Blockchain isn’t just a buzzword—it’s a gateway to new income streams, especially for Nigerians looking to earn in foreign currencies and escape the limitations of traditional finance. Whether you’re tech-savvy or just getting started, here are five proven ways you can tap into the blockchain revolution and start earning today.
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.
5 Ways Nigerians Can Make Money With Blockchain
1. Crypto Trading
Cryptocurrency trading isn’t just a trend in Nigeria—it’s a movement as it is one of the best ways to make money online in Nigeria. For many, it’s a ticket out of economic hardship, a way to earn in dollars, and a shot at financial independence. But behind every success story, there’s a tale of risk, resilience, and sometimes, regret.
2. 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.
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.
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.
Frequently Asked Questions (FAQs) About Making Money with Blockchain
Is it legal to use blockchain and cryptocurrency in Nigeria?
Yes. While the Central Bank of Nigeria (CBN) has placed restrictions on banks dealing with crypto-related transactions, individuals are not prohibited from using cryptocurrencies. Peer-to-peer platforms and DeFi apps offer legal alternatives for Nigerians to transact.
Do I need a laptop to earn from blockchain?
Not necessarily. Many blockchain activities, like P2P trading, content creation, and even some P2E games, can be done with just a smartphone and stable internet.
Can I get paid in USD or Naira through blockchain platforms?
Most platforms pay in cryptocurrencies like Bitcoin or USDT. However, you can convert crypto to Naira using peer-to-peer (P2P) platforms such as Binance P2P, Paxful, or local exchanges.
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.
