How to Make Money with Cryptocurrency

So you’re interested in getting into crypto and want to turn Bitcoin into cash. You’ve heard all of the success stories – people making millions of dollars by getting in early and selling when the prices are high. Or perhaps you have friends who make a steady income by mining cryptocurrency.

Everyone gets into the cryptocurrency field to make money, but not all end up doing that. A lot of people either simply give up along the way, or lose money because they do not properly understand how to make money with cryptocurrency.

The cryptocurrency industry is still in its early stages of development. As the crypto-assets increase in price, more people come into the industry. These newcomers are always trying to figure out how to make money from cryptocurrency.

The good news is there are many ways of making money with cryptocurrency. Since 2011 there has been consistent growth in developer activity, social media activity, and the number of start-ups created in the cryptocurrency industry.

Here we take a closer look at how to make money with cryptocurrency. Can You Make Money With Cryptocurrency?

Yes, you can make money with cryptocurrency. Given the inherent volatility of crypto assets, most involve a high degree of risk while others require domain knowledge or expertise.

Trading cryptocurrencies is one of the answers to how to make money with cryptocurrency. Although the daily average volume of cryptocurrency trades is just 1% of the foreign exchange market, there is a lot of volatility in the crypto market. So there is the potential to do short-term trades.

Even though the crypto market is relatively small at the moment, there is great growth potential. In addition to some of the more well-known cryptos like:

• Bitcoin
• Ethereum
• Cardano
• AMP
• Dogecoin
• ElonGate
• Iota
• Moonshot
• Polygon
• Safemoon
• Stellar
• Tether
• VTHO
• Shiba Anu

Likewise, there are a host of crypto buying platforms like Binance, Coinbase, and Robinhood — so you have plenty of options when it comes to making money with crypto.

Essentially, there are quite a few methods for you to make legitimate money with cryptocurrencies, other than the obvious way of trading.

Let’s take a look at 6 strategies for how to make money with cryptocurrency.

6 Strategies for Making Money with Crypto

If you are wondering how to earn money with cryptocurrency, look no further! Strategies for making money with crypto rely on three mechanisms:

• Firstly, you can invest or trade in the crypto exchange market. You can do this without owning any crypto yourself, like investing in gold on the stock market.
• Secondly, you can use the coin you already own to stake and lend coins to the system or other users.
• Thirdly, you can participate in the blockchain system by mining or receiving coin rewards for work done in the system. 

Based on these three mechanisms, here are the six strategies for making money with cryptocurrency:Investing

• Trading
• Staking and Lending
• Crypto Social Media
• Mining
• Airdrops and Forks

Each of these strategies is explored in more detail below.

1. Investing

Investing is the long-term strategy of buying and holding crypto assets for some time. Crypto assets are generally well suited to a buy-and-hold strategy. They are extremely volatile in the short term but have tremendous long-term potential for growth.

The investing strategy requires you to identify more stable assets that will be around for the long term. Assets such as Bitcoin and Ethereum have been known to show a long-term price increase and can be considered a safe investment in this regard.

2. Trading

While investing is a long-term endeavor based on the buy-and-hold strategy, trading is meant to exploit short-term opportunities.

The crypto market is volatile. This means the prices of assets can increase and decrease in price dramatically over the short term.

To be a successful trader, you need to have the proper analytical and technical skills. You’ll need to analyze market charts on the performance of the listed assets so that you can make accurate predictions about price increases and decreases.

When trading, you can either take a long or short position, depending on whether you expect the price of an asset to rise or fall. This means you can make a profit regardless of whether the crypto market is bullish or bearish.

To learn more about trading crypto, check our guide to day trading crypto.

3. Staking and Lending

Staking is a way of validating crypto transactions. If you are staking, you own coins but you don’t spend them. Instead, you lock the coins in a cryptocurrency wallet.

A Proof of Stake network then uses your coins to validate transactions. You receive rewards for doing so. In essence, you are lending coins to the network. This allows the network to maintain its security and verify transactions. The reward you receive is similar to the interest a bank would pay you for a credit balance.

