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Top passive income strategies using Cryptocurrencies in Nigeria

Now is the time to enter the wagon of the Blockchain and Decentralize Finance wave.

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Top passive income strategies using Cryptocurrencies in Nigeria

The world of today is one where one needs multiple streams of income. Just saving some money in a bank account is no longer sufficient to guarantee financial safety. This is due to the low-interest rates across all countries of the world. Regular savings account with low-interest payments could ironically be losing money due to inflation.

This is where cryptocurrencies and the world of Blockchain at large can help. There are numerous opportunities in it to make some money on the side without having to risk income trading. These types of strategies give a return without active participation by the user.

This is the world of passive income, a stream of money that is accumulated over time regardless of the actions of the user. There are many protocols and services in the crypto space that offer possibilities to make money passively.

As the world is faced with the COVID-19 crisis and the Central Banks of the world print money, inflation is a big threat to developing nations. Nigeria is no exception. The latest figure of the National Bureau of Statistics (NBS) is 12.5% for July. This, coupled with the average APY for a savings account being 4.2%, means any regular saver in the country is losing money with a savings account.

Before we continue, check out this analysis of Bitcoin’s performance during this COVID-19 pandemic posted on Remitano.

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This is why every Nigerian needs to research and be involved in passive income strategies. The future of the old financial system is in question while the crypto economy is growing. We just saw a bull run while the global economy is in crisis. The strategies outlined here, plus others out there can be a critical tool to achieve financial independence.

First Staking

The current trend in Blockchain protocols is to move away from Proof of Work (PoW) towards Proof of Stake (PoS). This has to do with the high costs of mining hardware, risks of centralization, and scalability limitations of the Proof of Work consensus algorithm. This made many old and new protocols move away from PoW and adopt PoS in their blockchains.

The Proof of Stake algorithm works, as the name suggests, by forcing those nodes looking to get rewards from validating transactions to lock some funds in the network to do so. This is known as staking, the nodes that meet the requirement enter a lottery to become the origin of the next block. Once the block has been propagated successfully, the node receives a reward in the native cryptocurrency of the network.

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One way to do this is to set up a node by yourself and stake some crypto to become a validator. This, however, is not without risk. A node has a set of responsibilities in the network, such as staying online 24 hours a day. If a node fails in those responsibilities, it losses part or all of the locked funds. This is done to encourage nodes to play an optimal role in the Blockchain.

This means that running a full node alone is risky, and it could be a little expensive. Not as expensive as a mining farm, but above one thousand dollars. This is where stake pools become attractive. A stake pool is where a group of users delegates their cryptocurrency to a node in exchange for some of the rewards it gets when validating a block.

The pool operator gets a higher percentage of the rewards and the possibility of becoming a validator more often. The lottery is not purely random. The more a node stakes in the network, the higher the chances of validating the next block. So, pool operators have the incentive of attracting many stakeholders to make their chances better.

Some of the protocols offering stakeholding are Algorand, Vchain, Tezos, Tron, Cardano, and some others.

Cardano is the latest to offer stake pools with its after launching its mainnet on July 29th. Unlike Ethereum, there is no limit to how little a person can stake in the network. This makes it an invaluable tool for passive income strategies.

Second Crypto Saving

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Crypto saving is a new example of the traditional savings account in the world of Blockchain. Cryptocurrency exchanges are in constant need of liquidity for coins and tokens on their platforms. This means that a user holding some coin or token lets us say Tether (USDT) can loan this token by depositing it in a liquidity pool for others to borrow. The people on the other side of the operation have to pay interest, and part of that interest is given back to the depositor.

The most popular services for this type of strategy are found in Ethereum. This is because most DeFi products are in that Blockchain. These pools include Compound, Aave, Uniswap, and dy/dx. Additionally, users of the Argent mobile wallet can directly connect to these protocols from the app on their phones.

The interests are standard annual returns. These range from 3% to 5%, except in Compound. In it, the interest rate varies daily and also changes per token. On some days, DAI may have a higher return than USDT, while on other days, the trend can reverse to favor the second. The interest earned is calculated daily, and the savings can be taken out at any time.

This makes it the easiest choice to earn passive income in the Blockchain right now. The limitation is that, for now, it mainly works in the Ethereum network. The variety of tokens that can be used to make deposits is restricted to those issued in Ethereum. Some examples are Tether, USDC, Basic Attention Token, DAI, Wrapped Bitcoin, and others.

