How to make money with bitcoin and other cryptocurrencies in Nigeria
The internet is a wide world with so many opportunities flying around waiting for us to catch up. One of those opportunities is cryptocurrency.
Most of us will be thinking is it truly possible to make money with cryptocurrency in Nigeria. I’m here to assure you that it’s so possible and achievable in as much you know the right way to follow.
We have heard so many people making a lot of money in the crypto world, people from this same Nigeria not only the whites, so why do you think you can’t make money with it too?
I’m here to show you the ways and how to invest in cryptocurrency in Nigeria this year 2022.
In the course of this post, I’ll be following the below outline as I try to show you all the means and methods to make money and earn a living with this same Bitcoin and cryptocurrency.
- What is a cryptocurrency and how does it work?
- Is it possible to make money with crypto?
- How to make money with cryptocurrency
What is cryptocurrency?
Cryptocurrency is one of the most civilized means of buying or selling in this age. It’s full of so many advantages and I guess that’s the reason why so many people prefer transacting using it to our normal currency.
Cryptocurrency is an online currency that is stored in a place called Blockchain. It can be used for buying and selling of any kind as much as you know how to use it.
Bitcoin is the first and the most expensive cryptocurrency because every crypto coin has its value and worth.
Let’s say the worth of one Bitcoin is $50, having 10 Bitcoin will be $50 multiplied by 10 and that’s somehow huge.
Advantages of cryptocurrency
1. The currency isn’t controlled by anyone
One of the major setbacks in our banking sector is the fact that the currency is controlled by the government.
In Nigeria, the government may come tomorrow with a policy saying you can’t have more than 50million naira in your account and because our naira is controlled by the government, we have no choice but to adapt.
But in cryptocurrency, no one has power over the currency, not even the founder.
2. The currency is traceable
This means every piece of crypto coin that has been mined has its unique identity and this makes it possible to trace the whereabouts of a particular coin.
This feature is so important if probably your cryptocurrency was stolen by someone. You can trace the movement of the coin but nevertheless, you may not know the person who stole it because owing a cryptocurrency doesn’t really require your identity.
3. It appreciates
This is the most important feature of cryptocurrency. Looking at our normal currency, especially in a country like Nigeria where we have been battling with the rise of the dollar.
This has affected so many people’s purses as you may have a lot of amount in your account today and wake up tomorrow to see that the rise in the dollar has rendered your money useless.
But in cryptocurrency, the earlier you bag a particular coin, the better because the coin will keep on appreciating its value and this is a source of wealth for you.
There was a time when Bitcoin was sold for just $1 but right now, Bitcoin is worth a thousand dollars.
4. You can buy and sell using cryptocurrency anywhere
This is another awesome feature of cryptocurrency. As a Nigerian, if you are traveling to any other country, it’s important you change your currency to their own if you want to spend it but in cryptocurrency, you can spend it just the way it is.
5. You have control over your own wallet
Owning a cryptocurrency isn’t as hard as we thought. All you need to own a cryptocurrency is just a wallet app that can be installed on your phone. With this app, you can buy, save and send out coins.
No third party is needed to validate your transaction and you have full control over your wallet.
However, it’s wise to choose a save wallet to avoid hacking.
How to make money with bitcoin and other cryptocurrencies in Nigeria
All foundation has been laid and all necessary knowledge has been taught, let’s go straight to the money-making part as promised.
There are a few ways to make money on cryptocurrency and I will say this, all of them have their risk though, the higher the risk, the higher the profit.
Also, you don’t need huge funds to start making money with cryptocurrency. As a matter of fact, you can start your crypto journey without investing a dime but just your time.
The following ways are how to make money rapidly with cryptocurrency in Nigeria.
- Spot trading
- Future trading
- Airdrops hunting
- Hodling
- Staking
1. Spot trading
Spot trading is one of the most common ways to make money with cryptocurrency.
What is spot trading?
Spot trading is a situation whereby a trader buys a cryptocurrency at a particular price and sells it off when he or she feels it’s alright to use their own assets.
Spot traders try to make profits in the market by purchasing assets and hoping they’ll rise in value. They can sell their assets later on the spot market for a profit when the price increases.
This literally means buying at point A and selling at point B which may be to your loss or profit.
Note: when you buy any coin on spot, you own the coin which means you can transfer it out of that exchange platform.
It’s true if you want to make money in spot trading, you will be needing a particular skill called technical analysis.
This skill will help you calculate the next step a coin will take maybe forward or backward and I can assure you that be it anyway the coin is moving if you’re sound in technical analysis, you won’t lose.
