How to Make Money with Cryptocurrency in Nigeria (2024)

Look no further, as this article will provide you with the answers you seek.

But first off, let’s understand what cryptocurrency is.

A cryptocurrency is simply a digital currency that an individual can hold in their digital wallet.

It is secured by cryptography, which makes it nearly impossible to duplicate.

Crypto coins are stored in what is called a “wallet” and can be transferred to another crypto wallet.

Each cryptocurrency has a unique wallet consisting of a special string of letters and numbers assigned to it, known as a wallet address.

Unlike traditional currency like the US dollar, the euro, the Japanese yen, and the British pound, cryptocurrencies are decentralised networks built on blockchain technology.

A blockchain is a digitally distributed, decentralised, public ledger that exists across a network. It is a distributed ledger enforced by a disparate network of computers.

There are over 9,000 crypto coins in 2023, although there will be many more in 2023’s first few months.

According to market capitalization, the popular cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash, USD coin (USDC), Cardano (ADA), Binance Coin (BNB), Ripple (XRP), Litecoin (LTC), Solana (SOL), and so on.

However, the most well-known and costly cryptocurrency is Bitcoin, which is the first to utilise blockchain technology, thanks to Satoshi Nakamoto, the creator of Bitcoin.

Now, let’s look at the benefits of cryptocurrency.

Cryptocurrency has become extremely popular over the past few years because of its numerous benefits.

But why would anyone choose cryptocurrency over their local currency? Or why are people investing in cryptocurrency?

Here are some of the benefits of cryptocurrency:

Transactional Speed

One of the most important benefits of cryptocurrency is the speed at which transactions are processed.

In cryptocurrency, transaction speed is the amount of time it takes for a transaction to be processed and recorded on a blockchain network.

Cryptocurrency transactions enable almost instant settlement because they eliminate the need for third parties during the process.

For instance, in the United States, wire transfers can take hours or days to settle, whereas cryptocurrency transactions are done in a matter of minutes.

Some of the cryptocurrencies with the highest transactional speeds include Ripple, TRON, Solana, etc.

Lower Transaction Costs

Sending money globally can sometimes be expensive. Business owners accepting payments via credit or debit card are likely to pay high transaction fees to process the payment.

This is a huge expense for businesses and international customers who have to pay additional foreign exchange fees for goods and services.

However, the cost of transacting in cryptocurrency is relatively low compared to other financial services.

Crypto payments can decrease transaction fees for domestic and international consumers.

Security

One of the most significant benefits of cryptocurrency is its security.

Cryptographic algorithms ensure that crypto transactions are secure and cannot be tampered with.

Most cryptocurrency exchange platforms have put robust security features in place to prevent hackers from accessing your cryptocurrency wallet.

For instance, Tryptex offers a multi-factor authentication system that ensures the safety of your crypto wallet.

However, if a crypto trader loses their private key, there’s no way to recover the funds.

Accessibility

Anyone can use cryptocurrency to make online transactions or send money to their loved ones.

To use cryptocurrency, all you need is a smartphone or computer and an internet connection.

The steps to follow in setting up a cryptocurrency wallet are easy and fast compared to opening a traditional bank account.

Decentralisation

The main reason cryptocurrencies are decentralised is to avoid putting control in the hands of a country’s central bank, such as the Central Bank of Nigeria (CBN), and to have true peer-to-peer (P2P) transactions.

By trading crypto, you have control and visibility over your money through a market that is decentralised from governments and open 24/7.

This helps to combat the monopoly of a currency.

Privacy

Cryptocurrency transactions don’t include any specific information about you.

Crypto traders can maintain a level of privacy since they don’t have to open an account with financial institutions to transact with cryptocurrency.

Transparency

Another key benefit of cryptocurrency is transparency.

Every crypto transaction that occurs on the blockchain is open to all participants, making it a highly transparent system.

This open and transparent system helps to build trust among other crypto users and investors.

Protect Against Inflation

Inflation is generally defined as the process by which the decreasing value of a currency, like the United States dollar, leads to a general increase in the price of goods and services over a certain period.

Cryptocurrencies like Bitcoin are considered a good inflation hedge due to its fixed supply and decentralised nature.

Although Bitcoin is more volatile than gold, it is a good alternative as there are only 21 million Bitcoins, which makes it limited in supply and makes it a good inflation hedge.

There are several other cryptocurrencies that act as a hedge against inflation.

Diversity

Investments in cryptocurrency can generate profits.

The diverse landscape of cryptocurrencies offers a range of opportunities and potential impact on various industries. However, cryptocurrency is very volatile, so it is best to trade with caution.

Looking to earn passive income or build a long-term investment portfolio in cryptocurrency?

Here are numerous ways to make money with cryptocurrency in Nigeria:

Buying and Selling Cryptocurrency

Nigeria ranks as the top African country in crypto trading. Buying and selling cryptocurrency has made a lot of people millions of naira a year.

Buying and selling cryptocurrency on various exchange platforms is actually quite simple once you understand the basics.

You can make money from crypto by buying from a cryptocurrency exchange like Tryptex (which sells at a lower price), and then trading them on a crypto exchange that accepts cryptocurrencies at a higher price.

So how do you start?

First, you will need to create an account with an exchange that allows cryptocurrency trading.

Once you have set up your account and verified your identity, you can begin trading crypto.

