Passive income is the most sought after thing by millennials today. It's simply when you make money without putting in any physical effort. It's more or less your money working instead of you.
It sounds great and all, but how can you make passive income with crypto?
Many cryptocurrencies support what is known as staking. It's beyond the scope of this post, but it's the way to earn passive income with your crypto by using it to work on a blockchain. You are then paid a part of the fees for your generosity.
But what if you're not interested in those proof of stake coins?(that's what they're called)
What if you just want to own regular cryptocurrencies and still make passive income?
In this article, I'll show you how to make passive income with regular everyday cryptocurrencies. Let's get started!
#1. Passive income with BTC
This was the hardest one to source for, but I found a way. You can earn passive income from bitcoin through this one way that I found. And that way is: Binance savings.
Binance savings is a product from Binance that allows you to deposit money for a fixed period of time, get it lent out to people, and when they return it, you get your money back, plus some interest. It's that simple.
What I like about Binance savings is that, if you want, you can set up the savings to be recurring. So if you have 1BTC on Binance, you can set your 1BTC to be lent out automatically every time it is returned. This way, you keep on making income on top of your interest, and your money would sky rocket.
You can try it out at the link above.
#2. Passives income with BAT.
What I like about this one is the fact that we get it for free on this platform. So you could theoretically build a lot of wealth overtime for free.
Here are the two ways I found for BAT:
Many people are just getting to know about compound, but if you're a long time follower of the blog, you'd know that I knew about compound a long time ago, and have been using it since.
It's a super safe way to get interest on your BAT. You simply connect it to your wallet, deposit some BAT into it and watch the interest flow out. I will give a detailed article on how to do this in the future, so please follow me if that's up to your speed.
BAT has a APR that is constantly changing for some reason, and that is why I can't state any solid one now. I have tried this service, and can attest to the fact that it does work.
2. Binance savings
This method is similar to the BTC method above. You have to follow the same steps, but this time, you're doing it with BAT. Very simple and straightforward.
#3. Passive income with DAI
This one wasn't that hard to find, and pays surprisingly well. You can earn passive income with DAI using Compound again. Simply connect compound to your wallet, deposit your DAI and start earning.
I was with compound in the days when the APR on DAI was a whopping 7%. Believe it or not, that was what I used to earn most of my DAI today. And guess what? All the DAI I used came from Publish0x!
#4. Passive income with BNB!
This one was pretty hard to come up with, but I found a way. I have a friend who was looking to earn some passive income with his BNB. I found two ways to do this.
1. Binance savings, again: You know the drill by now. Deposit to your Binance account, go to your wallet section, choose savings and add to your savings wallet. Then start earning.
It's really simple and straightforward, and that's what I do with my excess trading income to preserve wealth overtime. I also throw ALL my Publish0x together in a wallet, and when they're enough (it takes about 2 weeks for them to be enough), I send them to Binance and save them there. Easy peasy way to ensure your wealth does not degrade.
2. This method is special, and includes a long time sponsor of mine.
You can get your BNB and convert it to any cryptocurrency of your choice with Changelly.
Then you send the cryptocurrency you converted it to to Compound, and start earning with it there.
So you can convert your BNB to BAT, LRC, DAI or any of cryptocurrency you like, and save them in either Binance or Compound!
I hope you enjoyed the post. If you did, a follow and tip would be massively appreciated.
Thanks for reading.