After getting inspired by hearing the stories of Erik Finman – the youngest millionaire, Winklevoss twins – the first bitcoin billionaires mentioned in our previous blog “Current lifestyle of two famous Bitcoin millionaires” many of us have the feeling of tasting this luxury and fame ourselves too. And if not so much then atleast have a handsome amount of passive money for extra benefits. If you have landed here before trying your luck at cryptocurrency trading then you are on the right path. As it is very well said that “Half knowledge is…..” hence before spending your valuable bucks in this crypto-sphere research is a crucial part.
This blog is definitely not based on the cheesy taglines like “Easy and quick ways to become a millionaire using cryptocurrency” or “Get you all the luxuries by following 8 steps”. Keeping it very honest if you want to invest and earn a benefit out of your investment patience and critical hard work is required. Definitely you earn when spent wisely and to help you out we have jotted 8 best ways to get your passive income rolling. Let’s go.
- BUY & HOLD
This is the safest way to earn in the world of cryptocurrency. The first important mantra for this method is to invest in the best cryptocurrency like
- Bitcoin
- Ethereum
- Litecoin
- Monero etc.
Once you have bought yourself currency as per your budget all you need to do is follow the second mantra which is have patience and WAIT or in technical terms Hold the currency for a safe period of time. If you have invested into good currencies their value is likely to increase in the future. So pick the right unicorn for yourself and get going.
- LENDING
Now as you are HOLDing your coins, it is not important to earn only after selling them rather you can earn even in between. This is possible by lending your coins for certain amount. You lend and you earn 12-20% of your investment which is quite fair and useful. There are many peer-to-peer bitcoin loan networks like:
- Bitbond
- BTCPOP
- KIVA, etc.
Using any of these get access to some passive money which is always better while waiting. But you need to be very cautious as this process of lending is much unregulated. The person you are lending your money should be chosen strictly and carefully. Also he/she should follow all the policies so that you get your returns properly.
- STACKING
When you get a double price of your job it is always jollier, stacking will provide you this privilege. Stacking serves two benefits it provides price value for appreciation of good crypto coins as well as pays you the rewards as dividend for being the stack holder of the coins. All you need to do is
- Invest and purchase a certain amount of currency
- Create a wallet and node
- Put you currency in that node
Now this will be monitored and hence will be useful for verifying transactions in blockchain. Creation of new blocks will benefit the user as per the length of their stake in the currency. The list of profitable Proof of Stack cryptocurrencies are: PEERCOIN, NXT, NEM, DASH, NEO, PIVX, OK CASH, NAV COIN, etc.
- Arbitrage
Wikipedia says “Arbitrage is the practice of taking advantage of a price difference between two or more markets; the profit is the difference between the market prices.” As cryptocurrency market is a beyond the government control and is decentralized hence here arbitrage can be used to earn good profit.
So basically we buy coins from one exchange in a lower price and sell it to another at higher price. Such type of practice will give you a profit margin ranging between 5 to 40% which is great. Using RaiBlocks/NANO can result you in decent profits.
- FAUCET FARMING
For the ones who are unaware of the term faucet here is what Wikipedia says about it “Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies.”
So basically faucets can be a mundane task and can consume time as one need to go solving captcha, clicking on ads, playing games and streaming videos. But all this work doesn’t go in vain; by doing this one can earn a micro quantity of cryptocurrency which he/she can collect in bulk and store it in their wallet.
However such tasks can’t be done by people who are already into full time jobs as it consumes time. Popular faucets farming sources are:
- Megadice
- Stake
- io
- KingDice, etc.
- MINING
In layman terms bitcoin mining can be explained as “Bitcoin mining is the process of adding transaction records to Bitcoin’spublic ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks.”
However mining has become very competitive field and it cannot be done on simple PC. It requires a high-end PC with special GPU for good processing speed. The lacuna is that the upgraded hardware expenses can lead you to scratch your hair as earning through mining is usually very slow and requires patience. But good news is that you can use this PC for other purposes as well like gaming.
Mining is also of two types:
- Mobile mining: Here user can mine blocks using his smartphone.
- Browser mining: If you want to mine using Google browser then it is suggested to use the tool Cryptotab.
- BLOGGING, VLOGGING & COMMENTING
If you love the cryptoland and you are good at expressing and writing your knowledge then this method can be of great help to you. The only thing you need to do is write away you know about cryptocurrency and earn.
Steemit blogging platform provides steemcoins to small time bloggers to get a decent amount of revenue. If your content is liked by the readers they pay you in cryptocurrency. You can also give access of your content to the user and earn directly.
This is a revolutionary change to look at social media and also if more of such techniques are encouraged will prove very beneficial at the crypto-level. You can also earn by commenting and curating on some special websites like:
- Y’alls
- Yours
- Steemit
So concluding the blog, above were some of the best ways to earn in this crypto-world. Please note that these are not gold digger techniques which will definitely pay you good results. However if researched properly and invested wisely then it can lead you to huge profits.
So understand better, invest wisely and earn more.
