Make money with Cryptocurrencies NOW

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5 top ways to make money with cryptocurrency

Cryptocurrency is a digital currency that does have any physical shape or form. A lot of people believe that making money with it is as easy as ABC since cryptocurrency is virtual. That being said, there is no magic recipe for it. To earn with crypto, you still need to invest your time, effort and money.

The following article is going to answer your burning question: “So, how do you make a profit with cryptocurrency at minimum expense?”

Contents:

Brief Guide to Making Money With Cryptocurrency

1. Decide on the money-making method. Do you wish to invest in cryptocurrency, mine it, or are you looking for other options?

2. Pick the cryptocurrency that works best for you. Analyze the market and go through all the information about it to work out a proper strategy.

3. Create a cryptocurrency wallet and secure it.

4. Start making money.

5 Proven Ways to Make Money

Before we reveal the secrets to making money with cryptocurrency, first you need to know about the main ways to do that.

Mining

There are three ways to mine cryptocurrency:

1. Individual mining . The miners use their own equipment, customizing software and hardware themselves. Upside: all of the profit made is yours. Downside: expenses associated with equipment maintenance and high electricity bills against the backdrop of decrease in remuneration per block.

2. Mining pools . Miners pool their mining resources in order to quickly solve the puzzles together. Upside: efficiency. Downside: profit is distributed among everyone involved.

3. Cloud mining . Those who opt for this mining option make money by mining with the use of the leased equipment, while the platform setup and expenses are handled by others. Upside: you don’t have to pay for equipment and electricity consumption. Downside: the profit is smaller.

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Investment

You acquire cryptocurrency at a certain price and keep it in your wallet until the market goes up. To maximize your profit, you have to build a solid investment portfolio.

Downside: to carefully pick promising assets to invest in, you will need to do an in-depth analysis. Upside: solid profit thanks to increase in cryptocurrency price.

Let’s recall a legendary story that happened in May 2020, when Laszlo Hanyecz paid 10,000 bitcoins for two pizzas. At the time, the deal made sense. However, it is hard to imagine this happening 10 years later given the current exchange rate of bitcoin.

Trading

Trading on cryptocurrency exchanges and profiting from their changing rates.

Downside: chart analysis is a must. Upside: you can make money on both the rise and fall of the market.

Continuous price fluctuations lie at the heart of this profit-making method.

Cryptocurrency Lending

In essence, you simply lend out your cryptocurrency and earn interest.

Upside: passive income. Downside: freezing of capital and risk of fraud.

Micro Income

Completion of small tasks for remuneration. The source of profit may be:

  • Crylitocurrency cranes, the services that liay a small amount of crylitocurrency for lierformance of microtasks
  • PTC sites website that liays users to watch the advertisements on the Internet
  • Airdrolis, a free distribution of tokens for the liurliose of marketing

The above methods, however, do not generate large profit and you may not receive the remuneration as promised.

Three Life Hacks to Earn More with Cryptocurrency

Making money with cryptocurrency is not as easy as it may seem. Simply choosing a convenient method is not enough – you need to know the ins and outs of it.

Life Hack 1

Exchanging cash for a popular cryptocurrency is currently in high demand, which is why the transaction interest will be high as well. Your task is to make as much profit as possible with a minimum budget. For that reason, you need to consider other exchange pairs.

1. Choose a more profitable cryptocurrency. Forks will always be cheaper than iconic bitcoin.
2. Money in e-wallets can also be exchanged. Look for the best exchange rate and convert one e-currency to another.

Life Hack 2

Mining enthusiasts or those who are only planning to give it a try will find this life hack very handy. By using the coin-hopping approach, the miner switches from mining one cryptocurrency to another which is the most profitable at a certain time.

Each token has moments when its value is rocketing. If you set up coin hopping, this will allow you to switch to more profitable token for a short term and achieve up to 20% mining efficiency.

Life Hack 3

There is always room for improvement, so make sure to continue evolving both personally and professionally. How to make money with cryptocurrency? Adopt successful practices from others. Check out crypto forums and communities. Subscribe to telegram channels, and watch webinars to learn and keep up with trends.

According to experts, when investing in cryptocurrencies, you not only make a long-term investment, but also diversify the risks. Plus, we shouldn’t forget about the high volatility of crypto assets which allows traders to make good money on it.

What to know:

Do you wish to sell or buy digital tokens profitably?

