Creating alternate revenue is an incredible method to enhance your month to month income. Luckily, for computerized cash clients, there are a few different ways through which you can produce automated revenue with digital currencies.
Right now, will find five different ways to gain easy revenue in the blockchain economy that you may not know about.
Bitcoin Savings Accounts
Rather than purely “hodling” your bitcoins in your wallet, you could transfer them to a savings account, such as Bsave, to receive interest on your coins.
Bsave is a savings platform that is suitable for both long-term and short-term savers. An account with Bsave provides you with daily interest payments and the ability to withdraw funds at any time. The interest payments depend on the amount you deposited in your account and the length of your deposit. The way that Bsave is able to pay its users interest on their bitcoin holdings is by engaging in margin lending on the Bitfinex trading platform on behalf of its users.
Getting started with Bsave is as easy as signing up and transferring bitcoins to your Bsave account. Once you have completed these steps, you will start receiving your interest payments immediately. Magnr is another popular bitcoin savings platform you can look into if you are interested in earning interest on your coins.
The risk with bitcoin savings account lies in the fact that you are depositing your coins with a third party. Should the company providing the savings account falter, your funds would likely be lost. Hence, earning interest on your coins is not without risk.
Peer-to-Peer Loans with Bitbond
Bitbond is a bitcoin peer-to-peer lending platform that allows investors to invest in small business loans that generate an average annual return of 13 percent according to the company’s website.
To earn passive income using Bitbond, you simply sign up to the platform, deposit bitcoin in your designated wallet and then browse through the available loans to find suitable investments. The listed loans have different risk classifications and you are able to look at details of each loan proposal to aid in your investment decision.
To reduce the risk of investing in peer-to-peer loans, it is wise to invest in several loans to build a diversified portfolio. Once, you have built your portfolio, you can start receiving passive income in the form of high-interest payments.
Having said that, there is the risk that some loans may default, which is why diversification is key when opting for this form of passive income.
Here, you can find a full guide on how to invest in peer-to-peer loans at Bitbond.
Proof-of-Stake (PoS) cryptocurrencies provide an excellent means of generating passive income in the cryptocurrency space. Proof-of-Stake coins allow users to receive new coins for “staking” their coins in the digital currency’s official wallet to secure the network. Proof-of-stake is a consensus mechanism that, unlike Proof-of-Work, does not require high computing power.
Private Instant Verified Transactions (PIVX) is a privacy-centric community-focused cryptocurrency project that has gained in popularity in 2017. PIVX allows you to carry out private, fast, and secure transactions and gives its users the opportunity to earn passive income through staking their PIVX coins.
Here, you can find a guide on how to stake PIVX.
Earn GAS by holding NEO
NEO is a blockchain platform that allows for the creation of smart contracts. Often referred to as the “Chinese Ethreum”, NEO has managed to establish itself as one of the most promising blockchain projects in the market today.
Fortunately for NEO investors, it also provides the opportunity to earn passive income as NEO holders receive “free” Gas tokens for helping to run the network. To receive Gas, NEO holders need to have their cryptocurrency in an official NEO wallet. Some exchanges, such as Binance, also credit Gas to NEO holders.
You can find out how much gas you will earn for your NEO holdings here.
Cryptocurrency Cloud Mining
Finally, probably the most popular way to earn passive income with cryptocurrencies is through so-called cloud mining. Cloud mining refers to the process of mining cryptocurrencies with the use of a remote data centre that shares its processing power with customers who purchase cryptocurrency cloud mining contracts.
Therefore, cloud mining enables individuals to a steady passive income in cryptocurrency without the hassle of having to buy and maintain mining hardware. The most established cryptocurrency could mining services provider is Germany-based Genesis Mining.