\" >How can I get bitcoin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#How_To_Make_Money_With_Bitcoin_In_Uganda\" >How To Make Money With Bitcoin In Uganda<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#1_Trading_Bitcoin\" >1). Trading Bitcoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#2_Investing_In_Bitcoin\" >2). Investing In Bitcoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#3_International_Money_Transfer\" >3). International Money Transfer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#4_Start_a_Bitcoin_Exchange_platform\" >4). Start a Bitcoin Exchange platform<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#5_Bitcoin_Mining\" >5). Bitcoin Mining<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#6_Blockchain_ICO_Initial_Coin_Offering_%E2%80%93_Token_business_model\" >6).\u00a0Blockchain ICO (Initial Coin Offering) \u2013 Token business model<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#Challenges_Of_The_Bitcoin_Business\" >Challenges Of The Bitcoin Business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/condala.com\/blog\/how-to-make-money-with-bitcoin-in-uganda\/#To_Sum_It_Up\" >To Sum It Up<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_cryptocurrency\"><\/span>What is cryptocurrency?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A cryptocurrency is a digital currency or an internet-based medium of exchange that is completely decentralized from government or bank control. Its decentralized nature makes it theoretically immune to the old ways of government control and interference.<\/p>\n<p>Cryptocurrencies can be sent directly between two parties via the use of private and public keys. These transfers attract a very minimal processing fee which allows users to avoid high fees charged by traditional financial institutions like banks.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Popular_cryptocurrencies\"><\/span>Popular cryptocurrencies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Some of the popular cryptocurrencies in Uganda include;<\/p>\n<ul>\n<li>Bitcoin<\/li>\n<li>Ether &amp; Ethereum<\/li>\n<li>Litecoin<\/li>\n<li>Dash<\/li>\n<li>Zcash<\/li>\n<li>Monero<\/li>\n<li>Ripple<\/li>\n<li>Nem<\/li>\n<li>Binance Coin<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"So_then_what_is_Bitcoin\"><\/span>So, then, what is Bitcoin?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin has been the talk of the town for close to a decade now. However some people night be wondering what it is exactly. Well, bitcoin is a digital currency that was invented in 2009 by a pseudonym known as Satoshi Namakoto. It is the first ever digital currency that is used and distributed electronically.<\/p>\n<p>There\u2019s no physical version of the bitcoin currency, so this means all bitcoin transactions take place over the internet.<\/p>\n<p>Unlike traditional physical currencies, bitcoin is decentralized meaning it is not controlled by any bank or government authority. Instead, Bitcoins uses a P2P (Peer-to-Peer) payment network that is made up of users with bitcoin accounts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_does_Bitcoin_work\"><\/span>How does Bitcoin work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In simple terms, each bitcoin is basically a computer file which is stored in a digital wallet app called a bitcoin wallet on a computer or smartphone.<\/p>\n<p>People can send bitcoins (or part of one bitcoin) to your bitcoin wallet. You can too send bitcoins to other people with bitcoin wallets.<\/p>\n<p>Every transaction is recorded in a public list called a blockchain. These blocks in a blockchain cannot be deleted or modified, which makes it easy to trace transactions and preventing other people from spending coins that they do not own.<\/p>\n<p>Anyone can get started with bitcoin without having to first understand its technical details. Once you have a bitcoin wallet installed your phone or computer, it will automatically generate for you your first bitcoin address. You can create more these addresses whenever you need them.<\/p>\n<p>You can disclose your bitcoin address to your clients or friends so that they can pay you. In fact, this is pretty similar to how email works; the only difference is Bitcoin addresses are only used once.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_can_I_get_bitcoin\"><\/span>How can I get bitcoin?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin can be acquired using two methods;<\/p>\n<ol>\n<li>Exchanging other currencies for bitcoin<\/li>\n<li>Bitcoin mining<\/li>\n<\/ol>\n<p>The first method is by far the most common way of acquiring bitcoin and can be done using a Bitcoin exchange like CEX, eToro, Coinmama, Coinbase and CampBX. These exchange companies allow users to trade pounds, euros, dollars and other currencies for bitcoin.