My Favorite Ways For Passive Crypto Income

My Favorite Ways For Passive Crypto Income

By johnwege | johnwege | 5 Nov 2020


Bitcoin has officially started its launch mode towards new all-time highs and I could not be more excited!  If you are anything like me, during the last few years you have been pinching pennies and putting all your spare money into bitcoin, ethereum and a few other cryptocurrencies.  My goal has always been the same and also very simple; to get as much bitcoin as I possibly can.  But times are difficult right now, there is a lot of uncertainty in the world right now.  Covid is taking a toll on the world, people are out of jobs, and perhaps don't have a lot of spare money to be investing.  So how can you maximize your passive crypto income?  

Well let's talk about my favorite ways to get that passive crypto income!

1) Lolli 

86a62304ce126c004945ea20d8589e2e3546c667f8f1f0fcac40ad8494b1bde1.pngWhat could be better than earning bitcoin for something that you would be doing anyways!?  I do most of my shopping online as I find it much more convenient and often the prices are better as well.  While using the Lolli extension when you shop with a supported brand you can receive cash back rewards in bitcoin, and some of the rewards are actually very impressive.  I have seen rewards of more than 30% back before.  The list of supporting brands is always changing, but they have over 1,000 top brands available and many of them are brands you will probably buy on a daily basis.  Some of these brands include Nike, Expedia, Groupon, Postmates, Sam's Club, Priceline, Hilton, Marriot, Best Buy, Walgreens and so many more! Basically as a rule of thumb, before making any purchases online, first be sure to check if Lolli has that brand as a partner.

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Earlier this year before the Covid pandemic took hold in the area where I live I booked a trip through Expedia.  And just by using the Lolli extension I was able to receive $32.24 worth of bitcoin just for that purchase.  This is one of many purchases that I have made using Lolli this year already, and I have received probably 0.02 bitcoin this year from it.  While not a huge amount, it does begin to add up, especially if you use send that BTC to the next service that I will be talking about.  (Unfortunately Lolli is only offered to USA customers currently)

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Be sure to check Lolli out!  Sign up here https://www.lolli.com/ref/omPSamzLmb

2) BlockFi

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Any one that has followed me for a significant amount of time will already know that I am a huge fan of BlockFi and have been advocating using it for quite a while now.   BlockFi did start operations last year, but for most of the year I was just watching and waiting to see how it would turn out.  Wanting to be very careful with my bitcoin before trusting the service, but finally after waiting a year I decided to begin lending to BlockFi in March of this year.  And even then, I was still hesitant to loan out a substantial amount of funds.  After all, "Not your keys, not your coins."  So in March, April, May and June I very slowly added more funds into BlockFi. 

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But in July I was seeing the signs on the wall that the next bitcoin bull run was very imminent and I wanted to collect as much as possible before the priced increased to much.  That was the moment I decided to up my risk a little more and send more of my funds to BlockFi to lend out and that is when my interest rewards began to skyrocket during the months of August, September and October.   My favorite thing about BlockFi is that they don't have their own coin that they use as rewards, they pay you in the coin that you lend out, although you do have the option to switch your payout preference. Not only that, but you are able to trade on the app.  Meaning if you want to trade your stable coins into bitcoin, you can do that! Or perhaps you want to trade your bitcoin for ethereum, you can do that as well.  They do pay you very respectable interest rates for most of their coins, Bitcoin (6.0%, On 1st 2.5 BTC),  Ethereum (5.25%), Litecoin (5.0%), GUSD (8,6%), PAX (8,6%), PAXG (4.0%) USDC (8.6%), and Tether (7.0%) and the interest is compounding.

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The only drawback is that the payout of interest is only once a month which is less than other rivals, Celsius (weekly), Nexo (daily). BlockFi has definitely gained my trust and I will continue to send more BTC, ETH and stable coins there to lend out.

Be sure to check BlockFi out! Sign up here https://blockfi.com/?ref=dde31f50 

3) Celsius

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I recently have signed up with Celsius as well for crypto lending and have really liked my experience there so far.  For quite a while I was very hesitant to use the service, because I don't prefer to use lending services that offer their own reward coin.  Keeping this fact in mind I waited and watched a while to see how things would go.  But as my portfolio size at BlockFi increased, I decided I needed to diversify my portfolio amongst different platforms to minimize my risk a little bit more!

Just like blockfi, Celsius gives you interest for lending out your crypto.  If you live in the USA you can only receive interest in the same coin that you lend out.  For example, if you lend out BTC, you will receive BTC as interest.  But if you live outside the USA, you can choose between receiving interest in the same coins that you lend out, or a higher-interest rate in Celsius' native token.

Something that I really like about Celsius is that they pay out weekly. It really helps to give the feeling that your funds really are growing and at least motivates me to keep going with my earning journey.

Something to note is that the interest rates can change weekly, so what the rate is this week, could be different the following week.

Be sure to check Celsius out! Sign up here https://celsiusnetwork.app.link/1990446981

Of course I enjoy staking too, at the moment I am currently staking out Polkadot to Kraken for 12% interest, and I am highly anticipating the ability to stake both Ethereum and Chainlink as well.

I know that these are pretty popular or basic options, but sometimes the most basic ideas can be some of the best ones as well.  These are just a few of the services that I like to use to earn some passive crypto income, but what do you like to use?  And how has your experience been using it?

As always, thank you for reading! 


johnwege
johnwege

Hello I'm John Follow me on Twitter! https://twitter.com/johnwege


johnwege
johnwege

Living day by day, stacking sats and trying to retire early. Check out my substack blog https://johnwege.substack.com/ Follow me on Twitter twitter.com/johnwege

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