My Top 5 Ways To Generate Passive Crypto (+ Positions, How To Get Set Up, Honorable Mentions, And What’s Not Worth The Time)
I've seen a ton of questions on various crypto generation methods, so I thought I'd share my experiences and what's working for me. I'm not an expert, merely a dabbler for the last few years who has tried nearly everything to get that sweet, free cryp. If I missed anything, let me know in the comments! Eager to learn more.
Edit: check the comments, y'all. I only wrote about what I know, but there's some great info below on things like DeFi, yield farming, and a ton of other tools to check out.
#5 – WeNano
What it is: Free crypto drops for the NANO currency, based on GPS location (think PokemonGo). Not a huge money maker but fun, encourages people to go outdoors, and should only grow in terms of adoption.
How to get set up: Download the WeNano app for iOS or Android and follow registration steps.
How much I've made from it: In a major US city I've made just under 5 NANO (~$25), mostly from drops in the city and a few on trips I've made within the state.
#4 – Coinbase Rewards
What it is: An earnings program for various currencies on where you watch educational videos and answer brief surveys. Takes less than 5 minutes per currency, the videos are interesting, and it's connected me to some great new cryptos.
How to get set up: You need to register on Coinbase and navigate to Rewards. No credit card or bank account required to earn rewards!
How much I've made from it: $205 across ~10 currencies in about a year (during the boom)
#3 – GPU Mining
What it is: You know what it is but you may not know how to do it. Or you may have heard it's not worth the energy and wear and tear. The truth is, it can be.. if you have a decent GPU and cheap or free power. Note: this is about using your current GPU, NOT investing in a mining rig. That is a whole nother ball game!
How to get set up: This platform gets some hate and it does take a service fee but I find NiceHash to be very user friendly for mining newbies. They will also help calculate your potential earnings. There are many other options out there though.
How much I've made from it: ~$5/day in BTC, NOT including power costs (I live in an apt where it's included in the rent).
#2 – Staking
What it is: HODLing crypto for set periods of time to participate in the Proof of Stake model and earn interest for doing so. Note: you CANNOT withdraw your crypto during the lockup term.
How to get set up: Most of the big platforms offer staking, such as Crypto.com for ETH, BTC, etc.
How much I've made from it: I'm waiting for Coinbase to launch its ETH staking so I haven't actually done this yet. But it should be around 6-7% annually.
Edit: /u/Gabgra11 pointed out: some cryptos that support staking don't actually lock up your funds. For example, ADA is staked by staking your wallet. Withdrawing funds from the wallet effectively unstakes whatever you remove before the next snapshot. There isn't a lockup period.
#1 – YieldNodes
What it is: Earning interest through an investment firm who uses your cash on masternoding, staking, and other blockchain investments. This is the one I'm most skeptical of, but also the one that pays the most, so please do your DD. Their average MONTHLY yield is 11% and they paid out 19% in February, which is insane. The best part is they're somewhat dip-proof since they make most of their money noding transactions and are not directly tied to price fluctuations. The downside is you're essentially trusting this company with your money, but they've got great reviews on TrustPilot and the individuals are transparent on LinkedIn so I gave it a shot.
How to get set up: Visit their website or DM me for an affiliate link. Note: minimum deposit of 500 EUR required.
How much I've made from it: 19%, I've been in it for one month. I plan to pull out my principle and let the rest compound.
- Brave Browser – not a huge money maker but a great browser where you earn BAT in exchange for receiving ad pop-ups.
- Reddit Moons – as you'll see, I have none, but I see the potential and love the idea!
Not Worth Your Time:
- Faucets, crypto games – miniscule amounts, I haven't seen any that are worth it
- (Most) Airdrops – I could be wrong here.. but most of the airdrops I've looked into have been spammy and/or a ton of effort for very little. There have been some good ones though.
- Edit: /u/AllYourCrypto shares some great links below on airdrops and DeFi