Because of all these factors, Nigerians everywhere are looking for income opportunities on the internet. Bitcoin and cryptocurrencies have created an entirely new global economic sector filled with new money sources. And here we'll review the 20 Ways to Make Money with Bitcoin in Nigeria.
Source: BitDegree
Bitcoin and cryptocurrencies at large have become the leading way to make money online. This is a new economic model that has created a new global batch of business and services which can provide side income.\
Since crypto is borderless, all of these options are accessible to anyone with an internet connection and the drive to learn and apply new concepts.
Bitcoin is an upward trending asset. Meaning that even if its price is very volatile in the short term, BTC increases in price with time. So, gaining BTC at any moment will always be beneficial since it appreciates against FIAT money. This is especially the case when comparing BTC to naira.
20 Best Ways to Make Money Online with Bitcoin
These new forms of income range from the highly technical open to the knowledgeable in Computer Science to the more soft marketing and community management skills. There is room for everyone in the crypto revolution, regardless of background. So, here are the 20 Ways to Make Money with Bitcoin in Nigeria:
1. Peer-to-peer trading
https://www.youtube.com/embed/dBVuUM1f7g0
The peer-to-peer trading Bitcoin market in Nigeria is growing by the day. Tens of thousands of Nigerians convert BTC to NGN a day. This means there are thousands of arbitrage opportunities to profit from the different exchange rates between naira and cryptocurrencies. This is where p2p trading enters.
As a p2p trader, you can publish offers in an exchange like Remitano. Offering a conversion rate slightly higher than the market average and pocketing the difference. The more trades per day, the wider the margins become.
This method works great as a side source of income since it does not demand constant attention and can be done entirely online.
2. Affiliate marketing
https://www.youtube.com/embed/BURGNdWIcEw
A great companion to the first entry in the 20 Ways to Make Money with Bitcoin in Nigeria, affiliate marketing can be compelling. Crypto businesses frequently need an influx of new users.
As such, these companies are willing to give generous rewards to those participants active and ready to drive traffic to their applications.
Generally, these crypto businesses will pay in Bitcoin or other cryptocurrencies to drive adoption. So, if you are active in social media and participate in the crypto market, you can combine both to maximize profits.
A good place to start is the Remitano Affiliate Program, which roofers above-average rates for those users bringing new people to the exchange.
3. Mining
Source: Investopedia
Mining is the process of solving a complex mathematical problem to generate a new block and add it to the Bitcoin blockchain. The winner of this race is given BTC as a reward and collects the block's transaction's mining fees.
The hardware for becoming a miner can be expensive and complicated, so read Best Bitcoin Mining Machines for a complete breakdown.
Finally, solo mining is impossible for small operations. This is why Bitcoin miners combine their resources in entities called mining pools. These help increase the odds of winning the race and gaining BTC.
4. Alt mining
Even with mining pools, Bitcoin's mining difficulty can be too high to be profitable for most people; this is where alt mining comes into play. This is the practice of mining altcoins, getting the rewards, and exchanging them for Bitcoin.
That way, a miner can take advantage of more accessible blockchains to get Bitcoin.
Some of the most popular altcoins for this practice are Litecoin, Ethereum, Zcash, Dash, Monero, Raven coin, Grin coin, and Ethereum Classic. Except for Ethereum, all of the other blockchains listed have a lower mining difficulty than BTC to gain more rewards in these networks.
5. Bitcoin Faucets
Source: Suno Research
A Bitcoin Faucet is a website that gives small amounts of BTC for completing actions. They were introduced in 2010 by Gavin Anderson to promote the adoption of Bitcoin. There are many types. Some give rewards in lotteries.
Others make you complete captchas. A comprehensive explanation can be found in How to Get Free Bitcoins Through Bonus Faucets.
6. Pay to click
These websites reward a few satoshis every time a user clicks on an ad placed on the platform. Usually, a user will be presented with a link for an advertisement campaign.
