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💲 "If I had known this in advance, I would have received much more from the very beginning": Mila (ChangeHero)
Hi, it's Mila! HODL is a most popular strategy in crypto. Also you can make your tokens work for you. Frankly speaking, if I had known this in advance, I would have received much more from the very beginning. I would outline some ideas on how to use crypto as a source of additional income.
💎 Staking
Earn rewards for locking up a certain amount of coins in a wallet for a specified period of time. Various alts with PoS model have a staking feature – #ETH, #ADA, #DOT and so on. Staking is available on centralized exchanges like Binance, but it’s not 100% safe. The exchange can collapse or block your account any day and you will lose access to your coins.
Safer alternative is staking in non-custodial crypto wallets like Trust Wallet or Exodus. It’s a more secure option, as only you can control funds. I stake half of my tokens like #DOT in crypto wallets. My advice is to hold and stake coins in different places to prevent hacking one of them.
⛏ Crypto mining
Use your computer's processing power to validate transactions on a blockchain network and earn newly minted coins. It’s possible to mine coins with PoW model: #BTC, #DOGE, #XMR, etc. I haven’t experienced it, but it's a cool idea for people with an extra processing power.
👨🌾 Yield Farming
Yield farming involves lending your assets to decentralized finance (DeFi) protocols. In return, you receive interest on your deposits. For example, #CAKE is can be farmed on PancakeSwap. I tried it as sometimes it can give your bigger return than staking.
💰 Crypto affiliate programs
Some crypto companies offer affiliate programs that pay you a commission for new users. ChangeHero has one too and it’s available for anyone. Register, get and share the referral link on social accounts or blogs, earn #BTC for new exchanges.
That’s just not the whole list of ideas, if you want to see more insights on passive income give ❤️ to the post!
May 2, 2023 | #CHExpert