Spot markets are available on most exchange platforms like Binance, kucoin, and the rest. However, you should read our previous post that explains the advantages of various exchange platforms and how you can register them.
For beginners who are planning to start spot trading, I will recommend kucion. Kucoin gives you the chance to trade the cryptocurrency spot market with just $10 and you can make a lot of profit using just that amount.
Spot trading is one of the tradings in cryptocurrency you will need capital before you can make money with it.
How to trade spot
1. Register a very good exchange platform
This is the first step to take if you want to trade the spot market. Doing your research on exchange platforms will help you choose the best and these are some stuff you should watch out for when choosing your exchange platforms.
I. The transaction fee ( if it’s not too much)
Ii. The number of tradable coins on the platforms
Iii. The history of the exchange platform – it’s good to check this out by searching for their reviews online and also reading their playstore customer review.
Iv. The amount that can be withdrawn or sent. This is very important because many platforms have their withdrawal limit. If the limit is too low, then it’s not a good sign.
2. Fund your account
How to fund your account will probably be determined by your exchange platforms. Almost all platform has their own native coin.
For example, the Binance coin is known as BNB. If you really want a transaction done so fast in Binance, you should try doing it with their native coin.
If you’re planning on using Binance, there are so many ways to fund your account.
A. P2P(peer-to-peer)
P2P is a feature available on Binance where you can buy coins from other people using the app. This could be risky but it’s also good if you know how to.
Firstly check out the available seller bid and pick the one you want. So many sellers may bid their coin at a low price which means they may decide to sell their coin so low probably because of impromptu needs.
Contact the seller through the available information on the page and send your money.
Show the seller your payment proof and send them your address which can be gotten on the app.
Confirm once you receive your coin but if you didn’t see your coin within a short period of time, you can report the seller.
B. Friends
Most of us have friends and families that are already into cryptocurrency. You can purchase your coin from them instead of risking being scammed online.
C. Trusted vendors
We have so many vendors that can be trusted also but it’s wise to know the type of vendor you are buying from.
D. Do full research on the coin you want to invest in
This is where technical analysis comes in. You should know the type of coin to invest in.
Also, you can seek counsel from those who are trading already, ask them for guidance, and most times, they can give you what we call a trading signal.
This signal contains the name of the coin to buy, when to buy, the amount to buy, and when to sell. The amount you want to buy depends on the size of your asset but you can start with just $10.
3. Future trading
Future trading is considered the most profitable means of making money in cryptocurrency. However, it’s also considered the riskiest one as you can make millions in 1hour and your million can turn to nothing in just 30min…
It’s as crazy as that.
What is future trading?
Future trading is different from the spot but both can be performed on the same exchange platform (if the exchange platform has a future trading feature e.gBinance)
In the future, you can buy a coin with your minimum asset while the platform gives you additional leverage that aid your ability to trade such coin.
Understanding what leverage means for future trading is so important because it determines your profit or loss.
Leverage refers to using borrowed capital to trade cryptocurrencies or other financial assets. It amplifies your buying or selling power so you can trade with more capital than what you currently have in your wallet.
Depending on the crypto exchange you trade on, you could borrow up to 100 times your account balance.
This means you can trade a coin with $10 in the future and make X100 of the profit you should make initially because the platform is borrowing you the capital needed to earn that profit.
Trading with 10x means if the coin moves forward once, you have 10% of your actual investment and if it moves against you, you lose the same percentage.
It’s always advisable that beginners shouldn’t use more than 2x or 3x because that will limit their loss if they will lose at all.
One important thing to note also when going for future trading is what we call margin.
Margin as the name implies means the gap between your trade and your asset. This can view as a gate built between your trade and your wallet.
We have two types of margins
A. Cross Margin
Cross margin is that the margin is shared across all open positions. In other words, all funds in the available balance will be included no matter how much margin you invested in.
Let’s say you open a trade with $10 and the trade is trending downward, the trade will eat into your wallet if there’s any extra asset in the wallet.
And probably If the open position is forced liquidated, all your available balance will be counted in.
Liquidation means the trade went wrong and all your assets went with it. That’s one thing you want to avoid in future trading.
B. Isolated Margin
An isolated margin is to allocate part of the funds in the available balance to an open position.
If the margin you invested in is liquidated, any available balance will not be affected at all. To put it simply, you will just lose the extra funds in your wallet.
What margin is good for traders?
Both margins have their advantages and disadvantages but it’s good to know for yourself.
