If you have been hearing about cryptocurrency for a while and don’t know what its all about you would imagine its all hype, right? First and foremost what is a cryptocurrency? A cryptocurrency is a digital currency that is secured by cryptography, which makes it almost impossible to counterfeit or double-spend.
Cryptocurrencies are tied to new emerging technologies called blockchains. A lot of people have become millionaires and even billionaires from trading, staking or managing cryptocurrencies.
Here are 5 ways to make money from cryptocurrency:
1. Buying & Holding:
A secure way to earn money in the cryptocurrency world is to buy good cryptocurrencies that have a vital use case, and hold them until they obtain a proper market share. For example, cryptocurrencies like: Bitcoin, Ethereum, BNB Coin, etc…are safe buys most of the time. This is how most Nigerians make their money.
That, nevertheless, is NOT a token of investment advice but an example of how to get started in picking the right unicorns for yourself.
2. Blogging On Cryptocurrency Websites:
You can make money by blogging and also writing on websites that pay you in cryptocurrencies if your contents are regarded by the readers. Also, if you know that your contents are at high cost, you can even directly legitimize your content for cryptocurrencies for giving full access of content to the specific reader.
3. Staking Cryptocurrencies
This is one of the safer ways of earning because you get the dual benefit of price appreciation for holding good crypto coins including the additional reward as earnings for staking the coins. Staking is primarily holding crypto coins for long in a live wallet, hence earning new extra coins as a reward for staking and securing the blockchain network. Some remarkable coins in this sector are: Tezos (XTZ), Bantu (XBN), X2Y2, Audius.
Take for instance, Bantu. Bantu (XBN) is one of the most popular and highly funded coin with an African origin and ecosystem that offers a great ROI year to year. Nevertheless, the best part is, you can also earn money when the value of Bantu increases as more users embrace it.
4. Become a Crypto Trader & lead a team
There are many platforms that let we earn cryptocurrencies based on our trading skills. This platform lets others follow your trades and we can get a handsome earning from the profit of your follower’s trade. In 2022, this is something that is catching up, and as long as we have crypto trading skills, we can make money in the bear and bull cycle.
At the time of writing, these are the platforms that will let us create our own trading tribe, and earn a gain from their trading profits:
PrimeXBT, Shrimpy. There are other platforms also for Nigerians.
5. Mining Cryptocurrencies:
Crypto mining is another pleasant way to make money in the cryptosphere. This, however, does not seem too profitable to ordinary individuals yet and that is why it is the last one on the list. But it doesn’t mean that this system doesn’t work. Sure it does, if you are ready to make investments for buying mining equipment like ASIC and GPUs including the additional supporting hardware.
These days mining has become a very contentious task that requires a good opening investment to start with, and that’s why we are not unusually interested in this method.
There you have it. These are some the ways you can earn money in cryptocurrency. So which one do you think would be awesome for you to undertake? if you would like to learn more. Join our telegram and Facebook Blockchain groups here. Its a group for Nigerian and African Enthusuaiats. We often organise free blockchain and cryptocurrency webinars and trainings regularly.