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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.

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.

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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.

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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.

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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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Forex trading in Nigeria – A beginner’s guide

It is believed that Nigerian forex traders trade positions worth at least $1.25 million on average every day.

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Overview

The foreign exchange market is more commonly known as the forex market. It is the financial market involved with the trading of currencies. It is the largest financial market in the world where trading volumes of more than $5 trillion occur daily.

These trades are executed over the counter, more commonly referred to as OTC. This means that transactions are executed around the world through online computer networks. In addition to being the largest market, the forex market is also the most liquid and volatile.

Liquidity refers to the ease with which an asset or a security can be converted into cash without it affecting its market price. Market volatility refers to the velocity of price changes which occur in any market.

Pro Tip: View the 26 Best Forex Brokers that accepts Nigerian traders.

The liquidity and volatility of the market is as a result of the significant amount of forex trades which occur daily and higher liquidity also results in lower transaction costs, a benefit for all traders.

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Nigerian traders have access to the forex market 24 hours a day, 5 days a week, with the added benefit that trading can be done despite the trader’s time zone. This due to the fact once one market closes, another will open while some are open due to the overlap in time zones.

When considering forex trading specifically in Nigeria, forex trading has become easier in the country. The past decade reflects substantial economic growth as well as an increase in disposable income.

Nigeria is one of the most prosperous countries in Africa and it is believed that Nigerian forex traders trade positions worth at least $1.25 million on average every day.

There are also more brokers that are welcoming Nigerian traders in registering an account on their platform, allowing beginners and experts to connect to global markets.

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Open A free Trading Account – Click Here

The Basics – What all Beginner Nigerian Traders Must know

Education

One of the most common mistakes that beginner traders make often is not ensuring that they have adequate forex trading knowledge. Before approaching the forex market, Nigerian beginner traders must ensure that they consult adequate educational resources to build up their knowledge.

One of the most basic areas to begin is learning common forex terms and their definitions. This will help Nigerian traders understand the forex ‘jargon’ that they will be exposed to from the get-go when they start trading.

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Some of the terms that traders are more likely to see include the following:

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  • Base currency – this refers to the currency that the trader is currently holding, in this case, the Nigerian Naira. The base currency always appears first in a currency pair.
  • Quote currency – this is the currency that the trader will purchase. The quote currency always appears second in a pair.
  • Bid/Ask Price – the bid price refers to the price at which the broker is willing to buy the base currency. The ask price is the price that the broker will ask the trader in exchange for buying the quote currency of choice.
  • Spread – the spread is the difference between the bid and the ask price which is expressed in pips. The spread is charged by the broker as payment for rendering services. There are floating/variable spreads which change with market conditions and fixed spreads which are determined by the broker.
  • Pip – this stands for ‘Percentage in Point’. It is the smallest measurable value of currency movements and the smallest increment that a price can move. One pip is equal to 1/100th of the base currency of the trader.

In addition to this, another imperative educational tool is a demo account. Numerous brokers offer them to traders. A demo account provides a risk-free platform to traders where they can practice trading in an environment which mimics live trading conditions, without risking actual capital.

Why you should develop a forex trading plan

All traders who intend to be successful have a trading plan. It consists of a set of rules and guidelines that shapes and defines the trading behaviour of a trader.

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Nigerian beginner traders must ensure that they evaluate their needs, goals, and limitations before they start trading. This will ensure that they do not give in to emotional or chaotic trading and ensures that they have a clear goal and objective in mind.

Trading plans also help traders manage their risks more effectively.

How to choose a trading strategy

Once Nigerian beginner traders have a better idea of what they want to achieve through their forex trading and what they are limited to, they can start looking at the different forex trading strategies to use when trading, or they can develop their own.

The trading strategy must be chosen according to the trading style of the trader and it must be in line with the trader’s trading plan. One of the main considerations when choosing a trading strategy is the personality of the trader.

This is because it will be assessed by performance as well as quality of historical data, and the implementation of the strategy. Factors such as time management, dedication, commitment, patience, and others are imperative when choosing a strategy.

You might like: Latest Africa Forex Trading Stats ( 2020 )

How to choose the right forex broker

When Nigerian traders start considering a broker to facilitate their trades, there are key factors to consider, including:

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  • Knowing your needs as a trader such as education, research, trading strategy provision, trading tools, and more.
  • Regulation – beginners must ensure that they only deal with regulated brokers to ensure the safety of their funds
  • Fees and commissions – Traders must ensure that they understand their financials and what they can spend and afford to lose. Here, traders must consider the trading and non-trading fees.
  • Testing the broker’s platform by opening a demo account.
  • Make sure that the broker offers adequate education and research.
  • Look at the ease with which funds can be deposited and withdrawn.
  • Test and evaluate the level of customer service.

What drives the forex market and why is observation important?

When traders start out, they must realize that there are factors that drive the prices and exchange rates in the forex market. These include, but is not limited to:

  • Central Banks
  • News Reports
  • Mark Sentiment, and numerous others.