- Isolated margin is good for beginners because you are still new to the market and you won’t want to lose all your funds. It’s not good to know the first three letters of cryptocurrency.
- Isolated margin isn’t good also because it makes your losses unrecoverable. Once the assigned fund to a particular trade is liquidated using an isolated margin, the trade will close and you will have to record your losses.
- Cross margin is the fastest way to ruin your capital because if the trade didn’t turn out the way you want, then your fund is all gone with it unless you close the trade yourself.
- Cross margin will help you recover your fund if the trade went downtrend for some time. It’s normal for trades to go against you for some time and even your assigned fund to that particular trade may have been liquidated but if you are using a cross margin, the trade will still be opened and you may be lucky to have the trade back to your side. The profit will come in.
You may think your balance is safer with an isolated margin as a result of that you will only lose the margin invested.
How to start future trading
1. Choose your platform
I’ll recommend Binance because it’s the most popular and effective platform for future traders.
2. Determine your trading source.
This is so important for everyone going into future trading. You should determine where your trading information will come from.
We have so many channels to get trading information.
A. Personal Research
This can be done using technical analysis. You will be able to analyze the market yourself and decide what the coin’s next step is.
B. Social Media
Using this method is quite risky but it’s also effective if you’re following the right person.
We have so many cryptocurrency experts on different social media that post daily future signals for people freely.
You can try this out only if you trust the person posting it or if you could see that people are testifying about his or her results.
C. Paid Channel
We have so many technical analysis experts that has something we call signal groups. They share daily signals on those groups to members and their signals are considered effective as they do record up to a 90% success rate.
You can access this group with your money which may be huge or little.
D. Develop a Trading Plan
A trading plan can help you to manage risk better and help improve trading consistency.
When developing a trading plan, you must include a detailed layout of how you would enter and exit positions, including entry and exit indicators, position-sizing, and stop-loss placements.
The advantages of having a trading strategy are numerous, ranging from lowering stress throughout the trading day to missing fewer trades. Traders must become more conscious about their trading habits to make highly targeted developments and treat trading seriously.
E. Proper Risk Management
The most important thing about trading is risk management. It begins by simply setting bounds for what you deem is acceptable or unacceptable to lose in a trade.
When trading futures, each dollar should be treated as if it is worth 100x its actual value. If your account is worth $1,000, you should be highly averse to losing more than $10.
Having a long-term perspective requires traders to approach each trade with a clear strategy.
Winning in small quantities over time is vital to building a proper account.
Risk management strategies can help protect capital, enable realistic expectations, and avoid letting emotions run your trades
F. Trade Responsibly
Emotional and compulsive trading are considered forms of gambling behavior that can demise a trading career.
There are multiple ways to mitigate these psychological traits, such as minimizing leverage, decreasing the number of traders performed in a given period, setting conservative goals and targets, and never trading with money you cannot afford to lose.
Losses can stack up quickly and damage your capital, which is why letting losses go and avoiding “lucky runs’’ are responsible approaches to futures trading.
G. Continuous Education
Something about Bitcoin, or cryptocurrencies in general, is that it represents a new asset class so people are talking about it and working on making improvements every day.
This industry is constantly evolving, which is what makes it so exciting.
Keeping up with the blockchain industry and constantly looking for ways to improve your trading skills is necessary to remain on the edge of success.
Education will always help create more decisive insights into the subsequent market movements, allowing you to plan for what’s to come.
3. Airdrop Hunting
Airdrop hunting is one of the profitable ways to make money with cryptocurrency.
I talked about making money in the crypto world without investing a dime right? This is it.
We have so many people who never invested anything into cryptocurrency and they are making it so big just hunting airdrop. I know most of you will be wondering what airdrops are, let’s check it out
What are airdrops?
Airdrops are crypto tokens given out for free when you complete a particular task or you meet their eligibility requirements.
Almost all new cryptocurrency project did their airdrops. Times when they will share the coin for free so people can vouch for them and build their community.
This is because no exchange platform or decentralized exchange will abduct the coin if people can’t see any meaning in it.
The airdrop may be given to you because you perform some tasks such as referring people, retweeting a post on Twitter, sharing a post, like a post, joining a telegram group, or joining a discord group.
The most fascinating point about airdrop hunting is that there are always airdrops to hunt because there’s always a new project almost every day. This shows you how profitable hunting airdrop is.
At the time when the airdrops are distributed, the coins may not have any value at all which means you will have to keep them for some time but immediately the project is accepted by some major decentralized exchange like pancake swap, and the rest, you can exchange your coin for more valuable coin and sell.