There is no boundary to how much money a person can deposit in these protocols. It can be as little as one dollar of some stable coin such as Tether or DAI. This is great for people looking to save in the Nigerian market. Instead of using bank’s savings accounts, which lose to inflation, a savings pool like Compound can return a higher interest rate in a year than any commercial banks could under the present economic conditions.

Finally Affiliate Rewards

Many exchanges, protocols, and other blockchain projects rely on affiliate marketing. They need happy and engaged users to drive traffic towards them and boost organic growth. Of course, this demands that the user has some platform, Twitter account, YouTube Chanel, etc., to reach an audience. So, it is not entirely passive.

Of course, rewards accumulate over time. It is unnecessary for a promoter to constantly post on social networks to achieve a steady stream of income. One of the most advantageous affiliate programs is the one offered by Remitano. This affiliate program not only gives rewards on direct referrals but also on referrals of downliners. All commissions are on a recurring basis.

Click this link to learn more about the Remitano affiliate program, the best affiliate program in the crypto space.

The world of cryptocurrencies grows by the day. The opportunities to cultivate multiple streams of income are only increasing in Blockchain. Now is the time to enter the wagon of the Blockchain and Decentralize Finance wave.

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This is an especially powerful tool for Nigerians and citizens of developing nations. Before, we were limited by those financial institutions running in our countries, but the crypto economy is global. Blockchain has eliminated all the limitations of trading, savings accounts, investing, and other services, which in the past were only available in developed countries. Blockchain has opened the doors to financial freedom, and it is up to each of us to go through them.

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Remitano launches Mission, a new online job market for crypto lovers

Remitano introduces Missions, a simple, short-term task platform that anyone can do and get paid for.

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Remitano, global P2P crypto exchange, has just launched a new online job market – Mission, the platform’s latest element in its push to realize its full potential and open a new window of employment opportunities to crypto users.

Missions are simple, short-term tasks that anyone can do and get paid for. For example, “Share a Remitano post on Facebook.” The new online job market will provide a range of ‘easy and quick apply’ jobs (mission) for crypto lovers wishing to have additional earnings. This way, applicants can skate through the application process and land jobs fast.

As of the August 2020 announcement, Remitano already released a set of guidelines for users looking to take advantage of the offerings. The guide includes:

  • Highlights of the missions
  • Steps to apply
  • Application requirements

Complete a Mission and Get Instant Crypto

While the internet has become the most vital channel for personal recruiting, and people consider different aspects of a job to be fulfilling, some common elements include work-life balance, growth, and a strong work community. Remitano’s newest mission is geared towards promoting similar values and keeping like–minds meaningfully engaged with the crypto community.

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Furthermore, Remitano is thrilled to collaborate with greenhorns interested in building along with it. Hence, if you’re new to cryptocurrency trading and wish to maximize your earnings or want a legitimate way to get instant crypto without purchasing it, you can create a free Remitano account, and join the mission for the next job on hand.

Why You Might Want to Join Remitano’s Mission

  • A side job: If you’re looking to expand your income or even monetize your free time, missions are ready for the taking. You will be poised to earn extra cash by helping to present Remitano’s ideas across the internet.
  • More remote flexibility: with more people working from home, having a practical and comfortable working space is more important than ever. Remitano encourages this by providing digitized work environments for its employees’ remote adaptability.
  • Unlimited geography: missions are for everyone, no matter where they are. Job seekers can access available online jobs from anywhere and apply for roles they fit into.
  • Streamlined application: applicants only need to prep and submit requisites and certificates, allowing you to walkover face-to-face interviews
  • Instant credit of cryptocurrency: once a mission is completed, successful candidates will receive instant crypto remuneration to their Remitano wallets.

About Remitano

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Remitano is a product of Babylons Solutions Limited based in Seychelles. As a fast-moving marketplace, Remitano’s purpose is to offer a robust, quality trading experience to all users. With necessary safety standards in place, buyers and sellers can come together, store, trade, and retrieve assets, thus minimizing challenges common to crypto exchanges.

Launched in 2014, Remitano is a global cryptocurrency exchange serving international markets, such as Malaysia, China, Nigeria, Vietnam, Australia, Cambodia, and Indonesia.

