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Who doesn’t like the idea of making money while you sleep? That’s exactly what passive income allows you to do. No wonder they are seen as the Holy Grail when it comes to investing. In spite of this, it’s becoming difficult to find a medium that allows you to generate this famous passive income. Have you thought about cryptocurrency? Whether you’re crypto-friendly or not, you should know that crypto now allows you to generate passive income.
Looking for Passive Income…
Passive income is becoming less and less easy to find. Yet for a long time, you didn’t have to look far to get it. All you had to do was open a savings account at your bank. In general, these savings accounts were remunerated in the form of interest. In concrete terms, each year you received interest, the amount of which depended on the rate.
However, due to the lack of inflation in particular, interest rates are falling more and more each year. Of course, this is a good thing for those who want to take out a mortgage or a personal loan. A low interest rate means less interest to pay back.
However, those who used to save their money in the bank do not see it that way. With interest rates close to zero, it is clear that your money in the bank no longer earns you anything. Most savings accounts now have rates below 0.5%. Worse still, in more and more countries, banks are now introducing negative rates. In concrete terms, you have to pay the banks to leave your money with them! In this context, it is necessary to look elsewhere to find a source of passive income. Indeed, banks are no longer able to meet this need.
In fact, the cryptocurrency ecosystem is becoming more and more structured in order to create passive income sources.
Passive Income with Cryptocurrency
Cryptocurrency is known and appreciated for its volatility. With large variations in its prices following the law of the market, crypto can generate high gains. Also, the crypto ecosystem is developing to offer new products. The future of the crypto industry lies in the diversification of what it offers. Indeed, trading alone is not enough to ensure the sustainability of crypto.
To reach more and more people, the crypto industry must be able to offer products that meet the needs of users. That’s why many have been waiting for the availability of passive income generating crypto solutions. This is now a reality!
Indeed, it is possible to save your crypto with remunerated interest. Exactly like a classic savings account, you receive interest. The big difference is in the rates offered. In this area, crypto does much better than traditional banks. The boom in cryptocurrencies allows the sector to offer much higher rates.
The advantage of this type of medium is that it allows you to store your crypto safely while making it work. So every month, through the game of interest, you earn extra crypto. This allows you to earn additional income and gives you more room for your trading activities.
Discover BlockFi’s paid crypto account
BlockFi is a platform that offers different types of products. BlockFi allows you to buy cryptos, trade them and even borrow them!
Most importantly, BlockFi offers a crypto savings product that pays up to 8.6%! The BlockFi Interest Account (BIA) allows you to deposit cryptos including coins and stablecoins. Thus, you can deposit Bitcoin, Ethereum, Tether, Litecoin, PAX Gold, USD Coin (USDC) or Gemini Dollar (GUSD) on the BIA.
Then, each month, you receive interest that is paid directly to you in crypto. The rate depends on the amount deposited and the length of time you have chosen to be locked in for. In addition, you should know that BlockFi is currently offering a bonus which depends on the amount you deposit. This bonus can go up to USD 250 for deposits of USD 20,000 or above. It is paid directly into your account in BTC.
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