How Do People Make Money With Cryptocurrencies?

Power traders create passive income through “staking” and “yield farming,” but there are risks.

YOU MAY HAVE SEEN THE MANY CRYPTOCURRENCY-RELATED SUPER BOWL ADVERTISEMENTS AND THOUGHT THEM WEIRD, DARKLY DYSTOPIAN, OR JUST UNCOMFORTABLY FAMILIAR. Nonetheless, you may believe the blockchain still has financial rewards to reap and wish to become involved, or you may have have some money invested in cryptocurrencies through companies like Coinbase and FTX, which advertised during the big game.

So, what’s next? Keeping track of Bitcoin, Ethereum, and other crypto currency’ ups and downs, as well as actively trading on those swings, may be a full-time job. Basically, day-trading. For many, entering the world of NFTs, the digital baubles you may mint, buy, or trade, is still intimidating.

There are some more ways to make money on cryptocurrency that is just sitting in your crypto wallet for many crypto traders who are in it for the long haul: staking and yield farming on DeFi networks. “Decentralized finance” — pretty much all the services and tools created on blockchain for currencies and smart contracts — is referred to as “DeFi.”

Staking cryptocurrency and yield farming are nearly identical at their most basic levels: both require investing money in a crypto coin (or multiple coins at once) and earning interest and fees from blockchain transactions.

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