101 TUTORIAL: 3 EASY WAYS TO MAKE PASSIVE INCOME WITH CRYPTO PART 1
What’s up everyone!
I did a video on my top 3 passive income sources with crypto and I wanted to do a breakdown of each one so you can get a better understanding of each one.
CRYPTOCURRENCY? WHAT IS GOING ON?
For most people, the world of crypto is still a mysterious place. Can you imagine back in the late 1700s, when the US introduced the Mint Act, what it must have been like for people to exchange their foreign coins and establish the dollar as the principal currency?
There were a lot of skeptics then. How can they just create a system and start distributing this money? What is the value of my services and products? It must have been an incredibly confusing time. And sometimes our system can still be confusing. But for the most part, using our money is second nature.
But now we’ve been introduced to the digital age. Take a moment and think about where your money is. It’s probably in a bank, represented digitally by numbers that you see when you utilize a bank app, an ATM, or your online banking portal. As far as you know, it’s there….somewhere Right?
CRYPTOCURRENCY IS HERE TO STAY!
I won’t get too much into what or why crypto is, as I’m sure you’re going to do your research, or you already understand it, or at the very least you’re open to it. I personally love crypto, what it represents, what and how it can be used, how fast it can transfer and what the future holds for the industry of global payments. Let’s get into it!
PASSIVE INCOME WITH CRYPTO!
Passive income sounds fairly obvious and straight forward, and we all want it, but the opportunities are slim for most, if even available at all. Crypto has given us access to global marketplaces, unlike anything else, and that means there are opportunities everywhere.
One of my favorite ways to utilize crypto is simply finding passive income opportunities. So not justing using to crypto to trade or buy or sell things, but also building interest and essentially doing near nothing to make more money. The best part? You don’t need to know anything about crypto or have any prior experience. Here are my top 3 ways to get your share in the easiest way possible! Enjoy!
1 | CONSTANT
One of the most exciting things in crypto right now is P2P lending and it’s ripe with opportunities. It’s exactly as it sounds. P2P lending, or Peer-to-Peer lending, is the practice of lending money to individuals or businesses through online services that match lenders with borrowers.
Constant is one of the easiest, if not the easiest, P2P lending platform I’ve ever used. First off, you don’t have to know anything about crypto. And what’s even better, you don’t even have to have crypto. That’s right, this platform is that easy. It does all the hardwork for you. Constant does all of the crypto converting and so forth for you so it’s completely hands off. Optionally you can transfer your current crypto to the platform as well if you’re already in the game.
Currently, Constant allows you to lend out money through a lending pool. This means you don’t have to wait for your loan to match a borrower. There’s a constant stream lenders and your offering gets loaned out instantly and of course you begin earning interest immediately, not when the loan term is over.
Sounds amazing so far right? It get’s better. You can currently loan out virtually any amount, and you get anywhere between 6% and 7% APR. That’s far more than any current savings account can give you, by a long shot. And as I mentioned, you start accruing almost immediately. Keep in mind there’s a $50 minimum to start but luckily that should be accessible for most.
WOAH THAT IS EASY, NOW WHAT?
Well now you just kick back and wait for your loans to complete. You’ll have your principal and your interest. You can easily go into your next lending opportunity or simply cash out. I personally stagger it. There’s a feature that allows you to immediately re-lend. This helps you get some nice compounding action going. You’re continually putting your money to work into the system. And there’s nothing more you need to do. That’s passive if I’ve ever seen it. When I first opened my account, I couldn’t believe how easy it was to start. That’s why I love it!
Constant also has a nice app so you can track your loans. Make sure you download that when you’re signing up. You’ll also receive email alerts when your loans are completed as well as weekly progress reports. You can sign up here. You’ll need to verify your identity like you would need to do when opening any kind of financial account.
As a best practice measure, make sure you enable 2 Factor Authentication because it’s always important to take advantage of any security features at your finger tips. Let me know how you like Constant and let me know if you have any questions! Enjoy! Click here for part 2!
NOTE: Keep in mind, like any investment out there, there are always risks involved and nothing is guaranteed. That’s why it’s always crucial to do your research, and make an informed decision. It’s your money, protect it!