If you've been following me for a while, you'll probably already know that my two favorite things are bitcoins and also increasing my passive income. Bitcoins in my opinion are the best way to save your money and give you a real chance to increase your wealth. Something that is almost impossible to do just by saving money; as it is a monumental task for most people to outpace inflation. And then we have passive income, something that can help you escape your 9 to 5 job. Or at the very least, give you a little more breathing room with your finances, making life a lot less stressful. My personal goal that I have set for myself is to retire as soon as possible. I strive to make this a thorough sound investment, mostly from crypto. And also by increasing my income streams, highlighted by passive income. Increasing my passive income is my absolute favorite, there's nothing like making money while you sleep. In fact, once you start increasing your portfolio of passive income and investments, it can become a big addiction. As long as you do it responsibly, I'd say it's one of the best addictions you can have.
There are many forms of passive income, but why is cryptocurrency passive income the best? There are many reasons for this. But the biggest reason is that cryptocurrency is still in its infancy. Many experts say that the cryptocurrency market is very comparable now and at the same time like the internet in the 90s. This really lets you know how young this market is and how amazing the opportunities are. A critical factor in increasing your passive income is actually starting and going from scratch. Once you start, always keep adding to it. Compounding interest is a magical thing that will surprise you how quickly it can add up to a significant amount.
But it's something, never stop adding to the avenue that gives you passive income. The first way I ever got passive income was from borrowing bitcoins on BlockFi when it was just getting started. At the time, I had far fewer bitcoins than I do today and was only getting a few dollars worth of bitcoins each month. I began to wonder if it was worth the hassle and counterparty risk to keep my bitcoins there. After all, the interest was only worth a few dollars. But I decided to stick with it and kept adding to my BlockFi balance, continuing to collect interest each month. Over the years of this, the price of bitcoin has seen incredible growth. And also fortunately for the big price drops and dollar cost averaging, I've been able to multiply my bitcoin holdings many times over. The end result is those few dollars of interest, which I wasn't initially impressed with, have grown in value to much more than that today. Now let's fast forward to today, because of the hard work I put into increasing my passive income from bitcoins, I am now able to get several hundred dollars just by borrowing them. The process is like rolling a snowball that keeps growing and growing.
The same can be said for my Ethereum. Over the years, I have tried various methods to increase my passive income from Ethereum, be it through borrowing, mining, or by betting. All of them have become very profitable and much more than they were originally. When I first started lending my ethereum to BlockFi years ago, I was literally only getting a few cents interest per month. But the price of ETH skyrocketed and I didn't stop adding to my ETH pile either, and it all led to the growth of this avenue of passive income.
The key thing is that you need to find assets that you trust, that you value and that you believe will stand the test of time. For me, that's definitely bitcoin and also ethereum. Once you find those opportunities, go hard after it. Like I said above, it's good to start small. If everything goes with what many think it will, earning just a little passive income today will turn into something much more in the future.
And that brings me to my next point. There are a lot of people predicting that bitcoin will one day reach a price of $1 million, and ethereum may one day reach $20,000 or more. I'll be happier than anyone when those days finally come. But when they do, it will be almost impossible for the average person to accumulate a significant amount. That's why I'm trying to accumulate as much as possible NOW and increase my passive income now. If you can start your passive income stream and deploy it, you will still be able to accumulate even when the higher prices come.
The world is changing, it's moving towards being fully digital, and that means it's moving towards bitcoin and ethereum. The larger part of the world has not woken up to this fact and many don't even have these amazing assets yet. But they are starting to wake up and time is running out to get in before them. Are you doing everything you can to set yourself up to be successful in the future?
As for me, my biggest methods of passive income are from borrowing bitcoins and ethereum, and also betting on ethereum and polkadot. While I'm not passive income, I do put a lot of effort into getting extra crypto income from blogging and other various methods. I then directed all of that money towards increasing my passive income even more. I'm staying away from farming or DeFi's methods right now, just as I don't like taking risks and have heard many horror stories about them to feel comfortable yet. I don't do any crypto taps either. In my opinion they require too much attention for not enough reward. I can use this time to get more income in other methods that will increase passive income even more. Always value your time.
What about you? Have you started increasing your passive income from cryptocurrency? What are your favorite ways to earn passive cryptocurrency?