7 Ways to Make Passive Income with Crypto

I can only recall that when I heard of crypto, all I knew was that it was only trading and how to get some quick cash. I was not aware that I could as well earn the money out of it without working too hard. That type of cash is termed as passive cash. It implies that you make money even in the absence of you. I was glad when I discovered that one can make passive income with crypto. Nevertheless, simultaneously, I understood that I needed to be cautious, not every crypto opportunity was real.

I committed some mistakes initially. I tried to enter into some platforms which offered me to get money every day but they collapsed. I noticed the loss of money. I cried. However, I did learn. I used to do things and now I research before I do them. And to make passive income with crypto, now I have 7 primary methods which I want to tell you about and how I used them to make money.

One of the methods that I attempted was staking. Staking refers to the process of locking up my crypto coins in a wallet or platform to assist on running a blockchain network. I would get more coins in exchange. It is a bit crime awards-like and saving it in the bank with interest. I began with a currency known as ADA (Cardano). I applied a wallet that provided staking and they selected a staking pool. I was being given rewards on a smaller scale every couple of days. It was not much, and but it accumulated. There was no trading that I had to do anything. I simply left the coin with the washer and it worked out.
The second strategy that I used was crypto lending. In this case, I loan my crypto to others and they pay interests to me. I did this using a reliable platform. Do you know I was terrified when I saw that. I did not want to lose my coins. However, I paid good attention to the terms of the platform and did not use too much. Interest was not so large but weekly. I was also happy that my money was gaining me. I remind my friends that when they lend their crypto to someone, they should not lend it to anyone. Make use of familiar platforms.”

The other that I tried is referred to as yield farming. This one was somewhat complicated to me. I learnt it gradually. When doing Yield farming, the idea is to deposit your cryptos into a pool of liquidity to facilitate trading on Decentralized platforms, such as Uniswap or PancakeSwap. As a trade-off, I received incentives. I all began with stablecoin and BNB. I had seen videos of it in YouTube before I tried it. On certain days I have a little profit. There were some days when the value fell slightly. However, as it turned out in the course of time, it is a viable way, and in the long run, yield farming can be a source of passive income, when properly monitored and done through a good selection of coins.

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Another tool that I have employed is liquidity. It is like yield farming although in this case, a platform such as a DEX (decentralized exchange) was smoothly operating with my contribution of 2 types of tokens with the same value. I obtained a portion out of the fees traders paid. I gave it a test on CAKE and BUSD on PancakeSwap. It, of course, is not always easy. In some cases, the price of individual token may fall to greater an extent than the other and they term it as the impermanent loss. I had an experience of it once. However, I did not lose everything I had so it did not break me. I have developed a new preference to tokens of which

And there is gaining interest in stablecoin. My favorite one is this one. I can also be sure that price will not increase or decrease, as stablecoins do not fluctuate very much. Such coins, as USDT, USDC, BUSD, are always near 1. I throw some in an interest earning wallet. I began with USDT in a platform that paid me 8 percent per annum. It is a fix deposit thing, but with crypto. I got interest each month to the small amount. This one was easy and less risky than other ones were, that is why I liked it.

Crypto savings on exchanges was attempted as well. Others such as Binance and KuCoin have easy-to-use saving. I spent much time working with Binance. I chose the “flexible savings” whereby I was not trading in coins. I simply had them left alone, and they accumulated interest daily. It was not long that I had to lock them. It was easy to remove them whenever I felt like. This helped me a lot, particularly in those times when I did not feel like taking any active positions. I advised my cousin to invest in it and he was glad with the little fix of interest he earned on a weekly basis.

Lastly, I researched about masternodes. This is not an entry-level kind. It requires increased capital and technical arrangement. A masternode is useful in a blockchain by carrying out some valuable activities. The individual operating it makes the returns in exchange. I lacked the amount of money I needed to operate a full masternode, so I entered a joint masternode pool. We all shared in it and the reward was shared amongst us. It was tardy, though constant. The approach made me learn how to be patient and team-oriented.

Although all these ways assisted me, I had to experience some difficulties. At times the price of the coins that I utilized declined. At other times the reward was extremely meager. However, among the few things that I learned is that passive income is not about instant wealth. It is the matter of developing slowly and steadily with wisdom. I have come to value moderate progress over the risky and quick profits.

I also inform them: Research yourself. Do not go by what other people are saying. That is what made me lose in the early days. I now do a background on the project I intend to put my crypto in knowing who it is run by and the number of years in existence along with what people say about them. When it gets too good to be true, it is most likely not to be true.

The other thing I have learned is to diversify. I do not store my crypto in one location. I categorize it between staking, lending, savings and yield farming. In such a way, the others are still up and running in the event one of them fails. This makes me feel secure.

Moreover, I ensure that I choose reliable exchanges and wallets. I carry around an effective wallet with a powerful security code. I do not disclose my personal keys to any body. My exchange apps have a two-factor authentication. I even do not click on some weird links that say I can double my pay. Security is significant in crypto. One error is capable of cleaning out your whole wallet.

To sum up, it is possible to make passive income with crypto, yet it needs time, research, and rational choice. My knowledge was small to start with and I erred. Now I am more knowledgeable. I do not follow hype anymore. My interest is in slow and safe growth. Staking, lending, farming, saving and other features, now my crypto starts to work instead of me. I did it and you can also. All you have to do is take it easy, educate yourself each day and ensure that you safeguard your money.