Some people believe that cryptocurrency is the currency of the future. Regardless, cryptocurrency has proven to be a defining factor that cannot be ignored.
There is no doubt that dealing with cryptocurrencies has made many people millionaires. BITCOIN, the flagship cryptocurrency, has increased by more than 800%. Some large corporations around the world now accept it as a form of payment, and some countries use it.
Despite the Central Bank of Nigeria’s opposition to the tender in Nigeria, Nigerians are among the most active users of blockchain networks and sites. Constantly trading primarily through P2P.
How to Make Money in Nigeria with Cryptocurrency
Making money with cryptocurrency in Nigeria can be both complicated and simple. The most obvious method is to hold and trade coins at a higher price. This is what the majority of people do. However, there are other ways to make cryptocurrency much more profitable. In this article, we will discuss some of the ingenious ways to profit from your cryptocurrency transactions.
This is a very popular program with people who are familiar with computers. But a lot of people don’t know that you can make money by joining an affiliate program. The way this program works is that you basically get a free coin anytime you refer someone. Once you register as an affiliate, you get a link that can be posted for people to use in registering. After each referral, you would get a commotion, usually in the form of bitcoin.
People that have a large social media influence can make a lot of money from this platform because of the number of people they can refer. Also if you are into YouTube or you own an active blog, you can also use this medium to get free coins based on referrals.
However, you have to read the terms and conditions of the platform because each platform has different conditions before you can earn.
Understanding the Cryptocurrency Business
Cryptocurrency dealings is not just about buying and selling coins, understanding what you are doing would give you an edge to make more from it. Be active in these sites and make sure you understand the way coins build up.
In as much as cryptocurrency is very volatile, constant following and understanding can lead one to understand the factors that influence the volatility of the coins. For instance, the Elon Musk saga with Bitcoin a few months ago affected the price of the coin. China ban also did a little damage. When you understand all these, you can know when to buy and when to sell.
But the best thing about understanding the cryptocurrency business is that a lot of people don’t and they would always seek your help and expertise to trade successfully. You can charge for the assistance, create a platform to inform people about the best options, and even train people that are willing to pay and learn some skills.
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Starting your own Cryptocurrency Business
Like every other business venture, it is not easy to own a cryptocurrency business. It requires dedication and persistence. But if you do everything right, you can benefit from the crypto wave and make a lot of money from it. You could create a peer-to-peer platform that would allow people to transfer from one person to another.
You could also create a platform that would update people on timely basis about the dealings in the crypto world. It is a very tricky thing because you would need to build integrity but with time, people would start relying on your platform and you can charge a token for the minor transaction they engage in.
This is the most popular way to make money from cryptocurrency, buying at a low cost or deep and selling at a higher price. Although it can be tricky because a lot of things can change but this is easy to achieve if you are patient enough. With the currency devaluation in the country, cryptocurrency is always a better way to save your money.
But there is another way of trading that can be even more profitable. The Day trading is another thing that can be used to achieve your money faster. Although it is a high-risk, high reward kind of situation, but if you don’t want to wait for weeks and months, you can engage in the day trading of your coin. You can look for an experienced trader to teach you some techniques and make a real living by trading every day.
Mining of Bitcoin
This is a long-term investment. It requires a lot of money to get mining equipment like mining rigs and the electrical bill is enormous. Although, if you are ready to put in the time, money, and effort, the reward is even better.
Mining is becoming popular in Nigeria because of the way Nigerians have responded to cryptocurrency. Some people come together to embark on the mining project and see it through. It can be a very rewarding experience in the end.
Presenting your Skills to Cryptocurrencies Platforms
There are a lot of cryptocurrency platforms and they are always looking for people with certain skills like digital marketing, content development, and the rest. If you are good enough, you can apply for these jobs and help trade your services for financial incentives. Usually, these jobs are remote and if you are very good, they increase the incentives.
Helping with Micro-task for Cryptocurrencies platform
Many platforms always search for people who have the time to help them in some micro-task. They usually pay them in cryptocurrency. If you are actively engaged in the crypto world, you can carry out some of these takes which usually involve watching videos or viewing an advert.
Some might even require you to carry out a survey. These are some of the easy ways to make easy coins from some platforms. Coinbucks and Bitcoins Rewards offer these opportunities.
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