By staying up to date with news and other reports, traders can more effectively begin to anticipate what the market may do while making extensive use of both fundamental and technical analysis to assist them in trading decisions.

Open A free Trading Account – Click Here

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BUA donates 3 Emergency COVID-19 ambulances, 100,000 facemasks to Yobe

BUA Group has donated three ambulances and 100,000 facemasks to the Yobe State Government.

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As COVID-19 cases continue to rise across Nigeria, BUA has donated three ambulances and 100,000 facemasks to the Yobe State Government as part of its social support and humanitarian commitment to combat the COVID-19 pandemic in the country.

Presenting the donations on behalf of the Chairman of BUA Group, Abdul Samad Rabiu at the Government House, Damaturu, Aliyu Idi Hong, Director of Government Relations, BUA Group commended Governor Mai Mala Buni of Yobe State for his tireless efforts in curbing the COVID-19 pandemic in the state.

L – R: Aliyu Idi Hong, Director of Government Relations, BUA Group presenting documents of 3 emergency ambulances donated by BUA as part of efforts to curb the COVID-19 pandemic to Governor Mai Mala Buni of Yobe State at the Government House, Damaturu.

According to Hong, “So far, the Chairman of BUA Group, Abdul Samad Rabiu has given more than 8 billion Naira worth of support to towards the fight against COVID-19 in Nigeria.”

“With the second wave spreading across Nigeria, we are expanding the scope of our intervention to various states and will continue to support initiatives aimed at helping to curb the spread of the virus in Nigeria,” Hong added.

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Reacting, Governor Buni thanked Abdul Samad Rabiu, Chairman/Founder BUA Group, for his humanitarian gesture to the nation especially to Yobe State noting that the “donation is coming at the right time because of the second wave of the pandemic”.

The governor reminded the Yobe people to adhere strictly to the covid-19 preventive measures by wearing facemasks, keeping social distancing and washing their hands

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Another First! Wragby becomes a Microsoft Azure Expert Managed Service Provider (MSP)

This makes Wragby the first Microsoft Partner in Nigeria and West East Central and Sub-Saharan Africa to achieve this!

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Wragby Business Solutions & Technologies Limited (Wragby) has achieved the Microsoft Azure Expert Managed Services Provider (MSP) status, maintaining high proficiency in assessing, migrating, building, deploying, optimizing, and managing business solutions on Azure. This makes Wragby the first Microsoft Partner in Nigeria and West East Central and Sub-Saharan Africa to achieve this!

“We are super proud to be awarded this designation as a Microsoft Azure Expert Managed Service Provider.  It is yet another proof to the depth of our expertise, by ensuring that our technical capabilities and processes meet and exceed the standards of the Azure Expert MSP program. We look forward to achieving more,”Oluyomi Alarape , MD/CEO Wragby

Participation in the Azure Expert MSP program is granted to partners that meet several requirements, including verified customer delivery and technical expertise tests, as well as successfully complete an independent audit of their managed services, equipment, processes, and technologies. Providers must hold Microsoft Gold Cloud Platform competency, maintain end-to-end managed support for Azure, and provide multiple customer references of Azure managed service projects delivered over the last 12 months.

The Microsoft Azure Expert Managed Service Provider program is designed to give businesses migrating to the cloud confidence that their chosen partners have demonstrated the highest degree of capability to deliver repeatable high-fidelity managed services on Azure.

According to Akin Ayodele- Chief Technology Advisor at Wragby the attainment of the Azure Expert MSP Certification Wragby has once again demonstrated in very concrete terms her commitment Towards supporting our Customers journey and experience in the use of the Microsoft Azure Intelligent Cloud Platform family to exploit solutions and Innovations to realize their digital transformation objectives.

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This recognition validates Wragby’s ability in orchestrating and integrating various services on Azure including cloud infrastructure, IoT services and application migration skills, as well as the ability to deliver value to customers by offering proactive monitoring, automation, and management of their Azure environments.

In the current ever-changing Business Landscape, Businesses need a greater level of auto-scaling to Increase Operational efficiency, be more Agile and deliver excellent customer experience through technology services. Businesses therefore need to auto-scale to meet their technology demands & save cost through Excellent but Cost-Effective Managed services.

Our Best-in-Class Digital Advisory Team has high proficiency in assessing, migrating, building, deploying, optimizing, and managing business solutions on Azure, using proven processes and tools. This is evident by our recent attainment of the Microsoft Azure Expert Managed Services Provider (MSP) status,

Meet IT demands & Save cost through our Expert Managed Services offer which includes:

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  • Integrated IT service management of workflow/automation
  • App Migration/Modernization Services
  • Infrastructure Configuration & Management
  • Business Continuity, Backup and Disaster Recovery
  • Data Protection
  • Storage and Patch management
  • Security and Identity management
  • Cloud Advisory Services…plus more

We work with various teams for efficient delivery either On-premise, Hybrid, or in a Public Cloud.

We are just a call away. Contact us at www.wragbysolutions.com

See more here,  https://www.microsoft.com/azure/partners/azureexpertmsp?filters=all

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