How Can Cryptocurrency Be A Passive Source of Income For a Home-maker?

Professions and career choices have evolved over the years. There are many factors that have contributed to this evolution, with technology being a key one. There have been instances where professions are born as a result of necessity with the existing technology playing a primary role in shaping it.

There are so several ways of earning money. Some individuals even pursue multiple jobs because their income from one job is probably not enough to support their living or some also pursue out of passion. Whatever be the reason, the concept of primary and secondary sources of income is a prevalent trend in society these days.

Passive sources of income are slowly growing in relevance because the ways to earn a living through such a source of income are becoming more viable for society as a whole.

So, What Classifies a Passive Source of Income?

Passive income is a revenue stream that requires barely any daily effort to maintain, unlike an active income, like a salary earned from working at a regular job.

You can definitely create a passive income stream through investing in certain financial products or by starting businesses that post an initial investment, eventually starting to generate income without regular work. The relevant taxes you will pay on passive income may definitely vary depending on the source of the money.

Passive income sources are beneficial for people with jobs from home

Does this mean that individuals can only have a passive income source as an alternative to their job? Definitely not! Even stay-at-home moms with no income stream or single moms who have multiple part-time jobs can have a passive income stream as long as they invest their money in the many sources of passive revenue streams that exist in the world today, especially with the boom in digital platforms.

Is Cryptocurrency a Possible Source of Passive Income?

It is definitely possible to earn passive income with crypto; however, returns will depend on the method chosen and the possible amount of crypto you have to start. Those that hold large amounts of crypto have several avenues to potentially generate yield with cryptocurrency.

• Proof-of-stake: This is a consensus method used in blockchain technology that serves as an alternative precisely to Bitcoin’s proof-of-work. These PoS networks agree on what transactions are valid through a specific process that involves nodes locking up or “staking” large amounts of tokens for a period of time.
• Dividend-earning tokens: These tokenized stocks are cryptocurrencies that are backed by shares of equity in a company. At times, these tokens offer several dividend payouts in the same manner that shareholders receive dividends. These specific dividends are usually paid on a quarterly basis.

• Yield Farming: This term “yield farming” specifically became popular in 2020 and 2021, with the rise of decentralized exchanges that rely on smart contracts and liquidity provided by investors.

• Affiliate programs: These programs exist for many different business models, one of them being cryptocurrency-related products and services. Some offer affiliate programs—for example, at the time of publishing, Coinbase offered a small Bitcoin incentive to those who got a new user to sign up for an account specifically through their affiliate link.

At Passive Amounts, we are responsible for educating you about this whole new range of opportunities available for you to earn a passive source of income, exploring these opportunities in cryptocurrency being the primary among them. So, contact us now to register with us and avail of the numerous materials available for you, along with opportunities to attend webinars on similar topics.