I have a strong passion for cryptocurrency and investments. I have over 3 years worth of experience in it. I am not a financial advisor.
Passive Income Using Cryptocurrency Is Possible!
The good news is that yes, passive income is indeed possible Using cryptocurrency. Naturally, you would have to be using the right platform in order to be able to maximise your income.
I’ll be discussing 3 of such platforms which I am personally using to rake in some passive income.
Blockfi is one reliable platform which you can use to earn passive income. It is a rather simple to use platform where all you have to do is to deposit crypto into the platform. Once it has been deposited, you will just to wait for the passive income to come in.
Income will be paid out in the original coin which was deposited. Example, you deposit bitcoin, you will received payouts in bitcoin. Kinda straightforward. One key advantage Blockfi offers is that, it does not lock you up when you deposit and earn using the platform.
One disadvantage of using Blockfi is that it does not support many coins. You will be able to preview how much you have earned through the app. Payout is on a monthly basis.
Here is the list of coins that are supported.
Blockfi Supported Cryptocurrency and APY
2. Celsius Network
Another popular choice right now is the Celsius Network. This platform is similar to Blockfi in the sense that they do offer rewards without having you to lock in your tokens. This means you are able to freely withdraw your coins whenever you feel like it.
Unlike Blockfi, Celsius Network offers a wider range of cryptocurrencies which you can deposit. I won’t go through the entire list but most of the popular cryptocurrencies are supported. In terms of rates, they are pretty attractive too.
For example, Bitcoin will yield 4.74% APY and Ethereum 5.05% APY.
Instead of earning in the same currency as the deposit, you are also able to earn in CEL which is the native currency for Celsius.
Yes, my number one platform is none other than Crypto.com. I’ve been using this platform for almost 3 years now. I believed in this company way before the first batch of cards were released.
There are few ways to earn passive income through Crypto.com.
The first method involves staking. Depending on the tier which you signed up, you will earn different amount of rewards on a weekly basis. The rewards can easily stack up and give you some nice returns. I consider this one of my highest Rewards programme for crypto.
Similar to the rest of the platforms, you can earn rewards by simply holding the coins in your account. There are 3 different earn plans in the platform.
- 1 Month
- 3 Month
As the name suggests, flexible does not tie you down. You are able to freely remove your coins from the earn product as and when you feel like it. Of course the down side to using the flexible programme is the lower APY rates. The 3 month lock up offers the best rates but at the risk of not being able to withdraw your coins when the price for that coin hits a level you are comfortable to sell.
Another product which they have is the Supercharger. You put in CRO into the supercharger programme during the charging period. After the charging period, you will be rewarded with the token you were charging for. For instance, for this month, the token we are charging for is the NEAR token.
At the end of the charging period, you will receive your allocation which you will have to approve or reject. Once approved, it will payout daily until you receive all the allocated tokens. Once done, I will normally sell off these tokens for profit.
4. Crypto.com Exchange Staking
Another product you can stake your CRO is in their exchange. Staking it on their exchange will earn you 10% APY which will be paid out on a daily basis. If you have some spare CRO, I will highly recommend staking the coins here for some good rewards. Of course, staking here will have a 180 day lock up period.
5. Mainnet Staking
This is a new product which will be released on the 25th March 2021. As crypto.com will be launching their main net, they will require some staking in order to maintain their network. Based on the latest announcement, staking here will yield 20% APY which is by far one of the best products to stake on.
Previously, staking here was not open to Singaporean but we will see how it goes with the next few announcements.
If you enjoyed my article, feel free to buy me a cup of coffee!
- Celsius Network Referral
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- Blockfi Referral
Don't just buy crypto - start earning on it. Open an interest account with up to 8.6% APY, trade currencies, or borrow money without selling your assets.
- Crypto.com Referral
Use my link to sign up and we will both get $25!
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2021 Muhammad Shairazi