The Proof of Stake algorithm chooses transaction validators based on the number of coins you have committed to stake. This makes it’s much more energy-efficient than crypto mining and does not require you to own expensive hardware.

You can also choose to lend coins to other investors and generate interest on that loan. Many platforms facilitate crypto lending.

To learn more about lending crypto, check our guide to lending crypto.

4. Crypto Social Media

Multiple blockchain-based social media platforms will reward you for creating and curating content. You are often rewarded with the native coin of the platform.

5. Mining

Cryptocurrency mining is how to earn money with cryptocurrency like the original pioneers. Mining is still a crucial component of the Proof of Work mechanism. It is where the value of a cryptocurrency is generated.

If you mine a cryptocurrency, you are rewarded with new coins. To mine, you need technical expertise and upfront investment in specialized hardware.

Running a master node as a subset of mining. It requires expertise and significant upfront and ongoing investment.

6. Airdrops and Forks

Airdrops and free tokens are distributed to generate awareness. An exchange might do an airdrop to create a large user base for a project. Being part of an airdrop can get you a free coin that you can then use to buy things or to invest or trade.

A blockchain forks because of changes or upgrades in a protocol that create new coins. If you hold coins on the original chain, you will typically get free tokens on the new network. This means you get a free coin because you were in the right place at the right time.

Other Crypto Considerations

Knowing and understanding the strategies above will be really helpful — if you have a good grasp of the concepts around cryptocurrency. But if you aren’t clear on some of the basics, like understanding how crypto gains value, how to read the crypto charts, what an ICO is, or how to pay taxes on your crypto gains, you might want to take a beat before diving in.

How to Get Rich in 2022: 11 Bold Moves That Guarantee Wealth

Have you ever asked yourself, “how can I become rich?” Everyone has dreams about winning the lottery and how to become rich overnight. People want to get rich. Just do a search on Google Books and you can see that it’s been a rising trend since the 90s.




Many people are looking for ways to get their first 100K, or ways to invest for a better retirement. Some are trying to succeed as entrepreneurs. People want to have enough money to buy beautiful homes, powerful cars, and great vacations. But not many know how to become rich. How do you become rich?
Being rich is more than about the dollar amount.

Being rich is a state of mind. In a sense, you could be rich but still poor, and vice versa.

You can define “rich” in different ways. There are a lot of people who simply consider it as having a lot of money. For them, rich is equivalent to a being a millionaire.

But rich can also be psychological richness. It is an achievement of being able to live without the worry of money. You don’t necessarily need to own a castle to be considered rich. Everyone can be rich as long as we are able to do what we desire freely and to have the fulfilment in life. The key of it is to live with or even less than what you have. To be “normal” even when you are financially capable to do a lot more.

You might have your own preference on which definition suits you better, but here are some ways on how to get rich. It may help you achieve either (or both) of them.
If you want to become really really rich, make bold moves.

It’s an ambitious goal to become wealthy, and if you’re aiming for that, here are simple ways to get rich.

1. Exploit your skill as a self-employed expert and invest in it.

Make it your goal to do one thing better than anyone: Work on it, train it, learn it, practice, evaluate and refine it. You may find most sports-players or entertainers are millionaires, and that is because they are utilizing their skills fully. If there’s something you’re good at, it is likely you can reap considerable rewards out of it.

It is the same concept of being the top of a particular field. When you are the best at something, you find that opportunities come to you. To become an expert of something, it is crucial to never stop improving. Successful people invest time, energy, and money in improving themselves, and it might just be the most rewarding investment you can ever make.

To get started, figure out what skill you want to cultivate. Make a list of the world’s ten best people at that one thing, and use this list to define criteria and track your own progress toward becoming the best.

If you’re a writer, for example, you might consult the New York Times Bestseller list, and identify the ten successful authors that you admire the most. Learn more about these writers, what they did to be successful, and read some of their work. Invest the time and energy in improving your own craft, by looking at successful past models.
2. Hit $100K, then invest the rest.

Everyone wants to get rich fast. But a goal like this isn’t something you can easily achieve in a short period of time. Instead of thinking of how to get rich fast, aim at saving $100K first.

