Not a trader? Ways to earn passive income in cryptocurrencies
Trading seems too risky for those who still can’t handle the extreme ups and downs of cryptocurrencies. Although most low-risk cryptocurrency investments are low-yield, these methods sound like a good option as a passive income. They generate rewards without the cryptocurrency holder’s active involvement in the process.
Check out all the ways you can start your cryptocurrency journey if you’re not into trading:
Staking shares the same purpose with mining — to secure the blockchain.
In staking, you as an investor will support the security of the network by locking in your cryptocurrency. By doing so, a new transaction is written and validated into a new block. Thus, fulfilling your part as a participant in the network’s consensus mechanism.
Simply put, your only role is to hold onto your crypto. The least complicated way to do this is through a cryptocurrency exchange.
There are cryptocurrency exchanges that have their own staking features. Check their list of cryptos available for staking. Buy the coin and then lock it in.
Benefit: The exchange indicates the annual percentage yield (APY) you will earn depending on your lock-up period. The longer your crypto stays in the staking wallet, the higher the returns are.