Making some passive crypto income is a revered idea for many of us, but what is the best method? This post highlights the best ways of earning crypto passive income. Keep reading to learn about these ingenious strategies for creating new revenue streams.
Bitcoin Passive Income: Here is How it Works
This is a way of maximizing the returns you make from Bitcoins (BTC). It is one of the most revered and recognized cryptos on the market, with a market cap of about USD 800 billion. This makes it an excellent option for making passive crypto income.
Tips for Making Passive Income with Bitcoin
- Mining: This is the process of solving complex cryptographic problems and adding new blocks to the Bitcoin Blockchain. There are two ways of doing this: setting your own mining rig or signing up for cloud mining. Be careful with cloud mining so that only the credible pools that honestly share the mining rewards are selected.
- Buy and Hold: This is a pretty simple process involving buying the coins and waiting for their price to increase. Stay focused to note when the price hits a peak and sell to reap maximum returns.
- Lend Bitcoins: Instead of buying and holding Bitcoins in your wallet, why not let them work on your behalf? Bitcoin lending works like bank loans, where you lend and borrowers repay with interest. Some sites, such as Bitbond and Coinbase, support crypto lending and allow you to earn as high as 15% in interest annually.
Using Your Computer to Earn Passive Crypto Income
Did you know it is possible to earn passive income directly from your computer? Some activities you can engage in include crypto staking and buying high-yield tokens. It does not have to be mining.
Remember that you need to start by planning well to generate passive crypto income. Also, you need a budget and long-term goals. So, let’s look at some of the ways of making passive crypto income.
- Staking Your Coins: Staking cryptos is an excellent way of making passive income. You need to have coins that use proof of stake (POS) consensus protocol, which means that people with some cryptos can stake them to help with transaction validation. You can make 10-20% interest on the staked coins. Good examples of coins you can stake include ATOM and Cardano.
- Yield Farming: This involves depositing your crypto coins into a lending pool to earn more coins. When staking in a decentralized exchange, say PancakeSwap, you are required to commit some coins into their liquidity pool (LP) for a reward with the transaction fees. Another top option is hi.com, which started a USD 20 million liquidity reward program.
- Start Crypto Trading: Trading crypto CFDs is another unique method of generating passive income. Because of high volatility, cryptos can be an excellent choice for CFD trading. With crypto CFDs, you speculate on both price increases and decreases. This implies you can make money no matter the performance of the economy.
We have only scratched the surface to explore the different methods you can use to earn passive crypto income. Other methods you might want to consider are joining airdrops and dividend-earning tokens. Running a lighting network node and crypto lending can also be highly rewarding.
Refer Friends to Earn Passive Income from hi
There are crypto projects that provide users with mouthwatering bonuses when they refer others to their services. One such service is hi.com. At hi, you receive free HI dollars for every referral. If your friends buy HI, you are rewarded further with 10% of the value of their purchase. In addition, half of your referral rewards are channeled to your account.
Join hi.com today to get a referral link for inviting people to hi.com.