The small amounts you save daily are powerful. You might only be able to put away $5 or $10 at a time, but each of these investments are your financial foundation.

3. Be an inventor and consider it as an opportunity to serve.

Stop thinking about getting rich fast and start thinking about serving a lot of people. If you think about what people need, or things that could improve society, your insights will have more impact. Not only that, you could be the first to produce a trending product in the future.

When you start to serve a lot of people, the effect of word of mouth is magnified – not to mention, you’ll have much more helpful feedback to improve what you do.

Having the patent of a popular invention could be the fast-lane ticket to prosper. Just look at Snapchat.

It would definitely be challenging, but consider it to be a way of serving, to benefit those who actually need your invention. No business is successful without the support of the public. Rather than squeezing every single dollar out of your customers, show them you are actually working to make them better.

4. Join a start-up and get stock.

Using the same potential consideration of start-up in the above points, owning stocks of one or more start-up companies could be a valuable investment if the company thrives and either floats or is sold to a larger enterprise.

Only a small minority of start-ups succeed in realizing large capital gains, so the odds are not good. However, you can use your judgment to see which business idea and which management team are likely to succeed. Early employees in Apple, Google, and Microsoft became millionaires on this basis.

5. Develop property.

Buying, developing and selling property has always been a major way for people to accumulate capital.

Borrowing could be a key element in this method. Say you borrow $200,000 and put in $50,000 of your own to buy a property for $250,000. Then you develop the property and sell it for $400,000. The property has increased in value by 60% but your $50,000 has now grown fourfold to $200,000. You have to select the right properties in the right areas and develop them wisely.

You are at risk from booms and busts in the property market. However, in the long term this remains a proven way to accumulate wealth.

6. Build a portfolio of stocks and shares.

If you can make steady investments in stocks over a long period, choose wisely and reinvest the dividends then you can build a large store of wealth. Of course stocks can go either way and many small investors lose heart when their portfolio plunges.

But over the long-term, equities are as good an investment as property and much more liquid. Stock market crashes represent great buying opportunities for those with cash and strong nerves.

7. Start your own business and eventually sell it

More and more startup have seen success with great return in recent years. If you can find a new approach towards a specific corner of the market and build a business that addresses that need, then you have a potential of success in it.


It literally can be anything: a cleaning business, a food delivery service, or a blog. It will probably take years of very hard work to build up the enterprise. All entrepreneurs will have to endure great risk and stress. But if you can pull it off, the potential rewards are huge. This is how many of the seriously wealthy people did it.
If you want to become wealthier and live a better life, build simple habits.

If you’re aiming for a stable life with enough money to support a living, start with the everyday things you can do.

8. Find a job in the right vehicle.

Choose a job of your interest – do what you love and love what you do. No one succeeds in doing what they hate.

You might have to start at the bottom and work your way up. But chances are, if you love what you do, it’s easier to make that happen. You’ll actually enjoy the process of getting to the top.

Earn the experience through different levels of work and when you feel like you have gained all that you can from it, consider moving on in other companies would widen your horizon on different business cultures. Putting more experiences in various positions would make you a more valuable asset for companies and making you a better option for higher rank duties.

Consider how the rich are able to get in with the right companies, where there are plenty of opportunities for growth. Seek places where you can grow your skill and are able to multiply your monthly income many times over.

9. Cut your expenses.

The biggest problem in some people’s path of getting rich is that they always spend more than what they earn. Living below your means will be the easiest to get rich.

Consistently track your progress on how much you’re spending. Use an app or simply an Excel spreadsheet to make sure you always know how much money you have what where it’s going. This gives you a proper place to review and refine what does and doesn’t make sense in terms of your spending.

Start cutting the unnecessary spendings in your life. Do what you can to reduce your bills: make sure you turn off the lights, plan meals to save at the grocery store, and be disciplined about eating in. Focus your life with only the necessities and in no time you will be saving a lot more than what you previously did.

