“HOW TO CREATE PASSIVE CRYPTOCURRENCY INCOME”
According to Investopedia, Passive Income is simply earnings derived from a rental property, limited partnership, or other enterprise in which a person is not actively involved. Just imagine creating a system where income is generated while you sleep in the comfort of your bed or while vacationing on the beach at some exotic location. This is the life many dream of but only a few actually live it.
For this topic we will be discussing 4 passive Cryptocurrency income opportunities utilizing Airdrops, Staking, Referrals and Lending of Cryptocurrency:
1. Airdrops – Airdrops are irregular random coin deposits that occur on public blockchain wallets.This is by far my personal favorite way of acquiring passive crypto income. There is nothing like opening your crypto wallet to find coins you did not purchase deposited into your wallet. For example, one morning I opened my Trust Wallet to find over 888,000 KICK coins deposited in my wallet. At the time the deposit was worth $80.00. Can you imagine the impact that would be if that coin grew to let’s say just $.50 in value? Bora Bora here we come! I don’t know about you, but $80.00 just dropping in your crypto wallet just like that is pretty awesome!
Often times airdrops result from holding a particular coin or wallet that participates in airdrops. This is a great way for the coin or wallet developer to create buzz and value for their product. Thus, take advantage of airdrops and also check out Airdropalert.com for updates on airdrop offerings.
2. Staking – Staking is simply the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Below are list of coins that earn staking rewards as they are being stored in your wallet. This is a great way to earn passive Cryptocurrency income by creating an environment were your coins are working for you instead of you working for your coins. I recommend visiting each coin’s website for more information on staking.
3. Referrals – Referrals are a great way to create passive Crypto income simple by inviting your friends or providing a link to an exchange that has a referral program. For example, exchanges like Coinbase and Binance have great referral programs the create passive Crypto Income. Hardware Wallet Ledger can also be a great source of passive income that will earn you a small referral fee.
4. Lending – If you cryptocurrency just sitting in your wallet not earning anything, why not put those coins to work by lending them out to earn interest in return. This is a great way to once again position your coins to work for you and not you working for your coins. Platforms like AAVE and Crypto.com which are decentralized peer to peer lending applications is worth reviewing to see if this application will meet your passive income goals.
Exchanges like Bitfinex, Bitmex, Poloniex offer excellent margin funding opportunities. Thus, if you hold coins which are offered on these exchanges, you might consider signing up for anyone or all of the exchanges to deposit a few coins there for the sole purpose of lending out your coins to earn interest.