Here are 3 strategies to earn crypto passive income.
A step-by-step guide 💰
@thebrianjung is a crypto & finance Youtuber, followed by 1M+ people. Check out his YouTube video about the Top3 crypto passive income strategies.
Utilizing your interest-bearing account is like you deposit your money in the bank.
But In the web3 version, it’s putting your crypto assets in the exchange.
a. Open a crypto account with a platform, like @BlockFi or @Gemini
b. Compare the interest rates. Different platforms have different offers, as APY(Annual Percentage Yield) usually ranges from 4% to 9%.
c. You fund your account with cryptocurrency
d. Earn the income!
Risks: ⭐ (Lack of regulations)
Staking cryptocurrencies means supporting a blockchain network and confirm transactions with your cryptocurrencies.
As a reward, you might get a bonus for staking.
a. Choose crypto to stake. Popular coins are @ethereum, @EOSIO and @tezos.
b. Learn the staking requirements: lockup period and minimum amount of coins.
c. Download the software wallet for the desired coin. Like @AtomicWallet, @TrustWallet, and @exodus_io.
d. Figure out what hardware to use: Staking needs a constant, uninterrupted internet connection.
e. Time to stake some cryptocurrency!
Risks: ⭐⭐⭐(Volatility in the crypto-assets market; Potential fraud)
Yield farming means you lend or borrow crypto on a DeFi platform and earn cryptocurrency in return for their services.
Yield farm could bring returns in the form of APY reaching triple digits.
a. Understand liquidity pools. They are crowdsourced pools of cryptocurrencies or tokens to facilitate trades on a decentralized exchange.
b. Choose a pool to stake. Like @AQRU_Official, @eToro, and @BlockFi.
c. Stake your cryptocurrency into the pool
d. Earn the high-return reward!
Risks: ⭐⭐⭐⭐⭐ (Impermanent loss, rug pulls, high volatility, and even regulatory risk)
Principle No1: Do your own research!
Have fun in web3 and earn some passive incomes💰