The world of cryptocurrencies is constantly changing, bringing many new ways to earn passive income. If you want to make money with cryptocurrency, it is important to know the different strategies you can use. In 2024, there are a few methods that really stand out as winners. Here's a simple guide on how you can earn passive income with crypto, from betting to joining a cryptocurrency affiliate program.
1. Bet.
One of the most popular and easy ways to earn passive income from crypto is betting. Betting on cryptocurrency means locking it in a wallet to support the operations of the blockchain network. Similar to earning interest on a fiat savings account, you earn some rewards in return.The only difference is that betting in crypto usually offers a higher reward, usually in the form of additional tokens. All you need to do to start betting is choose a reliable betting platform or participate directly through your wallet. The value of the reward can change depending on the currency of your choice, but the annual return can range from 5% to 20%.Key Benefit: Betting is an easy and low-risk method of earning passive income through cryptocurrency. This is the best option for all beginners who don't feel too confident navigating the crypto market yet, but want to make money from cryptocurrency.
2. Growing yields.
If you're feeling more confident in your knowledge, yield farming is another option for earning passive income in the world of decentralized finance (DeFi). Yield farming means lending or pledging crypto assets you already own on the DeFi protocol to earn interest or rewards. All you have to do is move your assets to different platforms to maximize returns through high interest rates or incentive programs.The obvious benefit of this method of earning passive income in cryptocurrency is the fact that it can be very profitable. However, this also makes it a much riskier option. If you still want to multiply your cryptocurrency savings through yield farming, you can try such platforms as Uniswap, Aave, and Compound. As you learn more about the intricacies of DeFi, this may become the best way to earn passive income from cryptocurrency for you.Key Benefit:Harvesting can result in much higher than 20% annual returns, depending on your skills and the risk involved.
3. Crypto Lending.
Those looking for clear and secure ways to earn passive income with cryptocurrency may be interested in crypto lending. All you need to do is find a secure platform to lend your assets to borrowers. The list of such platforms includes but is not limited to BlockFi, Celsius, and Nexo, and you can choose the one you prefer the most after checking their benefits and rules.Generally speaking, this method is less profitable but much more secure. Depending on the platform you choose and the amount you are willing to borrow, your annual interest rate can range from 5% to 15%.Key Benefit:Although crypto lending is not the most profitable way of earning passive income through cryptocurrency, it does offer you a level of protection on the platform of your choice. Overall, the method is secure and suitable for those who don't want to spend too much time on the process.
4. Implementation of Masternode.
Masternode management may seem like an attractive way to profit from cryptocurrency, but it has its drawbacks. Although you get a hefty reward for helping maintain the stability and security of the network, this option requires a significant upfront investment in a specific cryptocurrency. Additionally, in order to set up and maintain the node, you must already possess a certain set of technical skills.If you're ready to manage a masternode, your best choices are cryptocurrencies like Dash, Zcoin, and PIVX, all of which offer masternode rewards. Ongoing rewards will recoup the cost of the initial setup and provide a steady stream of passive income.Key Benefit:For those with all the necessary knowledge, masternode management can offer a secure and stable passive income with up to 20% of annual interest.
5. Airdrops: Earn Free Tokens
One method that won't require much effort from you is participating in Airdrops. Already explored as a great marketing strategy by new or existing cryptocurrency projects, an airdrop is a way to distribute tokens to users, often as part of a promotional campaign. All you usually need to participate is to hold a specific asset in your wallet or complete one or a few simple tasks.Companies may ask you to sign up for a newsletter or follow their social media accounts. In return, airdrops provide free tokens whose value can increase over time. This method of earning passive income through cryptocurrency is not consistent, but if you're lucky, you could end up with some pretty valuable tokens.Key benefit: Airdrops doesn't require any specific knowledge or much effort. While there's no guarantee that the tokens you receive will increase in value, there's a good chance they will bring you some passive income over time.
6. Investing in dividend paying cryptocurrencies
Like traditional dividend-paying stocks, some cryptocurrencies are designed to pay dividends to their holders. These cryptocurrencies distribute a portion of their profits or transaction fees to their token holders. This is usually in the form of additional tokens or other cryptocurrency.Nexo and KuCoin Shares (KCS) are examples of dividend-paying cryptocurrencies, so owning these tokens gives you regular payouts, providing a steady passive income stream.Key benefit: Dividend-paying cryptocurrencies offer a reliable way to earn passive income, with payouts often tied to the performance of the platform. This method may also be best for those investors who already have experience in the fiat markets.
7. Rewards through NFT: and an endless stream of profits
Non-fungible tokens (NFTs) have been making waves lately, and they're not just for art collectors - they can also be a great way to earn passive income. On certain NFT platforms, creators can earn a reward every time their NFTs are resold. Basically, when artists or creators mint and sell their NFTs, they can set it up so that they get a cut of the profits from future sales. It's like being paid over and over again for the same work!While this method primarily benefits creators, investors can also generate passive income by purchasing NFTs that are likely to increase in value over time and eventually resell them.Key benefit: NFT royalties provide a way for creators to earn a steady income from their work, while investors can benefit from the appreciation of valuable NFTs.
8. Crypto Platform Affiliate Programs.
Earning passive income through an affiliate program is an easy and rewarding strategy. By promoting various cryptocurrency platforms and services, you can earn a reward for every sale or lead generated through your referral links.Once you create a website, blog, or social media page and start sharing your affiliate links, the profits can add up without much effort. The key is to choose quality products that match the interests of your audience.
Conclusion
As the cryptocurrency market becomes stronger and more mature, holders are finding more and more ways to earn passive income with their assets. No matter how experienced you are or how much time you're willing to spend to maximize your profits, there's a way to profit for everyone.
So, be sure you are aware of all the risks and know what steps to follow, and start profiting from your crypto assets today. By strategically choosing the right methods, you can build a diversified portfolio that generates consistent passive income through 2024 and beyond.