Buying and selling crypto not working out for you right now? Don't feel bad. The ups and downs of the crypto market are hard to predict even for the alleged "experts" out there. But there are other ways to make money in this industry besides the usual. Let's a take a look right now.
For the crypto miners out there, this option is obvious but some of you might not be aware of this passive income technique. After trading, crypto mining is the most popular income generating strategy. To do this, miners must purchase powerful mining hardware in order to help them solve computational problems that allow them to link together a block of transactions. For doing the work, miners receive a "block reward." Unfortunately, if the market is crashing, this reward is worthless but we have another solution for that. More on this later.
Much like the traditional stock market, there are certain blockchain companies that give their users dividends just from holding their token in a designated wallet. Dividends differ from crypto to crypto but one must invest in the coin/token first and hold them for as long as necessary to receive said dividences. Take KuCoin for example. For investing in their token, users are rewarded with proceeds earned on the platform (fees).
Many crypto-backed lending platforms on the market are one dimensional. You request a loan, must wait for an interested party, and then you receive your loan. That's the end of the exchange. However, YouHodler is a multi-faceted loan platform that lets users make a passive income in the process. Let's go back to miners from the beginning of this article.
If the market is bearish and miners have a large amount of crypto that's decreasing in value, then they can put their crypto up as collateral (BTC, XRP, ETH, LTC, BCH, BSV) on YouHodler. Since this platform has near instant deposit and withdrawal times, miners can freeze their assets within minutes and receive cash loan in return. This ultimately gives them more capital to pay business expenses and earn more crypto. When the loan is paid, they get their crypto back and any profits that amounted in the process.
Another unique feature of this platform is the referral program. By referring friends, a user receives 5% interest on each loan that referral takes out. Hence, if you refer multiple friends, you can get a nice passive income going for you.
Cryptocurrency is not only about trading. There are a wealth of opportunities out there for people with various levels of experience. Find your niche today.