10. Save it in your bank.

Set savings goals and routines to support those goals. Figure out ways that work for you in saving money, and refine what doesn’t.

Many banks have the option of creating separate savings accounts, as well as automatic withdrawals. By setting up these automatic transfers, you save passively and have to make an effort not to save.

Another thing you can try is to increase the amount of savings by 1% in every interval you wish. At first, it will be an insignificant change, but as time passes, you will notice a big difference.

Give yourself a reason and motivation to save as well. It is always important to plan for the future and saving for retirement could be a great point to persuade yourself to stay away from excessive spending.

11. Make investments wisely

Investment is much more than pure luck. One investment mistake could tear away a large chunk of your assets. So make sure whenever you are making decisions on investments, whether on properties or stock, think twice. It will be better for you to consider opinions from professionals and experts.

To give you some ideas, legendary investor Warren Buffett suggested to put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund, so that if the market crash, you will still be fine by cashing the 10% rather than selling the stock with a bad price.

Getting Rich the Wise Way

There are a lot more important things in life than accumulating wealth. Who wants to end up rich, unloved, lonely, and in poor health? However, if you can enjoy a balanced life and at the same time become rich, why not do so?

Taking combinations from the above suggestions may not guarantee you a prosperous future, but it will surely eliminate a lot of financial troubles in your life. With one step at a time, maybe you will also become the one you dreamed of.

7 Ways to Up Your Income Online

More and more people are looking for ways to earn money online. Some are turning to side hustles to make a little extra money, while others are creating internet businesses that become their full-time job.

Let's take a look at seven ways to make money online that can take up a little or a lot of your time. Think of these options as supplemental sources of income, most of which have the potential to be a whole lot more.

Affiliate Marketing


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Affiliate marketing can be a low-cost and relatively easy way to make money online. You don't need to have any of your own products or services to sell; affiliate marketing gives you a chance to earn commissions from large companies.

You promote the products or services of a company on your website/blog or social media account, providing links to the company's offerings. These affiliate tracking links ensure you get the credit for having delivered a paying customer to the company's website, and you get a percentage of the sale as your reward.

The main work involved in affiliate marketing is giving people a reason to visit your website/blog—or Instagram, Facebook, Twitter, or other social media account—and building up a large group of visitors and followers. To do that, you should provide content that is likely to attract people who are interested in purchasing the thing you're trying to get people to buy. For example, you might write and make videos about consumer electronics products—how to use them and/or which ones are the best—in a way that's optimized for search engines.


Start Your Own E-Commerce Website


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A related way to make money online—but that perhaps requires a bit more work on your part—is with an e-commerce website. You would sell products from your website, either your own that you create or commercially available ones.

If you choose the latter route, the most common and hassle-free way to fulfill orders is via dropshipping. You get the customers and take their orders, but a third-party company warehouses and ships the products for you.

It's better to focus on one product category that you can create your own niche in and devote your website to.

If you make your own products, you might want to start out selling them on both an established platform, like Etsy, and your own site. After you build up a base of customers, you could ultimately cut out that middleman.

You can further monetize your e-commerce website by hosting ads, such as with Google AdSense.


Online Publishing


John Lamb / Getty Images

Regardless of your current occupation, publishing nonfiction e-books is a good way to help establish yourself as an authority in your field while making passive income. Once you've written and published the book, you don't have to actively do anything to take in revenue from it.

Alternatively, if you've written a novel that needs to be read—especially in a popular genre like romance, science fiction, fantasy, or mystery—publishing it as an e-book has the potential to get thousands of eyes on it.


The two biggest companies that enable you to self-publish e-books are IngramSpark and Kindle Direct Publishing.

You can sell e-books on platforms like Amazon.com. If you can make a name for yourself as an author, you can begin selling e-books directly from your own website and increase your profits.


If you've been blogging for a long time about a certain topic, you should be able to edit and package your existing posts into a book without too much additional work.

Consumers of self-published e-books expect a quality experience that's on par with the offerings of a traditional publisher. If you don't have all the skills to ensure a polished final product, you might consider hiring a copy editor to fine-tune your writing and a designer to create an enticing cover. And if you're having trouble transforming your ideas into paragraphs and chapters of prose, you could hire a developmental editor to help you with that beginning part of the process.