After clicking and waiting a few seconds, a new ad will appear. Each click awards a few BTCs that can grow over time.\
Famous examples of these types of websites are:
- BTCClicks
- CoinAd
- Earn Free Bitcoins
- Btcbux
- Coinpayu
7. Investing
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As we discussed before, Bitcoin is an upward trending asset, so it works well as an investment. As such, its price grows at a higher percentage rate than what any savings account could offer.
So, buying a holding Bitcoin is a great way to make money and an alternative to regular savings. This is a great way to beat inflation and one of the 20 Ways to Make Money with Bitcoin in Nigeria.
8. Trading
Source: Crypto Hub
Trading is the act of actively swapping different assets and profiting from the price difference between multiple purchases. In contrast to investing, a long-term strategy, investing has a shorter time horizon and requires more time.
With the global reach of cryptocurrencies, trading in Bitcoin has exploded in recent years. This active new market attracts thousands of people a day, and it has become a viable career for those willing to learn it.
With enough time and dedication, this can be the most profitable option among all of the 20 Ways to Make Money with Bitcoin in Nigeria.
To start your trading path, here are two articles on the subject:
9. Micro Jobs
These are a category of jobs that can be completed quickly and easily. The tasks include completing online surveys, editing articles, editing audio or video, etc. Many of these small jobs can be found on sites such as Elance and freelanceforcoins.
These can help you gain experience to later apply for more stable positions in companies. Remitano also offers small missions paid in crypto to those who solve them.
Read this guide to learn about Remitano missions.
10. Writing about Bitcoin
Source: Paybis
If you are reading this article on a crypto exchange like Remitano, you already know about Bitcoin. This gives you an advantage over most of the global population, and this knowledge can be leveraged to make some side income.
Many publications actively look for content writers with this knowledge. Of course, to get the job, you need a portfolio. This is where crypto-for-content sites can help you.
These are online publications where anyone can write an article, post it, and earn crypto in the community's form of tips. They are an accessible way to make money and build a portfolio to apply to Bitcoin news sites. Some examples are:
- Read.cash
- Publish 0x
- Steemit
All of the sites mentioned above allow anyone to post articles and earn crypto tips. '
By creating content that has reached an audience, you'll be ahead when applying to other publications to become regular staff. Additionally, Remitano regularly carries writing competitions with prices in cryptocurrencies.
You can find how to earn money as a Nigerian student, in this article.
11. Micro Lending
The Bitcoin markets' global nature means that there are always people looking to borrow BTC and pay interest on top of it.
Mainly these are traders, so the loans tend to be short-term and pay high interest. Examples of platforms that allow this are Unchained Capital, MyCred, Bitbond, and BTCpop.
As it stands, this is the most passive of the 20 Ways to Make Money with Bitcoin in Nigeria.
P2p micro Lending is particularly prevalent in Nigeria as it has risen as one of the fastest ways to get loans for small amounts of money in the country.
12. Accepting Bitcoin as a payment
Another of the 20 Ways to Make Money with Bitcoin in Nigeria is to convert your already existing business to one that accepts Bitcoin payments.
As we discussed, BTC is a positively appreciating asset, so the crypto that you take now will be worth more in the future. Many online services make this easy for both the owner and the customer. One good example is bitcoinpay.com.
13. Participating in the BitcoinTalk Forum
The BitcoinTalk Forum is perhaps the oldest message board in crypto. In fact, Satoshi Nakamoto him/her-self posted there back in the day.
Additionally, it has a tip system integrated tip system, making it possible for active users to receive a few BTCs per post. It is a great way to gain Bitcoin and stay involved in the crypto community.
14. Wrapped BTC
Source: BitNews
Bitcoin's popularity has made even competitor chains want to get this coin in their network to increase liquidity. One example is WBTC, which is an ERC-20 token which converts 1 to 1 to Bitcoin.
A holder of Bitcoin sends his coins to the WBTC website and receives an equivalent amount of WBTC that can now be used in the Ethereum network.
