How to make extra crypto with crypto!
This post covers how to make crypto putting some money on the table, if you want to check how to make completely free crypto check out this post!
So, you are game with crypto, now you finally decided to buy some coins and you jump in the roller coast, you are checking your phone constantly… how the market is doing… but then you realize that perhaps your coins should be working their butts off to bring some extra benefits. Those ways of making your coins sweat are explained hereunder!
Staking
Staking is basically holding funds in a cryptocurrency wallet to support the security and operations from a blockchain network – yeah, your crypto is not only a coin in most cases, but it also has applications too. So, by staking it you are allowing a network to use your coins and some of these pay you for it. They are safe, they are yours, but the network can use them. Is common to have a requirement to stake your precious coins for a fixed period of time, during this period you can’t trade – so beware.
If your strategy to make money in crypto is by trading, definitely this is not your alternative; nonetheless, if you want to buy low (good luck with that) and keep your coins for the long run, instead of just waiting for them to increase in value, you can actually put them to work!
Depending on the exchanges or wallets, there are different interest rates for different coins.
One on the top of my list is Kraken. Kraken offers one of the highest APY (Annual Percentage Yield) in some coins I ever found. While banks around the world are offering you even negative interest rates or if lucky you are a 1% APY, Kraken offers the following APY as July 2021:
- 20% KAVA
- 12% DOT
- 12% KUS
- 6% ADA
- 5-7% ETH
The beauty of Kraken is that you can stake and unstake whenever you want, you aren’t bound by a long period as it is the case in some other exchanges or wallets. You will need to use the web-based version to stake, which can be annoying but well, maybe in the future this functionality is improved in the app version. You can register and download the app here.
A fantastic alternative for staking is Coinbase, which offers the following:
- 5% ETH
- 4% ALGO
- 5% Cosmos
- 4.5% Tezos
Coinbase also offers around $30 USD on different crypto, but they need to confirm your identity first and this can take a long time. You will need to complete read some articles and watch some videos, pass a test and you are all set! Join Coinbase here.
Another great exchange is Binance, lately, it has been on the news for the wrong reasons, it was banned from the UK since it was undertaking regulated activities without a permit, this followed the same type of action from Italy. Nonetheless, this exchange is one of the biggest in the world and offers the best terms in the market. They have even one of the strongest coins named BNB, it is a solid company. I personally believe this is an attempt of governments to have some control over what is happening in the crypto world and shows the fear of a DeFi future.
Stacking options with Binance:
- 6.79% USDT
- 8.49% BNB
- 5.49% SXP
- 4.23% USDC
Binance offers an impressive referral system, they give up to a 20% referral bonus, you can decide how you split it – meaning that you can set if you want to keep the 20% of yourself or share 10% between both involved parties. I’ve created a link sharing the maximum 10% so you can enjoy this benefit. Give it a try here.
Staking allows you to put some crypto to work giving you a decent return on your investments. This is particularly useful if your strategy is to buy some currency and wait for it to skyrocket in 5 years, while you are waiting the money is also reinvesting itself, so you gain from the APY and the crypto coin value increase – if it was a winner coin of course.
As you can see, depending on your preferred coin you might need to do some research on which is the most convenient exchange or wallet – yes, you can also use wallets such as Ledger or Trezor – to stake. As mentioned, keep an eye on the fixed period!
Crypto.com (Rebates and Cashback)
Due to the long fixed periods and poor APY, in my view, this exchange is not the best one for staking; nonetheless, this fancy app has other benefits.
Crypto.com offers prepaid Visa Cards, you can apply by staking a certain amount of CRO (crypto.com coin). Depending on the amount of CRO stake, you can obtain different card levels and benefits.
One of the coolest benefits is a 1% to 8% cashback program, you receive this benefits in CRO coins that can be later sold for fiat or exchanged to other coins. Each time you are doing groceries, buying a coffee, ordering something online, you get that % back.
You want more? By using Crypto.com you can get a 100% rebate on your Spotify, Netflix, and Amazon subscriptions, plus airport lounge access, and discounts on Airbnb and Expedia. If you stake $400 worth of CRO, you can get Spotify for free, for $4,000 worth of CRO you also get Netflix, and so on. The full list of requirements and benefits can be found here.
Getting these rebates is a great way perhaps not to increase your passive income but to reduce your liabilities. Just think about it, a Spotify account costs on average $10USD per month/$120USD per year, the benefit of one of the entry-level cards ($400 worth of CRO) is a free Spotify account, your return on investment every year is 30%!
If you are paying for any of these services, perhaps it can be interesting to just save some money in a crypto account and make use of benefits.
Lastly, the referral program offers $25USD for you and each of your friends you invite! Here is mine in case you want to have this $25USD benefit, you just need to add your email address.
Day trading & Swing trading
For people who are familiar with trading, reading candle charts, setting up orders, and all those sexy things, crypto can be a great market. There is a lot of volatility and the market is open 24/7.
Crypto.com recently launched its exchange site where you can trade. If you want to try your luck, feel free to join, using the link you get $50USD. https://crypto.com/exch/2ryt99v57k
Kraken also offers exchange in its web-based version, there are tons of existing exchanges and more coming every month. Do some research and you’ll find the right platform with all the tools that satisfy your needs.
Yieldly
This is a No-Loss Lottery that uses Algorand coin, you can “draw” tickets by staking Algo in their platform, every week there is a lottery and the winner receives the accumulated rewards of the week. You still earn some Yieldly tokens even when you aren’t the winner and you can withdraw your investment any time you want. I’ve been there since the beginning and I can’t complain, it started at around 18%APY, nowadays is around 12%-10%, I see it as a decent return. It is easy to join if you already hold an AlgoWallet, you literally just need to click “connect wallet” and baaam- smart contracts make it so smooth. You can check their webpage https://yieldly.finance/.
This dude/dudette hit the jackpot, that is the type of surprise I want to start my weekend with!
TrustSwap
This platform, based on Ethereum Blockchain, allows you to get early access to startups, you can get access to early startups related to crypto projects as an investor. Yieldly, was funded with the support of TrustSwap, there were even Airdrops of Yieldly tokens for the TrustSwap community.
If you are interested in what is coming in the crypto world and you would like to take some risk on projects you feel passionate about, TrustSwap is the place to be. Take a look at their Launchpads to see what is happening and what is in the pipeline.
I will write another post on the real-world projects that are adding crypto into their payment systems, this gives some positive reinforcement on the cryptocurrency world!
Alright everyone, thanks for passing by, especially to the people that have subscribed, even when this is a young blog it’s motivating to see some people engaged, cheers and thank you for that!
You know other good ways to earn crypto, leave a comment below!
cryptopotty.com 