On most online exchanges, it is very easy to trade cryptocurrency. For instance, on Tryptex, you’ll need to select the amount of crypto coin you want to buy and then complete the purchase using your preferred payment method.

Once the transaction is successful, you can decide to hold onto or sell your crypto. If you decide to sell, use a crypto platform or sell to friends who buy at a higher rate. The money will be sent in naira to your Nigerian bank account after you sell your crypto asset.

Note: Buying and selling cryptocurrency carries some level of risk, and the price can fluctuate greatly. It is important to do your research before making any investment decisions.

Buying and Holding Cryptocurrency

Buying and holding crypto is a good investment strategy.

The basic idea is to purchase crypto coins at a lower price and then hold onto them until the price increases, at which point you can sell them for a profit.

Crypto Staking

In the world of cryptocurrencies, staking crypto is a profitable means to make money online in Nigeria and one of the best strategies for crypto beginners.

Crypto staking delivers profits that go above and beyond what a savings account may offer.

It expands your cryptocurrency portfolio with assets you wish to hang onto for a while. It is important to note that not all cryptocurrencies support crypto-staking.

A few cryptocurrencies that allow crypto staking are Ethereum, Solana, Cardano, and Inu Shiba, while coins with proof of work that support staking are Bitcoin and Litecoin.

Cryptocurrency exchange platforms like Binance and Coinbase also support staking.

Crypto Mining

Crypto mining is simply solving cryptographic equations for the next block in a blockchain using a mining machine to earn rewards.

The most common type is Bitcoin mining.

It is a way to make money with Bitcoin by validating and recording transactions on the Bitcoin network.

This process, which is resource-intensive and requires a lot of electricity, uses specialised computer hardware to create new Bitcoins in a decentralised manner.

Mining crypto can be a profitable way to earn passive income, but it’s not for everyone because of the amount of resources needed.

Some of these resources include: a specialised computer called an Application-specific Integrated Circuit or ASIC miner, reliable and inexpensive energy supply, and a dependable internet connection.

Additionally, the price of cryptocurrency can also be volatile because of many factors and the value of the Bitcoins you mine can fluctuate greatly in the crypto market.

Accepting Cryptocurrency as Payment

Using cryptocurrency as a form of payment for goods and services can attract new customers to your business.

As earlier stated, since cryptocurrency transactions are decentralised, there are no transaction fees, which saves your business money and increases profit margins.

Additionally, cryptocurrency transactions are fast, which is more appealing to customers as they can immediately process their payment unlike they would with traditional bank transfers.

To start making money with cryptocurrency through your business, you’ll first need to sign up for a crypto wallet. This is where you’ll store your crypto and receive payments.

Cryptocurrency can be sent to anyone with a wallet anywhere in the world. It allows borderless transactions and opens up new possibilities for your business.

Crypto Airdrop and Bonuses

A crypto airdrop is a way of distributing new coins or tokens to crypto users who perform certain tasks.

This is a marketing strategy in the form of crypto giveaways used by blockchain startups or developers to raise awareness and adoption of their new coins or tokens.

Depending on the number of tasks completed, you can earn free crypto tokens as an airdrop or bonus.

You can earn money by selling the crypto received through airdrops or bonuses, holding the coin for long-term appreciation, or staking.

Also, understand that several airdrop projects and bonus offers are scams that hackers or fraudsters use to lure their targets. So do your research before participating in any offer, and endeavour to use only legitimate platforms.

Be a Crypto Influencer or Blogger

Cryptocurrency is one of the most discussed topics on every social media platform in the world today.

People search for crypto-related information on Google to stay updated. To become a crypto influencer or blogger, you need to have an established presence on any of the social platforms and blogs.

Many new crypto projects and platforms are launching daily, and they need influencers in the crypto niche to market these products to their target audience.

You can become a crypto influencer for these startups through partnerships and advertise these projects to your followers or audience. In return, you get paid in cryptocurrency.

Bloggers writing on crypto-related projects can earn money from cryptocurrency via sponsored posts, press releases, reviews, and referral programs.

As a crypto blogger, you can also monetize your blog using Adsterra and choose cryptocurrency as the preferred mode of payment.

Microtasks

Microtasks are small, simple tasks that, in most cases, anyone, anywhere, can complete online in exchange for a small fee.

Some of these tasks include but are not limited to taking surveys, transcribing audio or videos, watching videos, moderating online forums, and testing websites or apps.

Cryptocurrencies have become a popular payment system for microtask platforms as they allow for low-cost, high-speed microtransactions.

The amount of crypto you earn will vary depending on the number of tasks completed, but it’s typically a small amount of money.

Mirotask will not turn someone into a millionaire, as it is not a get-rich-quick scheme. However, you can participate in multiple micro tasks to earn more crypto.

Tryptex Refer and Earn

Tryptex is a user-friendly crypto exchange platform that offers 5% of trading profits to registered and verified users through the referral program.

When you share this referral link with your friends and family, and they sign up, you automatically get 5% of the profit once they start making transactions.

There is no limit to the number of friends you can refer to on Tryptex.

Cryptocurrency is a virtual currency that has the potential to make you money in Nigeria in 2023.

With the proper knowledge and direction about cryptocurrency, you can easily make money online in Nigeria.

Take advantage of Tryptex, a crypto exchange platform to trade your cryptocurrencies, buy at the cheapest rate, and sell for quick profits.

All you need to do is download the Tryptex app and sign up on the platform to get started with ease.