“Having more than one source of income” is the motto for many people living in Nigeria. Over the years, many of us have seen many opportunities claiming to help us out of poverty. From multilevel marketing ( MLM) to Ponzi, you name it- we have seen it all.
However, the problem was that a lot of them were not reliable. In the end, it was just a way to feed on the poor masses. Maybe you’re like me, falling victim to these so-called gurus was quite typical. These people can motivate you, get you excited, collect your money, and leave you hanging.
You’re not here to know about how bad people have become to make ends meet. You’ve already experienced it yourself. In this article, we would be looking at Bitcoin. And the various ways you can make money from it. But first, what is Bitcoin?
What is Bitcoin?
Don’t worry; it’s a boring topic so, we’ll address it in just a few sentences. Before other cryptocurrency came to light (altcoins), this is the first digital, decentralized currency. It’s not a bank and does not require any approval by third parties to make transactions.
It only involves the users connected to the p2p (peer-to-peer) Bitcoin network. All your transactions are transferred into a secured ledger called the Blockchain. With all these and many other features put in place, the Bitcoin community is one of the safest and transparent ways to do business.
Not only can you make transactions, but you can also make money from it. Here are ways you can do this:
• Bitcoin Mining
Bitcoin was created in 2008 by Satoshi Nakamoto. It fully started 2009 as open-source software, and users were rewarded with Bitcoin for solving math problems. Many People mined thousands of Bitcoins during this period, even Nigerians.
When mining started, if you had a “good system” with high processing speed, you’re good to go. If you wanted to increase your mining power, all you have to do is to buy a Bitcoin miner with a hash rate.
Nowadays, you can’t do that. The mining difficulty has increased and, hey are only a few Bitcoins to go around. You now need to have sophisticated machines to help you out. Once you could go solo on this but it would take you time.
The best way you can earn from this is by joining mining pools. The profit (Bitcoin) is being shared equally according to your processing power. Because of our poor power conditions, you shouldn’t get a mining machine. But if you’re still interested, you can rent a miner online.
Mining is not as profitable as it used to be. There are many things that come to play. For instance, if you want to go into mining this year, you must be able to analyze the volatile market and make wise decisions.
• Faucets, Micro Jobs and Pay to Click (PTC) Websites:
The reason, these opportunities (Bitcoin faucets, micro jobs, and PTC sites) are together is because most of these sites are not accepting Nigerians. But we know ourselves! We are determined people. We will always find a way.
In these sites, you can earn Bitcoin for free. If you won’t get tired of watching adverts, then looking for a Bitcoin faucet is the best option. These faucets earn money from the advertisement clients make on their site. You can earn by answering some short questions and solving captchas. An example of this site is earn.com
Microjobs, on the other hand, are one of the best ways to earn Bitcoins for free. Even though it can be tasking, most sites can offer a lot of Satoshi for your time. An example of these sites is Cointasker and Bitcoinget.
Concerning PTC websites, these sites are tasking. If you’re patient, you will earn enough, but it takes hard work. You will always have to log in to these sites and watch ads every single day. An example of this is BTC4ADS
• Buying/Selling Bitcoin:
Now, this is where the money is! Even as a newbie, you can earn money within the shortest time. For this section, let’s focus on three areas:
o Holding your coins: well, if you don’t want to bother your self and you have money that you’re not using at the moment, you should do this. All you need to is get a Bitcoin Wallet and store it up. Then you sell when the price of Bitcoin increases.
It’s true. These Bitcoin wallets are free. However, most of them don’t last. So, it would be best if you got your wallets from reputable sites. Examples are Blockchain, Paxful, Luno, and Coinbase.
If you have decided to “hold for their dear life” (HODL), you must do your research on the market. The market is very volatile. You must not buy emotionally but be rather strategic.
o Trading: This is more than just buying and selling. It’s more like forex. You need to know your market behavior and must have a clairvoyant. This is a volatile market. One moment it rises, the next moment it ‘bulls’ down. Very unpredictable market, however, you can read our short article Do’s and Don’ts of Crypto Day Trading to help you get started.
If you have the knowledge and know-how to make some accurate predictions, you will earn money fast even if the market is spiraling downwards. One of the ways you can do this is through Bitcoin arbitrage. Learn to make money online trading bitcoin
o Having an exchange website: simply put, you need to be the go-to guy. You need to Buy Bitcoin and make money by selling them. They are many people who would love to buy at an affordable rate. You would make much money are visible to your buyers. This is one of the best ways to earn money in Nigeria.
Except you want me to deceive you. Most of us in Nigeria, have heard about Bitcoin before. You might have been scammed because you didn’t know much about it then. But it’s okay; there is always a lesson to be learned. Now you know how to make use of this cryptocurrency.
I hope that you would start taking steps. Remember, man is the architect of his misfortune. I hope you take power from those people who have made money from your ignorance (sorry friend. It’s harsh, but that’s the truth). Checkout 7 Things You Should Know Before You Get Started With Crypto to learn most of the things you need to know to get started with making money with cryptocurrency. Take action today!
