Everything is money, in fact, money is everywhere and with the right information, you’ll get as rich as possible.
Blockchain based technology is one of the many ways Nigerians can generate passive income or generate more profit from their idle funds in terms of investment.
While this information is abundant and many are profiting from the blockchain-based technology, some people are still oblivious of the fact that they can profit from blockchain technology and digital technology.
If you’re one of them, do not worry, this article is a complete content of the five proven methods Nigerians can use to profit from blockchain technology.
What Is A Blockchain?
Blockchain is a distributed digital ledger that contains any type of data at its core. The data recorded in a blockchain could be cryptocurrency transactions, NFTs ownership and DeFi smart contracts.
The difference between the traditional database and blockchain is that blockchain is decentralised, even though the traditional database can hold the type of data recorded above.
Identical copies of a blockchain database are mostly held on multiple computers dispersed across a network instead of having a centralised administrator maintaining them in one location. To understand this better, think of MS Excel spreadsheet.
How Does Blockchain Work?
Okay, I know you may be wondering how this blockchain functions. Well, that name”blockchain” wasn’t coined out by accident.
The digital ledger is frequently referred to as a “chain” comprising discrete “blocks” of data. When a new block is formed, it is attached to the chain as new data is added to the network. This simply means that all nodes will update their blockchain ledgers to the same version.
Blockchain is considered highly safe, but why?
Well, this is due to how these new blocks are formed. A new block can’t be added to the ledger without a majority of nodes checking and certifying the legitimacy of the new data. This could include verifying that new transactions are free of fraud or ensuring a cryptocurrency hasn’t been bought twice.
Cryptography is used to secure transactions, which means that nodes must solve complex mathematical equations before they can complete a transaction.
You should check out: How To Make Money In Nigeria With Cryptocurrency
Private Blockchains vs Public Blockchains
In blockchain technology, there exist both private and public block chains. Just like the names suggest, anyone can be a part of the public blockchain and this will give them the authority to read, publish and audit the data on the blockchain. It is impossible to alter the transactions logged in a public blockchain given that no single authority is in control of the nodes.
On the contrary, a private blockchain is managed by a group of people or a company who have the sole power to select and invite anyone into the system.
A private blockchain, on the other hand, is managed by a company or group. It is the only one who can select who is invited to the system. This group or company in charge of the private blockchain has the power to change the blockchain.
This private blockchain procedure is similar to an in-house data storage system, with the exception that it is distributed among numerous nodes to boost security.
5 Ways Nigerians Can Make Money With Blockchain
1.Crypto Mining:
You must have heard about “crypto mining” in the past. Whether you understood what it means or not, the most important thing to note is that crypto mining is the most profitable way to make money off blockchain without even investing any dime.
What is crypto mining?
Crypto mining is simply the process of confirming and validating Bitcoin transactions for tokens and other rewards. These Bitcoin transactions enhances the security of the Bitcoin network while it compensates the miners with cryptocurrencies.
Mining is a profession and in this profession, skilled Nigerian miners can earn more money and other rewards for mining crypto.
You can always generate digital currency as an additional income without staking your money if you’re skilled at crypto mining. The most fascinating aspect of cryptocurrency incentives is that when Bitcoin prices exceed the cost of mining, the price rises.
Mining is not as easy it it sounds because it is quite expensive to mine cryptocurrency, it requires a high-end equipment to set up a rig at the early stage which consumes lots of energy. However, this problem has been solved with the use of mining applications.
Nigerians with good internet connection can mine cryptocurrency with the mining applications on their smartphones or computers.
As a result, you can make a reasonable living utilizing this blockchain method without even leaving Nigeria. Guess what? You will also earn in foreign currency and spend in Naira. Isn’t that fun?
Without any educational credentials or background, you can earn digital currencies as rewards with low beginning capital.
2. Join Cryptocurrency Companies:
Another simple method you can deploy to leverage the fruitfulness of the blockchain technology is to join Bitcoin companies. But how?
Since blockchain has laid the foundation of innovation for a lot of industries, competent Nigerians can profit from this technology by working for a cryptocurrency company. They can achieve this without even leaving Nigeria.
The first thing is to collaborate with a crypto company, given that the industry is open to varieties of professions.
Additionally, most of these crypto companies prefer remote workers and offer flexible work hours which is a plus for Nigerians.
Therefore, regardless of your location in Nigeria, you will profit from the blockchain.
3. Cryptocurrency Faucets:
Use of crypto faucets is another lucrative way to make a fortune in blockchain technology.
Crypto faucets are websites that reward individuals with crypto currencies for completing some simple tasks online. If you understand how swagbucks works, then you understand crypto faucets.
The owners of crypto faucets generate revenue as well by displaying ads on their websites.
Crypto faucets are very interesting, popular and lucrative websites where you can watch videos, play games, view ads in order to receive awards in the form of crypto. This pours cryptocurrency into your wallet like water coming from a kitchen faucet.
You can sign up for a Bluehost account and create a faucet in about 10minutes.
Faucets are perfect for experienced Nigerians because they are enjoyable and easy to play for cryptocurrency rewards.
4. Play Games And Earn:
Have you been playing games for fun? Why not make some money doing what you do for fun?
You can make cool cash from playing crypto games and this could pose as a great source of revenue for blockchain players. With the right platform, skilled and avid Nigerian gamers can earn cryptocurrency with real value and generate money from the blockchain.
This could be achieved by signing up to play games on crypto platforms like Axie Infinity, Alien Worlds, Decentraland, Zed Run, SandBox, and others. These blockchain-based projects are designed as play-to-earn games that offer Nigerians lucrative chances.
Furthermore, by continually playing these games on numerous platforms, one can make a passive income.
5. Operate Crypto Currency Master Nodes:
This is a bit technical but not when you know your way around master nodes.
According to CoinDesk, operating crypto master nodes is a lucrative and passive way to make a good living with blockchain technology.
Even though cryptocurrency master nodes seem very common, the system is adaptable and profitable.
Remember that a node provides support to other devices in a network but nodes have unique capabilities and duties, as well as functions and authorizations.
However, in blockchain networks, a master node is a regulating center that is responsible for transaction validation.
Therefore, master nodes are computer wallets that keep real-time records of all blockchain activities, allowing skilled Nigerians to earn money passively.
Nigerians can make a good living in this field if they are skilled on how to operate master nodes.
Conclusion
Nigerians can profit from blockchain technology by either mining, working with cryptocurrency companies, or participating in crypto faucets. You can even earn money while playing games or by operating cryptocurrency master nodes.
Earning a respectable income in the blockchain business is enough motivation for you to step up your dreams about living your best life. Consider investigating each alternative before making a decision, and use these practical ways to generate a fair living.
