Nigeria is no doubt the current leader of global Cryptocurrency trade – Bitcoin to be precise. According to Statista 2020 report, 32% of Nigerians are involved in Cryptocurrency trade, which makes it the highest number from any country. But when it comes to volume of transaction, Nigeria comes behind United States.

Moreover, the Cryptocurrency market is exploding in prices. The demand and relevance of digital currencies are gaining momentum even from irrelevant quarters. It’s no longer news that Tesla CEO, Elon Musk even added $1.5 billion in Bitcoin to its balance sheet.

And there are even speculations that Bitcoin might hit the $100,000 in value soon. Whether that would happen soon or not it’s not even the reason for this post. There’s huge potential with cryptocurrencies that should get everyone’s attention now.

If you haven’t gotten yourself a Crypto wallet, now is the time to do so fast. Those who bought into this currency when it was still unknown have become millionaires, if not billionaires, without much effort. And there’s still more room for new millionaires from Crypto world.

What’s Blockchain?

The first thing to understand about Cryptocurrency is the technology in which it’s built – called Blockchain. This technology works as an open distributed ledger that records the transactions between two parties. It’s done efficiently, in a verifiable way that makes it permanent, and is resistant to any modification of the data.

That means it doesn’t require a middle person, doesn’t need the banks to verify transactions as well.

It’s not like the current monetary system that’s reserved in the banks, backed by governments. Which requires you to have an ATM, or a connection to the bank to transfer money to other people. That monetary system involves middle person – which is the bank. But Blockchain does require any intermediary.

What’s Cryptocurrency?

What properly defines Cryptocurrency is that it’s MONEY. But digital money. It’s one currency that’s not managed or controlled by any governments or world power.

Even the identity of the creator of Bitcoin, Satoshi Nakamoto, which happens to be the first Crypto, is still a mystery. That has not changed the fact that cryptocurrencies have taken their rightful place in the market of currencies.

So, Cryptocurrency is a form of currency available only in digital or electronic form, not in any physical form. It’s also referred as the following:

• Digital money
• Electronic money
• Electronic currency
• Cyber cash

Cryptocurrencies are only transacted on Blockchain technology. Normally payments in this way are instantaneous.

How Cryptocurrency Work

It’s a way to store and exchange value. And about exchanging values, it doesn’t follow traditional and bank payment methods, which often aligns it with the term ‘dark web’. A term used to describe internet activities that’s not within the purview of government scrutiny and judicial control.

However, Cryptocurrency relies on a technology called “Blockchain” – its function is to share transactional database, with its entires which must be confirmed and encrypted.

Now cryptos are used in paying for goods and services. But much of its relevance is in the speculative trade transaction, which is currently driving the prices off the roof.

Benefits of Digital Currency

There are lots of benefits of Cryptocurrency. Here are just the few important ones:

• Reduces corruption – as one entity do not have control
• Eliminates extreme government money printing
• You control your money instead of giving away your control
• It cuts out the middle person who always takes a cut
• And serves the people who don’t have access to the banks

Different Types Of Cryptocurrencies

There are 3 types of cryptos. Here is the list below:

1. Bitcoin
2. Altcoins
3. Tokens

What’s Bitcoin?

Let me summarize the whole concept of Bitcoin for you. Bitcoin is a digital currency that was invented without links to government or any country’s central bank. That means, it’s neither regulated by the government nor the banks.

According to reports, it was invented in 2008 by an unknown person, who goes by an imaginary name ‘Satoshi Nakamoto’. However, the currency came into use in 2009 through a digital app.

How Bitcoin Works

The way to understand Bitcoin better is to related it to a computer file that’s stored in a digital wallet app. Anyone can send Bitcoin to your digital wallet, and you too can send to other people.

Furthermore, bitcoins are generated by competitive and decentralized process called “mining”. Bitcoin mining is done by the individuals, who in return are rewarded by the network for their services. These Bitcoin miners receives bitcoins as a reward for completing ‘blocks’ of verified transactions , which are then added to the Blockchain.