Got Questions?

Reach out to Remitano via:

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Are SMEs the solution to Nigeria’s wailing economy?

MTN Nigeria commenced The Revv Program to mitigate the effects of the pandemic on SMEs across Nigeria.

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The outbreak of the COVID-19 pandemic this year has been a major disaster to several sectors including the financial sector. The ensuing lockdown affected the global economy tremendously. SMEs in Nigeria were among the worst hit.

According to a survey published by the Fate Foundation and BudgIT on the ‘Impact of COVID-19 on Nigerian SMEs’, 94.3% of the total 1,943 respondents said the pandemic has negatively affected their business.

Back in 2017, the Small and Medium Enterprises (SME) sector comprising approximately 40 million SMEs contributed an estimated 48% to Nigeria’s Gross Domestic Product (GDP), and employed 84% of the country’s entire workforce, according to a National Bureau of Statistics (NBS) report released in 2018.

GDP is an important indicator of a country’s economic power. According to the NBS, Nigeria’s 2017 GDP was worth about N113.7 billion. Of that amount, the SME sector contributed 48%; that’s two percent short of half the total amount. This value provided by SMEs, which ensures the smooth running of the country, is why they are referred to as the bedrock of the economy.

But this was before the pandemic and the accompanying lockdown that resulted in an unprecedented economic tailspin affecting business operations, consumer spending, loss of jobs, and livelihoods. According to the Fate Foundation and BudgIT survey, off the businesses still managing to stay afloat, 72.1% cannot find the cash flow to continue running their business, and 59.2% are struggling to increase their revenue base.

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When asked in what area they want to be supported, 72.1% answered with cash flow; 67.7% said they’ll need support to make sales; 89.4% want the federal government to provide them with funding; 33.8% need access to markets; 74% want the private sector to support with funding; and 62.9% want business support.

Recently, MTN Nigeria commenced an initiative tagged The Revv Program to mitigate the effects of the pandemic on small businesses across Nigeria. Working with relevant stakeholders, subject-matter experts, and the company’s executives, the program aims to support over 10,000 small businesses.

At the virtual launch, Chief Executive Officer, MTN Nigeria, Ferdi Moolman, called on large corporates to join MTN and “strongly position themselves to support SMEs as a foundation to the growth of a stronger economy going into 2021 and beyond”, saying “The Revv Programme is our way of standing with SMEs in their journey to rise through these challenging times.”

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Adopting a four-pronged approach that includes masterclass sessions, support with productivity tools, access to market and advisory initiatives, the programme seeks to help SMEs relearn, readjust, and retool their businesses. The masterclasses which have been held weekly since August 18 focuses on core areas of business management as part of a broader strategy to uplift the SMEs.

This will be followed by the selection of The Y’ello 200 (two hundred top-performing SMEs from the sessions) that will enjoy exclusive access to a broad range of technology and productivity tools and services absolutely free, for a period of six months. They will also receive productivity support to enhance their business performance, in addition to access to MTN’s media assets for product marketing, which will open up new market opportunities for their business’ growth and expansion.

The majority of the small businesses affected by the pandemic are facing funding problems.  The first masterclass, themed “Accessing the Right Funding for Your Business”, addressed this need. MTN Nigeria’s Chief Financial Officer (CFO), Modupe Kadri, together with other subject-matter experts threw light on ways SMEs can access funding from investors, and the role a properly managed cash flow system plays. “Anybody that wants to advance some securities to you will want to know the strength of your cash flow management; how you generate the income streams and how you’re going to keep the lead on that. The same thing also applies to your costs”, Kadri said.

In a subsequent masterclass themed, “Setting Up Your Business for Success: The Technology Advantage”, the Chief Enterprise Business Officer of MTN Nigeria, Lynda Saint-Nwafor shared that the concern for SMEs is at the core of The Revv programme. “We have the interest of SMEs at heart and whilst we do not provide all the services that are applicable, we are willing to partner with organisations that provide access to technology tools that are relevant to SMEs on a platform that makes it easy for them to access at the right price”, according to Lynda.

The Revv Programme will not be the first time MTN is supporting small businesses in the country. In 2018 the company launched the viral “Man In The Box” campaign with commendable outcomes for SMEs in the country. The idea was to support small businesses with technology solutions and create awareness for them by showcasing their businesses in the “Box” to the entire world.

