Passive cryptocurrency income isn't the fastest road to riches. However, it allows you to gather more coins with ways that take no extra effort once they are set up correctly.
Obviously the amount of passive cryptocurrency income one can generate also depends on the initial capital you have to invest, the more coins you have the more of it you can allocate for passive cryptocurrency income projects.
And not only can passive incomes structured the right way, achieve decent extra income, but it's a sure way to relieve stress as one doesn't have to work as hard for the money that pays the bills.
Note: Investments (including passive income) involves risks and profits are not guaranteed!
What is Passive Cryptocurrency Income?
Passive cryptocurrency income is a concept in which the goal is to generate revenue in ways that require very little or no effort at all. This can include a variety of methods, some that require capital, some that don't and can be started for free.
Similar like, you can start investing into cryptocurrencies, you can also invest your time, effort, and money into passive income projects and get structured the right way so that you can generate cryptocurrency income effortlessly all year round for the long term.
That being said, it's important to note that not all opportunities are equal. And one should consider carefully whether the approach is for you if it indeed requires capital to begin with.
How do you make passive income with Cryptocurrency?
Certainly, there are multiple ways one can achieve different levels of passive cryptocurrency income. Investors with a huge amount of proof of stake cryptocurrencies are just one example who can keep their private keys while generating interest all day long.
However there's also a higher risk because of the wild price swings of altcoins, so if you are not familiar with the markets, that approach probably isn't one you should look for.
Alternatively, you can also of course learn to trade the market itself and grab some coins which you can then use to stake yourself or generate passive income in different areas.
Overall getting started with generating different passive income streams isn't that hard of a thing, you just have to find the niche that works for you, and apply yourself. And If you don't have any money, to begin with, then start with the ones that don't require initial investment capital.
That being said, this post was created with one goal in mind, to walk you through some of the best ways of passive cryptocurrency income stream ideas in the crypto space.
So lets get started and dig deeper on the different passive income opportunities.
1. Browsing The Internet
Risk level to get started: None
Profit potential: Low
Believe it or not but one of the simplest ways to get started with earning additional cryptocurrency income is to download Brave web browser and enable Ad rewards.
Brave is a free web browser available on both desktop and phone it stops websites from tracking you and disables ads. However, Brave will pay you Basic Attention Tokens (BAT), when you allow ads to show up.
Additionally, you can also combine the Presearch search engine, on Brave browser, that has its own rewarding incentive, and which pays you (PRE) tokens simply from searching the internet.
Together both of these platforms combined can yield passive cryptocurrency income, which works for you on the background totally on its own, once you have set everything up.
Start earning free bitcoin by simply browsing the internet!
2. Cashback Programs
Risk level to get started: None
Profit potential: Decent
No matter what income level you are at, one of the best ways to get started with passive cryptocurrency income is to earn direct cashback from the stuff you already purchase.
This can include several different methods, such as using platforms that give you discounts and rewards in Bitcoin when you are shopping at your favorite stores, or using when you book your hotels & flights.
Additionally, you can also obtain Bitcoin debit cards with cashback programs, that yield decent up to 5% cash back no matter what amount of capital you are spending.
Discover stores that reward you for shopping!
How to save up to 40% when booking hotels and flights!
Obtain Bitcoin debit card with best perks and rewards!
3. Savings Accounts
Risk level to get started: Low
Profit potential: Decent
Cryptocurrency savings account are custodial services that let you deposit coins for lending, or investing, and which then in turn generate interest over time.
Similar to regular banking, by lending money to businesses and individuals with interest, users are able to generate passive cryptocurrency income with very little effort.
Of course, this means the more capital you have, the more you are able to lend, and the more interest you can generate. The fact you are giving away your precious private keys should also be considered as a third-party risk and something that can not be overlooked.
All that being said, a crypto savings account can still be highly useful, especially when you can spread your wealth across multiple services, this way you can mitigate some of the risks, and also leverage your opportunity, as not all services have the same returns.
Find the best crypto savings accounts & start earning interest on your cryptos!
4. Exchange Dividends
Risk level to get started: Decent
Profit potential: Decent
Similar to crypto savings accounts, exchanges with dividends, allow users to own exchange tokens, which if held in the exchange custody receive rewards and dividends.
Many of the popular exchanges have their own tokens and reward systems, usually this means the tokens must be locked within the exchange account, and the user holding those tokens will be entitled to receive real-world dividends of the profits generated by the exchange.