In recent times, the prices of Bitcoin are going so high. Some speculate that since there are only 21 million bitcoins in total, there will be less circulation of the currency. And as more people become aware of the scarcity, demand rises, it’s resulting in a higher price.

Also, as many companies and some government agencies buy Bitcoin that shows a high level of confidence, which pushes the appreciation up and it makes Bitcoin more desirable. Bitcoin popularity is making investors believe there’s further upside.

What’s Altcoin?

If you have been involved in cryptos you may have heard about altcoin – alternative cryptocurrencies that got launched after Bitcoin achieved success. The number of altcoins are growing everyday.

Even within Bitcoin Blockchain, altcoins have emerged. The likes of Bitcoin cash, Bitcoin classic, etcetera. Here are some list of altcoins currently in use.

• Etherium
• Ripples
• Dash
• Dogecoin
• Litecoin
• Polkadot
• Tether
• Cardano
• Filecoin
• Tron/TRX

And many others still coming out till date. While there will only be one Bitcoin, there’s going to be endless versions of altcoins.

What’s Token?

Tokens are a type of cryptocurrency. They represent asset or used for specific needs.

Crypto tokens are created, distributed or sold, and circulated through the standard initial coin offering (ICO) process that involves a crowdfunding exercise usually meant to fund project development.

Crypto tokens or crypto assets, are special kinds of virtual currency tokens that are built on their own blockchains and represent an asset or utility. They are mostly used as fundraise for crowd sales. They can also be used as a substitute for other things.

In an example, one can have a crypto token that represents a particular number of customer loyalty points on a blockchain. And that is used to manage such details for a retail chain.

What’s Cryptocurrency Used For?

One of the challenges some have with Cryptocurrency is they can’t understand what it’s used for. They have argued that, it cannot be used primarily as a means of exchange in a real world, considering the price.

Gold is not even a currency but it’s a medium of exchange. Cryptocurrency is serving its purpose as a medium of exchange, in a much better way – making many rich.

Moreover, Crypto trading is a trending business, growing to equal or surpass Forex trading. If that’s the only use for cryptocurrencies that would have been awesome.

Top Cryptocurrencies In Nigeria

If you are new in Crypto business, you would like to know what other Nigerian Crypto investors are buying and why. It’s not like their choice is the best. But if those who got into the bushes before you are buying certain cryptos it’s a sign that they could be good for you as well.

However, you need to know the motivation behind these choice. Most Nigerian got into crypto simply for profit. So, their first motivation is how much they can make from any Cryptocurrency. If you have the same motivation, then you have consider what they are buying.

In the recent Central Bank of Nigeria (CBN) ban on cryptocurrencies, three of the cryptos that were continuously referenced are Bitcoin, Etherium and Dogecoin. But that’s not the only cryptos Nigerians buy. See a few list below:

• Bitcoin
• Etherium
• Dogecoin
• Bitcoin cash
• Ripples
• Litecoin
• Dash
• Tron/TRX
• Zugacoin

These list represents the most traded cryptos in Nigeria. Bitcoin and Etherium are top cryptos globally. Anyone would understand the reason they are top buy for Nigerians. But the love for Dogecoin is still a speculative investment. However, this coin is fighting to gain relevance.

You may be reading about Zugacoin for the first time here. Yes, zugacoin is a Nigerian Coin. I believe in visions and I know that if this coin didn’t become popular elsewhere it will be in Nigeria and Africa. Already there are insinuations that the biggest African car manufacturing company Innosson Motors has partnered to accept Zugacoin for payment for its cars.

What’s Etherium?

Etherium was built to help developers build apps for Etherium Blockchain. The transaction time on Etherium is also faster, within seconds. It also has more coins than Bitcoin – with a current number of 100 million ether coins. And more can be created.

What’s Bitcoin Cash?

Bitcoin Cash is a spin-off or altcoin that was created in 2017. In November 2018, Bitcoin Cash split into two cryptocurrencies: Bitcoin Cash and Bitcoin SV. Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin, designed to be transactional Cryptocurrency that functions as a peer to peer electronic cash payment system.

