What Is The Motivation Behind Creating Passive Crypto Income?
I suppose there are many different reasons as to why people are drawn to the idea of creating passive income. For most, it is the dream of not having to work, while they lounge on a golden beach somewhere drinking cocktails.
For me, it's about security, independence and being free to use my time at my own discretion. I enjoy what I do and even in the case that my passive income is sufficient for me not to have to do anything at all, I would still be at work in the things I love doing.
A lot of people view passive income incorrectly in my opinion, as they view earning income from blockchain social media platforms and blogging as passive. I believe that creating a passive income stream requires a lot of hard work initially but if at a later point you cannot cease contributing time and effort in order to create income, it's simply not passive income is it?
Creating content and blogging will always require new work and effort, while earning interest on your BTC holdings in your BlockFi account requires no work and will always require no work. On the other hand, taking your earnings from the above mentioned and creating a significant stack in your BlockFi account over time is what I view as the "hard work"required to create a passive income stream.
Another Passive Crypto Income Idea
In Part 1 I discussed the idea of using dlive and Bankroll Boost in conjunction to create a passive income stream that compounds in dlive with part of the profits being used to start a new income stream in Bankroll Boost. Today I want to stay with Bankroll for another idea, as there are quite a number of smart contracts available in the Bankroll ecosystem.
Bankroll Credits creates an opportunity for you to grow your TRX in 2 ways. Firstly, you get to earn TRX on a daily basis, which you can either reinvest or withdraw. Secondly, you get to earn BNKR each and every day as well! So, in essence you are "staking" TRX to earn 2 seperate dividends on a daily basis.
There is a 10% fee on entering the contract, as well as a 10% fee when you exit the contract. This is why I choose to roll my profits every week or so and then to take the BNKR that I have earned and stake it on Bankroll Stack! Both Stack and Credits have a 10% fee, which is why over the long-term utilizing these contracts becomes very profitable as apposed to shorter periods.
Once again, I am utilizing one income stream to create a new one and I try to repeat this process and strategy with all of my income streams. In all cases I am not taking any profits at this stage but choosing to reinvest all dividends to compound further. I am more concerned in creating life changing passive income as apposed to an immediate income that does not benefit my life much.
It is important to note that Bankroll is not an investment site. Please do your own research before using any smart contracts on Bankroll or anywhere else for that matter. This is not investment advice but rather a summary of my personal approaches in the Crypto market.