Cryptocurrency is not an alien concept anymore. Since the value of bitcoin increased dramatically, there have been rapid increases in different fungible tokens, such as Ethereum, Dogecoin, Litecoin, etc. Since this form of currency is tech-driven completely, there has been a continuous upgradation, crypto education is a must to comprehend how it can be leveraged for monetary gains. The latest among its features and functionalities is using these token currencies in mobile-based applications to earn passive income by completing certain tasks and activities.
A variety of tasks can be performed within any crypto app to earn rewards, including taking a survey, completing the offers, reaching certain milestones in games, participating in referral programs, etc. Once awarded with a bitcoin or other altcoins, their native tokens will be used within the apps, and other digital currencies can be converted into fiat currencies later on. Similarly, choosing a crypto platform that offers maximum ROI is another great way of earning passive income through these apps.
Let’s check the following pointers about the ways these apps are proving to be game changers in the domain of crypto earning:
- Cryptocurrency exchange platforms pay their users interest in return for storing cryptocurrencies, and these platforms are willingly paying users to convince them to hold their currencies. With this, they can participate in various lending and borrowing activities.
- Delegating your crypto to a validator is another common method of making money with these apps because once you hand over the tokens to a validator, who will then stake those cryptos on your behalf so that you remain at peace mentally and keep on gaining some percentage of interest on the transactions of these cryptocurrencies.
- The decentralized finance platform is another crypto investing platform where users can profit by investing some coins and tokens with other pools of users. This is done by connecting their wallets with other users, and this is used by third-party borrowers who pay interest on the lending amount. The app’s facilitator takes up some of this interest, and the rest goes to the investors.
- Crypto mining is the primitive form of making money using cryptocurrencies following the proof of work algorithm. As we know, blockchain is the fundamental cryptography unit, and creating them requires parallel computers performing highly complex computations. Miners who can do this quickly can verify the next block and be rewarded with that. There are several professional miners worldwide, and it is difficult to compete against them, but if someone can make it up, they can win blocks worth a million dollars.
- Some popular crypto-earning games, such as Axie infinity and Decentraland, reward users with cryptocurrencies. In some countries, people have relied on such fun games to make their daily wages since the advent of the recent pandemic. These gaming platforms are secure and reliable because of blockchain technology, which ensures no central point of failure.
- Staking your cryptocurrencies is another popular way of earning passive income, and in this method, you do nothing but hold the cryptocurrency in the digital wallet for some time. Then make the interest on that just like the bank interest. You can do this alone or delegate your currency to someone else and earn rewards on their staking income.
Earning passively through cryptocurrency can be fun and exciting as it is a great opportunity to diversify your investment portfolio. But there is always some risk or threat looming over any investment platform, whether online or offline. So it is always better to do your research and analysis before investing.
