The student's life is a hard one, and making money online or offline as a student in Nigeria can be tricky. The demands of keeping up with studies while at the same time making money online can be very stressful. The average student has to juggle many demands, and on top of it all, most of the jobs regularly open for students are rapidly disappearing. Positions such as restaurant waiter, restaurant busboy, cashier, parking valet, and generally all the low-skill openings are on their way out.
One reason for this reality is, of course, the COVID-19 pandemic, but this is not the whole story. The economy has been changing for a while now, automation is finally creeping in the service sector, and it is reducing the most basic tasks with on-demand software designed to replace basic customer interactions. The pandemic has only accelerated this trend, and things won't go back as they used to be once we have a vaccine.
So, if you don't want to spend your work hours riding a bike as a delivery driver for some app, then your choices are limited. But as some doors close, others open, and a changing economy can mean big things for those willing to adapt quickly and embrace transformation.
Enter the world of Blockchain and Decentralized Finance. Both of these offer tremendous opportunities for entrepreneurial students looking for making money online on the side, without compromising their grades. The options presented go from entry-level computer knowledge to intermediate. There is a place for anyone in the world of cryptocurrencies.
For more information on DeFi, read DeFi Apps: What you Need to Know (2020)
Brave Browser Rewards
It is a consistent opinion that the best web browser in 2020 and going forward is Brave. A Chrome-based browser has become the preferred choice for most people in blockchain. It has an integrated ad blocker, fast interface, simple design, and adequate security. Most important of all, it has a rewards system.
The ad blocker serves two purposes. First, it stops intrusive advertising and tracking cookies. Second, it opens a Brave browser user's ability to collect rewards by opting to see occasional ads. The rewards can be configured from the settings menu and are paid in Basic Attention Token (BAT).
The browser can sync across many devices. So, in your home computer, you can accumulate BAT tokens, go out, switch to your phone, and still accrued money when navigating using the Brave mobile app. All the pooled rewards for the synced sources will go to a crypto wallet each month.
Additionally, creators who signed with Brave can receive tips via the browser. So, if you are active on social media platforms creating content, you can enable this option. The tips accumulate from all of your linked sites and are paid the same way as rewards. This is a great way for beginners to start earning income using blockchain technology.
Peer-to-Peer trading
As a student in Nigeria, you will spend a lot of time in front of a screen reading. To maximize your time, it is essential to have a profitable side hustle ready on the computer. Here is where Nigeria's active currency trading market becomes a huge opportunity. As the country openly embraces cryptocurrencies, the money exchange markets open, and anyone can participate from a home computer.
This is possible, thanks to the p2p revolution. Here buyers and sellers find the best offers in an escrow enabled platform. The provider holds each party's funds while the transaction is in process and then deposits the funds once the deal is complete. The exchange rates of cryptocurrencies change rapidly, so opportunities to make a profit arise faster and with more significant margins.
An excellent choice in this market for any Nigerian student is Remitano. A p2p exchange that works in over 50 countries and has integrated support for Naira in its wallet feature. This allows for instant trading opportunities using the local currency for crypto. Here while studying, a student can survey the opened position and trade in the FIAT crypto market. It is easily something that can be made on the side with minimum knowledge of blockchain and computers.
Find out how to buy bitcoin in Nigeria with the Nigerian Naira.
Flashloans
Finally, here's our advanced option for making money online as a student in Nigeria!
Anyone attempting this needs to have a working knowledge of programming and smart contract design. This option will appeal more to Computer Science or System Engineering students already deep in the programming world.
The idea behind a flashloan is to borrow several tokens from a decentralized exchange, use them to buy a different token on another marketplace, pay the original loan, and pocket the difference. All of these steps are done in a single transaction. How is this possible?
The answer is found in the structure of a smart contract. The borrow function is at the start, the swap, and the split between the original amount and the profits. Since the code is executed as a single block, it all happens in the same transaction.
This means flashloans don't need collateral. Any developer, or student, can essentially borrow millions of dollars in tokens and profit the difference. The only cost is the gas price paid to run the contract on the Ethereum network.
The best strategy is to combine all of these options. Actively use Brave for all your navigating, use the rewards to trade in a p2p exchange, and run flashloan contracts. All of the gains will be in crypto, so again go back to the Remitano platforms to convert them into naira to use them for everyday expenses.
The world's economy is undergoing a deep transformation. At the core of the changes is the expansion of blockchain technology and cryptocurrencies. As a student in Nigeria, the time is now to begin your journey in this world and strategically position yourself for the future.
