Passive Crypto Earning Ideas
With the release of my recent post "Creating Passive Crypto Income Streams Is My Passion", I decided to share some ideas and strategies that readers might find useful in either getting started or adding to their current infrastructure. That is exactly what is needed to create passive income, multiple ideas and multiple strategies. One needs to get as many different ideas off the ground as possible so as to actually create "streams".
A stream indicates a constant flow and staking in one or two different staking protocols will only ensure income once or twice a month. Income needs to be coming in every day from multiple ideas and platforms. This income then needs to be reinvested and then further redistributed to more new ventures.
In other words there is no room for complacency but one needs to seek out further opportunities and growth constantly. This is the only way to ensure that your endeavors are exposed to a powerful compounding dynamic.
Let's Look at a simple Idea Utilizing BitTorrent
Most people know about dlive and are most likely staking BTT on the platform and earning daily dividends. The great thing about dlive is that the dividends are available daily but what are investors doing with those daily rewards? If your dividend does not go on to earn you further income you are missing the entire essence of compounding and the beauty of passive income.
When it comes to dlive, I have found the best strategy is to withdraw dividends weekly and then apply a simple strategy of reinvest and redistribute. Currently, the APR on dlive is between 15% and 20%, which is significantly lower than it was say 3 months ago but still a decent return. One week, I will reinvest the dividends I withdraw back into dlive, while the next week I will send my BTT dividends to Bankroll Boost.
Now, Boost is a high yield investment smart contract operating on the TRX blockchain. This type of smart contract investment is only really beneficial to long-term hodlers, so if you are investing for a few months then it would be best to avoid. The reason I say that is because there is a 10% fee to enter the contract and a 10% fee to exit the contract.
So, short-term it doesn't pay but long-term sees those fees being restored with additional profits. It's a pretty simple idea, the longer you stay in and continue to hodl, the more you benefit.
I use Boost because I am hodling for the long-term and as investors enter and exit the contract I continue to earn a percentage. It took me just over 2 months to make back my 10% fee, so it's clear to see that long-term this is a real winner. By investing 50% of my dlive dividends into Bankroll I am also diversifying my risk, which is very important to remember and practice. Small amounts of Crypto gathered through other means can also be converted to BTT and further help strengthen the compounding effect.
It is important to remember that constantly strengthening the compounding effect should remain a priority so as to give you ever increasing leverage and return.
Always remember that these are my own views and ideas and not investment advice. Please do your own research and exercise caution. See you in the next one!