This WBTC is useful for several DeFi applications that only exist in Ethereum. And are highly popular in the crypto world, making this method one of the most versatile 20 Ways to Make Money with Bitcoin in Nigeria.
15. Becoming a Liquidity Provider
This is a continuation of the above method, one of the possible outcomes of having some WBTC. Since its creation, wrapped BTC has become one of the most popular tokens in Ethereum.
The amount of Bitcoin locked in Ethereum grows at a constant pace. As shown in the next graph.
Source: DeFi Pulse
This has made it a popular trading asset. This is where liquidity providers enter the market. The supplied token is a trading pair, one of the most used pairs in WBTC/DAI, and by delegating your tokens to this liquidity pool, you can make a portion of the fees charged by the exchange when someone uses this liquidity pool.
16. Liquidity mining
As a consequence of the above method, aside from receiving fees, a liquidity provider is also awarded a unique reward token when providing liquidity.
These Liquidity tokens also have a market value and can be sold separately. Examples are Aave token, Compound token, etc. The more and the longer you lock the WBTC in a DeFi platform, the more tokens you gain, and these can be sold on the market.
You can, in a sense, make money by making money. This is why these combinations of methods are the most innovative way from the 20 Ways to Make Money with Bitcoin in Nigeria.
17. Staking
Staking is the action of locking up funds in a DeFi application and gaining interest from them.
The difference with being a liquidity provider is that you have to supply a pair of crypto assets in the second option. For example, 1 WBTC and 14000 DAI both need to be locked simultaneously and in an equivalent amount. In our example, 1 WBTC is equal to 14000 DAI.
In staking, you only need to provide one asset. So, you would go to a staking platform to deposit the WBTC and earn interest on the deposit.
Additionally, you would also receive reward tokens for this action and become a liquidity miner. Popular platforms for this method in Ethereum are:
- Token Exchange
- Aave
- Pool Together
- Robo Token Set
18. Freelancing as a programmer
Another great way to make BTC and convert it for naira is freelancing as a programmer, especially if you are familiar with web development, Solidity, and DApp development.
These skills are in high demand right now. The hourly rates from doing these types of jobs are higher than in other freelancing areas. So, if you have a programming background, blockchain is a new and lucrative field for you.
19. Gambling in BTC
Source: Crypto News
This may be the riskier avenue in the 20 Ways to Make Money with Bitcoin in Nigeria list. Not only because gambling is by its very nature an unreliable source of income, but because many crypto gambling sites are scams.
So, massive amounts of caution have to be followed when using one of these services. Even with that warning, Bitcoin gambling has exploded in 2020. There are hundreds of sites out there that can be used for this practice. Some examples are:
- Kingdom Casino
- Book Casino
- Tele Vegas Casino
- Calabrese Casino
20. Airdrops
Source: NewsBTC
Airdrops are campaigns where new crypto projects distribute coins or tokens to registered users. They have become a popular method of gaining adopters quickly. One example has been the recent release UNI token, which was given to anyone who used Uniswap in the past.
These tokens tend to lose value quickly, so once received, the best way is to convert them into Bitcoin speedily and hold the BTC. This way, one can gain free Bitcoin from promotion campaigns.
Another type of airdrop, is those done by exchanges to their users. These businesses are conducted regularly and often carried out in Bitcoin, Ether, Litecoin, and other major cryptocurrencies.
One example is the Remitano airdrops, which the platform conducts regularly.
Conclusion
These are the 20 Ways to Make Money with Bitcoin in Nigeria. The list has methods for those with a technical background and those with softer skills.
The crypto economy has made it possible that anyone with enough drive can make money online from various sources. It is essential to stay active and up to date to take advantage of these opportunities.
So, if you want to know how to continue your crypto journey, you can read Moon Bitcoin: 5 Ways to Earn Free Bitcoin (BCH) with It, for ways to earn free Bitcoins.