However, you should note that there are so many shit coins flying around now. Shit coins are coins with no use case and this means they have no value.
There are some things you can consider in a project before opting for their airdrops.
They include:
A. Their Competency
You should check out their official website and see how competent they are. Also, you can check out their management board across all social media to know if the project is founded by popular people of paupers.
B. Their community
A project with a large community has a 75% tendency of surviving because the size of the community determines how fast the project will be abducted.
C. Their white paper
A white paper shows the sole purpose of a particular project. If you were able to find some achievable goals in their white paper, then you can go for it.
D. Their team
If probably you couldn’t verify the identity of their team or probably didn’t get much information on them because they are new to the internet, you should run.
In conclusion, Good airdrops should have a legitimate website, a high-quality white paper, and above all, a good reason to exist.
Also, legit airdrops would never ask for your wallet’s private key. Instead of asking for your private key, they should ask for your public wallet address because without it they can’t send you the airdrop.
So, don’t forget to do your homework and spend some time studying the company’s website and white paper.
How to hunt airdrops
A. Have a secure, safe, and separate wallet
This is the most important thing you must know as an airdrop hunter.
B. Having a secure wallet
We have so many wallets available right now in which trust wallet seems to be the most popular wallet. I will recommend this same wallet to everyone who’s planning to go for airdrops hunting.
Ii. Safe wallet
You should check out the security record of all wallets before using them. It’s good to know how strong they are against hackers.
Iii. Separate wallet
We have heard so many cases where people add a particular coin to their wallets and all the assets in the wallet were stolen.
That’s why you are always advised as an airdrop hunter to have a separate wallet for airdrops and a separate wallet for your main funds.
C. Be conversant with the social media
Social media is one of the most important tools used in airdrop hunting.
Many projects love to use social media as their tools in advertising their currency, so the only place to get first-hand information on cryptocurrency is social Media most especially, Twitter.
How to get airdrops information using Twitter.
Twitter isn’t just fun as a lot of airdrops hunters have been using it to make a lot of money. The question is how will you use it.
Register your Twitter account
Ii. Search the keyword cryptocurrency and follow anyone with a large number of followers. They are surely the ones with the trendy information
Iii. Search for the keyword airdrops. Those channels with this keyword are likely the ones posting about trendy airdrops.
D. Follow some websites
We have so many websites that will alert you immediately if any airdrop is available and these are the websites you should follow.
The following websites are considered the best when it comes to airdrops information
I. CoinMarketCap
CoinmarketCap is a price-tracking website for digital assets of which cryptocurrency is one of them.
If you are really after good airdrops, you should consider using this website.
CoinMarketCap’s mission and sole purpose is to “make crypto discoverable and efficient globally by providing users with unbiased, high-quality and accurate information for drawing their own informed conclusions.”
Every coin or token listed on the website shows users everything they need to know. This includes the tokens’ contract addresses, website, and other contacts, blockchain, and real-time price, and also tells whether the token is being tracked or not.
On CoinMarketCap’s lists of airdrop campaigns, you’ll find three categories: ended airdrops, ongoing airdrops, and future airdrops.
While users can participate in “ongoing airdrops,” the airdrops in the “future” category let users have the chance to be in the know when the airdrop goes live. You can simply whitelist the airdrop, and you’ll get notified hours before it goes live.
Ii. Airdrops.io
Airdrops.io is a free repository of airdrops. As stated on the website, airdrops.io is “a free aggregator for crypto airdrops” and has no involvement whatsoever in the airdrops published on the website.
Whereas they make efforts to publish legit airdrops, you are advised to do your own research before investing in a token presale offer and make no mistake of sharing your private info.
Airdrops.io has six categories of airdrops: Latest, Hottest, Holder, Potential, Retroactive DeFi Airdrops, and Non-Fungible Token (NFT) airdrops.
The website has a huge volume of airdrops on its page. To maximize the website and guard against fraud, check with CoinMarketCap when in doubt.
To keep abreast of the latest or upcoming airdrops, you can subscribe to their newsletter, and receive airdrop notifications in your emails.
Iii. Airdrop alert
Airdrop Alert is a free resource website, that helps people locate legit airdrops and giveaways in the world of cryptocurrency.
However, it’s a common practice among crypto enthusiasts to always do your own research (DYOR) before committing to any airdrop campaign.