10 Best Cryptocurrencies to Invest in 2020

Stability in prices of cryptocurrencies have marked the first few months of 2020. This is not surprising. No major crypt-currency related scams or ransom-ware attacks were reported.

Further, major economies of the world including India and China have not banned cryptocurrencies.

Rather, these countries are moving towards some regulations that can prevent their use in criminal activities ranging from tax evasion and money laundering to financing terror attacks and drug trade.

Since 2020, Blockchain technology has seen innovation. The blockchain, on which all cryptocurrencies trade is now accepted worldwide. It is now speedier as restriction on blockchain use have been relaxed.

Additionally, newer technologies for maintaining and monitoring transaction blocks (ledgers of cryptocurrency movements) and mining have made the process much faster: transactions that could take few hours are now completed within minutes.

What This Augurs for Cryptocurrencies?

As wild bull-runs on the cryptocurrencies markets ebb, an increasing number of investors are now keen to place their money on Bitcoin, Ethereum and their likes.

Reports indicate that Russia’s online payments giant, Qiwi intends to launch Bitrouble, its own cryptocurrency that may have Kremlin’s blessings.

Initial Coin Offerings (ICOs) have become very popular among cryptocurrency aficionados. In fact, more investors are pouring money on procuring cryptocurrencies during ICOs than in the secondary or tertiary markets,

Best Cryptocurrencies to Invest

Given these facts, there are 10 best cryptocurrencies that you can consider as attractive investment options in 2020.

1. Bitcoin (BTC)

Undoubtedly, Bitcoin is the king of all cryptocurrencies. Over 2020, Bitcoin rates have remained fairly stable. It’s the best cryptocurrency to invest today.

Further, Bitcoin displays an amazing capability to recover from any downturns caused by global or regional upheavals including ban on trading or crackdown on cryptocurrency exchanges and trade enforced occasionally by some countries.

Most governments around the world are considering Bitcoin as benchmark for bringing some sort of regulation into the entire gamut of cryptocurrency trade. It is likely that Bitcoin will receive some degree of legal acceptance in coming years.

Technological issues including delays in Bitcoin transactions are becoming extinct: advances in the blockchain technology now ensures that ledgers (blocks) and mining Bitcoin is faster.

Added to these is the growing acceptance of Bitcoin in Business-To- Business (B2B) and Business-To-Consumer (B2C) transactions. More business establishments around the world and online stores now accept Bitcoin payments.

Another factor that goes in favor of Bitcoin is the possibility to pay in fractions or Satoshi. Lured by the opportunity of making fast money with cryptocurrency, you can pay Satoshi or one-millionth part of Bitcoin as tips and fees for availing minor services.

Also read: Get Free Bitcoin

2. Bitcoin Cash (BCH)

This latest variant of Bitcoin is something every investor should consider for their cryptocurrency portfolio. Cryptocurrency experts aver, BCH displays a much faster capability to recover from wild swings in the market.

Bitcoin cash has inherent capabilities to overcome cryptocurrency markets volatility when compared over its parent BTC.

Additionally, Bitcoin Cash transactions are much faster. BCH is said to possess a higher block size limit that makes it faster to track and mine on the blockchain.

The higher number of ledgers possible with BCH are seeing its popularity surge among cryptocurrency investors as well as organizations that accept Bitcoin Cash for payments.

3. Binance Coin (BNB)

Binance Coin rates have more than doubled since beginning of 2020, if cryptocurrency reviews are to be believed.

Binance Coin or BNB comes from Binance, one of the leading cryptocurrency exchanges of the world. Primarily, BNB emerged as intermediary or tender for trading different cryptocurrencies.

However, it has now become one of the most traded cryptocurrencies worldwide.

Should you be eyeing a portfolio that consists of diverse cryptocurrencies, BNB is something you must include. It is one of the most flexible cryptocurrencies and accepted immediately in lieu of Bitcoin and its counterparts.

Should you hold Bitcoin, Ethereum or other cryptocurrencies, Binance Coin is another best cryptocurrency to invest in 2020.

4. Monero (XMR)

Prices of Monero have never really taken off. In fact, Monero has indicated a downward trend when compared over other cryptocurrencies, due to an overall slump in Bitcoin rates.

However, Monero also indicates amazing capabilities to overcome market volatility and recover. It is expected to touch the US$500 mark by end 2020 and surge to higher levels in coming years.