What’s Ripple?

Ripples is the bankers coin. It’s centralized, unlike other Blockchain coins that are decentralized. With global banks involved, it’s also under government control. It’s also an alternative to fiat currency. It has the potential to become acceptable to most countries government and even widespread.

What’s Litecoin?

Litecoin came from the same Blockchain as Bitcoin. They are both similar but with different features – an improvement on Bitcoin, for speed and cheaper transaction. It takes just seconds to process, and much cheaper for micro transactions.

What’s Dogecoin?

Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake.

What’s Crypto Wallet?

A cryptocurrency wallet is a device, some are physical medium, program or an app service which stores the public and/or private keys for cryptocurrency transactions. Apart from iIt’s basic function of storing the keys, a cryptocurrency wallet also offers the functionality of encrypting and signing information.

So, with cryptocurrency wallet, users can store and retrieve their digital assets. In an example, a user who acquires Crypto such as Bitcoin can store it in a wallet, and can from the wallet use it to make transactions.

Best Bitcoin Wallets for Nigerians

• Exodus is good Best for Beginners.
• Electrum is good for more advanced user interested in only Bitcoin
• Mycelium is best for mobile users.
• Ledger Nano X is a hardware wallet
• Trezor Model T is best for storing large number of Cryptocurrencies
• Ledger Nano S hardware wallet is a cheaper option

Crypto Exchanges for Nigerians

Crypto Exchanges are not the same as crypto wallets. You have to know the difference. In Nigeria, not all crypto exchanges accept transactions from Nigerians. For example, Coinbase don’t accept users from Nigeria. It’s not just Voinbase, some other exchanges don’t accept users from Nigeria. Below are some tested exchanges where you can register to buy and sell cryptocurrencies from Nigeria.

• Binance
• Blockchain
• Roqqu
• Bitcoin.com
• Lunno
• Remitano

Binance Crypto Exchange & App

Binance is number Crypto exchange in the world. One it’s major users are Nigerians. The beauty of Binance is that you can buy crypto in naira and pay directly from your bank account. And you can also withdraw your Crypto sales into your naira bank account.

My Assessment Of Binance

• Binance is a good crypto Wallet for Nigerians
• You can easily buy Crypto directly from your bank account
• It’s also easy to withdraw your Crypto in naira equivalent into bank account
• You can also buy or sell Crypto with their peer to peer transaction feature
• However,its withdrawal charge is around 0.005 or $27 per Bitcoin transaction.

Signup for Binance account here.

Remitano Crypto Exchange & App

Reminato is also a popular Crypto platform among Nigerians. Although the company is based in South Africa, but its main African market is Nigeria.

My Assessment Of Remitano

• Remitano is a good crypto Wallet for Nigerians
• You can easily buy Crypto directly from your bank account
• It’s also easy to withdraw your Crypto in naira equivalent into bank account
• You can also buy or sell Crypto with their peer to peer transaction feature

Signup for Remitano account here.

Roqqu Crypto Exchange & App

Roqqu is made for Nigerians. It’s target market is Nigeria. Although, it’s not the only Wallet that serves Nigerians, but I have so many reasons to endorse this particular Wallet above the others. Here are my key reasons, and if you feel they are good you can also sign up with Roqqu using the link below.

My Assessment Of Roqqu

• Roqqu is a good crypto Wallet for Nigerians
• You can easily buy Crypto directly from your bank account
• It’s also easy to withdraw your Crypto in naira equivalent into bank account
• You can also buy or sell Crypto with their peer to peer transaction feature
• It charges one of the lowest transaction fee, as low as 2%

Signup for Roqqu account here.

How to Buy Cryptocurrency

Once you have created a Crypto Wallet, you can start buying Cryptocurrency immediately. Although, you may need to verify your account. Some wallets would request for your government ID, bank verification number, and may even take your selfie.