Airdrop Alert shares similar features with both CoinMarketCap and Airdrops.io. It has a rich list of airdrop campaigns categorized into DeFi Airdrops, NFT Airdrops, New Airdrops, Featured Airdrops, Exclusive Airdrops, and Upcoming Airdrops. Like CoinMarketCap, the website also lists past airdrops.
Aside from crypto airdrops, Airdrop Alert helps crypto newbies learn everything necessary through the many resources on their blog.
Want to receive airdrop news in your email? You can subscribe to their newsletter.
Iv. Airdrop king
Airdrop King is another awesome tool for airdrops hunters that provides well-researched and detailed cryptocurrency airdrops for crypto enthusiasts, helping them make money with minimal effort.
Unlike the other three, Airdrop King goes the extra mile to rate each option and provides enough information to help you get the best out of any airdrop.
4. Hodling
Don’t check out the spelling. It’s correct
In the crypto world, we have so many words that are considered slang used only by traders.
Hodling is another means you can make money with cryptocurrency in Nigeria.
What is hodling?
Hodling means “holding a cryptocurrency” for future profits and not selling. The term came from the misspelled “I am hodling” in an early Bitcoin forum when the crypto’s price was dropping.
This is the situation whereby you keep your asset with the mindset that it will increase in the future.
This is one of the best ways to make money in cryptocurrency and it’s always a better way to start for beginners because it will teach you patience.
However, you must be conscious of the coin you’re hodling because we have so many shit coins as stated before, and also we have so many greedy projects that are only founded just for self-gain.
How to know the coin to invest in
The first step is to examine what to look for before choosing to trade or HODL a particular coin/token.
My considerations below are based on a moderate to low risk appetite. A high-risk trader or investor will ignore some of the things that I consider seriously.
A. Use Cases
The coin must be solving a real-life problem. That means it must have some really good use case that justifies its purpose of existing in the first place.
When investing in any cryptocurrency or ICO, it is important to identify the core features of a project that differentiate it from every other coin on the market.
For instance, when Bitcoin was first introduced, there were many clones of the original Bitcoin with minor tweaks such as an increased supply, quicker transaction times, or just a name change.
Fast forward to today and you’ll find out that most of these clones are dead. The only ones who made money were the creators of those copycat coins.
The best example to prove this point is by looking at Ethereum. Unlike Bitcoin, Ethereum’s focus was not only to become another digital store of value. Instead, the founder realized that the same technology used to perform transactions digitally (the blockchain) can also be used to transfer data and information.
B. The Team
Preferably, the team behind the coin must be known or if they’re anonymous, you should be able to identify one or more prominent institutions or individuals who have invested in the project.
Especially individual or corporate investment funds. Is the team competent, experienced, and passionate enough to realize the vision of the project? What is their track record?
Liquidity. Does the coin have sufficient liquidity on exchanges? Can you easily spot-buy and sell at any time? Does it have enough liquidity, especially for the amount of capital you want to trade with?
C. Examine the historical price performance and development of the coin
Does it have a healthy growth pattern? Is it characterized by a PUMP and DUMP scheme? If yes, then it may be wise to avoid such a coin.
Healthy growth will mean that the price movement follows the normal up and down movements characterized by any trading asset and the project is building partnerships and crossing out items on its roadmap.
Anything short of this is a bad signal.
A coin that checks ok with the above features is the one you should be risking your hard-earned money on, trading and HODLing.
D. The white paper
When a cryptocurrency raises money for an ICO, the team will come up with a document called a whitepaper.
The white paper simply includes:
What the project is about. The white paper will explain the vision of the project, the goals it hopes to achieve, and the technology of the coin.
The amount of money needed to be raised for the project.
The number of tokens or coins allocated to investors. For example, Ethereum allocated about ~80 million ETH for its ICO. In general, the fewer tokens issued, the higher their value will be due to limited supply.
The length of the ICO campaign.
If you’re going to put money into an ICO, the white paper must be the first thing you read.
It may be boring or too long to read, but the white paper lays out the company’s risks and opportunities, along with the proposed uses for the money raised by the ICO.
For example, the white paper will explain if the coin holder is going to have voting rights, or if the coin pays out dividends based on the number of coins you hold and when those dividends are paid out (monthly, yearly, etc.).
If a white paper is overly optimistic, stay cautious as inflated goals often lead to disappointment.
Also, if a white paper is needlessly complex (too much jargon, vague explanations, complex English, etc.), be wary as they may hide the team’s incompetence by deliberately making the project hard to understand.
Those are the important things to note before investing in a project.
