Survive financial uncertainty in the cryptosphere through passive income
Like most other crypto enthusiasts, you are now probably used to largely red markets, or maybe not. What we could agree on, nevertheless, is that the last few months have been far from encouraging where the crypto markets are concerned. What if there were still other ways to earn income in the industry you love? Well, there is. Passive income has always been sold as that dynamic that is meant to change the game (read, your finances) — being referred to as the “holy grail of investments.”
With passive income, you earn without actively doing much. The desire to have money work for us is universal, and to attain financial freedom is what has people constantly searching for new ways to make money. So, what should you do to start making money when you are sleeping, or having lunch or simply hanging out with friends?
Blockchain is a lot of things. It is also the technology that has allowed common, everyday people to be part of something extraordinary. It is now very possible for you to get involved in, say, a real estate project in Dubai, all within the cozy confines of your home and if you go the passive way, even when sleeping.
Having multiple streams of income positions you in a way that even when there are market dips, your income remains greatly unaffected. If you are looking to avoid panic attacks any time you see the prices of your favorite coins, like has been the case the last few months, this article is for you. Let us look at the options that exist and are anchored on blockchain technology.
Mining
By now you are probably wondering how this made it here. It has often been said that for one to mine coins, they need advanced equipment and state-of-the-art computers. That might have been true at the beginning of this movement, but as you know, things keep changing, and fast!
Mining is the process that ensures the blockchain is a decentralized security. Nerds and computer geeks having the time of their lives since the very beginning — at least in the blockchain industry. However, things are getting increasingly easier for everyone else.
In March 2018, Electroneum launched a mobile miner. Moving forward, as long as you own a smartphone, you will be able to mine coins. To ensure your phone does not collapse from solving the complex cryptographic problems, what the app does is simulate the mining process. The CPU in your phone will constantly be monitored, and the amount of power that would have been used to mine determined. Based on your phone’s CPU power, a hash rate is issued to your phone. It is based on the said hash rate that you will receive ETN coins to your online wallet. If you are worried about your phone heating up or wearing out because of mining activities, you can relax since the app has been designed in a way that has a negligible impact on your phone’s performance.
Staking
Most new cryptocurrencies are based on the Proof of Stake (POS) algorithm. With staking, one purchases coins and holds them in a specific wallet for a certain period. Think about it like you would a fixed deposit account in traditional banks. Instead of interest in fixed deposit accounts, one is awarded with additional coins. The logic behind it is that by holding the cryptocoins, you are essentially supporting the network. A lot of coins are jumping on the staking wagon.
VeChain has set itself apart mainly based on the associated prices and also the coin’s credibility. The developers recently released a mobile wallet that is hoped to add value to the system of nodes and also rewards users with VeThor (VET). The team behind VeChain believes that allowing users to use their mobile phones to earn is a worthwhile venture. I am sure you agree. Staking is the other way through which passive income may be earned in the cryptocurrency industry.
Data Ownership
Data, in the 21st century, and especially in recent years, has been said to be invaluable. Concepts such as Big Data have come about as a result of an increase in the reliance and demand for data. Given the obvious and implied value of data, it is possible to turn it into a passive income stream.
However, there is an undeniable lack of trust when it comes to data monetization. This is where entities like SWIPE come in. Your phone certainly has apps that you use on a daily basis. SWIPE can be integrated into any of those apps, allowing all the users to not only own their data, but also monetize it. What SWIPE is offering is quite similar to what Airbloc has — one of the reasons the two blocs came together, creating an unmatched force in the data industry. Once you use an app that has SWIPE integrated therein, you essentially own the data. As such, you get to control it and also sell it should you find the need. In an age where data privacy, or lack thereof, hits the headlines every once in a while, SWIPE gives you the liberty to keep your data private should you find it necessary. Scalability, a major concern associated with blockchain technology, is ensured by the SWIPE Software Development Kit (SDK). The kit makes it easy for new users to join and also gives app developers an easy time completing the integration.
Parting Shot
You most definitely do not want to sell your kidney to have an additional income stream, a passive one at that. The good thing with what we have discussed above is that it is generally inexpensive to get involved. With the amount of uncertainty that surrounds global economics, it is only understandable that more and more people will look at options of earning money outside their sphere of influence — their jobs or businesses. However, with doubts creeping in the job markets too, it is better to search for a source of extra income.
Data is valuable, and its value will keep rising over time. As you seek to passively gain income, it would be detrimental to ignore the value of data. Having an additional revenue stream is a good thing, but having one that gives you an incredible amount of cash flow is great. We create the data; let us be the people who control it in the future.
