How to make money with cryptocurrency in Nigeria
Today, we’ll be discussing how you can invest in crypto in Nigeria and make money from it.
The question, ‘how to make money with cryptocurrency in Nigeria has been one of the frequently asked questions from our readers in recent times.
Hence, we decided to provide the needed answer in today’s post.
Please note that this is a beginner’s guide for those looking for the simple ways they can cash out from cryptocurrency.
Before we delve into our topic properly, it’s important that I clear the cloud around bitcoin and cryptocurrency.
Many people don’t know the difference between the two and it’s quite confusing to them. Let me clear these terms.
A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services but uses an online ledger with strong cryptography to secure online transactions.
Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward.
Bitcoin is a first-ever cryptocurrency that was founded by Satoshi Nakamoto in 2008. It was started as open-source software to transfer money.
Bitcoin is a digital currency that can also be called a crypto-currency which was mainly created in order to speed up cross-border transactions, reduce the government’s control over the transaction and simplify the whole process without having third-party intermediaries.
Not having intermediaries has brought down the transaction costs significantly.
In order words, crypto is the broader term for digital currency while bitcoin is a type of crypto, a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer.
Now that we are clear on what crypto and bitcoin are, let’s get to our main discussion of how you can make money from crypto.
How to make money from crypto in Nigeria:
- Peer to peer trading
Peer-to-peer cryptocurrency trading is one of the most common as simple ways to invest in cryptocurrency in Nigeria.
This is simply buying crypto at a low price and selling it at a higher price. For you to make money with peer-to-peer buying of cryptocurrency, you need to buy the crypto coin from one platform and sell it on another platform.
Before buying or selling your crypto coin on different platforms, you need to compare the prices of different platforms.
Since the price offering at different platforms varies, you can make money when you buy crypto where it is cheaper and sell it where it would be bought for a higher price.
If you successfully trade your crypto this way, you will be making some cool profit.
- Accepting cryptocurrency as payments
One of the tested ways to make money from bitcoin in Nigeria is accepting it as a form of payment for your online business if you have one.
Accepting crypto as a method of payment in your business opens a new world of opportunities for you since more and more companies globally are now accepting crypto.
You not only attract smart savvy buyers and but you also benefit by having some crypto in your wallet or account which you can invest and gain from the profit.
- Investing in cryptocurrency
Investing in bitcoin is another way to make money from cryptocurrency in Nigeria.
Since prices of bitcoin fluctuate, you can buy some bitcoin now and leave it making your digital wallet grow for some time, then, sell it making a huge profit if you target the right time to cash out.
Investing in crypto is similar to how you invest in your stock exchange, for example, the Nigerian Stock exchange or foreign exchanges like the New York foreign exchange or similar ways to invest in Nigeria.
You buy now, keep tabs on the prices as they fluctuate so you can target selling it when it’s most profitable to make the move.
This is one good way to make money from crypto in Nigeria without much stress. You may want to talk with experts in crypto on how you can read the trends in bitcoin so as to target the right time to sell.
- Crypto influencers
If you are a crypto enthusiast, there are now many opportunities to make money with crypto in Nigeria.
Combined with knowledge of bitcoin and other crypto coins and passion for this field, you can become a crypto influence in Nigeria.
Becoming a crypto influencer is one of the most lucrative ways you can make money with crypto in Nigeria.
For one thing, many crypto and bitcoin marketers are looking for influencers who have niched themselves in crypto and are can help them promote their brands.
Since they already have a large audience that believes in them, crypto influencers can easily convince their followers to trade with certain cryptos or invest in others.
So, if you have all it takes, start pitching your tent in that line now and you will soon become the go-to person when the brand thinks influencers.
This is how you can become an influencer on Instagram and start making money from crypto.
- Crypto coding
Like I hinted earlier, crypto is one of the newest and coolest ways to make money online. For this reason, many peer-to-peer platforms to buy and sell crypto are coming up daily.
Different platforms to invest in bitcoin and other coins are also emerging all the time.
All these platforms are website and app-based, thus, need for coders who can design good, user-friendly, and easy-to-navigate platforms for these investors.
So, if you are a programmer or coder, this is a great opportunity for you to pitch your business to people that are willing to start a crypto platform using web or Apps.
You may need to familiarize yourself with how a typical crypto or bitcoin platform website works so that you can have an idea before you start getting gigs.
This is one of the fastest ways to get money out of Cryptocurrency.
- Earning bonuses
You can also make money with bitcoin in Nigeria by earning bonuses from crypto platforms.
This is a good way to start with earning with Bitcoin if you are a newbie. It is not only a good source of income but also an opportunity to learn to trade.
One thing though is that you may not be aware that the bitcoin bonus has been sent directly to your bitcoin wallet. To forestall this, you need to pay attention to the bitcoin wallet and check it.
- Cryptocurrency niche blogging
Personally, for me, I love this one.
Of course, many people in Nigeria are looking for ways to invest in crypto as time goes on and more people begin to accept crypto as a viable means of payment for their businesses.
This interest would mean more people will begin to make Google researches on how to go about investing in crypto.
Blogs about crypto will continue to attract more traffic more than ever before, and bloggers will in turn earn money based on the amount of traffic that you are able to attract to your blog.
This also applied to YouTube channels about crypto, more people will visit such channels to learn more and clear whatever questions they have about crypto investment and bitcoin.
Apart from Google AdSense, a cryptocurrency niche blog also make money from sponsored posts and direct brand adverts from bitcoin platforms or other cryptocurrencies.
These are all good ways to make money from bitcoin in Nigeria.
This post will be updated from time to time to review other ways to make money with cryptocurrency and bitcoin in Nigeria as other ways of investment ensues.
That’s it on how how to make money with cryptocurrency in Nigeria.
As always, if there is anything I didn’t touch on in this post, feel free to let me know in the comment session.
Also, let me know if there is anything you want me to talk about in the blog or my YouTube channel.
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