XMR operates on a very sophisticated system when compared over other cryptocurrencies. The system allows superior level of privacy and anonymity of transactions.

There were rumors about the North Korean regime mining Moreno and intended to use XMR thus available to engage in secret deals. These rumors have since been scotched.

If you are looking at long-term investment, it would be a good idea to include a few XMR for your portfolio while the asking rate is low. It is now hovering between US$300 to US$400 per unit of this altcoin.

5. Dash (DASH)

Dash derives its name from Digital Cash. Similar to every other cryptocurrency of the world, Dash is not regulated by any authority.

However, it has a unique regulatory system that allows every Dash investor to bid for a price, set own rates for exchange and offer different proposals for its trade to others.

Further, Dash promoters claim, it works on a self-financing and self-governing protocol, which is the first for any cryptocurrency.

Dash has been on the cryptocurrency market for nearly 14 years. It is most popular among investors that require quick transactions and much enhanced security, privacy levels.

Dash shows promise of becoming a formidable cryptocurrency to invest that will offer high returns in coming years.

6. Zcash (ZEC)

Despite being a newer entrant on the cryptocurrency market, Zcash has some 21 million coins in circulation on the blockchain.

Currently it is available for fraction of the price of a BTC or BCH- around US$200 per unit. Zcash is popular among American investors due to the high level of privacy and speed of transactions.

Zcash however comes with one major advantage. It is possible to keep track of your transactions without compromising anonymity.

Thus, you can safeguard your Zcash holdings and track whether any were fraudulently withdrawn or deposited from the cryptocurrency wallet.

7. Ethereum (ETH)

Any cryptocurrency portfolio bereft of Ethereum is incomplete. Promoters of Ethereum term it more as an online ecosystem that facilitates commerce.

But the core of this ecosystem is a cryptocurrency called Ethereum. In fact, Ethereum is the second largest crypto asset after Bitcoin.

A major factor that goes in favor of Ethereum is, most Initial Coin Offerings of 2020 and 2020 were made through the Ethereum platform.

This trend is expected to continue since Ethereum offers a very sophisticated blockchain based platform that is highly secure. Investing in Ethereum means, you can bid for newer coins with this crypto-asset.

8. Ontology (ONT)

Priced about US$4 apiece currently, Ontology is a blockchain based cryptocurrency and digital asset worth investing. It has already neared market capitalization of US$6 billion following a rather successful ICO.

Promoters of Ontology are now looking at making this cryptocurrency more accessible to investor worldwide and introducing technologies that will expedite trading with enhanced privacy.

However, Ontology has one flipside. Its rise was meteoric and caused by reasons that many cryptocurrency experts are grappling to understand.

For the low price, it is definitely worth some investment. But significant profits from your investments in Ontology maybe some years away or at worse, can never occur.

9. Ripple (XRP)

Ripple is both, a cryptocurrency and a global payments system. Its promoters claim to have scores of banks across the globe as users.

Ripple is used widely as intermediary while trading in huge amounts of regular fiat currencies. It is commonly utilized as tender to buy and sell fiat currencies that are not easily exchangeable on the global or local markets.

With global e-commerce on the surge, Ripple promoters are constantly upgrading its blockchain. Ripple as cryptocurrency is also gaining ground fast due to its legal use by trading organizations and banks worldwide.

Thus Ripple is an excellent cryptocurrency for the investment. Good dividends on return however may take some time to materialize.

10. Cardano (ADA)

Cardano is priced very low- less than one cent per unit. However, this low price has given it immense popularity. First time investors in cryptocurrency market have stockpiled Cardano with hopes that it would gain immensely in future.

Investing in Cardano does not require much finances. Buying a few ADA for your portfolio makes excellent sense: Its prices can only surge.

Cardano also works on a very sophisticated blockchain and hence, offers excellent privacy and speed of trading.

Cryptocurrencies to Avoid

US-based Weiss Ratings, an organization that provides reviews and information to traders, investors and consumers on various financial services cautions against investing in several cryptocurrencies.

Weiss Ratings arrives at these conclusions for cryptocurrencies following extensive research into their systems, promoters and sustainability.

According to various sources, the following cryptocurrencies are best avoided.

