The Top Ways to Earn Passive Cryptocurrency Income
Whether you’re into Bitcoin, Ethereum, or anything else, there are tons of ways that you can earn passive cryptocurrency income. Here's how
Cryptocurrency has been all the rage in recent years. Whether you’re into Bitcoin, Ethereum, or anything else, there are tons of ways that you can earn passive crypto income. It’s a great way to make fast crypto that you can spend online, use in stores, save for later, or trade in for cash. In this article, we share some ways that you can start getting more crypto with very little work.
Fun Online Games
Like to play games on your smartphone? Want a way to stay occupied while waiting for things? Want to nip boredom in the bud while making bank? You can do these things with crypto games. Whether you like puzzles or role-playing games (RPG), there are many options. Axie Infinity is a popular one, as is Ethermon.
When you play the game, you’ll get a crypto reward for participating. You also might get some extra funds for winning mini-games or making achievements. This isn’t as passive as some other ways to make crypto. But if you like to play little games anyway, this is a great choice.
Another way to get cryptocurrency is to use the proof-of-stake (PoS) method. You’ll start staking rewards for crypto and have them locked up by the PoS network. This lets the network figure out what transactions are legit.
This is cool for you because your crypto gets a sort of ‘interest’ as it sits in the network. The longer it sits there, the more crypto you’re going to accumulate. This is basically the Bitcoin equivalent of sticking your cash in a locked savings or checking account and letting it wrack up interest.
You’ll be called a ‘validator’ when you do this. This is because your assets are what validate transactions. It’s a win/win because you’re also contributing to the crypto infrastructure and giving back (while making money). This is cool because you don’t need the same tech as crypto miners need. You just need a laptop, an old network, and some knowledge of the crypto market.
Mining’s an alternative to staking that’s going to get you some fast crypto. Bitcoin (and other cryptocurrencies like it) are held on a network. It’s called the blockchain.
It doesn’t always use a PoS system to validate transactions. In many cases, transactions go through because a miner seals them off in the Bitcoin ledger. The ledger shows that the crypto’s already been spent. People can’t double-spend it or lose track of it.
The process of sealing off these transactions is called mining. To do it, you’ll need a high-speed processor, a fast internet connection, and mining-related apps. You don’t need to sit with the computer. You just need to turn it on and let it run its apps. When the computer you’ve left open seals off transactions, you get some crypto as a reward. This is called Proof-of-Work (PoW).
You also could try something called ‘Cloud mining.’ You don’t need to buy expensive equipment, which is a huge plus. Instead, you pay a little fee to a bigger company that will mine for you. They’ll pay you depending on how much you choose for the fixed fee.
Crypto is a great investment. The market’s growing at about 11.9% every year. It’s probably going to be worth over $12 billion by the end of the decade.
When you invest in crypto now, all you have to do is buy it. You can get it at an online exchange or from a Bitcoin ATM. Then, you just hold onto it in your crypto wallet and let its value rise over time.
Let’s say that you get $100 worth of crypto today. You let it sit there for a year and its value goes up by almost 12%. You’ve made $12 by doing nothing. Over 10 years, you’ll get a 120% return on your investment. Not bad! You can sell it then for $220, way more than the $100 you initially spent.
ALSO READ: BASICS OF CRYPTOCURRENCY TRADING AND INVESTMENT
Some people like to lend out their crypto to other people. This is similar to a bank giving us loans. People do this because they can charge the borrower interest and get some fast passive cash over time. You’ll decide how much interest to charge by looking at the crypto’s value, how long the loan last, and the usual interest rate for a loan like the one you’re giving.
There are a few different types of lending that you might be interested in:
- Centralized lending, which lets you lend out crypto based on a third party’s pre-set terms.
- Decentralized lending, which doesn’t use a third-party middleman and lets you set your own terms with smart contracts.
- Peer-to-Peer lending, where you pick the lender and give the crypto to another person directly.
- Margin lending, where you lend crypto to traders who want to trade it out to other people.
You can do your own research and pick which is best for you. You could also try out multiple methods of lending. There are tons of top-notch possibilities, so keep an open mind.
There are tons of affiliate programs for crypto enthusiasts. You make an account on an exchange. Then, you refer others to sign up through a special link you give them. When they do, you get a set amount of crypto in exchange for having brought them over.
You just need to submit an application to the website. You’ll get your special affiliate link. You can share it on social media, text or email it to friends, or hand it out in real life. When someone signs up or makes an exchange specifically through your link, you’re going to get rewards.
This is a fast way to get crypto, especially if you have a big follower base that might be interested in signing up. Bulk sharing is awesome assuming that it doesn’t violate the website’s terms of service. You can just put it on Twitter or Instagram and watch the crypto come in.
Earn Passive Crypto Income As soon as Possible
There are several ways to earn passive cryptocurrency income. All you need to do is choose your favorite.
Now that you know some options available, get the equipment and applications you’ll need to begin collecting usable digital money. Then, check out the ‘innovation’ tab on our home page to learn more about cashing out for crypto.
ALSO READ: WHAT YOU NEED TO KNOW BEFORE USING CRYPTOCURRENCY