How to Make Money with Crypto in Nigeria

Making money with cryptocurrency is easy, but the tactics aren't that simple. So in this guide, you'll learn the best possible ways to earn money with Bitcoin.

You can make serious money with Bitcoin and other cryptocurrencies.

Do you want to make money money with Bitcoin?

Do you know you can work and earn money with Bitcoin cryptocurrency?

Currently, there are many ways to make money from bitcoin as the cryptocurrency price value keeps going higher every-time.

Bitcoin being the very first decentralized digital currency, it has been gaining acceptance since 2013. It also has a lot of highs in the market cap price.

This particular cryptocurrency has actually awoken the entire world media outfits, big investors and speculators towards how to earn money fast with bitcoins.

How do you make money from Bitcoin?

Buy And Sell Crypto For Profit

In this guide, I am going to show you several ways you can actually use to achieve that aim of living a good life off Bitcoin business (i.e. buying and selling).

Lots of people are already becoming billionaires from Bitcoin involvement, so maybe you will be next big shot in the cryptocurrency world.

However, let’s head straight to the ways to make money with the very first cryptocurrency.

Shall we…?

1. HODLing of Bitcoin

This is an act of buying and holding Bitcoin for a longer period of time to make a reasonable profit.

This strategy is what big investors utilize to earn more money fast with huge financial capital that genuinely maximize their over-all profit.

In other words, to HODL Bitcoin, or any cryptocurrency means to safely hold the asset in a safe crypto wallet for future profit making.

This strategy is always good for making passive income, without stressing yourself.

Maybe, not even confident enough in your own chart reading skills with Bitcoin investment.

If you want to do a long-term investment, where as you have little or no experience, read my guide on smart cryptocurrency investment strategies.

To make money by investing in cryptocurrency like Bitcoin, you’ll need to buy and keep some amount in a secured wallet to avoid loosing it.

I recommend using an offline cold storage wallet to safeguard all your BTC investment from cyber-thefts.

Or you can purchase a hardware wallet (like; Ledger Nano X/S) instead, as they have HD features for high security.

2. Bitcoin Mining

You may want to invest in Bitcoin mining, but the problem is that crypto cloud mining is not profitable anymore.

Many big companies with access to funds have invested heavily in setting up mining farms.

This method of making money with BTC is quite confusing for beginners, because sophisticated devices and gadgets are required with mining.

It also consumes a lot of resources (mainly electricity), because the mining process is done in large scale operations.

Personally, I won’t advice you to invest in cryptocurrency mining, as it will require a lot of finance to acquire all instruments required.

I wrote my opinion on why you shouldn’t invest in crypto cloud mining, you can read the content here.

Hashing power depends on the processing speed of hardware used in the mining pool, which is even more expensive for individual investors.

Popular mining pool in the market are:

  • Antpool
  • BTCC
  • SlushPool

So if you cannot afford to invest a lot of money in buying the hardware gadgets for mining, I’ll suggest you follow the next point though.

3. Bitcoin Trading

If you really want to earn more Bitcoins into the ones you already have, then I will advice you learn how to make money with Bitcoin trading.

There are legit platforms you can simply use to trade Bitcoins, even if you’re in Nigeria.

Cryptocurrency trading is yet another way speculators and professionals who knows how to read charts, make money fast with Bitcoin.

They invest some amount of BTC and trade it for other cryptocurrencies (i.e. Altcoins) to make money fast from their price volatility.

This kind of trading can be done with a reputable investment site like Binance, as they are one of the reliable cryptocurrency exchange in the world.

They also slash your fees by 50%, if you have the BNB coin in possession before entering any trade.

If you do not have an account on this trusted platform, I would recommend you register an account on Binance right away.

To reduce your transaction fees, read how to reduce transfer and withdrawal fees on Binance.

4. Brokering of Bitcoins

This is where you make money buying and selling cryptocurrencies (i.e. Bitcoin business).

It’s basically, the easiest way to make income for beginners who wants to start the business in Nigeria.