  1. Auraracoin ( Weiss Rating D-),
  2. Comet ( Weiss Rating E-),
  3. Electroneum (Weiss Rating E+),
  4. Expanse (Weiss Rating E),
  5. Gulden (Weiss Rating D-),
  6. Matchpool (Weiss Rating E),
  7. Magacoin (Weiss Rating E-),
  8. Novacoin (Weiss Rating E),
  9. PotCoin (Weiss Rating D-),
  10. Quark (Weiss Rating E-),
  11. Rise (Weiss Rating D-)
  12. SaluS (Weiss Rating E-)

Before Investing in Cryptocurrencies

Should you seriously consider investing in cryptocurrencies, here are some facts that are to be borne in mind.

No Foolproof Anonymity: Buying, selling or trading in cryptocurrencies is not as anonymous as one may believe. When you pay through credit card/debit card for cryptocurrencies, the transaction can be traced.

Permanent Losses: All cryptocurrencies are stored in digital form online or on computer-based wallets and hardware wallets. These are accessible only through complex passwords. Losing passwords can mean permanent loss of cryptocurrencies.

Legislation: There are no government legislation regarding cryptocurrencies. Hence, any sort of trade in these can be banned by your country.

No Guarantees: Cryptocurrencies have their own detractors and aficionados. There are fierce debates raging worldwide over future of cryptocurrencies. Yet, no side has been able to provide evidence that would guarantee cryptocurrencies are here to stay. In brief, they may become extinct overnight.

Scams: Sadly, the cryptocurrency trade is rife with scams. Online scammers have succeeded in getting cryptocurrency investors to part with their passwords to empty their wallets. Others have hacked passwords to steal cryptocurrencies.

Unreliable Exchanges: While scores of reliable and trustworthy cryptocurrency exchanges flourish in the real world and online, several fly-by-night operators are also active. They offer cryptocurrencies at low rates and decamp with your money.

Law Enforcement: The entire cryptocurrency market is under scanner of law enforcement agencies of various countries. This is because cryptocurrencies can be used by terrorists, drug traders and tax evaders, among others.

Wrap Up

Despite some drawbacks, cryptocurrencies do offer excellent avenues for investment, especially in the longer run. Most cryptocurrencies exhibit resilience and have bounced to newer higher rates after any slumps.

Cryptocurrency investments are not feasible for short term gains. You need to stay committed to the portfolio and hold your investments for long to record any significant profits.

How to make money with cryptocurrency in Nigeria

In a world where money has transitioned from using pebbles to printed cash notes and supporting online transactions, it comes to no surprise that fiat currency is finally ready for its next transition – ‘cryptocurrency’.

“Our view is that all fiat currency will be crypto,” – Jeremy Allaire, co-founder of Circle which is backed by the United States investment bank, Goldman Sachs, and the Chinese internet giant, Baidu.

Nigeria is the perfect example of an emerging economy. In 2020, Nigeria’s GDP took a knock. According to Bloomberg, the drop was a result of a depreciation in oil prices and a shortened oil extraction due to illegal attacks on oil facility infrastructures. In turn, a surge in the Naira (NGN) exchange rate transpired, while inflation respectively claimed presence to its highest.

The Nigerian market has since shown positive signs of continuous expansion over the past 2-years; be it the transportation, communications, government service, financial, infrastructure, entertainment, manufacturing or technology sector. But, more particularly when it comes to financial and technological disruptions.

Table of Contents

Making cryptocurrency work for the growth of the Nigerian economy

With the world entering the third industrial revolution, digital currencies have been taken by the likes of many emerging markets that see the true value cryptocurrency and blockchain technology can bring. Many crypto and blockchain evangelists are even calling it ‘the currency of the future’.

Due to the instability of fiat currencies, many people who are part of Nigeria’s crypto ecosystem rely on the decentralised system of cryptocurrency to earn an extra bit of NGN through cryptocurrency trading, converting and mining.

But, there is a lack of banking integration and credit card penetration in the West African market. In turn, options to buy or sell Bitcoin, Ethereum, Tether, Ripple, Litecoin, Dash and Bitcoin Cash using local payment methods are limited; with P2P markets only supporting BTC, wallets charging high conversion fees and cryptocurrency exchanges holding exorbitant transaction fees on crypto trading pairs. Not to mention, remittance has also become an unreliable source of sending and receiving money due to high cross-border charges in making international fiat currency transfers.

So, how are cryptocurrency users in emerging markets, like Nigeria, expected to make money off digital currency when faced with the unresolved matters of scaling?

