Notes

6 Strategies to Make Money With Cryptocurrency in Africa


Making money with cryptocurrency is one of the few legitimate ways to make a recurring income online. Many people don’t talk about this because it is still a concept that is in the making. But we have to be part of this process of creating the currency of the future while earning. Cryptocurrency is the money of the future. Many cryptocurrencies are making the crypto market today rock such. Some of them include; bitcoin, bitcoin cash, bitconnect, ethereum, litecoin, dash, monero, ripple, just to name but a few. This concept had made billionaires, as seen with bitcoins from 2009-2012 with an investment as low as $ 27. It is the moment for Africans to make history instead of reading it as we are doing now. Bitcoin, or some cryptocurrency, can decouple African Americans from the economic system in a positive way. Investing in cryptocurrency can help you retire, build a house, pay bills, and get you a luxury car, among others.

Cryptocurrency trading is the most popular way to make money online in Africa, but there is a lot of volatility, making it highly risky. But owing to the market’s tremendous growth potential, there are other effective strategies to help with cryptocurrency.

Investing
Investing in cryptocurrencies for the long term is an excellent approach. Several popular cryptocurrencies are well suited to a buy-and-hold system. Coins like Ethereum and Bitcoin are volatile for short periods but beneficial in the long term.

Trading
Trading in the volatile cryptocurrency market is challenging but not impossible. To be a successful trader, you should have technical and analytical skills. You will have to evaluate technical charts on the performance to predict price increases and decreases. While trading, you can either use a long position or a short position while trading, according to your prediction of rising or falling. This way, you can make profits despite whether the market is bearish or bullish.

Staking and Lending
Staking is a way of keeping cryptocurrency but not spending it. By verifying cryptocurrency transactions, you get rewards in the form of crypto coins. These coins will be secured in the crypto wallet. A Proof-of-stake blockchain network that is used by many cryptocurrencies is perfect for this method. The reward you get to confirm transactions is similar to the interest a bank would pay for a credit balance.

Social Media
Since 2011, several blockchain startups have started to leverage the new technology. These startups have social media platforms, and several of those companies reward people for creating and curating content for them with the original crypto coin of that platform.

Mining
Cryptocurrency mining is a vital component of the proof of work mechanism. Mining needs technical expertise and computing investment. You need to have a coding background and massively powerful computers in cold climates. If you mind a cryptocurrency, you are rewarded with the extra coins.

Airdrops
Airdrops are free tokens issued to raise awareness. Usually done by crypto exchanges, airdrops create a more extensive user base for a project. With tokens obtained through airdrops, you can get more cryptocurrencies and trade with them.

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