Learning cryptocurrency is one challenge while learning how to make money from it is another challenge most people face. Perhaps, you have heard about cryptocurrency from your friends, relations, or even from strangers discussing it. You might have also heard some of the success stories of people making millions of dollars from trading by simply buying when the prices are low and selling when they are high.
As Cryptocurrency is gaining awareness and wide adoption around the world, lots of people are set to explore the industry. And the question, ‘how do I make money for cryptocurrency?’ strikes them hard. Nigerians, particularly the youths are now interested in learning how to make money from cryptocurrency.
Rather than waiting for the government to provide jobs, most Nigerian youths decide to take up crypto trading as a full-time job. This is because there are a lot of opportunities in the crypto industry to create life-changing gains and improve their standards of living.
Can you make money from Cryptocurrency?
Almost everyone interested in starting their crypto journey asks this question. Each time I introduce my friends or relations to Crypto, I’m always countered with this question, ‘Can I make money from cryptocurrency?’ This shows that anyone interested in cryptocurrency wants to make money from it.
However, many people are held back from venturing into this space because they doubt if they can make money from crypto. Likewise, understanding how to make money from cryptocurrency remains a challenge for most people. But the good news is that you can make money from Cryptocurrency. How?
The crypto industry is still in its infant stages of development. However, as various crypto assets like Bitcoin increase in price, more people are convinced to come into the industry. These newcomers are always trying to figure out how to be on track and make money from cryptocurrency. Meanwhile, there are many ways to make money from cryptocurrency.
If you are a beginner and you are wondering how to make money from crypto, then keep reading. In this guide, we will take a look at different ways to make money from Cryptocurrency in Nigeria.
Ways to Make Money from Cryptocurrency in Nigeria
How to make money from cryptocurrency is what everyone in the industry wants to learn. However, not all end up doing that. A lot of people give up along the way probably because they lose money or don’t have money to start at all.
Lots of people do not properly understand that there are several ways to make money from Cryptocurrency. Below are ways to make money from cryptocurrency.
Trading is one of the most popular ways of making money from Cryptocurrency. It is a short-term strategy where you make profits by buying and selling cryptocurrency. As the crypto market can be quite volatile, the prices of assets can rise and fall in a matter of minutes. This is why It’s advisable to be cautious while trading because it involves a bit more risk.
However, having adequate knowledge of technical analysis (TA) is an advantage to be able to make money from crypto trading. With the technical skills, you would be able to analyze the market performance by reading market charts and understanding what is happening in the market at a particular time. This helps you make accurate predictions about the price action.
Investing (buy and hold, long-term)
Investing is one of the answers to how to make money from cryptocurrency. It is a long-term strategy where you buy and hold crypto assets for some time. Most cryptocurrencies rise in value over months or years.
The investing strategy requires you to identify a particular crypto asset with the potential of giving a long-term gain. Whether experienced or inexperienced, anyone can make long term gains from investing in cryptocurrencies.
This is one of the exciting ways to make money from Cryptocurrency. You can start crypto with no money and leave with some free money. You would probably wonder how that is possible. That’s where Airdrops comes in.
Airdrops are free cryptocurrencies (tokens) given out by a particular crypto platform or exchange to generate awareness for their projects. However, users are to register or perform a particular task to be eligible for an airdrop. And when it happens they get a free token which they could hold for a long term or trade for a particular price in dollars.
This technique is recommended particularly to those who are experienced with cryptocurrency. Staking your coins in proof-of-stake networks is another way to make money from cryptocurrency. Staking is a way of validating transactions and you receive rewards for doing so.
When you stake a particular coin, you own the coins but you don’t spend them. Instead, the coins are locked up and staked in the network to validate the transactions. Some proof-of-stake networks could offer around a 15% percentage yield.
Play to earn (Gaming)
Play to earn is another option for you to make money from crypto, especially for gamers. There are lots of video games that you can play and earn some cryptocurrency as a reward. Axie Infinity is one of the most popular and best games to earn crypto.
It is operated by a Vietnam-based company Sky Mavis. For the gamers, this helps you not to waste so much time playing video games online for nothing. This is an opportunity for you to monetize your gaming skill.
See also: The untold history of cryptocurrency
This is an interesting way to make money from cryptocurrency using your skills. Most Nigerian youths now work for different crypto companies remotely, from the comfort of their home with no stress. Here, you get paid in crypto for the work you deliver and you can also work for an international company.
Bitcoin and cryptocurrency adoption has created a significant amount of job opportunities for different varieties of skill sets in the industry.
Below is an overview of various crypto jobs you can earn money from:
- Content creator
- Web developer
- Social media manager
- Technical writer
- Graphic designer
- Marketing Manager
- Data scientist
- Financial analyst
The lack of job opportunities has made Nigerian youths explore the crypto industry in search of greener pastures. As a beginner trying to start the crypto journey, all you have to do is make a plan with the information available and start.
There are lots of opportunities out there and I hope with this guide, you get to have an idea of how to make money from Cryptocurrency. Do you want to keep track of more crypto-related articles? Then, subscribe to our newsletter.