Top ways to make money with cryptocurrency in Nigeria

The value of cryptocurrencies is extremely volatile. Determining whether a coin is simply experiencing a ‘pump and dump’ scheme or not can also be above one’s head. However, whether soaring or plummeting, there are different ways to make money with cryptocurrency in today’s Nigerian market:

1. Earning free cryptocurrency and converting it to NGN

Many cryptocurrency exchanges and peer-to-peer marketplaces have created a free source of earning cryptocurrency; otherwise known as an ‘Affiliate Program’. By joining an affiliate program with a cryptocurrency exchange and promoting its listed products, you can make a quick buck in commission.

Generally, after signing up, affiliates will receive a link with a unique tracking ID attached to it. The crypto exchange will use the tracking ID to identify when someone uses their platform through the affiliate’s unique link. In return, the affiliate will receive a percentage commission. If the commission is in cryptocurrency, the affiliate can still make money by converting it to Naira.

However, all affiliate programs are different; with each cryptocurrency platform holding exclusive terms and conditions to their affiliate programs.

For example, the Coindirect Affiliate Program – supported in Nigeria – enables users to earn 20% commission in crypto. Their cryptocurrency wallet supports Bitcoin and over 40 altcoins, including ERC-20 coins; which increases the possibility of users clicking on the referral link as it caters for the most popular coins in the cryptocurrency market.

Coupled with this, their Nigeria-supported peer-to-peer marketplace has a 0% fees model when buying and selling cryptocurrency directly on their P2P; making it easier for users to make a true profit on their Naira/crypto investments without incurring additional hidden fees.

2. Building your own cryptocurrency business

Building a cryptocurrency-related project can be a tricky process. Generally, you would need to run an ICO which can create hard forks, build a decentralised app (DApp), receive bounties and help a cryptocurrency community. Some wealthy enthusiasts prefer the easy route of becoming an investor in a cryptocurrency company or buying stocks. While others make money from a cryptocurrency company by simply working for one.

But, who does not want to be their own boss in today’s Nigerian market? Becoming a Cryptocurrency Trade Vendor is the most convenient way to do so.

Though, not many peer-to-peer marketplaces support both Ethereum and Bitcoin – more so in Africa’s untapped market, Nigeria. The Coindirect Vendor portal services allow users in Nigeria to start their own cryptocurrency business selling BTC and ETH on Coindirect’s peer-to-peer marketplace. Here, users receive full control over creating buy and sell offers to maximise earnings, managing incoming orders and exporting order details for tax returns.

3. Cryptocurrency exchanges for digital currency trading

Cryptocurrency adoption is soaring in Nigeria and the best way to make money in cryptocurrency is by trading digital currencies.

For traders already familiar to Forex, it will be little to no adjustment migrating to cryptocurrency trading. Traditionally, trading requires a broker to execute your trade; a broker that adds commission fees for the execution. The best part about cryptocurrency is that it is decentralised. Thus, requiring no middleman to handle your trade whether you’re a newbie or seasoned trader. In addition to this, you have unlimited access to making money as you can buy and sell cryptocurrency without hitting a day trader limit.

When it comes to trading pairs such as BTC/USDT, you’re essentially saying that you want to buy Bitcoin (BTC) with Tether (USDT) or sell Bitcoin (BTC) in return for Tether (USDT). Coindirect’s fresh solution to scaling remittance in Nigeria backs altcoins like USDT which is tied to the US Dollar and can be used as remittance to avoid paying the exorbitant cross-border charges brought by fiat transfers.

Of course, the more trading pairs a cryptocurrency exchange has, the more money you can make with cryptocurrency in Nigeria. The Coindirect Exchange supports 15 different ETH, USDT, XRP, LTC, DASH, BCH and BTC trading pairs – the biggest selection of trading pairs that you’ll find in Africa.

Whilst players like Remitano, Paxful and NGexchanger offer some functionality utilized by Coindirect, what differentiates Coindirect from its competitors is that all under one single website it features an end-to-end integrated offering.

Coindirect brings amazing value to people seeking to make money with cryptocurrency in Nigeria’s emerging market. Create a free account with Coindirect.com and access its integrated exchange with 50% off trading fees until the end of October 2020 (0.1% on crypto-to-crypto trades and 0.4% on fiat-to-crypto trades).

If you are looking for other ways to make money online, then read our guide: How to Make Money Online

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