We all get to the stage in life where it seems like having a single source of income does not cut it.
The average person who isn’t afraid of hard work, may still have issues finding their feet when it comes to achieving financial freedom. If you don’t have an idea on what you can do for additional income, it’s perfectly okay to lend inspiration from someone else. If you have your own ideas, then best you get started!
Creating a secondary income stream is becoming a popular option for those looking to escape the mundane 9-5 work routine.
Many people are afraid to start things for fear of failure. In reality, starting is often the hardest part, and most discover that if they simply got started, they would eventually have something that worked for them. There is no downside in trying, for even if you find something that doesn’t work for you, you are gifted with the opportunity to focus on other things that will work.
Consistency is part and parcel of success. Working as many hours as you can at the start of a venture may enable you to work a little less hard later on. The quantity of work also matters; working on something for insignificant amounts of time never reaps big rewards.
When looking to create a secondary income stream, turning to something like cryptocurrency trading has been a popular mode of action for many.
The world of cryptocurrency isn’t limited to active investing or HODL (hold on for dear life) strategies, and we have outlined some methods below.
Set and Forget
The first goal of passive income streams is to create a set-and-forget revenue stream. Classic examples include eBooks, rental properties and even app creation. It is important at this stage to consider upfront costs, time to set up, average hours needed per week as well as perceived risk.
Lending your own owned cryptocurrencies is a great way to earn extra income. This involves giving out cryptocurrency like Bitcoin to a third-party for a fee, and that third party then tries to further profit further off your crypto. This is similar to what banks do when they pay you interest to hold onto your cash.
Bitcoin and other cryptocurrencies that use a proof-of-work system are run by miners, which are computers that verify network transactions for reward. Becoming a miner can be expensive but allows for large passive income revenue.
Proof of Stake (PoS) cryptocurrencies run on a consensus algorithm. This means the creator of a block on the network is chosen through some combination of wealth or age. Staking is essentially a less resource-intensive alternative to mining. It usually involves keeping funds in a wallet and performing various network functions, like validating transactions, to receive staking rewards. the stake incentivizes the maintenance of the network’s security through ownership.
Staking usually involves setting up a staking wallet and simply holding the coins. In some cases, the process involves adding or delegating funds to a staking pool.
Running A Lightning Node
The Lightning Network is a second layer protocol that runs on top of a blockchain, such as Bitcoin. It is an off-chain micropayment network, which means it can be used for fast transactions that aren’t immediately transferred to the underlying blockchain.
The biggest risk with earning passive income in cryptocurrency is usually buying a low-quality asset. With so many currencies on the market, it is best to go for well-established, crypto leaders such as Bitcoin.
Ways to generate passive income in the blockchain industry are growing and gaining popularity. As products get more reliable and secure, they might soon become a valid option for many more people to create a steady source of income.
has put together an attractive offering that allows you to profit from the growth of Bitcoin and to also use your network to set up a steady flow of passive income.