Like any currency, you can make passive income if you know how to leverage cryptocurrencies.
In the last few years, cryptos have become more mainstream, meaning that the ways and places you can use them are growing daily.
To get started earning a passive income, all you need is some crypto and a good strategy for deploying that crypto.
In this article, we will explore a few different ways you can put your cryptocurrencies to work and start earning.
1. Cloud mining
Traditional mining is the oldest method for collecting cryptocurrencies, but it requires a lot of upfront investment into hardware and technical expertise. Recently, a new player has entered the game―Cloud Mining.
With cloud mining, you don’t need any of the hardware or technical skills to get started. You rent the hardware, and the technical side is handled for you. You’ll need to pay rental fees as well as some technical fees, but usually, when you use cloud mining, you’re grouped together with a large cohort of people in order to create a large amount of computing power.
The more computing power you have, the more likely your system is to win “jobs” called hashes. The more hashes your computers process, the more crypto you make.
2. Crypto interest accounts
Like saving accounts, crypto interest accounts are low-risk places you can put your crypto to earn interest. If you plan on holding some type of cryptocurrency for an extended amount of time, it may be worthwhile for you to find an interest-bearing account rather than use a wallet.
Fixed-term accounts usually have the best returns, but you are locked out of that money until the term has been completed. Interest rates vary, so you can pick the type that fits best for you.
3. P2E (Play to Earn) games
P2E games are a great way for you to earn crypto assets or currencies without “working.” Usually, you need to make some upfront investment by buying an asset or investing in some sort of virtual real estate.
If you enjoy actually playing, you can compete in the game to win, but if you would rather make your experience even more passive, you can invest in up-and-coming options like Wizardia’s Arena or Market Genesis NFTs to receive royalties from everyone that uses those places in the game.
4. Affiliates and referrals
It is very common for crypto platforms to offer rewards if you funnel new customers over to them. Some platforms allow you to earn money a cut as an affiliate if you are selected for their affiliate program and then promote them in other places. Others will simply give you a one-time reward for anyone you refer to the platform.
If you have a large network you can pitch to, this could be a great way to earn passive income.
As the technology around cryptos continues to improve, the number of people using and accepting cryptocurrencies is becoming larger by the day.
If you are thinking about investing in crypto now couldn’t be a better time. So, make a plan, put your crypto to work, and start reaping the benefits!
Just remember―always vet any platform well for reputation, security, and trustworthiness before you make any investment decisions.
The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision. London Loves Business bears no responsibility for any gains or losses.