“If you don’t find a way to make money while you sleep, you’ll work until you die.”
— Warren Buffet
Last week, we all woke up to the news of the surprising launch of UNI token. Uniswap’s governance protocol token UNI went live on Ethereum and 150 million UNI, or 15% of the token’s supply, was available to be claimed by anyone who has used the platform! As the news went viral, 13,000 Uniswap users had already claimed their 400 free tokens in the first three hours of the announcement.
As the crypto world and DeFi continue to explore new fintech realms, a question arises in the minds of crypto enthusiasts, “Can I make crypto while sleeping”?
While most of us obviously would address the above question with ‘Yes’ as an answer, there’s a lot to understand about how this can be achieved.
Crypto technology makes it possible for us to make money even while we sleep, play, or gym.
You might be aware of three common ways of making money through crypto, which includes:
There’s no doubt that the above processes have made people rich, but they can’t be acknowledged as a means to ‘make money while you sleep.’ Mining and trading is almost like a full-time job for any crypto enthusiasts.
You might ask, can you make cryptocurrency while you sleep?
Yes, probably it is.
First things first, trading is not the only way to earn money through crypto. With recent advancements in blockchain technology, the window to make passive income in crypto is open to all.
Hence, you can actually earn crypto while sleeping.
Let’s learn how?
Crypto Staking: The Future of Money Making
The concept of crypto staking is categorized under a unique ‘Proof-of-Stake’ mechanism, rewarding cryptocurrency owners to their cryptos in crypto wallets to support the operations of a specific blockchain network.
This may sound too good to be a scenario. But it’s true.
Crypto staking demands crypto owners to stake their cryptocurrencies by committing them to the service of the network. The staked cryptocurrencies are then utilized by the network to validate transactions. In doing so, the owners are rewarded with new tokens of the staked cryptocurrencies.
Note: The amount of crypto rewards received by the owner depends on the number of cryptocurrencies staked i.e., the number of cryptocurrencies stored in their crypto wallets.
Getting the Best from Crypto Rewards
Passive income with crypto is as simple as making a few clicks and boom! You’re in for a long-term scheme of making crypto while you sleep.
You obviously are now intrigued to know how you can gain such crypto rewards with minimal efforts, right!
Here are a few digital tokens or staking coins that you must consider :
You can garner 6% Yearly Interest.
You might have known Tezos for having one of the biggest ICOs of all the time. Tezos emerges as a blockchain platform similar to Ethereum that focused on allowing the stakeholders to vote for any changes occurring on the network. The network is self-sufficient as it automatically implements the changes once it has received enough votes from the stakeholders.
After May 2019, Tezos acknowledged the implementation of its on-chain governance in action. Post which the stakeholders were also presented with a chance to take part in staking rewards.
One of the most amazing offerings of Tezos includes a 6% interest in XTZ a year. And being a promising blockchain project, Tezos is undoubtedly a blockchain network linked to a digital token that can be counted upon.
You can garner a 6.5% Yearly Interest.
Quick and private transactions, Dash is another potential passive income crypto to focus on. With its extreme popularity and mass adoption, Dash has become a credible and trustworthy platform to invest in. At the end of 2019, there were nearly 5000 merchants and services that were accepting Dash as payment.
For operating, Dash only requires some Dash coins, which are locked up as collateral to run a masternode.
So, if you’re running a Dash master node, you can offer Dash services, including private transactions, governance, and instant transactions. For your contributions to the network, Dash will pay you at a rate of 6.5% a year.
You can garner 1.5% Yearly Interest.
I know the reward percent doesn’t seem convincing when compared to other staking opportunities, but if you believe experts VeChain will make up for its low yield with its future potential.
VeChain announced its partnership with Penfolds, which is a renowned and oldest winery in Australia. VET has been picked by various industry giants such as BMW to check for mileage fraud, Deloitte, to develop blockchain solutions for its clients.
Moreover, staking VET is quite easy; even a novice in the field can do that effectively. If you’re interested in doing so, you can hold VET in a crypto wallet that supports VeChain, and in no time, you will receive VTHO, used to pay for network transactions.
You can garner 8% Yearly Interest.
With the above yearly interest, you might have guessed it that Cosmos is one of the most popular staking cryptos, just like Tezos!.
You might have heard about individual blockchain and the transference of assets within a particular blockchain. The swapping of crypto assets between different blockchains is a complex process. Well, Cosmos, as a project, aims at becoming the ‘Internet of Blockchains’ by connecting different blockchains.
If you look at Cosmo’s growth, it has been leveraged by 100+ companies to build their projects. One famous example is that of the world’s biggest centralized exchange, Binance, that utilized Cosmos’s technology to build their blockchain with the name ‘Binance Chain.’
Along with Cosmos’s rewards being high, it can emerge as a valuable platform to invest in its growing ecosystem and popularity.
How do you aim at managing these cryptos?
Well, now you’re making cryptos, but how do you plan to manage them for the future?
Advanced wallets such as Payscript can be your rescue in doing so.
Payscript strives to synthesize blockchain and cryptocurrencies’ dynamism to offer the users a groundbreaking crypto-wallet experience. Whether you’re a merchant or an individual who aims to manage the cryptocurrencies, you can leverage the platform to send or accept crypto payments.
Crypto Staking has lowered the barriers to enter the crypto world for the general public. The common people were not able to invest in the costly computer hardware required to mine and trade cryptos. But with crypto rewards, all such costs don’t exist anymore.
With all the above ways to earn money while you sleep, we suggest you store your hard-earned and valuable passive income in a wallet that’s credible and is controlled by your private keys.