Cryptocurrency as we know it has brought about the freedom of money because of it decentralization and anonymity.
There are various ways to earn passive income in the crypto space. Earning income in crypto is not only by trading alone, there are lots of new project whereby just owning a certain amount of coin can help you earn passive income on daily basis.
We have experience launches of new DeFi projects and yield farming which aim at yielding passive income for those who provide liquidity for the project.
DeFi (decentralized finance) is about putting your money to work. Before DeFi came into being, the only ways to make money on crypto formerly were either through buying a coin and holding for the coin to appreciate or buying at the support and selling at the resistance to take profit (trading).
Now with DeFi, you can just put your crypto asset in a certain place and get rewarded for it. Either you’re trading your crypto or not trading, you still get to earn passive income.
The crypto space is very wide and there are several ways to earn passive income. In this post, I will be focusing on just four major ways to earn passive income from crypto.
1. STAKING – This is the process of putting your money to work by delegating funds to a staking pool, meaning you simply use your crypto to support the network of a crypto project and then earn some income doing so. You support the network functions in validating transactions (block) and then receive staking rewards for the validation. This also means that the participants that stake larger amounts have a higher chance of being chosen as the next block validator, as they are being selected randomly by the protocol at specific intervals.
There are different ways to stake, it either you stake your coins directly from your crypto wallet or through many exchanges offering staking services to their users.
Binance has a staking program that allows you to earn staking rewards just by depositing the coins on Binance and following the guide to getting started.
2. LENDING – This is simply the process of locking up your funds for a period of time to accrue interest which you can redeem at anytime. The interest rate can either be fixed (set by the platform) or set by you based on the current market rate. Lending is mostly adopted by the long-term holders who want to increase their assets at the long run.
Binance offers a suitable Lending options that enables you earn passive income on your holdings.
3. AFFILIATE PROGRAMS – This is a good way of earning passive income in the crypto space. You get to earn commissions for every sign-up, identity verification and trades completed through your referral link, and not only that; you also earn percentage commissions on fees of every trade that your referrals carryout on their accounts.
If you are interested in earning passive income with affiliate programs, you can join the Binance Affiliate Program and get rewarded for bringing in people into the Binance ecosystem.
4. BLOCKCHAIN-BASED CONTENT CREATION PLATFORMS – Another way to earn passive income is through blockchain-based content creation platforms. As a content creator, you will be rewarded with crypto asset for every quality content you create by those engaging on your content. These are platforms that rewards you for your creativity, and a good example of such is the Uptrennd community. Uptrennd is an example of a Blockchain-based content platform where you simply earn 1UP token by creating quality content on the platform. The more engagement you have on your content, the more you earn. Although there are basic rules and regulations required to follow by content creators.
There are many other ways to generate passive income in crypto space, I will be stopping here for today and will update you on upcoming post.
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