<\/p>\n<p>The other method, bitcoin mining, involves setting up a computer system to solve certain math problems generated by the bitcoin network. As a bitcoin miner solves these complex problems, bitcoins are credited to the miner\u2019s account.<\/p>\n<p>This may seem an easy way to earn bitcoins, but it\u2019s not. The bitcoin network is designed to increasingly generate more difficult and complex math problems, which ensures that new bitcoins are generated at a consistent rate.<\/p>\n<p>In addition, the bitcoin software is open source which ensures that the network is not controlled by a single entity or individual.<\/p>\n<p><strong>Also read; <a title=\"11 Small Business Ideas That Can Make You Uganda\u2019s Next Millionaire\" href=\"http:\/\/ictguy.com\/small-business-ideas\/\" rel=\"bookmark noopener\" target=\"_blank\">11 Small Business Ideas That Can Make You Uganda\u2019s Next Millionaire<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_To_Make_Money_With_Bitcoin_In_Uganda\"><\/span><strong>How To Make Money With Bitcoin In Uganda<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are a number of bitcoin business opportunities that have helped create millionaires and billionaires in Uganda and around the world. These opportunities have been catalyzed by the volatile nature of bitcoin whose value rises and drops from time to time without any form of government interference but strictly by market vices that control the cryptocurrency\u2019s value.<\/p>\n<p>Here are six bitcoin business opportunities that you can exploit to make money with bitcoin in Uganda. They are:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Trading_Bitcoin\"><\/span><strong>1). Trading Bitcoin<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Trading bitcoin is the most common way to make money with bitcoin in Uganda. It is more like a foreign exchange business. You could exchange bitcoin for Uganda shillings, dollars, euros, pounds and many other currencies.<\/p>\n<p>Bitcoin is a very volatile currency and is far more likely to be profitable than trading traditional physical legal tenders.<\/p>\n<p>People make money every day by trading the currency to people who are buying or selling with modest markups and markdowns on the value each time a transactions occurs.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Investing_In_Bitcoin\"><\/span><strong>2). Investing In Bitcoin<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A bitcoin investment is much more like a Forex Investment. Here, you buy bitcoins at a certain value with the aim of selling it at a later time when its value has greatly risen.<\/p>\n<p>People who invested money in bitcoin as early 2011 at a value of about $1 for 1BTC had their bitcoins worth thousands of dollars starting from around 2014, resulting in an interest rate of over 1,000,000%.<\/p>\n<p>People who bought bitcoins around 2016 for about $1,000 per bitcoin are currently experiencing profit margins of over 1,000% as at 2020.<\/p>\n<p>If you buy a bitcoin today with the sole aim of selling it in the future, you could experience a valuable revenue growth over the next years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_International_Money_Transfer\"><\/span><strong>3). International Money Transfer<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>International remittance companies charge exorbitant fees to send money across countries. With bitcoin, this problem is eliminated. You can help people send money to Uganda by receiving what they want to send in a bitcoin value. Then convert the bitcoin value to Uganda shillings and hand it over to the recipient.<\/p>\n<p>Here, you would slightly overstate the bitcoin value which the client would fully be aware of. The overstated value is the profit margin you would make while ensuring a seamless, cheaper and hassle-free transfer of funds from any country to your loved ones in Uganda.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Start_a_Bitcoin_Exchange_platform\"><\/span><strong>4). Start a Bitcoin Exchange platform<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Bitcoin exchange platforms are increasingly becoming very popular. You could mastermind a platform where people signup to buy or sell bitcoin to each other. As an owner of the platform, you could earn from the platform by collecting a certain commission on every transaction that happens through your platform.<\/p>\n<p>Alternatively, you can charge a monthly subscription fee for premiums users. Premium users would pay a flat monthly subscription fee and would not give up commissions on their transactions unlike free users.<\/p>\n<p>If you have the ability to pull a large traffic of bitcoin buyers and sellers, why not start such a platform and make money through bitcoin in Uganda?<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Bitcoin_Mining\"><\/span><strong>5). Bitcoin Mining<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Statistics show there are approximately 21 million bitcoins in the world. Just as diamond, gold, emerald and many more are mined; bitcoin is also mined, but digitally through a computer system.