At the time of writing 23.8.2020 for example Binance is about to airdrop SXP tokens worth a total of €16,000,000 million each week going forward to BNB token holders.
Some of the popular exchange tokens include:
- Crypto.com: CRO
- Binance: BNB
- Kucoin: KCS
- Huobi: HT
- OKEX: OKB
- Bibox: BIX
- BitMax: BTMX
- Graviex: GIO
- Bitpanda: Best
- Beaxy: BXY
And of course, proper research is required when investing in the exchange tokens, as each exchange is offering different rewards and perks, and it's also riskier as the price of exchange tokens can either fall or rise. That being said, if you can catch a new token at its early stage, obviously you have a huge advantage over competitors, imagine for example purchasing BNB back in the day.
5. Staking Cryptocurrencies
Risk level to get started: Decent
Profit potential: Decent
Staking is the act of securing a network by validating transactions, and it requires heavy ownership of a cryptocurrency with a proof of stake (POS) algorithm.
Staking is the original true way of achieving passive cryptocurrency income, and in which the user never loses their private keys, as the keys are held in the wallet user uses when staking.
However, staking can be a bit technical and requires an understanding of market behaviors, as your income is also dependent on the price of the coin you choose to stake with. And obviously the more coins you stake, the more network rewards you.
Some of the proof of stake coins include:
Of course, there are a lot of more coins, but these are the ones, we would suggest checking if anything. Be sure you do a proper analysis and research of the properties of each coin you are about to purchase and stake, as this method heavily depends on your valuation!
6. Social Copy Trading
Risk level to get started: High
Profit potential: High
Social copy trading platforms like PrimeXBT allows you to simply let some else trade and manage your money, by directly copying the exact same trades they make.
The trader you are following will then take a cut of your winnings, while you can still keep the larger part of the profits.
By copying other traders, investors of all sizes can quickly become part of the money-making opportunities, and participate in the worldwide markets.
This way especially newbies can create real-time trading portfolios, that automatically grow in size, and also teach followers the rules of the game.
With this method, it's important to study the person you are about to follow, his trading methods, and whether you should manage some parts of the trade.
Check out the best social copy trading platforms for cryptocurrency investors!
7. Crypto Trading Bots
Risk level to get started: Extremely High
Profit potential: Extremely High
Crypto trading bots like 3Commas, can be programmed with a set of rules to automatically buy and sell cryptos based variety of methods, such as price, or other market indicators.
This is especially useful for experienced traders who already know how the markets work, as it allows them to take advantage of amazing features, such as directly executing trades through Tradingviews alerts or by using platforms that allow access to import Python code.
Generally, we wouldn't advise anyone who isn't already successful with trading manually to participate in the world of trading bots, as it's a sure way of losing money if you do not already know what you are doing.
That being said if you can manage to set up your bots correctly, and you have found a way to let these programs execute trades for you automatically, then sure go ahead, as it can be some of the most amazing experiences you've ever had since first learning to trade.
Full list of the best automated smart bitcoin trading bots available today!
8. Growing Hemp CBD Oil.
Risk level to get started: Low
Profit potential: High
Becoming a virtual hemp grower isn't probably something you've heard before as it's also the most unique way of achieving passive cryptocurrency income on this whole list.
CannerGrow – We Grow For You is Swiss made and based unique world-first cannabis growing on-demand project that allows investors to purchase physical hemp plants and make money with Bitcoin and hemp CBD oil.
CannerGrow platform lets users participate in hemp CBD production by providing the ability to purchase physical hemp plants using Bitcoin. The user then gets 50% of the revenue while the other 50% goes to the farmer. This still equals around 70% yearly profit from original investment which is quite high, to begin with. Users can then withdraw these profits to either Bitcoin or purchase more plants and generate even higher yield over time.
Become virtual hemp grover, and make money with Bitcoin & CBD Oil!
To Sum up
Cryptocurrencies can actually provide a significant passive income if you are prepared to do the initial work to get started, and have some capital, to begin with.
As the common people are continuously becoming more interested in this growing industry, it's almost impossible to not find proper legitimate ways to grow your income.
And even though there are some expenses with certain methods, in the long term, if structured correctly one should easily be able to grow their income over time.
That being said, whatever you want to invest in, when it comes to cryptocurrencies, nothing is as important as properly securing your investments, and in our opinion, this should be the very first step to begin proper passive cryptocurrency investing for the long run.
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