Did you know that you can earn a passive income with Cryptocurrency! Today i’ve put together 7 completely different ways to earn some money on the side or even a full time passive income. And the good news is that some methods require very little starting capital. Let me know your methods for making a passive income with cryptocurrency in the comments.
Share your Trades on eToro and get paid
eToro is a copy trading platform. Traders share their trades, and investors can automatically copy these trades. While eToro started as a Forex and Stock broker, they now support 10 of the most popular cryptocurrencies. And cryptocurrency is becoming more and more popular on the platform, with many traders specialising in it.
Traders who share their trades get rewarded with cash bonuses, spread free trades (All trades on eToro are already commission free) and many more perks. The top traders make a full time income sharing trades.
So if you’re already a trader, why not share your trades and earn a passive income on the side.
Share your trades on 1Broker
1Broker has copy trading features like eToro. While it doesn’t have the same number of users (eToro has over 3 million), and the copy trading features are a bit basic, you can still earn some good revenue. The top traders probably make a full time income on top of their trading income.
What makes 1Broker different to eToro is that it only accepts deposits in Bitcoin. 1Broker also runs a partner broker called 1Fox which is for Cryptocurrency trading. On 1Broker you can trade stocks and forex and only Bitcoin.
Lend your Bitcoins on Bitbond
It’s possible to make money lending your bitcoins using Bitbond. Your money can be split across multiple loans, and only funds a small part of each loan to reduce risk. Furthermore, all loans on Bitbond are for small businesses – many of which just need extra cashflow to purchase stock etc.
Bitbond claims you can earn as much as 13% per annum. That’s not bad if you compare it to traditional loans. Lending Bitcoin is especially profitable while the price of Bitcoin is low or stagnant. So if you’re sick of waiting for the price of Bitcoin to go up, then this could be for you.
Earning Gas with Neo
While you can make decent money on eToro, 1Broker and Bitbond, you probably won’t be able to make a second income with Neo. But you can make a little bit of cash on the side. Neo is a cryptocurrency that will pay you “Gas” for simply holding the currency. By holding the currency, you’re supporting the blockchain and platform. You’re rewarded a small fee in a currency known as “Gas”. This Gas can be sold just like any other cryptocurrency.
If you buy Neo through an exchange you’ll need to store it in a wallet in order to receive Gas. Or use a good exchange like Coinspot which will pass on the Gas earned for any Neo stored in your online Coinspot wallet.
Earning interest with NavCoin
NavCoin is a cryptocurrency that pays you to hold onto the currency. This is because it’s a proof of stake coin. I’m not going to explain how that works in this post. All I will say is that if you hold Navcoin in the Navcoin wallet, you’ll earn 5% interest per annum.
Just like Neo, this isn’t very much, but it makes a nice little side income and is way more than you’d get if you stored money in a bank account.
Buying Mining Contracts on Hashflare
Hashflare is a cloud mining company. You buy mining contracts which give you certain amount of hashrate. And you receive the bitcoins that are mined with this hashrate. I started an experiment a few months ago to see if Hashflare is profitable. I’ve yet to put together the results but I’m not sure it’s really worth. While cloud mining is a neat idea, the economics don’t really stack up.
Buying and Hodling Cryptocurrency
The easiest way to earn a passive income with Cryptocurrency is just to buy and hold. If you had invested in the Crypto Copy Portfolio which is like a mutual fund but is made up of cryptocurrency – you would have doubled your money last year. And if you had invested in altcoins like Ethereum, you would have made even more. Obviously this method relies on the price of Bitcoin going up. While there is a good chance this will happen, no one knows when and how long it will take. So this is more of a long term strategy.
Let me know if you have any other methods for earning a passive income with cryptocurrency in the comments below.