If you’re in Nigeria but thinking about starting a lucrative business, I’m happy to share these 6 amazing ways you can make money with cryptocurrency in Nigeria without getting scammed.
Although, there are hundred ways to make money online in Nigeria but cryptocurrency and other digital currencies are gaining more influence than any other online businesses in this country.
Since the introduction of Bitcoin, the use of digital currency has multiplied greatly in Nigeria and the world at large. Though it’s not widely accepted as a suitable means of making payments in all banks in Nigeria but, cryptocurrency is a sure way to make money online in Nigeria.
It’s not a get-rich-quick scheme. But I know those people who have gotten insanely rich because of these digital currencies.
Do you wish to join the leagues of Bnaira?
Who is Bnaira?
Bnaira is one of the rich young guys who are smart enough to make money with cryptocurrency in Nigeria without defrauding others. He shows his luxury lifestyles on Instagram and that has motivated a lot of other Nigerians to start this business.
Since cryptocurrency is gradually gaining wide acceptance and people are making money with it, I’ll be showing you 6 ways in which you can make money with Cryptocurrency in Nigeria.
But before then, i will also like you to read this 6 ways you can make money on Instagram in Nigeria
How To Make Money Online with Cryptocurrency in Nigeria
- Adopting cryptocurrency as a means of payment:
This option will appeal more to business owners.
If you’re a business person you can may be thinking how is it possible to make money with Cryptocurrency in Nigeria where it’s not sold in banks.
One of the quirks of the crypto world is its constant changing value, owners of business can take advantage of this.
Once you begin accepting payments using digital currency, you can sell to people who wish to buy digital currencies, the value of the currency should be in your favor in respect to your business before selling.
This is not a safe way of making money with cryptocurrency but it’s a sure way if you can manage the risks involved.
- Through cryptocurrency trading
This is probably the best way to make money with digital currency in Nigeria – cryptocurrency trading.
Each type of currency has several different underlying factors which affect the price of it.
Bitcoin has certainly been the most successful one, but that’s mainly because of its wide acceptance. Especially if you go on to shop anything out on the online, you’ll wonder if Bitcoin is greater than US dollar.
There are several companies who provide the platform for trading cryptocurrencies in Nigeria, they include; Luno, Reminato, Quidax, paxful etc.
These companies bring together traders from all work of life together and makes it easier for them to trade on digital currency.
- Buy and hold digital currency
This is one of the easy methods in terms of how to make money with cryptocurrency in Nigeria. The process involves buying the preferred coin and holding until the price appreciates. Then, sell the coin for a profit.
The method is among the strategies that many investors in cryptocurrencies use. For example, when an ICO is announced, people buy the native coins in large quantities because the price is low. Then, they sell them for a profit when the tokens hit the market, and the price appreciates because of demand.
For those who will like to make cash with digital currencies in Nigeria you should try out this option. As I mentioned above, there are platforms which can assist you in achieving this.
- Earn cryptocurrency dividend
Another smart way to make money with cryptocurrency in Nigeria is buying and holding the coins that pay dividends. Some cryptocurrencies, especially those that use a proof of stake (PoS) consensus algorithm, encourage people to buy the native coins and holding them to secure the network.
In return, the coin holders are paid a dividend. This method was thought to be a better way of securing the crypto network as coin holders would find it hard to conspire to harm the network holding their investment.
Some of the digital coins that delivered high returns to investment to holders include Bitcoin, Ethereum and Reddcoin and I will say you take advantage of this.
Mining is another way to make money with cryptocurrency in Nigeria.
I’ll that this is the most difficult way to make money with digital currency, because of Its technicality. People turn to mining for one of two reasons: either it’s their hobby or they hope to make it rich. If it’s a hobby, you can use your own computer with no additional investments.
Types of Cryptocurrency Mining
There are three basic types of mining – Home, cloud and industrial or large scale mining.
- Home mining
In home mining you have to spend longer hours at your computer resolving algorithms that become more and more complex. You should note that the price of computing power rises as cryptocurrency prices fluctuate, the possibility of returns becomes uncertain.
- Cloud mining
Miners turn to cloud mining to slash hardware and energy costs by leasing mining hardware or hashing power from a remote datacenter.
There are companies which offer cloud mining but most of them are not profitable.
- Large Scale mining
Large-scale commercial mining uses powerful processors that draws several megawatts of electricity, enough to light a thousand houses .
If you’re willing to make huge bucks I’ll advise you go for mining cryptocurrency, but remember you’ll have to invest a lot in it. Internet connectivity isn’t that great in Nigeria, the same can be said with our electricity. If you can make provisions for these you’ll be making a lot money from cryptocurrency.
- Free cryptocurrency
Earning free digital currencies is another way to make money with cryptocurrency in Nigeria. Some of us may not be able to afford the price for purchasing cryptocurrencies which is why there’s a free option, but you won’t earn that much.
There are many website or apps that offer free cryptocurrencies. They are called ‘faucets‘.
Since Bitcoin is the more popular cryptocurrency among others, most of these faucets offer free Bitcoin.
These faucets have you do menial tasks such as solving captchas, playing games, clicking on ads, or watching videos. For each task you do, you earn a small amount of Bitcoin.
Example is Freebitco.in this is a website that offer certain amount of bitcoins for solving captchas. Freebitco.in offers you little amount of bitcoins every one hour, that is after earning you’ll have to wait for the next hour to earn again. Before withdrawing from the platform, you’ll need to get to a specified amount.
They also do jackpots which you can partake in.
This way of earning isn’t really an option for people who are already involved in hectic, full-time jobs.
In conclusion, making money with cryptocurrency in Nigeria is really viable. Some have taken it as a full time job while others see it as a means of earning passive income. I know of a woman, trading cryptocurrency has become a full time job for her, she stays at home making cool cash, she uses the profits to train her son in who’s in one of the higher institutions.
So if you’ve been nursing the idea of starting the time is now, why not join others who are earning massively from this?