For 24 hours and for free, selected businesses were showcased within the “Box” on LED screens, and across MTN’s social media platforms. Man In The Box was a huge success; it awakened Nigerians to the enormous untapped possibilities that litter the SME space. SMEs that were featured in the “Box” told amazing testimonies of how they witnessed growth and increased patronage of their businesses.

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As we transit to a post-COVID environment, small businesses that had their business affected by the pandemic and are looking for new sources of income will have to pay attention to the programme. The good thing is, it does not matter how bad the pandemic may have affected their success, business will soon shape up for SMEs, especially the 10,000 small businesses to benefit from The Revv Programme. And with that, they will continue to provide the much-needed backbone for Nigeria’s economy.

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How to open free Bitcoin wallet in Nigeria

Cardtonic is one of the platforms that provides a free bitcoin wallet address in Nigeria.

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How to open free Bitcoin wallet in Nigeria

When it comes to cryptocurrencies such as Bitcoin, a bitcoin wallet address is very essential. A Bitcoin wallet address is made up of a string of 26-35 alphanumeric characters, that allows you to send and receive bitcoin.

Any bitcoin address can be used to transfer cryptocurrency to any other address on the network, provided the sender’s wallet software supports that address type. All addresses represent a destination on the Bitcoin network.

READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you

How To Open Free Bitcoin Wallet In Nigeria

Creating a bitcoin wallet in Nigeria is very easy. Wallets come on different platforms with different features in Nigeria. However, it’s advisable you always go for the best. This guide will help you to find the best Bitcoin wallet in Nigeria for you.

How Do I Get A Free Bitcoin Wallet Address In Nigeria?

There are various ways to get a free wallet address in Nigeria. Prominent among them is by signing up to a platform that offers a free bitcoin wallet address.

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Cardtonic is one of the platforms that provides a free bitcoin wallet address in Nigeria. It is an online broker trading platform that facilitates the buying and selling of bitcoin, as well as gift cards. The bitcoin/gift card trading platform is designed to aid the buying and selling of bitcoin.

READ: Ethereum whale transfers 200,000 ETH, as price drops to $387

Get Free Bitcoin Wallet Address on Cardtonic

Cardtonic now offers Bitcoin Wallet Address for all users. The idea is that for each Bitcoin transaction, users will generate a unique, single-use address to provide to senders.

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Why Cardtonic Offers The Best Bitcoin Wallet Address In Nigeria

Cardtonic has a nationwide reach, serving traders across Nigeria. Safe to say that it is also one of the largest gift card and Cryptocurrency exchange platforms in Nigeria.

Cardtonic deals in bitcoin and gift cards exchange, and at the same time provides a bitcoin wallet address that is of blockchain standard.

It is also one of the foremost bitcoin trading sites in Nigeria as it has greatly simplified the process for customers. The competitive advantage ranges from offering one of the fastest transaction times to having an extensive customer support system that is always on hand to provide assistance, not leaving behind the amazing bitcoin exchange rates. Thus, Cardtonic is raising the bar on bitcoin trading.

READ: Why Africans are fast using Bitcoin for payment transfers

Therefore, with all the ease around bitcoin trading on Cardtonic, whether you are trading little or large, you’d like to get value and ease for them. And apart from the fact that there are a limited number of platforms that have such features in Nigeria, not every service can be trusted in terms of security, efficiency, and exchange rate. All these can be guaranteed with Cardtonic.

How To Create Bitcoin Wallet Address On Cardtonic

To create an address on Cardtonic, follow the steps below:

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  1. Visit the website or download the mobile app on your android or iOS.
  2. As a user, proceed to the bitcoin trade page and generate your bitcoin address
  3. The address becomes permanently yours. You can receive bitcoin into your address at any time.
  4. Any amount of bitcoins sent to your address will be automatically added to your naira balance at the corresponding rates.
  5. Bitcoin trades on Cardtonic are completely automated and require no human or manual intervention.

Get Started

Download Cardotnic Mobile App: https://play.google.com/store/apps/details?id=com.cardtonic.app

Website: Cardtonic.com

Mail: Support[@at]cardtonic.com

Phone/Whatsapp: 07060502770

Instagram: @Cardtonic

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