Coinbase Learn
You might not want to buy crypto right away. If that’s the case, you can get a Coinbase account and learn about crypto. By watching videos about different crypto currencies they offer on their platform, you get rewarded crypto. It’s a small amount ranging from $2 – $10 sometimes more. You can then keep these coins or trade them for your preferred crypto.
Cash Crypto Back Programs
Just like you get a percentage cash back on credit card purchases, you can get crypto rewards from purchases.
Fold & Lolli
Fold is an app on your phone and Lolli is a web application you install to Chrome. I’ve used Fold and it works great. Both have a large variety of stores and restaurants to choose from. You simply buy the gift card through Fold or Lolli and you get your rewards through their platform. You then just take the gift card number and paste at checkout when you want to use it. I was skeptical about it and tried a small amount when I first tried it, like $25 I think, and ever since then I’ve been using it for different stores, mainly Amazon.
Cyrpto.com
Crypto.com is a whole ecosystem offereing different things. To start, they have a crypto Visa debit card that you can “top off” with your local currency and spend crypto in daily transactions. Their card has different tiers based on the amount of CRO you staked. CRO is their native token and staking means you lock up a certain amount of tokens for 1 – 3 months and earn apy from those locked up tokens. It’s like interest in a bank that you earn. They just lowered their rates not too long ago but still a cool idea for passive income. Depending on your card tier, you also get crypto rewards as cash back when you make daily purchases. For Spotify and Netflix you get 100% cash back in tokens which is cool.
Staking
Staking is what I mentioned above. You basically have a certain amount of coins that are just idly sitting in your wallet. Instead you can make your money work for you by staking it. You earn interest as an annual percentage. Different projects offer staking all offering different rates and amounts you need to lock up. You just press a few buttons and watch your money grow.
Yield Farming
Yield farming is for those who are more technical and who understand blockchain a bit more. I wouldn’t recommend it for crypto beginners because theres so much risk involved. Where there’s high rewards there will also be a high risk involved so proceed with caution. During the summer of 2020, defi was the booming sector in crypto and yield farming projects would pop up offering high rewards. When this was going on I was somewhat new and went on a few projects sites. The rewards were 1,000,000% and higher. I didn’t get in because there was much I didn’t understand at the time. Towards the end of the hype, I got in to just say that I tried it. I was able to find some good rewards but only did it for a short time since the tokens were losing value. You can get really creative with defi, all of which I’ll cover in more depth later on.
Trading
This is my main focus. I want to be able to trade from anywhere in the world and just work. It’s something I want to do just a few times a month, but in the meantime I’m actively looking at charts and practicing with small amounts. When risk is managed properly, you can consistently make profits that add up. There’s many strategies and everyone who trades does so differently because of the perspective they have when entering and exiting trades. I find it fascinating how charts tell a story and you see patterns play out in your favor. Though it’s highly risky, I DO NOT recommend this to everyone. There are no rules, and if you don’t establish your own rules, strategy, etc., you are surly going to get rekt.
Mining
By offering computer power to the network you mine a certain crypto and earn rewards every block that’s mined. There’s a lot more factors into this as it’s more technical and involved. You have to ensure that your node is running efficiently. This is a cool way to earn passive crypto currency. I want to get involved with my own mining rig someday just as a project to figure out.
These are just a few of many ways to earn passive and active income in crypto. Everyone has different strategies, there might be some that I didn’t even cover and if so, I’m looking forward to learning about the new projects and what they do.
Click the link for a page with referral links to get crypto when you sign up with certain exchanges, apps, etc. You can get $10 in free bitcoin if you sign up with Coinbase using my link among other offers with other referral links. Check it out!
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