Cryptocurrency
Have you thought of these other ways to make money from Crypto?
Cryptocurrency and blockchain enthusiasts now have the opportunity to earn crypto without having to risks their capital in trading.
The flagship Crypto, popularly referred to as Bitcoin has already printed gains of more than 800% in the last one year. Data from Google trends reveals that Nigerians have shown more interest in Bitcoin than any other nation on earth.
Though the recent crackdown by Nigeria’s apex bank on Crypto was met with outrage from many young Nigerians, data retrieved from Usefultulips reveals that in the past 30 days Nigerians led Africa with about $36 million worth of Bitcoin transactions, processed on two major P2P exchanges, including Paxful and Local Bitcoins, posting an uptick of 7% despite the ban.
READ: XRP posts a big bang, as legal tussle with SEC lingers
Crypto trading
Buying and selling remain the most popular method through which Nigerians earn a living from the crypto market; and recently during this bull market, some sophisticated investors have made money getting into IDO/IEO.
Recent data suggests that the percentage of Ethereum Addresses in Profit stands at a whopping 95% despite being at its one month low, hinting at how profitable the crypto has been for a significant number of traders.
READ: Nigeria among worst countries to start a career, and they all don’t accept crypto
📉 #Ethereum $ETH Percent Addresses in Profit (7d MA) just reached a 1-month low of 95.087%
View metric:https://t.co/BUbkntqvVb pic.twitter.com/plV5W8FmzM
— glassnode alerts (@glassnodealerts) March 27, 2021
Offering tutor services
Several new projects coming into the space put out initial offerings on exchanges or decentralized platforms and this gave people opportunities to get in early on some of these projects.
The recently concluded Initial Exchange Offering at FTX exchange, a leading crypto exchange, revealed oxygen protocol began trading with a price of $0.15 and soared as high as $4 within a period of 10 days, thereby, printing over 3500% in returns.
Over the past months, the price of crypto has increased tremendously leading tons of people to rush into the market without a proper understanding of what the market is about. These sets of new traders in search of crypto education are easy targets for those who offer educational contents in the crypto space and that represents a way for these skilled crypto aficionados to make money.
READ: Crypto market surges by $86 billion, as Bitcoin reclaims $55,000 mark
Educators are also profiting from the surge in open interests in Crypto assets because they sell out lots of contents to the new audience in the markets. There are also good returns in showcasing such skills via providing assistance to some of these crypto projects.
The crypto industry is growing and the “cryptoverse” has witnessed a recent rise in new projects meaning that there are now more opportunities in the industry.
Cryptocurrency and blockchain enthusiasts now have the opportunity to earn crypto without having to risks their capital in trading. Other skills currently in high demand in the “cryptoverse” are marketing, Crypto coding, influencers and Crypto content writing.
Bottom line: It is advisable for you to stick with the skills that you’re comfortable with and if trading isn’t one of them, you will need to be extra careful while the current bullish run is still in play.
Cryptocurrency
Nigerians increasingly using Bitcoin since CBN’s Crypto ban
A growing number of Nigerians are not giving up on the crypto that has outperformed any Nigerian-based financial asset.
It’s been roughly three months since the Central bank restricted Nigeria’s financial institutions from dealing with anything crypto-related, yet recent data suggests its citizens have increasingly found other alternatives to access the world’s flagship crypto.
Data retrieved from Usefultulips (a Bitcoin analytic data provider) shows that the usage of Bitcoin’s peer to peer trading in Nigeria surged by 27% since the CBN directive took effect about 85 days ago, as Nigerians moved about $103 million worth of Bitcoins on just Paxful and LocalBitcoins channels alone.
Bitcoin recorded gains and its suitability in hedging against inflation, coupled with access to other crypto assets that offer more viable options, seem not to have weakened despite the recent N5/$ rebate scheme introduced by the Central Bank of Nigeria to encourage Nigerians in the diaspora to use official channels to remit their funds instead of doing so through Cryptocurrencies.
READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500
The world’s most popular crypto has rallied by almost 500% since its latest bull run began at the start of Q4 2020, hitting record highs of almost $65,000 this month before pulling back to $55,000 at the time of drafting this report amid strong institutional purchases sighted in emerged markets.
Some market analysts argue that Nigeria’s apex bank’s hold on the country’s financial system has further complicated transactional processes in Africa’s largest economy because Bitcoin still relies heavily on fiat currencies despite being virtual, from pricing its value to how its ownership is being ascertained. In spite of this, the growing interest in Bitcoin has not weakened.
Adding credence to Nigeria’s grip on Bitcoin includes data collated from Google trends, printing that Africa’s largest crypto market, emerged as the first amongst other countries by a long-distance over its interest in Bitcoin with a perfect score of 100%.
READ: Nigerian banks allegedly close accounts dealing with Crypto
Nigeria’s relatively young educated population coupled with its growing internet adoption and smartphone penetration has facilitated Bitcoin to thrive exponentially amid rising inflation that has eroded the savings of many Nigerians.
The borderless feature of Bitcoin also makes payment effortless for Nigerians in addition to offering outrageously low transaction fees.
READ: Why Bitcoin could triple in value annually
To give context, many Nigerian banks charge 1–2.5%. For a $1 million offshore transfer, bank charges may go up to $10,000, but with the flagship crypto, transfer of such amount would not exceed $300, even at peak periods.
Consequently, a significant number of Nigerians already pay a premium for accessing the crypto market, as data from Binance, the world’s largest crypto exchange by volume, at the time of writing, posted a rate of N607 to 1 USDT with Nigerian banking channels close to the global crypto ecosystem.
Bottom line
A growing number of Nigerians are not giving up on the crypto that has outperformed any Nigerian-based financial asset. They are thus ready to pay a premium to hold on to Crypto irrespective of the Central Bank’s ban.
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