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5 Ways to Earn Passive Income with Cryptocurrencies

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Earn Passive Income with Cryptocurrencies

Generating passive income is an excellent way to supplement your monthly earnings. Fortunately, for digital currency users, there are several ways through which you can generate passive income with cryptocurrencies.

In this article, you will discover five ways to earn passive income in the blockchain economy that you may not be aware of.

Bitcoin Savings Accounts

Rather than purely “hodling” your bitcoins in your wallet, you could transfer them to a savings account, such as Bsave, to receive interest on your coins.

BSAVEBsave is a savings platform that is suitable for both long-term and short-term savers. An account with Bsave provides you with daily interest payments and the ability to withdraw funds at any time. The interest payments depend on the amount you deposited in your account and the length of your deposit. The way that Bsave is able to pay its users interest on their bitcoin holdings is by engaging in margin lending on the Bitfinex trading platform on behalf of its users.

Getting started with Bsave is as easy as signing up and transferring bitcoins to your Bsave account. Once you have completed these steps, you will start receiving your interest payments immediately. Magnr is another popular bitcoin savings platform you can look into if you are interested in earning interest on your coins.

The risk with bitcoin savings account lies in the fact that you are depositing your coins with a third party. Should the company providing the savings account falter, your funds would likely be lost. Hence, earning interest on your coins is not without risk.

Peer-to-Peer Loans with Bitbond

Bitbond is a bitcoin peer-to-peer lending platform that allows investors to invest in small business loans that generate an average annual return of 13 percent according to the company’s website.

BitbondTo earn passive income using Bitbond, you simply sign up to the platform, deposit bitcoin in your designated wallet and then browse through the available loans to find suitable investments. The listed loans have different risk classifications and you are able to look at details of each loan proposal to aid in your investment decision.

To reduce the risk of investing in peer-to-peer loans, it is wise to invest in several loans to build a diversified portfolio. Once, you have built your portfolio, you can start receiving passive income in the form of high-interest payments.

Having said that, there is the risk that some loans may default, which is why diversification is key when opting for this form of passive income.

Here, you can find a full guide on how to invest in peer-to-peer loans at Bitbond.

Staking PIVX

Staking PIVXProof-of-Stake (PoS) cryptocurrencies provide an excellent means of generating passive income in the cryptocurrency space. Proof-of-Stake coins allow users to receive new coins for “staking” their coins in the digital currency’s official wallet to secure the network. Proof-of-stake is a consensus mechanism that, unlike Proof-of-Work, does not require high computing power.

Private Instant Verified Transactions (PIVX) is a privacy-centric community-focused cryptocurrency project that has gained in popularity in 2017. PIVX allows you to carry out private, fast, and secure transactions and gives its users the opportunity to earn passive income through staking their PIVX coins.

Here, you can find a guide on how to stake PIVX.

Earn GAS by holding NEO

NEO

NEO is a blockchain platform that allows for the creation of smart contracts. Often referred to as the “Chinese Ethreum”, NEO has managed to establish itself as one of the most promising blockchain projects in the market today.

Fortunately for NEO investors, it also provides the opportunity to earn passive income as NEO holders receive “free” Gas tokens for helping to run the network. To receive Gas, NEO holders need to have their cryptocurrency in an official NEO wallet. Some exchanges, such as Binance, also credit Gas to NEO holders.

You can find out how much gas you will earn for your NEO holdings here.

Cryptocurrency Cloud Mining

Genesis MiningFinally, probably the most popular way to earn passive income with cryptocurrencies is through so-called cloud mining. Cloud mining refers to the process of mining cryptocurrencies with the use of a remote data centre that shares its processing power with customers who purchase cryptocurrency cloud mining contracts.

Therefore, cloud mining enables individuals to a steady passive income in cryptocurrency without the hassle of having to buy and maintain mining hardware. The most established cryptocurrency could mining services provider is Germany-based Genesis Mining.

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South Africans Can Now Buy Ether (ETH) Using Rand on Luno

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Global cryptocurrency exchange Luno has now enabled crypto traders in South Africa to buy ether using rand on its platform.

Trading on Luno

LunoLuno offers users an easy and safe place to buy bitcoin and ether and to learn about cryptocurrencies. The exchange has more than 2.7 million customers across 40 countries.

Luno also has a dedicated Ethereum series on its learning platform to help users make informed investment decisions.

Commenting on the new launch, Luno’s General Manager in Africa, Marius Reitz, said: “The direct Ethereum/Rand pair will make it quicker, simpler, and cheaper for customers to interact with and use Ethereum on the exchange. We are working on a number of enhancements to our platform and this pairing has been introduced in response to demand from our customers. Previously, customers could buy Ethereum through our instant buy option but having this ability directly on the exchange makes it faster and cheaper for traders.”

According to Reitz, Luno makes sure that every coin listed in its exchange has undergone due diligence. “There are over 2000 cryptocurrencies. However, many of these are scams, so customers need to trust that the exchange they use has verified the track records of cryptocurrencies available on their platforms. Luno limits the currencies on offer to those on which we have completed extensive research and due diligence and we are satisfied with their credibility in terms of security and adoption. Luno will be adding additional cryptocurrencies to its platform later this year,” he explained.

Luno Report

A recent report from Luno showed that South Africa and other emerging markets would like to see a change in the current financial system.

“Individuals in these markets cannot afford to, and should no longer need to, pay high exchange rates, accept national currency devaluation or lose out when they simply transfer money. Access to a more inclusive financial system will enable people everywhere to think of new and better ways of exchanging value and technology allows this,” Reitz elaborated.

Luno plans to upgrade its platform, expand its team, and open new offices in expectation of the next surge in the value of cryptoassets.

