In this article, i will be sharing with you the top 5 actionable ways to make money with cryptocurrencies in Nigeria 2020. If you have ever thought about this or you don’t understand what cryptocurrency is all about, then this article is for you.
If you are reading this article, chances are that you may have heard about cryptocurrencies before now. However, the operation of cryptocurrencies and how to make money with it is still largely an uncharted area for most Nigerian entrepreneurs.
While there are many ways to make money online in Nigeria, and many investment opportunities available for us, the one truly great and profitable thing to invest in is cryptocurrency. Regrettable, due to ignorance, many Nigerians have not been able to key into the world to digital currencies to reap its benefits.
Because of this gap in knowledge, the few persons who have mastered the act of making money with cryptocurrency in Nigeria are reaping the huge benefit therein.
With this awareness, you now understand why you need to know more about the workings of cryptos and how you can deploy that to your advantage. If you are excited about that, lets get started right away.
What Is Cryptocurrency All About?
While we all know what currency is, many folks still struggle to understand the concept of cryptocurrency. Thomas Carper, a US Senator once said that
Cryptocurrencies have captured the imagination of some, struck fear among others and confused a heck out of the rest of us…
Cryptocurrency is simply a medium of exchange on the internet that relies on cryptographical functions in the conduct of financial transactions. Unlike the physical currencies we are all used to, cryptocurrencies don’t have any authority as its highly decentralized.
Transactions can be carried out between 2 persons directly without any third party mediation. While there are many cryptos out there, bitcoin still remains the first and most important of them all. Hence, our discussion here on the best ways to make money with cryptocurrencies in Nigeria will focus mainly on bitcoin – how to earn bitcoin fast in Nigeria.
5 Actionable Ways To Make Money With Cryptocurrencies In Nigeria
Below are the list of 5 actionable ways to make money with cryptocurrencies in Nigeria 2020:
- Cryptocurrency Hodling
- Trading Of Cryptocurrencies
- Cryptocurrency Mining
- Cryptocurrency Faucet
- Cryptocurrency Gambling
These ways will further be analized below
When we talk about hodling as a practical of making money with cryptocurrencies in Nigeria, we mean the act of buying cryptocurrencies and holding them for a while until their prices skyrocket. Once the prices are high, you can resale them at the current market price with huge profit.
One good thing about cryptocurrency hodling is that no matter how low the price of cryptocurrencies may be at the moment, you are certainly sure that in the nearest future, the price must rise.
From the graph above, you can see the rise and fall in the prices of cryptocurrencies (Bitcoin). Assuming you bought a 1 bitcoin in February at 1million naira, and you deliberately left it until the price increase in January, you can sell it as much as 4million naira.
That is the real meaning of cryptocurrency hodling, and the reason we recommend it first as one of the best ways to make money with cryptos in Nigeria.
Trading Of Cryptocurrencies
Just like people trade physical currencies on Forex trading, you can equally trade your cryptocurrencies in Nigeria and make a lot of money. Like the traditional forex, the secret has always been a proper analyses of the market chart to know when to buy low and exactly when to buy high.
While it’s a bit risky, I would advise you to thoroughly learn and master bitcoin trading from renowned experts on this field before investing and trading your cryptos on these trading platforms.
One approach i use when trading my cryptocurrencies in Nigeria is the principle i call the Up Down principle. If i buy in this minute, the next munite i must sell, no matter what the result of the first action was. If i lost the first trade, i must invest a bit more than the first one so that when i win it, it can cover for the lost of the first one with all the accumulated profit. With this approach, if i trade for 1 hr, am sure to leave with a profit, and never at a lose, because any lose brings me closer to making even more profit…
However, for the non initiates who are still new in cryptocurrency trading, the recommended option has always been to buy small at regular intervals and equally selling at regular intervals too. Though this approach is really not perfect, if you master it as a beginner, it can be a rewarding thing to do.
Mining is among the best ways to make money with cryptocurrencies in Nigeria easily, that even a novice can start multiplying his cryptos in days.
It should be stated here that while bitcoin mining used to be very simple in the past, it has increasingly become very difficult these days. However, with the right knowledge, you can still make money with your cryptocurrencies in Nigeria with mining.
You may ask, what is bitcoin cryptocurrency mining?
Bitcoin mining is the process of using advanced computer softwares to solve complex arithmetic problems with the aim of gaining some bitcoin in exchange for the service thus performed.
While the purpose of this article is not to teach you how to mine cryptocurrencies, you can read up about it and follow the experts to understand how to more about making money with cryptocurrencies in Nigeria 2020.
Well, we all know that cryptocurrencies are getting more and more expensive by the day. The price of 1 bitcoin is more than 1million naira. Since most of us can’t afford to buy cryptocurrencies to invest, the best way to make money with cryptocurrencies in Nigeria is to earn it free.
Can I earn cryptocurrencies free? Many Nigerians have asked if there is a way to earn free cryptocurrencies, and the answer is yes, you can earn free cryptos through faucets.
Faucets are sites that rewards you with free cryptocurrencies upon the completion of certain tasks they require from you. The required tasks may range from filling of surveys online, commenting on Facebook pages and following people on Instagram, etc. However, the amount of money you make with cryptocurrencies in Nigeria with this approach is usually not much.
While we at cyriltips.com don’t encourage gambling, crypto gambling still remains one of the practical ways of making money with cryptocurrencies in Nigeria 2020.
Like every other gambling, cryptocurrency gambling comes with its own loses and wins, and the best site to start with includes Bitstarz and Mbit. You can check out the sites to understand more about how to play casinos and win some cryptos.
How To Identify Shady Cryptocurrency Investment Websites
Even when we encourage the investment of your cryptocurrencies, you don’t really want to invest in websites that have certain red flags in them.
Below is how to identify shady or scammy cryptocurrency websites, so you can avoid them as much as you can:
- Ponzi Scheme: Ponzi scheme or pyramid structured websites are among the shady cryptocurrency websites that you should avoid investing your cryptos in as much as possible. By their very nature, the first set of investors mostly benefit from the scheme. However, later investors are usually the ones that pays the ultimate price.
- High Return Websites: Avoid any site that promises you the double of your cryptocurrency investment within a very short time. These scam sites uses enticing offers to lore the unsuspecting individuals into their scheme in order to scam them of their cryptocurrencies. Before investing, ensure you research and understand the formula of the business and how the profit will be made, else, just leave it.
Generally, cryptocurrencies have come to stay. This is so because a lot of experts sees it as the future of currencies. Regrettably, many Nigerians are still in the dark as to the potentials of making it big with cryptocurrencies.
Just like we said earlier, you can make money with cryptocurrencies in Nigeria through Hoding, trading, mining, cryptocurrency faucets and crypto gambling.
While all these are the viable means of making money with cryptocurrencies in Nigeria, You should however not major in all of them. Look at the one that works best for you and stick to it. There is a lot to be made with cryptocurrencies, keep learning and you will be glad you did soonest.
Still got some question? Feel free to use the comment section below, and we will be glad to assist you in any way we can, thanks. If this article was useful for you in any way, use the share button to share it with your friends you might be in need of it.