And with your bank account you can buy your first Cryptocurrency from any of these crypto exchanges like Binance, Remitano or Roqqu in Nigeria.

How to Sell Cryptocurrency

Also, when you want to sell your cryptos, it’s also that simple. Most exchange use peer to peer for Nigerians. The beauty of using P2P is that everything is simplified and paid into yôur bank account. It’s as easy as clicking on withdraw, enter the amount you want to withdraw, and it’s quickly deposited into your local bank account in naira.

What is Cryptocurrency Trading?

Crypto trading is the buying and selling of cryptocurrencies or exchanging of one crypto for another crypto assets or coins. The idea is to buy at a low price and sell at a high margin.

There are different types of crypto trading strategy you can explore:

1. Day trading
2. Swing trading
3. Scalping
4. Position trading

Day Trading:

This is the most popular trading style. Day trading,as its name implies, is the method of buying and selling crypto with in the same day.

Position Trading:

This is to buy and hold strategy. This strategy is suitable for beginners. However,when it’s done by an advanced trader, it can be a form of active trading.

Position trading uses longer term charts, anywhere from daily to weekly to monthly in combination with other methods to determine the trend of the current market direction.

This type of trading may last for several days to several weeks and sometimes longer, depending on the trend.

Swing Trading

Swing traders get in the game when a trend breaks. At the end of the trend, there is usually some price volatility as the new trend tries to establish itself. Swing trades are usually held for more than a day but for a short time than position traders.

Scalping

Scalping is one of the quickest strategies employed by active traders. It includes exploiting various price gaps caused by bid-ask spread order flows.

The strategy generally works by making the spread or buying at the bid price and selling at the ask price to receive the difference between the two price points. Scalpers attempts to hold their positions for a short period.

Crypto Trading Technique

If you want to start trading cryptos, then you need to figure out what type of trader you want to be. You should know the technique you will be using. It’s important for every trader to have their own trading technique that works for them.

Here are two main trading techniques:

1. Fundamental analysis
2. Technical analysis

You can use any of the techniques or both.

Crypto Trading Strategies

A trading strategy is a trading fixed plan designed to achieve a profitable return, either going long or short in Crypto market. There are four different types of trading strategy. You will need to decide the method you want to use.

However, for every trading strategy you need to define the crypto to trade, your entry and exit points, and apply your money management rules. A bad money management can make a potentially profitable strategy unprofitable.

Here’s how to formulate a trading game plan? You do it on paper before going into the market. This is where a lot of traders fail.

Types of Crypto Trading Analysis

After figuring out the kind of trade that you want to be the next thing you need to put in mind is type of analysis you’ll be using for your trade. We have to type of analysis and they are

Fundamental Analysis

This is a method of measuring a coins intrinsic value by examining related economic and financial factor.the end goal is to arrive at a number that an investor can compare with the coins current price in order to see if the coin is undervalue or overvalued.

Technical Analysis

Technical analysis is just the discipline that is used to evaluate crypto investment, and to identify trading opportunities by analysing statistical trends gathered from trading activities. Here are the activities that are analyzed, price movements, trade volume, moving average, time frame and etcetera.

Analyzing Coins

You must also know how to be able to analyse a coin, to know the ones that have great potentials for trade; by checking their market capital value, the volume of the coin, the most use of the coin, the team behind the coin, the technology behind the coin and how the coin is currently in demand.

Risk Management

You need to know how to minimise your risk. Crypto trading is risky and the market is volatile. But by setting stop loss, having a plan and sticking to the plan, without allowing greed to control your trading, you will bulletproof your investment from unnecessary losses.

Diversify Your Portfolio

Have a diversified portfolio. Don’t put all your money in one coin. Spread your money in different coins. Even if you have love in one coin, you can also gain in other coins to help cover the loss from one coin.

How to Earn Free Bitcoins

Okay, bitcoin prices are high, I get that. But how about getting some Bitcoin pennies on a daily basis. The small amount of crypto you get daily may not be really much, but over time it can accumulate to something.

