We looked at two effective methods of generating passive income: Staking and Airdrops. If you missed the article along the way, we suggest you read it at this link.
Here you’ ll discover new ways to achieve a steady revenue stream through cryptocurrency.
Lending is a type of service offered by some exchange platforms, that consists of locking-up a portion of your cryptocurrency that is then lent to other users, and with which you can earn a margin of interest.
The interest rate can be fixed (decided by the platform) or set by you according to the current market rate.
Just like for Staking. What you have to do is:
- Buy a certain amount of cryptocurrency on the exchange for the purposes of this service or allocate a portion of the currency you already own.
- Keep them on the exchange
- Collect interest
Lending is an optimal solution for those who manage their crypto Wallet as a long-term investment. Instead of just earning on market trends, lending allows you to generate additional profit margin on the crypto you own.
Blockchain-based content creation platforms
There are some websites that act as both blogs and wallets and support certain cryptocurrencies. These hybrid platforms allow users to obtain cryptocurrency from the creation of popular content without having to resort to intrusive advertising to finance their activity.
This method may take a significant amount of work at first, but if the platform is successful and your content actually gains visibility, it can provide a constant source of income once you have laid the foundations for your project.
For example, a social network called Steemit allows content creators to be rewarded in STEEM tokens based on community votes. These tokens can be exchanged for fiat currency. The platform was launched in March 2016 and now has over 750,000 users. By November 2017, according to Wired, $30 million had been awarded to over 50,000 users.
Run a Lightning Network Node
A Lightning Network is a micropayment network detached from the blockchain, which allows instant transactions among a few users. This type of network was invented as a solution to the Bitcoin block time, which is about 10 minutes. A lightning transaction is, in fact, immediate and does not require a confirmation from the miners.
The transactions of this network are still recorded later on the blockchain, in accordance with the agreement made between the users who are part of it.
Those who create the network earn from the fees paid by those who join the network and make transactions on it. Opening a lightning network requires high IT skills, but there are online stores that sell hardware with the necessary software pre–installed on it. This way, half the work is done.