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Emerging Markets More Likely to Adopt Cryptocurrencies from Global Brands, Luno Study Says

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A new study by digital asset exchange Luno indicates that emerging markets are more likely to adopt cryptocurrencies from global brands. This finding was collected from a survey called the ‘Future of Money’ carried out between May 17, 2019, and June 7, 2019. The survey interviewed over 7000 respondents from Nigeria, South Africa, the United Kingdom, France, Indonesia, Italy, and Malaysia.

Emerging Markets, the Future of Money and Libra

According to the ‘Future of Money’ survey, the early adopters of cryptocurrencies are likely to come from emerging markets. The findings, therefore, show a close connection between emerging markets and the future of money confirming the view that those with “less appear to take greater financial risks.”

For instance, more respondents from Nigeria and South Africa than in the UK said a single global currency would make the current financial system better.

African man with smartphoneThese results come at a time when Facebook recently announced that it will introduce Libra, a new digital currency in 2020. The aim of Libra is to help people make financial transactions online, especially in emerging markets where banks are not servicing the population as well as they should be.

Luno’s CEO Marcus Swanepoel said: “As some of the world’s largest tech giants announce they are launching cryptocurrency coins, we believe developing markets will be the lead adopters. Our research shows that in these markets people are more financially savvy because they have to be, which means that they need and understand the benefits the new coins can offer.”

To further show why the future of money could have a greater impact on emerging markets, data from the survey indicated that 33 percent of people in Indonesia are more likely to remain within a set budget compared to 0 percent in the UK.

Additionally, the number of people that establish a monthly budget is 80 percent in Malaysia, 65 percent in Nigeria, 73 percent in South Africa, 74 percent in Indonesia, and 54 percent in the UK. Asked why money is crucial to them, the respondents said it was to secure their families’ well-being (60 percent) and to pay for education.  This answer was given by 25 percent of the respondents from Nigeria compared to 8 percent in the UK.

Luno is a global cryptocurrency company headquartered in London and with offices in South Africa.

Grassroots Adoption

Crypto adoption will probably take place at the grassroots level than at the institutional level, Swanepoel observed. He based this argument on the findings that most people from emerging markets will probably seek financial advice from family, friends, and colleagues than from government organisations.

“It is very clear that if money is not simply a ‘nice to have’ and is vital for your future, then you spend more time understanding it, managing it, preserving it and to an extent being creative with how you maximise the use of it. Therefore, if a cryptocurrency can provide a secure and cheaper means of exchanging value better than the existing system, it will be used. This is why we believe that as new cryptocurrencies linked to global brands are introduced, they will find an important audience in emerging markets,” Swanepoel added.

Luno’s study paints a clear picture of what the future of money could look like. However, certain factors such as Internet connectivity could inhibit the fast adoption of crypto in developing markets.

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PIVX Announces Launch of PIVX Foundation at UN’s Blockchain for Impact Summit

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PIVX Foundation

PIVX announced the official launch of the PIVX Foundation at the UN’s second Blockchain for Impact Summit held in New York on June 4, 2019. The summit, which focuses on how blockchain technology can be used to drive the achievement of sustainable development goals, was led by the United Nations’ Blockchain Sustainability Commission.

The PIVX Foundation

Bryan Doreian, the PIVX Global Ambassador and Co-Founder of the PIVX Foundation, made the announcement to his fellow delegates during the summit.

“The launch of the PIVX Foundation, an independent non-profit focused on supporting PIVX and the larger blockchain ecosystem, provides a massive opportunity for PIVX to grow. Donors can now leverage charitable contributions (charitable contributions can offset taxes they might otherwise be paying) – AND help support the PIVX ecosystem at the same time. This is a major win for community members who may have been donating to fund projects through PIVX in the past without a charity tax receipt,” he said.

The PIVX Foundation is a registered charity, an extension of the PIVX community, and a component of the SDG Impact Fund, a donor-advised fund in support of UN’s SDGs. The Foundation’s mission is to leverage innovation to create impact.

best PIVX walletsPIVX is a community-focused cryptocurrency that operates as a decentralised autonomous organisation (DAO), which means that it is run by the people, for the people. The PIVX Foundation will be run in the same way.

The community makes monthly donations when the treasury budget is not enough to cover a project’s needs. Donors will now start receiving tax benefits for the money they contribute.

According to a published statement from the PIVX Foundation, a generous community is presently funding the Foundation and its governance is under the PIVX community. “In order to receive the budget to fund impact development programs, grant applications will need to run through the PIVX Proposal system and be voted on by the community to ensure the SDGs maintain top priority for all funded initiatives,” the statement explained.

The PIVX Foundation is run using the PIVX currency, PIV. This means that donors contribute in PIV to help fund projects.  As the first cryptocurrency-driven foundation within the SDG Impact Fund, PIVX has a place at the UN as a top impact technology.

The First Project

The PIVX Foundation will fund the first project in collaboration with Vendible and the SDG Impact Fund. Doreian will be leading this project with the aim of developing a payments processor with zero-fees on transactions, hence eliminating the three to seven percent processing costs associated with traditional online charitable platforms.

“Since the PIVX Foundation is a sub-component of the SDG Impact Fund, it is already taking part in leveraging its resources and insights to help build out some novel charitable donation platforms including the payment rails for the SDG Impact Fund and all affiliated charities to accept crypto donations. All of this will be of incredible use for the philanthropic realms, as well as more tangibly align blockchain with charity, putting PIVX in the central focus,” Doreian elaborated.

The announcement of the PIVX Foundation launch comes after the project introduced an iOS wallet app, an important step to increasing the adoption of the PIVX currency.

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