Putting your investment to work

So you have taken the plunge, rid yourself of the fear of investing in crypto, and decided to put some of your hard earned money into the crypto space. What’s next?  

For me, I wanted to make sure that my investment wasn’t idle. You’ve seen on exchanges and in wallets opportunities to earn interest or stake assets. This opportunity was exactly what I was looking for, a way to make passive income on my initial investment. I enjoy obtaining new assets, but if you are like me, you aren’t able to invest large amounts of money on a regular basis. Are there any other options?  I’d like to share some of the things that I have found that have worked for me. 

Whatever exchange you use to purchase your crypto, check to see if you can then “stake” your assets. For example, on Coinbase, you can stake a number of assets including ETH, USDC, XTZ, and others. This will allow you to earn interest on your initial investment. 

An additional method to obtain crypto is by using debit cards issued by different exchanges.  To obtain the cards, simply request one from the site. I use the Coinbase card and the Crypto.com card. You can use the Coinbase card in the same manner as a prepaid debit card; you load value on the card and spend anywhere Visa is accepted. You can spend your crypto directly, or to avoid a 2.49% transaction fee you can purchase USDC and spend it. All purchases are then given a rebate by Coinbase; there are multiple options, the best bet is to choose one of the 4% options instead of the 1%; converting your XLM (if you choose) to BTC incurs no fee. The Crypto.com card is a prepaid debit card as well, you load fiat value and spend it. There is no option to spend crypto, and the rewards are 1% in CRO. The biggest positive about this card is with the minimum stake in CRO, if you use the card to pay for your Spotify account, you are given a rebate (again in CRO) up to $12.99. 

These are a few ways to start putting that initial investment to work. Stay posted here for more in the future. 

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No Longer a Rookie: Tips for the Crypto Novice
No Longer a Rookie: Tips for the Crypto Novice

A few things to consider as you become more comfortable investing in crypto

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