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2 Ways Nigerians Earn Money In Crypto Without Mining

Discussion in 'Bitcoin Investments | Discussions' started by Prezzy, Apr 13, 2019.

  1. Prezzy

    Prezzy Leader Protector

    Bitcoin has gone all the way from $20000 to $3000 this year and profits from mining has dwindled to nothing and then negative as well. Given that there are no major mining rigs in Nigeria and nigerians are driven towards cloud mining, the flow of income from cryptocurrency mining has abruptly come to an end. Personally, I have a very bad history with mining. I lost nearly everything I had in mining, at least all the major ones!
    However, while one door is closing, some others are opening and a lot of Nigerians have been exploiting these other doors. What are these channels?
    What are these caves with the hidden treasures and how are the smart diggers exploiting them?

    1. Whatsapp and Telegram escrow trades

    Even though $BTC was down, it didn't lose its utility so people were still using the crypto king for different cases hence the constant demand for it. Others seized this opportunity and became professional traders themselves. Through this means, depending on one's network, a trader can rake in small or large amounts daily. Some people trade between individuals who consult them when they need to buy or sell their stock. Others have direct links with the Chinese who are constantly in need of Bitcoins. Such legendary traders usually specialize on buying and not selling and they can buy Bitcoins racing into $10,000 - $30,000 daily.

    The medium traders trade between $500 - $3000 whole smaller traders less than $500 daily.

    Profits depends on the network one is dealing with as well as his/her expertise in pricing, speed of delivery, etc. Since the stoppage of all major mining operations around the world , this has been the major source of crypto funds for Nigerians in my opinion.

    2. Crypto trading (exchanges)
    Am sure you know that one can still make money in a bear market. It's definitely possible though many consider it as a risky venture. Many Nigerians, the likes of @kessyboy have smiled through the rough times by staying with the exchanges through most of it all.
    Trading on exchanges requires a lot more experience, patience and expertise as it's very easy to lose one's money in the wild market out there.

    Subscribing to Crypto signals

    Some Nigerians have leveraged the knowledge of professional traders who offer different paid/free crypto trading signals out there. These group has many success and sad stories to tell as well. Overall, crypto signals have become popular as many people who not have the time and knowledge to pick trades subscribe to these and get those with much less stress and energy spent.

    Mining is coming back!

    Indeed, btc is regaining its lost glory and the altcoins are also popping back up. The market has seem some greens in recent times with promise of more greens as more money pump into cryptocurrency in anticipation of the long awaited bull run. Am pretty sure that when bitcoin mining returns to the stable profitability rate, majority of the investors will swarm towards that industry against but until then, very few people are making money off mining now.
    Musa Yaro and Greatman like this.
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