There are several ways one can earn bitcoins for free. Here are some possible options:

• How To Get Free Bitcoins With These 5 Methods
• Join affiliate programs and earn free bitcoins
• Download CryptoTab and earn free bitcoins from browsing
• You can start mining Crypto to earn Bitcoin
• Earn free Bitcoin from taking surveys
• Earn free Bitcoin with a Crypto interest account
• Get free 5,000 altcoins (TRON/TRX) and convert to Bitcoin

Conclusion

In Nigeria, cryptocurrencies are the focus of most startup investors. With as little as N1,000 you can start trading cryptocurrencies. There’s no limitation to what you can achieve with cryptos.

The nature of crypto coins makes it easier to acquire and multiply. Sometimes you could find free coins online. Some other time it could be available to purchase at a very ridiculous rate.

Start your plan to acquire Crypto coins now, even if their current value is anything much. That was how Bitcoin started in 2009, and today its the most valuable currency in the world.

The whole idea here is to help you get started with cryptocurrencies. That’s why I added several links to different sites and applications involved in crypt business. Take your time to click on the links to review the sites behind them. Some of them might be very helpful to you.

If you live in a harsh economic environment like Nigeria, where monthly minimum wage is N30,000 or almost equivalent of $50 (by the time this present exchange rate hits N600 to $1), you really need a residual income. How can you live on such meager income for a whole month, when some people are earning over $50 on residual income daily?

Let me compare your $50 monthly minimum wage to a residual income of $50 per day. That’s $1,500 or N750,000 on an exchange rate of N500 to $1. Don’t ask me why I’m using non official exchange rates. If you must know, much of what happens online in Nigeria is through unofficial transactions in dollar currency.

Nigerians are in control of their online activities, that’s why the government is trying at every point to frustrate the online community in Nigeria. So, it’s either you are building a residual income to take care of your regular expenditures, or you are building income for your retirement.

In this post, I’m exploring the world of residual income. Although, I will be drifting more into online income opportunities. Because that’s where everyone can play equally now.

What’s Residual Income?

If you work in the next 20 years, what’s going to be your income in 20 years? How much of your time and resources would that have cost you? Your income from work is only commiserate to the time and energy you put into the work.

That’s what I call “manpower” income. Laughing out loud! But how else can it be described than by what it is. However, when you practically do nothing, or little at the inception and then let that initial effort or input work for you continually, you have created an income that’s residual in nature.

This kind of income continues to come in even after you have completed the work that’s producing the income. And every Nigerian needs this kind of income.

How Residual Income Works

When it comes to residual income, two things are at play – how much you want to earn and how much you have to invest to earn it. Since I’m considering mostly online investment programs, the only factor that’s in consideration here is – profit percentage accruable from your investment.

The best way to understand residual income is to consider any of its examples. Take for instant residual income from intellectual properties like books, music, videos, etcetera. You write the book once, or the music or video is only done once, but you keep earning from those materials over a long period of time.

As long as their are people willing to pay for any of those works, you keep earning residual income from that one-time effort. If you are thinking, what if I can’t write a book, or produce music or videos? Like I mentioned, those are just examples. There are many other ways to earn residual income, even if you don’t have any skill.

Investment Opportunities And Risk Assessment

Online residual income opportunities has flooded the internet since after COVID19 lockdowns. More and more people are looking for residual income to argument for the low income effects from the pandemic.

There are so many of these income opportunities right now on the internet, and most of them are actually scam. So, you have to be careful. Moreover, even when such opportunity is not really a scam, note that every business venture is a risk investment.

You have to be cautious and invest wisely. The first thing you have to do is ask yourself, how much can I possibly lose now and it won’t affect my finances? That should be the amount to start with. Never be in a hurry to earn from untested and unproven opportunities.

Start with small amount, and increase later if the opportunity proves to be legit. Another thing you should know about even legit businesses is that non is 100% risk proof. Invest only the amount you can possibly risk at first, and pull out funds as the returns starts piling up. Don’t get greedy.