The whole idea is simply buying and selling the Bitcoin cryptocurrency using a P2P exchange that is trusted for its reputation over the years.

You simply buy Bitcoin at lower price and exchange it for fiat currency at a high equivalent rate.

However, you can simply buy your first bitcoin with your credit/debit card from Changelly and transfer it to your offline wallet.

5. Decentralized Finance (DeFi)

Bitcoin and other cryptocurrencies are borderless due to no geographical boundaries to using them and no nation controls or restricts them.

You can save, invest, get loans, trade, and get insured from anywhere in the world.

This feature in particular presents a unique opportunity to shop for better interest rates and terms.

While living in Nigeria, you can loan your crypto to someone in Hong Kong and earn interest over a fixed tenure.

There are some services that allow you to do this safely and profitably within a specific time.

NEXO has a feature that allows you to lock Stablecoins such as USDC (United States Dollar Coin) for interest.

6. Work for Bitcoin

Do you know you can even earn Bitcoin by selling goods or services?

Well, if you haven’t thought of that yet, just know that is widely possible in the cryptocurrency world.

Some of the things you can use to make more coins ranges from; cloths, gadgets, houses to cars in exchange for bitcoins.

If you want to know how to earn up-to 1 BTC free, then see the ways to get Bitcoins online fast.

Most of these ways are without investment.

There are some popular sites to sell products and services in exchange for Bitcoin, and they are Bitify, Purse, Bitgigs and Coinality.

I. Bitify

This is more like eBay, but it uses the auction system to sell items in exchange for Bitcoins.

Bitify also offers escrow services to ensure safe delivery of goods purchased by customers.

This is achieved by making sure goods are delivered safely to buyers before releasing Bitcoin to the sellers.

Use of escrow is optional for buyers though, but for sellers, a 2.5% fee on the total selling price is attached permanently.

II. Purse

This service is set up by Amazon online merchant company to service the purpose of buying and selling items with BTC.

Items can be sold at a discount on purse by individuals with Amazon accounts.

III. BitGigs

This is an online job board where people can request and/or offer freelance jobs, all to be paid in Bitcoins.

However, this site discloses no detail as to who owns or developed it, and many of its posts appear to be years old.

IV. Coinality

The platform has two facets; Coinality.Com (the company’s original site) and (which is freelance marketplace) featuring all their pre-screen developers.

It’s a job board for the cryptocurrency world.

7. Face-to-face Transactions

Bitcoin brought in the opportunity for many people having started accepting it as a method of payment.

This is even one of the best way to earn cryptocurrency.

These days you can buy or sell something to someone in real life with cryptocurrency exchange of value entirely.

8. Bitcoin Scam Formats

Bitcoin crypto investment scam formats can also be used to make money online, by selling it to people that needs it.

Note: In as much as I mentioned to this way of making money, I still don’t advice one to follow through this way, to avoid the wrought of karma. You can use every other ways to make money with bitcoin, except this one in particular.

Final Thoughts

Adoption of digital currency (i.e. Cryptocurrency) is looking bright and going at a gradual pace.

Time will come when cryptocurrencies are going to be one of the major methods of payment.

This will also be the time when wanting to know how to make money using bitcoin be reasonably viable.

Even though, how to make money with cryptocurrency, is not that easy due to the market price fluctuations.

Try to always safe guard your bitcoin investment footprint with any of the most secured free VPNs for cryptocurrency transactions.

If you can afford to spend extra money to secure your asset, you should get one of the Bitcoin hardware wallets, as they’re the most secured.

About The 'Staunch

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I am a financial nerd with a Bachelor’s Degree in Accounting and Finance, but found digital currency and asset investment to be more lucrative. The Crypto Staunch website is established to help individuals learn how digital currency and assets work through in-depth articles. Go-to the about page to learn more.

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About The 'Staunch

I am a financial nerd with a Bachelor’s Degree in Accounting and Finance, but found digital currency and asset investment to be more lucrative. The Crypto Staunch website is established to help individuals learn how digital currency and assets work through in-depth articles. Go-to the about page to learn more.