Since the king of crypto continues to occupy the dominant positions in the list of top cryptocurrencies in Africa, the question of how to earn Bitcoin in Nigeria is an acute one, especially in light of the depreciating national currency. With the Naira set to experience its worst year since 1999, Nigerians are literally scrambling for cryptocurrencies of every kind to preserve the value of their savings. And as Bitcoin is the most coveted cryptocurrency on the local market, it is not surprising that everyone is looking for ways to add at least one coin to their balances.
Along with Ethereum and USDT, Bitcoin tops the trio of the most vaunted assets in the country. But the restrictive price of the asset, which has already surpassed the $47,000 mark by the time of writing, means that it is extremely inaccessible to the vast majority of Nigerians. As people have little capital of their own to spend on cryptocurrencies, especially Bitcoin, many are turning to either credit lines or innovative means that can help them generate some passive income in cryptocurrencies. In this material, we will take a deep dive into the most popular means Nigerians can resort to in order to generate some Bitcoins.
How to Earn Bitcoin in Nigeria
The local government has recently eased its stance on cryptocurrency in Nigeria, resuming transactions in digital assets. This move touches not only Bitcoin, but other cryptocurrencies as well, loosening the financial authorities’ grip on the digital currencies market in the country that continues to thrive unabated. With the authorities effectively conceding their defeat to the rampant use of cryptocurrencies, Nigerians are once again free to engage in trading and earning the digital assets of their choice.
Luckily, there are several ways Nigerians can resort to in order to make sure that they effectively earn at least one Bitcoin with some effort on their part.
Trading
Trading Bitcoin is the first and most popular method that Nigerians turn to in their effort to earn the coveted cryptocurrency. Naturally, this approach will require users to first have some startup capital, which they will be willing to risk in the course of the process. Indeed, trading is linked with a high degree of risk, since users will have to face not only volatility, but will also have to:
- Learn much about trading before engaging in it;
- Have to support a cushion of finances;
- Contend with inevitable losses;
- Constantly monitor price charts.
These and other factors are part of the trading process and are as much a part of the world of cryptocurrencies as using Bitcoin. In addition to the risk of losing investments, traders can suffer from health problems, which arise from constant stress and the lack of sleep, which is also a byproduct of their addiction to the interface and the hunt for profit.
DeFi
The decentralized finance realm is one of the most attractive venues for cryptocurrency enthusiasts, since it provides a host of opportunities that allow them to generate passive income. In addition to liquidity pools, users can earn their Bitcoin by engaging in a wide range of activities, such as promotions, staking, various draws and contests. All of these are part of the world of decentralized finance, where players like Uniswap routinely post announcements about various exciting activities for their users.
Exchanges
If users do not want to start trading, they can still sign up to an exchange and start taking part in the various activities such platforms as KuCoin, Bitget, Bybit and others offer. The activities are often linked to prize pools that either randomly, or based on performance, distribute the winnings among participants. Such activities usually revolve around trading marathons, but can also involve various fun tournaments with stories, content, or a series of contests. The winners can end up either with some Bitcoins, or a wad of cash.
Mining
The best Bitcoin generator of all is the mining process, which is legal in Nigeria and can still generate a substantial amount of income. Considering the upcoming halving and the rising price of Bitcoin, miners are rushing to get back in the game, allowing larger players to earn some considerable profits. Solo mining is also available, but will require both a high degree of technical knowledge and a lot of initial investments in hardware and other equipment, such as cooling fans, which will take a while to get paid for, given the current hashrate.
There is also the cloud mining option, which lets users purchase a tariff from a cloud operator and earn on the generated income. The mined coins can either be converted into a desired currency that is sent by bank transfer to the user, or sent to a blockchain wallet for subsequent sale or storage.
Key Takeaways
From Bitcoin to Ethereum, or any other cryptocurrency, the opportunities for earning digital currencies in Nigeria are many. With the option to sell Bitcoin seeming less than likely among those who already have such an asset in their portfolios, those who do not are left with the option of either engaging in various crypto mining activities, or trading in hopes of earning enough to buy a Bitcoin. Both options will take a significant amount of time to generate results, but will be rewarded, as there are still plenty of Bitcoins to go around.