Some Typical Examples of Residual Income

From the first examples I gave, you already know what is residual income. You can easily identify an opportunity when you see one. While most of the examples are still good as residual income, I’m going to emphasis more on online based residual income. But first let me give you some list of passive income.

• Investment in stocks, forex and crypto
• Investment in Real Estate
• Creating an Online Course
• Starting a YouTube channel
• Having a membership site
• Writing a Book
• Building a network marketing group

Like I mentioned, we are going to explore online opportunities. And before I proceed, don’t ignore network marketing opportunities. I know some people don’t like the idea of network marketing.

Since there are no proven online residual income in Nigeria, you have to explore those from other countries. Unless you want to create your own residual income business. My suggestion is to find investment opportunities and plug in your money to earn income daily, monthly or annually, as the case maybe.

Residual Income Ideas

Let me expose you to some of the existing residual income Ideas. The internet has truly changed the way anything and everything works all over the world. It’s not only the simplicity, but also the transactional nature of doing things.

There are several passive income Ideas online that you can start. The internet has given more people the opportunity that was once reserved to a select few. And you earn as much 10% returns on your investment. But before you invest in any one, study the opportunity. If possible, attend physical or online trainings to learn more about how you can earn from the opportunity.

Forex Residual Income Idea

Right now, one of the biggest investment opportunity online is Forex trading. It’s not new, but what’s new is opportunity for everyone including non traders to invest in the forex market. All you need is buy up an investment package from a trading company, and you get returns daily as the package stipulates.

If this kind of passive income interests you, here is another post you should read – HOW TO START FOREX TRADING AS A NON TRADER.

Crypto Residual Income Ideas

Cryptocurrencies are also taking its huge share of the currency market. Almost all the exchange platforms are also offering opportunities to trade cryptocurrencies as well. Even so, platforms are springing up asking for investors to buy trading packages with them for a guaranteed return.

Both the forex and crypto markets work almost the same. Apart from the fact that forex markets only operate 5 days in a week, as against crypto market that’s open every day of the week.

NOTE: The passive income investments that I recommend includes – OMEGAPRO, AX TRADER, BEURAX, and PETRONPAY.

Residual Income Business

Someone has asked me one day, is residual income a business? There’s a business aspect of residual income, and there’s also non business part, where you sit and earn passively. I have also listed some of them in the examples of passive income Ideas.

Residual income businesses are those income you setup and earn from over a long period of time. You may or may not own them 100%.

Real estate is one of them. You invest in properties and keep collecting rents over a long period of time. The problem with real estate business is that it still needs you to manage the business. This aspect of passive income in common, not just in Nigeria but all over the world.

Best Residual Income To Invest With

The best residual income is actually the one that keeps paying you for a long time to come. However, you may not be able to predict which online investment will last for years to come. So, your primary target now should be to keep growing your income.

For example, to grow your income with passive income, you should look for investments that can guarantee some good percentage on a daily or monthly basis, if you don’t have much fund. Like, 0.45 to 5 percent daily income.

But if your target is a retirement plan, you should go for a longer passive income investment that gives 10 percent returns on a monthly basis. It will only require that you invest big. Like, $10,000 would give you guaranteed $30,000 returns in 16 months period, on a compounding interest rate.

Note that, going for a short term investment has a higher return and higher risk as well. A long term investment has lower ROI and also lower risk of failing. But if you are like me, I do the long term for secured returns, and I risk the short term and cash out before it has the potential to fail.

Conclusion

Residual income is not new. You probably have heard of it all your life but have never made it work for you. We are in an era where this kind of income is not only required but it’s also possible for anyone to start earning passively.

From as low as $10 you can start earning from a passive investment. This post is to help you start your journey of residual income. Don’t stop at reading it. Take action. Search for opportunities and ask around what others are doing to earn passive income.

Don’t rush into any investment. Do your homework, and ask those who have invested before you how their investment is doing before you put yours. As good as online passive income may sound, the risk is as much high too.