There is no such thing as a free lunch. This principle serves as the basis for all the affairs and actions people undertake in their daily lives. The need to spend something in order to get something else is the cornerstone of not only investing and economic reasoning, but also the basis for all physical and chemical reactions. Nothing is created and nothing is destroyed, there is only transformation. Such is the basic principle of the universe and it applies to human actions as well. In order to earn some money, people have to either work with their hands or their heads, thus spending time and energy in order to convert it into funds that will fuel their continued actions and perpetuate life.
Earning money is not always as easy as some think, since the amount of money will earn depends proportionally on the amount of effort exerted. However, the effort can be both manual and mental. Strange as it may seem, the latter is much more laborious and energy-intensive, since it requires a lot of time and specialized skills, which in themselves will require even more investments in time to acquire. This is an important point of consideration for those who think that earning money is just getting a nine-to-five job and sitting in front of a computer screen.
For the sake of comparison, one can travel to any social media network and explore the profiles of different people. The differences will be striking and it will become clear that those who exert a minimum amount of effort will be content with low-paying jobs and poor salaries. In contrast, those who exert additional efforts and are focused on achieving more than they already have will have the luxury of boasting about their lifestyles, since they will be able to afford them.
The balance is always in the relation between one’s mindset and the skills they have in counterbalance to the pay they will get in return. Luckily, there are plenty of opportunities online that allow people from Nigeria and other countries to earn much more than the base salaries of their economies. And this is where the need for outreach and new approaches to thinking about earning come into play.
Nigeria is suffering from inflation and the devaluation of its national currency. The result is the impoverishment of the population and a staggering unemployment rate that forces millions of Nigerians to eke out a meager existence on the land or for low pay. There is an alternative that is available to everyone, but few are willing to take the time to study it or take the initiative to act. That alternative lies in the digital space, which provides multiple opportunities for making money. The advantages of the digital space and operations in are the following:
- Low entry threshold;
- Freedom of operation with various currencies;
- Availability of multiple projects to support and invest in;
- Cross-border reach;
- Possibility to investing in multiple assets simultaneously;
- Low oversight and favorable legal frameworks.
These and many other factors shed light on the cryptocurrency industry, where digital assets like Bitcoin reign supreme. Many ask about how to buy Bitcoin in Nigeria and often turn to the internet for help. It is true that Bitcoin is a very restrictive asset that can be expensive for most Nigerians, but that does not make it any less coveted.
There are numerous alternatives to Bitcoin on the digital assets market that can be explored and utilized for making profits. Among them are rapidly appreciating assets like Ethereum, which cost a fraction of Bitcoin’s price and are just as interesting for both investors and users as a means of payment in the digital space. This factor opens up the doors for many other assets as well, such Binance’s native BNB coin, which is extremely demanded on the open market as a means of slashing trading fees on the platform. Another is USDT, which is a stablecoin tethered to the United States Dollar.
These assets and many others can be used to make money in a variety of ways, not the least of which is trading. By compiling assets and then trading on their price difference across various trading platforms, through the practice of arbitrage, users essentially earn multiple small sums on a large number of orders. The practice is very similar to that of scalping, but involves much more effort. Scalping, on the other hand, can be automated through the use of trading bots, which are so advanced that they can read market data and adjust to keep on earning.
Trading requires a large amount of skill and experience, and users who do not wish to engage in such a laborious activity always have the alternative of resorting to decentralized finance platforms that offer such instruments as staking and liquidity pooling. Both practices rely on the concept of lending available assets to platforms in exchange for a commission.
The digital frontier is the new earning arena, where anyone can start making fortunes. However, one has to remember that the returns will always be proportional to the amount of effort invested in the endeavor, and will always be accompanied by higher risks.