{"id":95261,"date":"2022-03-12T03:56:59","date_gmt":"2022-03-12T08:56:59","guid":{"rendered":"https:\/\/env-hardbacon-dev.kinsta.cloud\/?p=95261"},"modified":"2022-03-13T18:42:06","modified_gmt":"2022-03-13T22:42:06","slug":"crypto-passive","status":"publish","type":"post","link":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/cryptocurrency\/crypto-passive\/","title":{"rendered":"How to Earn Passive Income With Crypto"},"content":{"rendered":"

Crypto can be used as a tool to help you achieve your financial goals. Whether you want to establish financial security in your household, contribute to your retirement fund, or simply want to create a different source of passive income, you can do all of that with crypto.\u00a0 It isn\u2019t uncommon to have double-digit gains through crypto investments but understand that not all strategies are created equal.\u00a0 Let\u2019s take a look at a few ways where you can put your crypto to work.<\/p>\n

 <\/p>\n

Crypto Interest Accounts<\/h2>\n

Crypto interest accounts work similarly to traditional savings accounts in that you deposit your cryptocurrency after which interest will begin to accrue.\u00a0 Plenty of crypto interest accounts exist and they all have attractive APYs.\u00a0 Though the differences in interest rates, fees, security, and features set each company apart, there is one commonality between all of them:\u00a0 their interest rates beat high-interest savings account<\/a>.\u00a0 It\u2019s common to see interest rates in the double digits with crypto interest accounts whereas you would be lucky to see a high-interest savings account offer anything beyond 1%.<\/p>\n

Interest Rates<\/h3>\n

BlockFi is a well-rounded crypto interest account that offers interest rates anywhere from 0.1% to 8.25%.\u00a0 On the upper end of the spectrum, you can find rates as high as 17% APY with Celsius. On the lower end, you\u2019ll see in the 1% to 1.25% APY range from companies like Voyager and Coinbase.\u00a0 This range is considered the bottom and you won\u2019t find many crypto interest accounts dip below this.\u00a0 With high-interest savings accounts, on the other hand, an APY of 0.50% on average is the industry standard.\u00a0 The best we found was from SmartyPig by Sallie Mae at a 0.70% APY.<\/p>\n

Fees And Account Minimums<\/h3>\n

Fees and account minimums are becoming rare to see on high-interest savings accounts and crypto interest accounts are no different.\u00a0 If you do see fees charged in crypto interest accounts, you\u2019ll typically find them when withdrawing.\u00a0 Some high-interest savings accounts will charge fees when withdrawing but it is typically found as a monthly service fee or various handling fees such as with paper statements.<\/p>\n

<\/h2>\n

Crypto Investments<\/h2>\n

Findings from Gemini<\/a> show that over 14% of Americans own cryptocurrency and a survey from Hardbacon <\/a>shows that 28% Canadian retail investors own cryptocurrency. Every year the number of cryptocurrency investors increases and for good reason:\u00a0 cryptocurrencies have had an amazing bull run in the last few years.<\/p>\n

High-Risk High Reward<\/h3>\n

Getting a 500% return or losing as much isn\u2019t uncommon when it comes to crypto investing<\/a>, but understand that these gains are due to their highly volatile nature. Trading and investing in crypto through a Canadian crypto exchange<\/a> is purely based on speculation and fundamental analysis simply doesn\u2019t apply here so keep that in mind.<\/p>\n

Betting On The Future<\/h3>\n

Corporate, institutional and governmental adoption of cryptocurrencies is becoming the norm.\u00a0 China rolled out their state-issued digital RMB to select cities while the U.S. is playing catchup and are currently researching the viability of a digital dollar.\u00a0 Visa announced that USDC transactions will be supported on their payments network.\u00a0 Countless companies are adopting or accepting cryptos such as PayPal, Walmart, and Tesla.\u00a0 It\u2019s clear that cryptos are here to stay so buying and holding some would be the smart play here.\u00a0 Research the top five or ten cryptocurrencies by market cap to get you started.<\/p>\n

 <\/p>\n

Crypto Staking<\/h2>\n

If you have a decent amount of crypto saved up, you can put it to work and earn interest on them. In order to create this passive income stream, you\u2019ll need to lock up your assets for a set period and depending on where you park your crypto, you can earn anywhere from 5% to 25% APY.\u00a0 These are a no-brainer especially if you have some crypto and you\u2019re on the fence on whether you want to deposit your money in a high-interest savings account.<\/p>\n

On the surface, staking may seem similar to investing in crypto interest accounts but the difference lies in what happens with your crypto after you deposit it.\u00a0 With crypto interest accounts, you are lending crypto to the company in exchange for a fixed or varying interest rate.\u00a0 Staking works with crypto deposits as well, but in this case, the crypto is used to validate transactions on the blockchain.<\/p>\n

Requirements and Expectations<\/h3>\n

Not all cryptocurrencies can be staked because not all are based on proof of stake consensus mechanisms. For example, Bitcoin is based on a proof of work consensus mechanism, and therefore it isn\u2019t possible to be staked.\u00a0 Ethereum can be staked but the requirements are steep:\u00a0 you\u2019ll need 32 ETH to be able to stake on their blockchain and with current market prices hovering around $4100, this would cost you around $131,200 to get started.\u00a0 Staking pools and centralized exchanges offer a more cost-effective solution where minimums aren\u2019t required so it would be your best to look into these such as Coinbase, Binance<\/a> and NDAX<\/a>.<\/p>\n

 <\/p>\n

Passive Income: Cryptocurrencies Can Help You Diversify<\/h2>\n

Crypto can work for you just how money can.\u00a0 It isn\u2019t hard to find strategies that will yield you high rates of return but be careful. Cryptocurrencies are inherently volatile and currently, the best strategies all require some level of speculation.\u00a0 Professionals agree that allocating only a small portion of your portfolio that you can afford to lose would be the best bet.<\/p>","protected":false},"excerpt":{"rendered":"

Crypto can be used as a tool to help you achieve your financial goals. Whether you want to establish financial security in…<\/p>\n","protected":false},"author":134,"featured_media":95262,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":""},"categories":[522],"tags":[794],"acf":[],"nelio_content":{"isAutoShareEnabled":true,"autoShareEndMode":"default","automationSources":{"useContentSentences":true,"useSocialTemplates":true,"useCustomSentences":false,"customSentences":[]},"followers":[],"suggestedReferences":[],"includedReferences":[],"efiUrl":"","efiAlt":"","highlights":[]},"yoast_head":"\nHow to Earn Passive Income With Crypto<\/title>\n<meta name=\"description\" content=\"Crypto can be used as a tool to help you achieve your financial goals. 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