Nigeria is a country with diverse people. One of the things all these people have in common is their attitude towards making money. Nigerians are very hardworking people; they will seize the slightest opportunity to make money. One dominant slang among these people is “hustle go pay one day.”
Fair enough, a sizable number of the Nigerian populace are on the internet looking for opportunities to make money with cryptocurrencies. If that is what you’re looking for, then we can assure you that you’ll find the answer in this article.
There are numerous opportunities for making money with cryptocurrency in Nigeria, we will discuss five primary ways, namely:
- Accepting cryptocurrency as payment for services rendered
- Community Management.
If you are interested in trading Cryptocurrencies in Nigeria, there are steps you can take to achieve this. There are several Cryptocurrencies in Nigeria. Examples of these Cryptocurrencies are Bitcoin, XRP, Litecoin, Ethereum, USDT, and Tronix (TRX).
The best way to make money off these cryptos is to day-trade them. You buy when prices are low and sell when prices are high; that is the most profitable way to trade. However, you will need expert guidance to do this, which is what we offer at the Smart Investors Lodge.
To trade cryptocurrency, you need to register on an exchange. Exchanges like Binance, Quidax, OKEx, and FTX are reputable and are trusted by many crypto traders in Nigeria. We discussed the ways to go about registering on these exchanges in a preceding article.
Aside from day trading, one can also invest in cryptocurrencies, by buying them to hold and sell at a future date.
To further demonstrate how profitable it is to invest, we will cast our minds back to how much a Bitcoin was worth ten years ago. In 2010, Bitcoin was worth $0.08 or about 8 naira. At the time of writing, a Bitcoin is worth more than five million naira.
This is not to say that investing in Bitcoin now will make you instantly rich. Just as it has taken a decade for the amazing returns cited above, one could become wealthy by investing in Bitcoin and holding the asset over the next decade.
If you have a lot of capital to play with, you may also want to consider holding other top cryptocurrencies by market cap.
Accepting cryptocurrency as payment for services rendered
Apart from trading them, the acceptance of crypto in Nigeria paves the way to get paid in cryptocurrency.
You can offer a service such as freelance writing on AnyTask, an Electroneum-powered platform, and get paid in ETN. You can then sell your ETN for BTC on supported exchanges like KuCoin before sending to a local exchange, and then selling into Naira.
If you already work or do business with foreign clients, you can suggest that they pay you in Bitcoin. All you need to do is send your address to the creditor who must have a crypto wallet to make payment in crypto.
With the wide difference in exchange rates, it is safe to conclude that receiving payments via Bitcoin is safe since crypto exchanges offer favorable rates when compared to banks. Bear in mind, though, that unless you’re accepting a stablecoin like USDT, the value of money you receive could fluctuate depending on when you chose to sell your assets.
A crypto airdrop represents free tokens. People earn these tokens by performing simple tasks on social media platforms. The frequency of these airdrops are for new cryptocurrencies. It is to boost the user base and publicity of the token and comes up a month or more before the initial coin offering (ICO) or full public release.
Airdrops of established cryptocurrencies are rare, for instance the rare UNI airdrop to people that have used the Uniswap exchange protocol. To earn free coin from such airdrops, you will have a certain amount of the coin or trade a specific volume to get it.
Some other tasks assigned that may need to be carried out include; referring people to the airdrop to earn more tokens, or making a post about the project on your social media handle.
Freelancing for Crypto Websites
To provide more education to the masses, it is vital to make written materials available to them. We see the rise in the number of blog sites that cover cryptocurrency as their field to satisfy the people’s need for information. Without the help of a few people, these sites will not provide information at the right time.
As a new source of income, many are thriving on writing articles on cryptocurrency, and it’s surrounding features. You can apply at one of these blog sites to indicate your interest in writing for them. The fact that there are not many writers that understand the crypto industry, means you can get highly secured gigs if you spend quality time studying the space.
To establish a sound crypto community, it is essential to hire a good community manager. Community management, as the name implies, controls the affairs of a crypto community. The manager will be in charge of organizing meetings, advertising, and handling any event he plans.
A crypto community manager must have a good knowledge of cryptocurrency, must be available at almost anytime, must be able to resolve conflict, and must think fast.