I think I've found a way to make a decent/worthwhile amount of Crypto on a daily basis, but there are some caveats (as there invariably are with most technologies created to solve other problems).
This morning, I signed up to GoodDollar. It allegedly pays about 10 G$ per day (although I claimed 33.3 G$ on day #1) in "basic" income (UBI), simply for logging in and claiming once every 24 hours. For every person I persuade to sign up, I get 100 G$ and they get 50 G$. (Since I used someone else's ref link, I've already got 50 G$ for signing up.) In just three hours (at time of writing), I'll be able to claim another 10 G$. I'm going to claim every day for as long as I can (for as long as I have Internet access), which at this stage, looks to be about another twenty days at most unless I earn some serious income by other means.
My concern is that, with it being an ERC20 token, the gas fees for moving it into Atomic, converting/swapping it for/to Ethereum and then to fiat (if that's even possible, since it seems that G$ can't be traded on exchanges, making it impractical for me to withdraw or spend it) could take up to 90% of what I bring in. (If I want to get $100 USD worth of crypto at the end of the process, I need to have at least 200 G$ in my account when I'm ready to transfer it. That means I need to persuade at least one person to sign up just to cover my costs.) That could be a real stumbling block for me, but it's worth a shot.
Maybe I'm missing something vital here, since there is apparently an app for Android (and presumably iOS) that might act as some sort of NFC payment system. I've yet to look into that (although I probably should, in case that gives me a way forward/viable option).
When I first started with G$, I couldn't work out how to get dollars/crypto (DAI, since that's the stablecoin on which it's based) out of it and/or through an exchange (or even use it to pay for stuff like groceries and bills). Perhaps the mobile app might shed some light on that. It seemed to me that G$ might as well be monopoly money and just another bit of tech that I'm wasting time on (like Sweatcoin) when I could be earning fiat to exchange for crypto (chiefly Crypto.com's CRO and/or NEAR). If that's the case, it might as well be monopoly money (although Sweatcoin at least has an unofficial exchange).
However, (perhaps) all is not lost. Having done a little further investigating, I have found the following:
- There is a marketplace for GoodDollar (G$). Perhaps it might be possible to send G$ to someone (hopefully not a scammer, of course) and get back DAI (also a USD-based/soft-pegged crypto).
- GoodDollar apparently runs on the FUSE network/chain, which can be imported into Metamask. This should make it possible to get out G$ and exchange it for other crypto/fiat.
Conclusion
While getting set up with GoodDollar is not without its pitfalls and complications, I have made from it more crypto in one day than I have previously made from any of my other efforts (including Pub0x and Noise Cash). There are definitely hoops to jump through and it's not apparent how to do so without some initial digging, but I foresee this as a potentially profitable/worthwhile venture, provided I keep claiming UBI every day for as long as I can.
Update
The above assumes that 1 G$ = 1 DAI = 1 USD. However, that isn't the case. Having checked on FuseFi Swap, it looks like 1 G$ = 0.000176088 DAI, so my 83.3 G$ = 0.0138962 DAI. In order to get 100 DAI, I'd need to have 961 074 G$. If I earn at a rate of 33.3 G$ a day, it'll take ~28 861 days (~79 years) to claim enough G$s. I think I'll keep collecting G$ in the hope that one day 1 G$ = 1 DAI, but I'm not going to hold my breath and hope to make any decent money/crypto from it. Basic income, my left foot!
Every time I try to earn a decent amount of passive income in Crypto, I am thwarted by the fact that it's at least ten to 100 (10-100) times less than what I need to bring in in order to get through the month. Blast!
Here's my ref/invite link, should anyone else feel inclined to take the risk of signing up. (For what it's worth, I expected to get 10 G$ today, which is the advertised daily BI amount. With the signup bonus and claiming for today, I'm sitting on 83.3 G$. Hopefully, I will earn far more than 33.3 G$ a day, because otherwise it's not worth it. However, that could change.)
Thumbnail photo copyright gooddollar.org
