Trading Bitcoin and other alternative cryptocurrency is now a guaranteed way of generating income online. Nowadays, cryptocurrency is even making more people millionaires than ever before. And I can validate this by letting you know I’m a good example of people whose lives have been transformed through cryptocurrency.
Nevertheless, most Nigerians still find it difficult to comprehend the importance of having a cryptocurrency Portfolio. And in this article, I covered 5 cogent reasons why Nigerians should be passive crypto traders.
Why Nigerians Should Be Passive Crypto Traders.
- Market Diversity: A market is simply a place or point in time where buyers and sellers meet to transact (exchange goods and service). We have a physical market where physical goods are being sold, and the virtual market which includes sales of virtual goods like Gold, Maize, Currency etc. The cryptocurrency market is well diversified with over 14185 Markets.
- Passive Source of income: Cryptocurrency is another way to generate passive income. We all know that an average millionaire has 7 sources of income, however, Nigerians find it difficult to create new sources of income. As a passive trader, you can create another source of income for yourself by trading only when the market is favorable.
- Low Startup Capital: Cryptocurrency trading requires little startup capital when compared with other businesses. You can kick-start your cryptotrading business with as low as ₦2000.
- Ease of Entry and Exit: Cryptocurrency trading is very easy to understand. To create a bitcoin wallet and setup an account on a Crypto-exchange won’t take you up to 15 minutes. To also cash out your profit after trading won’t take you up to 5 minutes.
- Volatility: What scares most people away from cryptocurrency is that it’s very volatile(prices fluctuate a lot). However, volatility is big money to a swing trader. If you can cultivate the required mindset and skill set in trading crypto, you can turn volatility into a big advantage.
Finally, I advise Nigerians to start trading cryptocurrency with Bitcoin(BTC)/Fiat pairs. This simply means you’re trading BTC with Naira, or BTC with US Dollar.
Thanks for reading through this article. Kindly watch the video above for more details and drop your suggestions in the comment box below.