When bitcoin was first created in 2008, it was almost worth nothing. Then in 2010 1BTC (bitcoin) was approximately N1 ($0.003).

If you had bought just N500 worth of  bitcoin as at then, no doubt you would have been a millionaire by now. Since 1BTC is now equivalent to N2,936,772 as at the time of writing.




In this article, I will talk about the many ways you can make money with cryptocurrency in Nigeria. Most especially with bitcoin. But first, lets briefly look at a little bit of crypto (cryptocurrency) history.

What Exactly Is Cryptocurrency

Cryptocurrency is a virtual currency that uses cryptography method to secure its payment. In other words, it is a digital currency and to ensure that transaction are secured, a cryptography method is used.

Some people use cryptocurrency and bitcoin interchangeably but they are actually not the same thing. Cryptocurrency include all digital currencies like bitcoin, Litecoin, Ethereum etc. While bitcoin itself is a form of Cryptocurrency.

The first Cryptocurrency which was bitcoin, was Introduced on November 1, 2008 by Satoshi Nakamoto.

How To Make Money With Cryptocurrency In Nigeria

The following are ways you can make money with cryptocurrency In Nigeria.

Trading Cryptocurrency

Trading crypto involves exchanging one digital coins or asset for another. This is done via a cryptocurrency Exchange. An exchange is a medium where you can trade crypto and compare prices.

To start trading, you will need to have some crypto coins. You will also need to create a cryptocurrency wallet. A wallet is where you will actually store your coins.

Almost all Exchange will allow you sign up and create a cryptocurrency wallet for free. Most exchange will also allow you buy cryptocurrency with fiat currency (real money). But I have found that most top exchange do not accept Nigerian card for payment. So if you are Nigerian, I will recommend you use Luno to buy crypto because they accept Nigerian payment.

To profit from trading crypto, all you need do is buy low and sell high. The challenge most beginner traders have is when to buy or sell. Since the price of crypto fluctuate all the time.
Here are some of the top crypto exchange you can use for trading. Binance, CoinBase etc.

Bitcoin Image

Mining Crptocurrency

You can also make money mining Cryptocurrency. Crypto like bitcoin are based on open-source blockchain technology with distributed database. What this means is that there are no individuals or third parties who manages this database.

Because of the distributed nature of crypto, anyone can become a miner to process and verify each transaction in the blockchain. These transactions are tracked and stored on all computers that are registered as miners.




Miners get rewarded, In this case, with bitcoin. When a new transaction is solved. This is how new  bitcoin is generated.

To start mining crypto, you will need to first choose a coin to mine and a device to do the mining. Unlike trading, mining is very low risk and you can easily estimate how much you can make with mining. Just get yourself a device and a mining software.

Trading Bots

This is similar to trading Cryptocurrency with an exchange. But instead of actually trading yourself, a bot does the trading for you.

This bots are created using artificial Intelligence and machine learning. Which allows them to make decision on when to buy or sell.

Not all trading bots are created equally. I have seen people make a lot of money from trading bots and others who lost while using this bots.

What is important is to invest some time in choosing the right trading bots.
Trading bots are great for beginners since they don’t have to do much. All you need do is set up your trading bot and it will manage your funds and automatically trade for you.

Holding Cryptocurrency For Profit 

Another good way to profit from crypto is to hold them. Holding involves buying a coin and holding it for an extended period of time. This method needs patients and requires a lot of time to profit.

Because the price of crypto is always changing, hoarders can make a lot of profit just by holding and selling at the right time.

There are even some currencies that will pay you dividend just for holding them. Examples of this coins are neblio, Neo, KuCoin etc.

Cryptocurrency Faucets 

A faucets is a website or app that rewards its users in crypto in exchange for completing task. Crypto can be earned this way without any initial deposit. Rewards from faucets are usually very small and users have to wait to accumulate a certain amount before they can make a withdrawal.

The Majority of Faucets users are beginners or teenagers who just want to earn a bit of crypto without investing real money.



Microtask for Cryptocurrency

Just like faucepts, you get rewarded for completing small task online like filling out online  forms, taking surveys  etc. And you get paid in crypto when you complete each task. some examples of websites that pay you in crypto for completing small tasks are itcoin Reward, coin Bucks. Etc.

Working For Cryptocurrency

Just like working for real money, There are employers who will be more than happy to pay you in crypto. You can find a freelance job in any of this website and request to be paid in crypto.
Some websites that pay you in crypto are crypto.jobs, XBTfreelancer.com.



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