There are lot of opportunities through which a Nigeria can make money online from cryptocurrency business. though these methods may differ in nature of business but they all point towards one center point of origin.
cryptocurrency stand the chance of the most creative, that’s if it not the most creative legitimate online business as long as 21st century is concern. Cryptocurrency or Crypto as its shortly referred to is a new type of digital currency or in other words the new generation currency as its mostly referred to of the 21th century.
The invention of cryptocurrency has opened a new chain of business to the public and internet enlightened ones. Making money from crypto is not limited to only buying and selling of crypto as many only know it extend to both mining, Affiliate marketing.
Just as most Nigerians often boast that Nigeria is the giant of Africa, having a population of over 200million peoples. These present a good market for any type of digital business. From statistics, it’s expected that average Nigerian is poor and this on the other hand stand as a set back to the prospective businesses. In this article, we are going to teach you how to make money from doing a cryptocurrency here in Nigeria. We will also review some of the possible challenges you are likely to encounter and the possible best solutions you should apply.
One thing we want you to have in mind is there are numerous ways through which you can make money online via cryptocurrency businesses, though these methods may vary in their modus of operandum but they all follow the same principles. And you deciding to venture into cryptocurrency as a mean to make money here in Nigeria is not a bad decision and we assure you that your hustle will pay someday if not today is definitely will be tomorrow.
Review of possible challenges affecting how you can make money from cryptocurrency here in Nigeria
To start a cryptocurrency business, there are basic questions you really need to ask yourself, these questions include which cryptocurrency or what are the cryptocurrencies do I intend to venture into? How much do I have and how much can I afford if need arise? Do I have access to steady electricity? if yes what is the cost of the electricity and what area in cryptocurrency business do I intend to venture into?
After answering these questions enumerated above, certainly your mind must have gotten the intro and will be prepared for the tasks ahead.
Steps to make money from cryptocurrency here in Nigeria.
There are three basic ways to make money from cryptocurrency here in Nigeria; why are we now saying three but we said numerous earlier? The answer to this question is very simple: Nigeria that you and I know is a nation dominated by fraudsters, every predator looking for a prey and this makes it necessary to be careful when doing business more especially online because a fraudster can pretend to be a client on the internet. Putting this into consideration, we choose to list out only three legitimate ways of doing a cryptocurrency related business online and make money from it here in Nigeria.
Top Three ways to make money from cryptocurrency in Nigeria
Developing your own cryptocurrency
Mining cryptocurrency could an alternative source of making cool money from cryptocurrency as you tend to go home with good amount of money. Mining requires a special hardware or software tools, for well known cryptocurrencies such as bitcoin, Ethereum and dosh, its relatively difficult to mine them.
Some of these miners include;
ASIC Bitcoin Miner
The AntMiner S7
Mining cryptocurrency is a nice niche to venture into but the major challenge is the unavailability of steady power supply. For you to mine cryptocurrency effectively, you need constant and steady power supply and this is the reason why most cryptocurrency mining is done in farm where there are tens, hundred and thousands of computers arraigned together to perform mining function. Mining cryptocurrency consumes so much electricity due to the blockchain technology on which most cryptocurrencies are programmed on. As such requires hug amount of power supply
What is cryptocurrency trading?
According to ig.com, cryptocurrency trading is the act of speculating on cryptocurrency price movements via a CFD trading account, or buying and selling the underlying coins via an exchange.
You can choose to be buying and selling cryptocurrency and make money from the price difference in how much you bought and the price you sold. Though this the very risky due to volatility of cryptocurrency related business, at the same time, its still the most rewarding of them all. Cryptocurrency trading can be categorized into three;
The word hodling is gotten from the English word holding. It simply means buying a cryptocurrency and storing it for a long period of time irrespective of whether the price is rising or falling. One thing you should know is that irrespective of the fluctuation in cryptocurrency price on the short run, the price always tends to rise on the long run.
In other words, hodling is like cryptocurrency longtime investments, just like landed property.
The riskiest among them all, yet the most rewarding of them all. Trading in this aspect means short time buying and selling of cryptocurrency.
These are people that are into cryptocurrency trading business. These set of people makes money from the day to day fluctuations in the cryptocurrency prices. They buy when the price fall and sell when the price rises. Cryptocurrency traders or rather professional cryptocurrency traders often work with statistics and charts which helps them to predict the possible market trend and also know when to buy and when to sell.
Last but not the least, we have the decentralized finance or rather DeFi in a short form. This simple mean in a clear term, lending out your cryptocurrency to companies who trade with it while they pay you certain percentage of the profit made from the crypto. Due to the nature of cryptocurrency, it made it possible to loan your coin to anybody in any geographical location of the world.
The last but not the least in our list of how to make money from cryptocurrency here in Nigeria is by creating your own cryptocurrency. You maybe thinking how can I do that? Do I have what it takes? And other funny questions that may currently be going on in your mind right now.
We are please to inform you that creating your own cryptocurrency is not as difficult or complicated as you may think its. To create and lunch your own cryptocurrency, all you need is basically a good knowledge of blockchain and possibly how cryptocurrency works. You don’t necessarily need to have a full knowledge of the above-mentioned prerequisites, as with your money you cab contract a good programmer who can conveniently handle the task for you. To know more on how you can develop your own cryptocurrency, read the article how to create cryptocurrency