You might be trading the pants off your cryptos right now (and losing value) but do you know what crypto actually does?
Cryptocurrency serves a function within a blockchain or DLT network that helps secure it and mostly rewards active participants (and those who work to validate latest entries onto the network). So, from mining to staking, and beyond, there are less risky ways to get rewarded for supporting these young networks. There are also some new, interesting ways and token-based projects that are growing. All these include the nice opportunity of making money or earning passive income in crypto, while you sleep… So it’s time for the Warren Buffet’s of the future to wake up to all this! (But patience, you will need…)
KuCoin Shares (KCS)
This is the token for the growing KuCoin exchange. What sets it apart from Binance (BNB) coin (also a great one to hodl), is that users get a share of the actual exchange profits. Here is my referral to sign up to this exchange, which has improved many of its features. You can only receive the bonuses if you keep your KCS stored on the exchange.
Nexo tokens serve a function on the lending platform that help you to pay off your loans, which are backed by your crypto.
If you buy the actual tokens then you will also get dividends in Nexo if they are kept on the site.
Nexo is a project well integrated into the space in a short time and is doing well, even compared to major fintech startups.
EOS has a big war chest and should soon introduce something similar to Steem, whereby you can ‘rent’ out your tokens to developers or projects and earn passive income. It will be called a REX and should also see the price of EOS rise as network supporters have even more reason to hodl besides dapps and trading.
STEEM primarily connects to Steemit, the original, revolutionary, crypto-powered social media and content platform for creatives, writers and crypto-followers.
The price may have (almost) bottomed out, and it’s gone through some hard times, but it has some decent dapps, is still well-established, and people do love the platform and its promotion features. It’s also showing signs of integrating beyond it’s own borders via things like the wordpress Steempress plug-in. The community is dedicated and close-knit in many areas.
A new Steemit may come along on some rival blockchain, but creating a user base of over one million accounts is not achieved overnight. There are also some unique aspects of the token economics that set it apart. There are 3 tokens: Steem, Steem Dollars, and Steem Power. The last one is the key, because Steem Power plays the vital role in the system, giving you influence across it, and also allowing you to ‘delegate’ your Steem Power to people and projects. Doing this allows you to accumulate in Steem Power, (and/or also Steem).
Therefore it’s possible to buy up a load of Steem (when prices are low), then ‘power up’ on Steemit and delegate the entirety, either to a special project that rewards its delegators (such as my own choice Share2Steem) or to Steemit itself (for example Smartsteem).
For those unfamiliar with Steem/Steemit, then the above information, although concise, will take a bit of time to ‘discover’, digest and set up. Before long, however, you will see your Steem tokens increase for supporting the platform (incl. selling your votes), or its dapps.
There are many crypto networks where you can stake your tokens. Tezos will allow you to delegate to a pool (from the Tezbox wallet) and earn rewards for ‘baking’ blocks or… if you invest in a larger amount yourself you can do this without joining a pool.
Neo and Vechain allow you to earn their secondary tokens (NeoGas is currently worth 1.65). And there are many POS coins such as PivX that will give you their own tokens as rewards for holding in a desktop wallet. It’s probably worth picking a project you feel has a bright future.
Just holding coins such as Stellar Lumens (XLM) in the official desktop wallet and designating your address (in the wallet) will allow you to receive inflation rewards. Admittedly, you need quite a lot too see much increase, but then it’s early days.
Electroneum – a safe mobile miner that ‘simulates’ mining so that your phone doesn’t get too hot or actually mine directly.
The gains are small where the price of ETN is currently still low, but it’s a solid project that has seen development and could well rise in future. Its plans for adoption and incentive via mobile mining could be well-conceived. Read more on my last CoinView.
Flymining – I currently use this as my cloud-mining pool.
Here is the Ade’s Press link to the operation based partly in Scotland (also on my ad in right column).
MinerGate – this project has been known to be a little dodgy when it comes to the Freewallet and withdrawals. However, they have a great array of options and a desktop miner (download) that can mine in tandem with your pool mining. There’s no doubting its size and is still worth a go, if you believe, like many, that Bitcoin is here to stay. You can use my referral link as I have an account there, which supports this site (and more posts like these!)
SHARING DISC SPACE
If you have a reliable and fast internet connection with a lot of spare disc space/computational output then you could consider earning:
Some of these are simple desktop client downloads that securely partition an area of your Hard Drive will help you earn such tokens. Your system must have uninterrupted power supply, so energy is a factor.
There is a lot more to these projects than just this, because they look to become incredibly robust networks in their own right in terms of storage and data-processing, especially when one considers the enormous hashpower currently being spent on the bitcoin network, just to secure it. Watch also Filecoin.
BEING CREATIVE (LESS PASSIVE!) INCOME
It’s become a brave new online world for creatives, who are finding they can actually start getting something back for their contributions online, thanks to the wonder of crypto. Being creative can obviously lead to more opportunities down the line, as one’s skills increase.
Choon (for musicians to earn directly for their music uploads, and for creating popular playlists of other Choon artists).
Then there are stock photo blockchain projects like Photochain emerging.
Trybe (using EOS) will earn you their tokens for writing great articles on crypto or anything. Approx 240 Trybe = 1 EOS.
Everipedia will give you IQ tokens for adding knowledge to rival Wikipedia.
And don’t forget to register your website with Brave browser so you can receive BAT for people who visit your site (I can’t add mine yet as I need to upgrade this WordPress plan!).
There are also freelance crypto websites emerging, some of which will become very big. The trick right now is to find the most active, as with this bear market, many started to go quiet. An Ethereum-based site might be a good option.
I will try and update this page! Drop me a tip if so, or sign up to this blog for more updates. Corrections and ideas v. appreciated, here or on Steemit.
NOTE: As ever, these are all just personal pointers, and it’s highly recommended that you track all these (young) projects as they develop and (hopefully) grow.