Sirwin
Sirwin

Creating Income in a Digital World - Faucets and Staking and Blogging, OH MY!

By Wbrumbaugh | DeFi from Afar | 12 Aug 2021


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If you happened to read Part I of leaving my corporate finance job, you'd know that I quit with no backup job. My only income would be whatever I was able to produce from capital gains. After a couple of weeks I quickly realized that maybe my life as a day/swing trader needed to pivot to something that required a little less time and produced a bit more consistency. I can't say that I've tried every method that produces a bit more income, but I have tried quite a few and here is my evaluation of some of them and if it's worth your time and energy. 

Staking and Pooling

The first one and easiest to understand the basics of, are staking (POS) and pooling your assets. This is where I personally found the most success and I think is a great place to start. Now about every exchange and decentralized exchange has some form of staking of a variety of assets. In the traditional exchange platforms you can get from .05-15% depending on which crypto you hold. Which I like to consider a nice little bonus for HOLDing coins and token you belief have a strong future. In DEX land, that's where you find pools and farms that offer you a much larger annual return but also generally have a higher degree of risk. Fear warning - I'm a loyal follower and believer in PancakeSwap and the CAKE token and will tattoo a pancake on my body if it ever hits $100.... Without diving too deep into why I believe not only the PancakeSwap token has a strong future ahead of it or why I believe the platform will top SushiSwap and UniSwap, a major plus side for new investors are utilizing the pool section to finder higher earning tokens or pooling CAKE and utilizing the auto compounding feature. But, no matter which direction you go, traditional or DEX, they do generally offer you a higher rate than you would find with a stock dividend or other traditional form of income. 

10/10: would recommend

How To Use PancakeSwap: An Easy Guide For You

Crypto Faucets

Oh the world of crypto faucets... Now I have a love/hate relationship with these bad boys. I personally use a large variety of faucets each day mainly because if I didn't, I'm not sure what else I would be doing. Does this provide much income at all for me personally? NOPE! However, for people who have a large social media following and they don't mind spamming people with their affiliate links, they can make a pretty decent amount off of a little bit of work. If you type in crypto faucet in google you'll be overloaded with a large amount of different types, so its almost pointless to list any links below... but if you want them! A faucet is a site that you utilize either that reloads at different time increments. Most of them utilize basically a dice roll of 1-10,000 and depending on what number you land depends on your pay out. 98% of the time you'll receive a payout in the form of a fraction of a penny, but maybe someday you'll get lucky and get the $300 payout. So if you're looking at this to be a form of income to pay for anything, look elsewhere. If you have a following of people, you might be able to build something a little bit more substantial. But if you have nothing better to do, why not?

5/10: eh, you don't have much to lose here

What Is a Crypto Faucet?

Mining

One last one I'll briefly touch on is mining. I personally work of a slightly better than middle of the road laptop. It runs a slightly older NVIDIA and Intel, so its not the worst thing out there but no where close to the best. I figured I would download one of the many mining software's out there and give it a shot. I can definitely see the potential here if you are running a high end computer but don't want to go through purchasing or building an actual mining rig. I personally enjoyed Cudominer. It was easy to use and looks great.

 

7.5/10: If you have the tech for it, do it! 

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Wbrumbaugh
Wbrumbaugh

Leaving the corporate world behind and never looking back.


DeFi from Afar
DeFi from Afar

Taking an high level overview of a variety of different DeFi projects.

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