How to Hodl Crypto:
A. Get a very secure wallet
This is quite important because you will have to be keeping your coin for years in some cases so it’s better to have a well-secured wallet.
B. Research the project you want to invest on
DYOR means “do your own research” and it’s a very common acronym in the crypto world. You should know how to do your own research, and sort out the good and bad projects using the criteria listed above.
C. Don’t give your keyphrase to anyone.
Your keyphrase is the password that gives you access to your wallet which means once anyone has the access to your keyphrase, then all your funds are gone.
No legit project will ever ask for your keyphrase because they don’t need it.
D. Know when to sell
Knowing when to sell is one of the qualities of a good trader and for you hodlers, these are the signs you should watch out for when hodling.
- A cryptocurrency that’s getting less and less discussed is one that’s potentially dying out.
Crypto runs on hype which means the more people talk about a coin, the bigger the project becomes. When you have a coin and you notice people aren’t talking that much about it again, sell it off.
- When the government is banning the coin or cryptocurrency at large.
This is a big sign to watch out for. Whenever the country of a particular project is banning cryptocurrency or that particular project, it’s time to sell.
- It’s good to sell off a coin that doesn’t make any sense again.
Most of the coins known as meme coins are useless coins because they were founded for self-gain. You should sell them off after making a little profit from them because it’s sure they are still coming down.
Tips to know as an hodler
- Prepare for volatility
Bitcoin is one of the most volatile assets in the world, and altcoins are even more volatile than Bitcoin!
Massive volatility (big price swings) is what gets hodlers huge returns, but it can work the other way as well. For example, in March of 2020 BTC went down 50% in one day! That was an unusually large drop even for Bitcoin, but BTC regularly goes down by 30% or more in a bear market.
Hodlers have to mentally prepare for big drops and accept them as a normal part of investing in crypto.
- Think long term
By definition, to hodl crypto, you need to keep the investment for a long time. Bitcoin typically has a four-year market cycle and many hodlers plan to keep their crypto for several years or more.
For people just getting into crypto, it’s probably smart to have a 3 to 5-year timeframe.
While it’s very possible to make a lot of money investing in crypto, achieving big gains can take a while. Plan accordingly and keep the hodl mentality strong.
- Get a hardware wallet
A hardware wallet is the safest way to hodl crypto. Before you can send a transaction from a hardware wallet you’re required to press a button on the device.
Even if a hacker gains control of your computer, he can’t steal your crypto from a hardware wallet.
Whether you use a hardware wallet or desktop software wallet, the number one rule in crypto is never keep your coins on an exchange! Hodling Bitcoin on a cryptocurrency exchange is one of the riskiest things you can do with your money.
- Don’t day trade
As a hodler the worst thing you can do is day trade crypto. The entire idea of the Bitcoin hodl is that we can all do it.
Anyone can buy and hodl Bitcoin, you don’t need to know charting, technical analysis, or how the options and futures market work.
5. Staking
Staking is also a means of making money in cryptocurrency but it’s not as complex as the other mentioned ways.
Staking is the process whereby you lock your asset upon the assets pools just to get interest and dividends.
You can think of it as a savings bank account where you keep your money for a long time and little interest is paid because the bank has been using your money by borrowing from business owners.
The reason your crypto earns rewards while staked is that the blockchain puts it to work. Cryptocurrencies that allow staking use a “consensus mechanism” called Proof of Stake, which is the way they ensure that all transactions are verified and secured without a bank or payment processor in the middle. Your crypto, if you choose to stake it, becomes part of that process.
This is quite a smart way to earn but it requires adequate knowledge and I won’t suggest you venture into it as a beginner.
Conclusion
The above-mentioned ways are popular, legit, and accurate ways to make money with cryptocurrency in Nigeria however, the space is full of so many opportunities which are increasing every day.
Hearing of a project where you can play games and earn your income through cryptocurrency these days. That isn’t a tale because it’s quite possible.
We also know about NFT where you can make just your own image into a minted NFT and sell it off for a huge amount of money.
Those ways actually need a deep knowledge of cryptocurrency which isn’t for beginners so I will recommend that you start your trading journey from the above-mentioned ways and as you increase in knowledge, you can venture into any other means also.
Note: one of the traits traders must eradicate is greediness because if you aren’t careful enough to accept the little profit you’re making, you may end up losing all your funds while trying to get more.
It’s wise to take profit at every trading stage. This will keep you on your feet even when trade is going downtrend.
As a trader, you must also learn how to use your leverage, margin, and stop-loss very well because those are the best tools that determine your profit or your losses. Trade responsibly.