Take Online Surveys


Getty Images / Peter Dazeley

Taking online surveys is an easy way to earn a little extra cash or prizes such as gift cards. Market research firms (MRFs) are behind many online survey sites, including American Consumer Opinion, which is owned by Decision Analyst. You can also sign up to take surveys using aggregators like IdeaShifters or Swagbucks, which partner with many different corporations and MRFs.

You shouldn't expect to make more than a dollar or so per survey. And you will most likely have to provide a good deal of information about yourself before you can take the first one.

When looking for survey-taking opportunities, stick with companies that have a proven track record of paying for survey responses and that are not scams designed to get your personal info. You should also keep in mind that you may not be eligible to take certain surveys because you don't match the demographics the company is looking for. You may be too old or too young, for example.


Online Freelancing


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If you have a specific skill-based service you can carry out remotely, such as IT services, copyediting, or graphic design, you can offer it as an online freelancer. If you can find and accept enough gigs, you could become a full-time freelancer in your field. Or you could take on occasional assignments to supplement the income from your main job.

You can find gigs using freelance-specific websites such as Freelancer and Upwork, as well as big job sites like Indeed. You should also consider joining an organization specifically for freelancers in your area of specialty. Such groups often let you post online information about yourself and the specific skills you can provide, and they may send out email alerts or have a jobs board with contact information for those seeking freelance help.

A freelancer's organization can also provide a social outlet, connecting you with people who do the same work you do and are interested in the same things as you.

A site like Meetup may be a good place to begin finding others who share your interests and skillsets.

Coach Online


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Life coaching is another promising online career option, particularly if you have solid communication skills and a desire to help others succeed in their personal or professional life. Many people need a nudge to get them past a mental roadblock that's standing in the way of personal happiness or career confidence. As an online coach, you can offer advice to help them change their mindset and improve their lives.

Life coaches should not attempt to take the place of trained mental health professionals. Coaches deal with matters like personal growth and achieving goals, not overcoming mental illness.

One of the hardest things about becoming a life coach is finding a client base. When you're just starting out, you might try advertising online and offering to speak to community groups.

Having a professional certification can make you a more credible choice when someone is seeking a coach. And offering the testimonials of previous clients on your website also makes you a more attractive candidate.


Offer Online Courses


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Like e-books, online courses generate passive income after you've created them and made them available online. If you have a knack for teaching and a set of skills you would like to share with others, consider creating online courses as a way of making additional money.

The primary website where you could post your courses—and get paid for them—is Udemy. But as with the other online businesses, if you can establish a reputation, you might have success offering your courses through your own site.

In addition to knowledge in a particular subject area, you will need to have an engaging presence in your videos. If you can't retain potential students' attention, they won't come back for more classes.

The Bottom Line

There's a lot of competition online for many of these money-making opportunities—especially with more and more people unable or unwilling to work in a traditional setting. According to Stanford University economist Nicholas Bloom, 42% of U.S. employees were working from home full-time as of June 2020.1

To make a go of most of these possibilities, you will have to stand out from the crowd and convince prospective clients and customers that you're the right person to buy from or hire. Becoming successful at any online occupation requires exceptional online marketing skills. If you can learn how to successfully sell yourself and gain followers and search engine hits, your business's success should follow.

How to start investing in Bitcoin in Nigeria

 

Almost everyone have somehow heard of Bitcoin. Most people usually heard about it in passing but don’t know what it is. For some others, their question is if it is legal and how can they start, while for some others the question is what can they do with Bitcoin. In this article we will look at how to invest and make money from Bitcoin in Nigeria.

What is Bitcoin?

Bitcoin is simply digital money, meaning that unlike Naira or US Dollar that makes use of paper, Bitcoin is completely paperless. It was created with the intention of making it easier to move money from country to country, some even call it borderless money. Bitcoin, unlike regular currency (fiat), is not controlled by any single individual, organisation or government rather is controlled by Bitcoin users around the world.

