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Jun5 - 22

Best Cryptocurrency for Passive Income 

One of the most attractive features of the cryptocurrency market is the ability to earn passive income. In 2022, investors are earning passive income in various ways and by using a multitude of cryptocurrency types. Read on to learn more about the best cryptocurrency strategies and types of passive income—

What Is Passive Income?

Passive income refers to income that is generated from activities in which the earner is not directly involved. When it comes to cryptocurrency, passive income can be generated from investing money in digital assets or by implementing specific crypto investment strategies or platforms. 

Ways to Earn Passive Income Through Crypto

Here are a few ways to earn passive income through cryptocurrencies in 2022: 

  • Staking. Staking is a relatively easy option for earning passive income and is fairly low-risk. Staking is the “process of locking up crypto holdings in order to obtain rewards or earn interest.” Note that you cannot stake every cryptocurrency. 
  • Interest-bearing digital assets account. If you put your crypto assets into an interest-bearing crypto account, you can earn passive interest income. Service providers that offer this include BlockFi, Nexo, and SwissBorg, amongst others. 
  • Lending. Today, lending is one of the most popular strategies for earning passive income. Types of lending to consider include centralized lending, peer-to-peer lending, decentralized lending, and margin lending. 
  • Cloud mining. Crypto mining involves “miners” competing against each other to solve highly complex puzzles. Cloud mining is remote cryptocurrency mining that allows users to mine without maintaining the required hardware. Mining is Bitcoin-specific. 
  • Dividend-earning tokens. Certain types of tokens will produce dividends for owners who simply hold them. For example, holders of KuCoin Shares receive a share of daily transaction fees accrued on the blockchain asset exchange. 
  • Yield farming. Finally, yield farming is an option for more experienced investors. This decentralized method of earning passive income involves lending or staking cryptocurrency in exchange for interest and other rewards.

If you’re thinking about exploring the best currencies for passive income, consider the strategies above and remember that some currencies may be well-suited for some strategies but not others. 

Cryptocurrency Services from Bates Group

Cryptocurrency regulations exist. For example, in New York, crypto companies must obtain a BitLicense. At Bates Group, we understand the relevance of cryptocurrencies in today’s economy and also the importance of adhering to all crypto regulations. If your organization has questions about cryptocurrency regulations and compliance, please reach out to us directly for the services you can trust.




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