If you have been following me for any duration of time, you will probably already know that my two favorite things are bitcoin and also growing my passive income. Bitcoin in my opinion, is the best way to save your money and gives you a real chance at growing your wealth. Something that is near impossible to do from just saving cash; as it's a monumental task for most people to outpace inflation. And then we have passive income, the thing that might help you to escape from your 9 to 5 job. Or at the very least, give you a little more breathing room with your finances, making life much less stressful. My personal goal that I have set for myself is to retire as soon as possible. I aim to do this thorough sound investing, mostly from crypto. And also by growing my income streams, highlighted by passive income. Growing my passive income is my absolute favorite, there is nothing like making money while you sleep. In fact, once you start growing your passive income and investment portfolio, it can become quite an addiction. As long as you do it responsibly, I would argue it is one of the best addictions that you can have.
There are many forms of passive income, but why is passive income from cryptocurrency the best? There are many reasons for this. But the biggest reason for this is that cryptocurrency is still in its infancy. Many experts have claimed that at the moment the cryptocurrency market is very comparable and in the same time position as the internet was in the 1990's. That really lets you know how young this market is, and how many amazing opportunities there are. A critical factor for growing your passive income is actually beginning and getting off zero. Once you have begun, always continue adding to it. Compounding interest is a magical thing that will surprise you at just how fast it can add up to a sizable amount.
But that's the thing, never stop adding to the avenue that is giving you passive income. The first way that I ever received passive income was from lending bitcoin out to BlockFi when it was just beginning. At the time I had much less bitcoin than I do today, and I was only receiving a few dollars worth of bitcoin each month. I began to wonder if it was worth the hassle, and the counter-party risk to keep my bitcoin there. After all, it was only a few dollars worth of interest. But, I decided to stick with it, and keep adding to my balance over at BlockFi, continuing to collect interest each month. Throughout the years of doing this, bitcoin's price has seen incredibly growth. And also thankfully to large price drops and dollar-cost-averaging, I have been able to multiply my bitcoin holdings many times over. The end result is those few dollars of interest that I initially wasn't impressed by, has grown in value to be much more than that today. Now let's fast forward to today, because of the hard work that I have put in towards growing my bitcoin passive income, I am now able to receive several hundreds of dollars just by lending it out. The process is like rolling up a snowball that keeps growing and growing.
The same can be said about my Ethereum. Throughout the years I have tried various methods to grow my ethereum passive income, be it by lending it out, mining, or by staking. They have all become very profitable, and much more than they initially were. When I first began lending out my ethereum on BlockFi years ago, I was literally only receiving a few cents worth of interest per month. But the price of ETH skyrocketed and I also never stopped adding to my ETH pile, and this all resulted in this passive income avenue growing as well.
The key thing is that you need to find assets that you trust, value and think will stand the test of time. For me that is definitely bitcoin and also ethereum. Once you have found those opportunities, go hard after it. Like I said above, it's okay to start out small. If everything goes how many think it will, earning just a little passive income today will snowball into something much more in the future.
And that leads me to my next point. There are many people who predict that bitcoin will someday reach a price of $1 million and ethereum may someday reach $20k or more. I will be happier than anyone when those days finally come. But when they do, it will be nearly impossible for the average person to accumulate a significant amount. That is why I'm trying as hard as possible to accumulate NOW, and grow my passive income NOW. If you can start your passive income stream and get it rolling, you will still be able to accumulate even when the higher prices do come.
The world is changing, it's moving towards being all digital, and that means that it will be moving towards bitcoin and ethereum as well. Most of the world hasn't awoken to this fact, and many still don't even have these amazing assets. But they are beginning to wake up, and time is running out to get in before them. Are you doing everything possible to set yourself up to be successful in the future?
As for me my biggest passive income methods have been from lending bitcoin and ethereum and also staking ethereum and polkadot. While not passive income, I put in a lot of effort to gain extra crypto income from blogging and other various methods. Then I put all of those funds towards growing my passive income even further. I stay away from farming, or DeFi methods at the moment, just as I don't like taking risks and have heard to many horror stories about them to feel comfortable yet. I also don't do any crypto faucets. In my opinion, they require too much attention for not enough reward. I can use that time to get more income by other methods that will grow the passive income even further. Always value your time.
How about you? Have you started growing your passive cryptocurrency income? What are your favorite ways to earn passive crypto?
As always, thank you for reading!