I have a strong passion for crypto mining and investments and have over 3 years worth of experience in it. I am not a financial advisor.
My Journey Towards Passive Income
Have you heard of the saying, never rely on only one source of income? Well, I take that quite seriously. I have never relied fully on just one income to sustain my daily expenses.
Today I will be covering one source of passive income that is helping me cover my daily lunch. Though it may not be a substantial amount, but hey, I still get my lunches paid for passively.
Bills To Pay
How Do You Earn Passive Income?
The idea of passive income sounds good on paper. However, to achieve this, there are some form of capital required.
Here are some ideas of passive income.
- Driving with Grab or Uber
- Opening a high-yield savings account
- Renting out rooms / properties
- Invest in REIT (Real Estate Investment Trust)
- Affiliate Marketing
- Selling online courses
How Am I Getting Free Lunch?
So, which method am I using that’s helping me pay off my lunch?
For this purpose, I am actually relying on cryptocurrency. I am actually staking certain coins which in turn are generating rewards on a weekly basis. These rewards, I will then liquidate into cash and voila that’s my lunch money.
What Is Staking?
Staking is an activity where a user locks or holds his funds in a cryptocurrency wallet to participate in maintaining the operations of a proof-of-stake (PoS)-based blockchain system. It is similar to crypto mining in the sense that it helps a network achieve consensus while rewarding users who participate.
So, basically what I’m doing is staking my coins on the cryptocurrency platform. There is a minimum duration of 6 months after which you are free to unstake the coins if you wish to. I’ve been staking with them for years now so just imagine the amount of passive income that’s coming in. It’s not much really.
|Tier||CRO Requirements||Staking Rewards|
Royal Indigo / Jade Green
Icy White / Rose Gold
How Much Am I Earning In Rewards?
As mentioned previously, what I’m getting in rewards is not much. It is sufficient to cover my lunch expenses. Typically my lunches do not cost much so that’s why.
Here’s How Much I’m Earning
On a weekly basis, I am getting rewarded with 345 CRO. As we all know, the prices of cryptocurrency is highly volatile. If we were to take today’s pricing of CRO, this would mean that my weekly rewards will be approximately $48 (SGD). That’s not too bad for passive income right?
Due to its volatility there will be times where it is insufficient to cover my weekly lunch. However, for the most part, it is more than sufficient to cover.
Different Cards For Different Tiers
Depending on the tier that you are currently staking, you will receive the different cards too. There are more benefits that come along with these cards too!
Most of the transactions that are made using these cards will reward you with cashback in the form of CRO. Here is a quick breakdown of how much cashback you can get for each tier.
Plastic Blue - 1%
Ruby - 2%
Royal Indigo / Jade Green - 3%
Icy White / Rose Gold - 5%
Obsidian Black - 8%
Those cashback don’t look too shabby right? Just imagine how much you are getting rewarded From simply using this card and their staking service.
That’s not all! There are some further benefits from making certain payments using crypto.com cards. Let me prepare it in a table form for easier digestion.
Rewards From Crypto.com Cards
|Midnight Blue||Ruby||Royal Indigo / Jade Green||Icy White / Rose Gold||Obsidian Black|
Yes + 1 Guest
Yes + 1 Guest
Should You Invest With Crypto.com?
This question is ultimately up to you. Always do your own due diligence and never trust anyone about investments. For me, I find crypto.com to be a good platform and I see them going far as a company in the crypto space. Which is why I do not mind investing with them.
All the rewards are actually pretty good if you think about it. I mean free lunches. I won’t complain about that. But again, with cryptocurrency, everything is highly volatile. So always do your due diligence and never invest blindly.
If you’re looking to kickstart your journey with crypto.com, simply use my referral link below and we’d both receive USD 25 each.
- Crypto.com Referral Link
Get USD25 if you sign using my link! (:
- Crypto Staking Guide 2021 | CoinMarketCap
- Passive Income - Definition, Understanding, and Why Passive Income is Important?
Passive Income is a concept that helps you understand investments better. Find the definition and importance of Passive Income here. We have simplified it for you.
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