Obligatory Disclaimer: To modify a quote from Tim Ferris, “I am NOT a financial advisor, and none of this advice should be taken without speaking to a qualified professional first. Also, my results [are most likely] due to pure luck and zero skill.” But…this is working for me.
Passive Income is the holy grail of money making, and the one thing most people cannot easily achieve. Whether it be writing and selling an eBook, blogging with tons of affiliate links (guilty), or owning real estate, generally speaking, traditional forms of passive income aren’t that passive. They require large amounts of time, for a mediocre reward.
If you’re tired of the same-old passive income suggestions and you’re looking to make a little crypto, I’ve got six suggestions for you to try out.
- Put some money in SNGLS
SingularDTV’s token SNGLS has been one of my main holdings for quite some time now. Not only do they have a great business model and product, they also know how to treat their token holders well.
As a part of their ecosystem, SDTV plans to regularly reward SNGLS token holders by distributing ETH. Anyone who owns SNGLS is eligible, as long as you hold your SNGLS in an ERC-20 compatible wallet (so not an exchange, except for Binance).
In addition, SDTV received a large amount of OMG from Omise’s airdrop. They are generously planning to distribute all of their OMG tokens to their SNGLS tokenholders.
Owning SNGLS is a great new form of “crypto passive income.” Check them out!
- Proof-of-Stake Mining with Decred
I’ve been in Decred since the very beginning. I got most of my tokens from their airdrop, and I’ve been proof-of-staking since earlier this year. If you have some crypto-profit you’re looking to easily grow, this is a great place to do it.
My friends at Decredible have done an excellent job explaining the process of PoS mining — as well as pretty much every other aspect about Decred — and another Slack Member created an excellent step-by-step tutorial that got me up and running. If you have more questions, start with the article I wrote here.
The way Decred setup POS, it’s almost like earning interest in a traditional bank. For perspective, I’ve earned 49 DCR this year from POSing, which is equivalent to ~$1,600!
- Delegated Proof of Stake with ARK
I stumbled onto ARK a few weeks back and have been “delegated proof of staking” with it since day one.
The beauty of delegated proof of stake is that it works 24/7, and requires virtually no effort on your part. Once you setup your account and cast your vote, your ARK works for you. You’ll get a payout every so often through the person you voted for, as a reward for voting for them.
Each person running a node has the chance to bribe you for your vote, so do your research, pick one that has the best benefits, and watch the profit start rolling in! I found this article to be a helpful technical explanation, and this was a helpful walkthrough.
- Earning Gas with NEO
This little crypto passive-income trick may be the most simple out of all of them. NEO was designed so that, when held in the native NEO wallet, it automatically generates “Gas,” the token that runs the network.
To receive your Gas, all you have to do is move your NEO off of any exchange, and into an official NEO wallet. I found this walkthrough to be helpful.
- Sign up for a 21.co account
Originally meant to completely replace your email, 21.co has evolved into a messaging platform that not only allows strangers to send you messages for a fee in Bitcoin, it also pays you to complete surveys.
I’ve earned a few hundred dollars worth of Bitcoin through my 21.co account, and have applied those earnings to ICOs I like, which has given me a huge return on investment.
- Answering questions on Cent
Last but most certainly not least, Cent is a “Quora for Crypto” platform that pays you in ETH to answer questions.
Things like “share you favorite crypto-gif,” or “what’s it like where you live” offer small amounts of Ether, while more complicated questions could earn you quite a bit. If you’d like to ask a question you’re free to do so too, for a fee — check out this awesome gif walkthrough.
So there you have it. Six quick ways to start making a little crypto. If you found this article to be helpful, please hit the 👏 to help others find it. If you have other ways to make a passive income using crypto, leave me a comment!
Very interesting and instructive text. I am going to give Decred a shot right now, i'm actually a bit embarassed to say this is the first time i read about PoS, since i have been researching crypto for almost 5 years now, thanks a lot for sharing this, congratulations on the nice work.
Thanks Dr. Luvi :)