<\/p>\n<p>For one to mine bitcoin, they have to purchase certain technical tools in form of software and hardware that are built for that specific task, and run the mining operations on several servers to increase their chances of mining more bitcoin.<\/p>\n<p>If you have the financial ability to invest in bitcoin mining equipment, you could start a bitcoin mine in Uganda and make money.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Blockchain_ICO_Initial_Coin_Offering_%E2%80%93_Token_business_model\"><\/span><strong>6).\u00a0Blockchain ICO (Initial Coin Offering) \u2013 Token business model<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is one of the latest ways to make money with bitcoin in Uganda, Kenya, Rwanda, Tanzania, Burundi, South Sudan or anywhere in the world.<\/p>\n<p>In cryptocurrency, an Initial Coin Offering (ICO) is equivalent to an initial public offering (IPO). Here a company looking to raise money to start or create a new coin, app or service launches an ICO as a way to raise funds.<\/p>\n<p>Interested investors can then buy into the offering and receive a new cryptocurrency token issued by the company. Basically an ICO helps people launch their own coins. The founder would own a significant amount of the cryptocurrency whose value could either grow or dwindle.<\/p>\n<p><strong>Also read; <a title=\"100 Small Tech Business Ideas You Can Start In Uganda\" href=\"http:\/\/ictguy.com\/small-tech-business-ideas-uganda\/\" rel=\"bookmark noopener\" target=\"_blank\">100 Small Tech Business Ideas You Can Start In Uganda<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Challenges_Of_The_Bitcoin_Business\"><\/span><strong>Challenges Of The Bitcoin Business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1). Bitcoins can easily be used for money laundering since there\u2019s no real way governments and banks can monitor which transactions belong to who.<\/p>\n<p>2). The bitcoin market is extremely volatile, and can either jump in value or crash anytime causing either profits or huge losses.<\/p>\n<p>3). It\u2019s extremely easy to lose your bitcoins just in case you forget your blockchain login details. If you can\u2019t remember your account recovery details that you pre-set, your bitcoins will be permanently gone.<\/p>\n<p>4). Using bitcoins for any type of transaction is not as easy as using the traditional legal tender where you can easily just pay cash. You would need to first understand how the currency works to get used to using it for different purposes.<\/p>\n<p>5). Bitcoin is notorious for scams, so before using or investing in any bitcoin relate service, look for reviews from previous customers.<\/p>\n<p><strong>Also read; <a title=\"How To Start A Blog In Uganda And Make Money\" href=\"http:\/\/ictguy.com\/how-to-start-a-blog-in-uganda-and-make-money\/\" rel=\"bookmark noopener\" target=\"_blank\">How To Start A Blog In Uganda And Make Money<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"To_Sum_It_Up\"><\/span><strong>To Sum It Up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The bitcoin business is highly volatile as its value goes up and sometimes crashes at the most unexpected times. It has however created millionaires and billionaires in Uganda and around the world. While investing in bitcoin requires an in-depth understanding of how the various bitcoin business opportunities work, mastering the bitcoin business can grow your finances beyond your expectations.<\/p>\n<p><strong>What are your thoughts on how to make money with bitcoin in Uganda? Let me know your views by leaving a comment below.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrencies like Bitcoin, Litecoin and Ethereum which started as alternatives to world\u2019s global payment systems have not just exceeded their expectations but have come to be a renowned medium of exchange for goods and services. Cryptocurrencies have gone ahead to turn into tools for making money for thousands of Ugandans, with trading bitcoin being the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-922","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ramblings"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/posts\/922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/comments?post=922"}],"version-history":[{"count":2,"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/posts\/922\/revisions"}],"predecessor-version":[{"id":1107,"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/posts\/922\/revisions\/1107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/media\/273"}],"wp:attachment":[{"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/media?parent=922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/categories?post=922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/condala.com\/blog\/wp-json\/wp\/v2\/tags?post=922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}