Is Bitcoin Legal?

As to whether it is legal, in some countries it has been tagged as illegal although it is difficult to restrict people from using bitcoin. However, in Nigeria, there are no laws/policies against the use of cryptocurrencies. Bitcoin in Nigeria is 100% legal

What you can do with Bitcoin

Regarding what can you do with Bitcoin in Nigeria, a couple use cases are: using it as an investment vehicle to diversify your assets; trading by making gains off the price fluctuation just like forex trading. Bitcoin can also be used to transfer money across borders faster and cheaper.

How to invest in Bitcoin in Nigeria

On how to start investing in Bitcoin, it’s pretty easy. A couple years ago the reverse was the case but with platforms like Binance, investing in Bitcoin from Nigeria is seamless. Binance is the largest crypto exchange in the world with over 13 million users around the world.

You can start investing in Bitcoin with as low as N50 and can fund your account with either your debit or via bank transfer. All you need to do is Create an Account, Deposit Naira into your Wallet and then Buy Bitcoin.

Note: Due to CBN regulations, deposit via debit card is no temporary suspended, you can deposit and withdraw via P2P section of Binance, it is easy and fast. Once you sign up and verify your account, just go to the P2P section.

Follow these steps to invest in Bitcoin in Nigeria using Binance:

1. Creating an Account

Go to Binance.com and you will immediately see a signup form

Fill in your details, submit and verify your email via the link sent to your email

Go to ‘My Account’ and click on verify your identity

2. Depositing Naira in your wallet

Click on “Wallets”  in the website menu.

Then click on “Deposit.” On the next screen click on “Deposit Fiat”

Select naira from the currency Menu

You can choose the method you want to deposit. A debit card or bank transfer

Click on Continue

Enter the details of how much you want to deposit and click on ‘Pay’ or ‘Submit’ if you selected bank deposit.

For card payment enter your card details and click Pay. If you selected bank deposit make a transfer to the account details, ensure to include the ‘Deposit Reference Code’ in the transfer summary.

Once done your Binance account will be credited with the value you deposited.

Note: Due to CBN policy, use the below method to deposit naira

Depositing Naira in your wallet via P2P

Click on “Wallet” on the website menu and select “P2P”

Now you click on “P2P Trading”

On the next page, ensure you select “Buy”, in the fiat box, select “NGN” which is an abbreviation of Naira. You will get a warning of the risk, accept.

You will see different offers, select convenient offers with high completion rate.

Input the amount of Naira (NGN) you want to deposit.

Now, you will be taken to the completion page. You will see the account number of the trader. Make the payment to the account number using bank transfer.

Once you have made payment, click on Transferred, next.

As soon as the trader confirms the payment, the money will be deposited in the account.

Note: You will see the number of the trader right there, you can call them. Also know that for your safety, the trader account in Binance is frozen until trade is completed

3. Buying Bitcoin

Once your wallet is funded click on “Wallet” and then Fiat and Spot” in the menu

When the page loads Click on “Buy” beside bitcoin

In amount to spend, enter the amount you want to buy. Example: If you want to buy N5,000 worth of BTC, type 5,000 in the field.

Alternatively, you can switch to “amount to buy” using the double arrows to the right of that field. In this case, type in the amount of the asset you want to buy. Example: If you want to buy 0.5 BTC, type 0.5 in that field.

Confirm all the details.

Click “Buy”

You can check if you have been credited, by clicking on ‘Wallets’ in the menu.

Note: You can also use the P2P method to buy bitcoin directly

Automatically trade bitcoin and other cryptos very easily

If you do not have the time or you are not very knowledgeable to trade Bitcoin or any other cryptocurrency, the good news is that you can use a crypto trading bot. The trading bot will trade for you and make money for you even while you sleep.

The bots use different signals to trade. The best crypto trading bot is Cryptohopper.

First, you need to open a Binance account. Then follow the instruction above to deposit funds into your finance account. Once you have done that, sign up for a cryptohopper account. Then connect it to your Binance account. Set everything up.

That is all. The bots will automatically trade for you.