Crypto trading is a popular way of making money today. This is due to the real-time value of most cryptocurrencies, which has the potential for moonshot over time. Therefore, this article guides you on how to make money with Ethereum in Nigeria.
What Is Ethereum?
Ethereum is an open-source blockchain network that facilitates the development of smart contracts and decentralized apps (dApps). It also enables the creation of non-fungible tokens (NFTs) - all of which have made Ethereum a valuable crypto asset in the market.
The native cryptocurrency of Ethereum is Ether (ETH), which is used to power the network and execute transactions. It uses a proof-of-stake (PoS) consensus mechanism, which is more energy-efficient and improves the platform’s scalability.
Therefore, the demand for Ethereum is increasing, with people seeking ways and means to earn from ETH.
Ways To Make Money With Ethereum In Nigeria
1. Ethereum Trading
This involves buying and selling Ethereum and leveraging the crypto market fluctuations to make money. This often starts with finding a platform to buy and sell Ethereum in Nigeria.
Although there are different platforms to trade your Ethereum, Prestmit remains the place to sell ETH for naira. This is due to the range of advanced trading features that help you profit on the platform. Prestmit employs a sophisticated security system to protect all transactions, including a user-friendly interface that makes navigation quick and easy.
In addition, transaction fees are relatively low on this platform, with transaction confirmations as fast as possible. This ensures that you make profits when selling your ETH on Prestmit.
How To Sell Ethereum In Nigeria
- Visit the official website of Prestmit or download the Prestmit app on the Google Play Store or Apple Store.
- Create a Prestmit account and log in.
- Click “Buy & Sell Cryptocurrency” and choose “Sell Cryptocurrency.”
- Click “Sell Ethereum” and create a Prestmit ETH wallet address.
- Follow the prompts to sell your Ethereum.
- You will receive payment immediately after three (3) successive transaction confirmations.
2. Ethereum Staking
Ethereum staking is the process of locking up a certain amount of ETH for a given period to contribute to blockchain security and earn network rewards. It is ideal for long-term investors who seek to make passive income rather than small profits through trading.
This is not a straightforward approach, as the available options for Ethereum staking are:
- Validator: You can become an Ethereum node validator - in which you lock up about 32 ETH as collateral to start earning rewards from verifying transactions on the platform. The reward depends on the volume of ETH transactions on the network.
- Delegator: You can delegate the 32 ETH to someone to stake on your behalf while earning substantial rewards.
- Pooling/Sharding: This is similar to delegating as poolers lock their funds into smart contracts while setting parameters like gas limits or prices before earning rewards based on success rates of transaction executions.
3. Ethereum Lending
This involves lending ETH to borrowers who need crypto financing as yields from interest are generated. This works similarly to the traditional lending method, but the only difference is that Ethereum lending is done through decentralized platforms. So, you can go into this type of lending if you have a large amount of ETH you are unwilling to sell.
However, it is important to do thorough research before foraying into this endeavor as it is still in its early phase.
4. Investing In Ethereum-Based Startups
You can make money by having an asset investment in crypto startups. Although this can be a high-risk venture, it also has a propensity for high returns in investment. This hinges on the volatile state of startups, most especially crypto-based startups.
Therefore, you may need more research to decide which startup will yield significant returns over time.
5. Content Creation
Content creators in the areas of writing, video production, or editing can earn Ethereum from developing and sharing their content on platforms that reward with ETH, This is because many online platforms reward content creators with cryptocurrencies like Ethereum, Bitcoin, etc. You need to research and discover these platforms.
Conclusion
Ethereum continues to attract people to the crypto space due to the many prospects you can take up to start making money from it. Positive market optimism around this crypto asset allows you to make more money when you convert your Ethereum to naira in Nigeria.
Therefore, always trust Prestmit as the best place to sell Ethereum when you want to convert your ETH.
