Cryptocurrency For Beginners: 3 Provable Ways to Make Money From Cryptocurrency in Africa

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How to Make Money from Crypto: Are you a newbie in the world of cryptocurrency and interested in knowing more about cryptos and how to make money from them? Then this article is for you.

Cryptocurrency is a decentralized digital currency that runs on a technology called the blockchain. To take you through a brief history of this groundbreaking technology, I will start with its global presence in 2009 when the first crypto called Bitcoin was launched by a mysterious person/persons called Satoshi Nakamoto. Bitcoin was meant to ensure that transactions are facilitated faster and cheaper without the involvement of a third party. Bitcoin is a currency that runs on the blockchain. 

What is Blockchain

Blockchain is a distributed ledger that gives meaning to Bitcoin and other cryptos. Every transaction made with Bitcoin is recorded on the blockchain and cannot be changed or deleted. Since the inception of Bitcoin, thousands of cryptos have come into the system. Cryptos were previously known to be lacking technological breakthroughs but the recent introduction of smart contracts and other networks making ways for decentralized finance, Non-Fungible Tokens, etc have made it better now. 

How people make money from crypto in Africa

I’ll try to cover this topic extensively in a different post but till then, let’s see how people make money from cryptocurrency in Africa. 

The provable ways people make money from crypto in Africa are:

  • Online Jobs
  • Investment
  • Day Trading

Online jobs

One of the safest ways people make money from crypto in Africa is through online jobs. My first ever crypto income came from an online job. There are a lot of crypto-related freelancing platforms that allow people to register and apply for jobs to receive payment in cryptos. This is quite easy because there are a lot of exchanges available in Africa where you can exchange them for your preferred fiat. 

Investment 

People also make money from crypto through investment. From here, they buy any cryptos of their choice, store them in their wallets, and sell them later when the price rises. This is very rewarding considering the volatile nature of the crypto market. 

Day trading

For those who do not want to wait for a long period to see a considerable profit on their crypto in their wallet, they resort to what we call day trading. With this, they use fundamental analysis and technical analysis to predict the next movement of the crypto price. Using different strategies, they can tell whether there will be a breakout in the next couple of minutes or hours for them to buy and sell later. We will cover this topic extensively in a different post. 

Is it dangerous to venture into crypto?

Just like any investment, it is very risky to venture into crypto and very rewarding as well. We can point to several people who became millionaires overnight by just investing in crypto. Some people have also lost a lot of money in the venture. Crypto investment is all about picking the right asset and having a lot of patience. 

What to know before venturing into crypto

It is important to note that there are a lot of scammers out there. In your quest to explore the cryptocurrency market, you will most likely meet exchanges that are not licensed, and crypto projects that have been abandoned for a long time. It is important to be extra careful when dealing with any exchange or asset. It is also important to do your research and come up with a platform and project that is best for you.

 

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