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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 Africa’s Xago Deploys RippleNet in its Gateway to Boost Financial Inclusion

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Xago, a money transfer startup that aims to increase financial inclusion in Sub-Saharan Africa, has announced the integration of RippleNet to its gateway.

The Xago Gateway

The South Africa-based fintech company has deployed RippleNet to its gateway to enable local and international fiat currency and digital asset transfer. RippleNet is a blockchain-based global payments network that is made up of payment providers, banks, and financial institutions launched by San Francisco-based Ripple.

According to Xago, the users of its payments platform will be able to access the transfer and exchange of digital assets via the XRP ledger. Additionally, the integration of RippleNet to the Xago gateway will enable customers to exchange the South African Rand for XRP.

“Xago uses the XRP Ledger as a distributed exchange where users can exchange XRP for ZAR,” said Xago.

The Xago gateway provides an entry point to the Ripple Network where customers can enjoy low-cost cross-border payments, instant payments, frictionless transfers, and transparent transactions.

Xago’s gateway is built for businesses while Ripple’s payments network is an enterprise blockchain solution. The Xago gateway acts as a connection between market makers and customers.

How it Works

XagoTo register to use the gateway, both businesses and individuals will need to undergo a KYC process. Xago also uses a third-party service provider to ensure that the platform is compliant with the Financial Intelligence Centre Act regulations.

Xago acts as both an issuing gateway and a private exchange with the gateway offering “a way for money and other forms of value to move in and out of the XRP ledger.”

Xago’s withdrawal fees are fixed at ZAR 8.50 while transaction fees vary with market prices. All fees are quoted for customers once an order is placed.

Boosting Financial Inclusion to the Unbanked

Xago said it picked RippleNet for its gateway because the network offers low-cost, secure, transparent, and instant payments to the unbanked, according to a report by TodaysGazette. The move could boost Xago’s goal of increasing access to financial services through technologies such as mobile phones to the unbanked.

According to data from the World Bank, 66 percent of the Sub-Saharan African population does not have access to financial services. However, mobile money is driving financial inclusion in the region with the number of adults holding mobile money accounts doubling to 21 percent. That could mean that mobile phones could be the key to driving financial inclusion in Sub-Saharan Africa.

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Commit Good Launches Charity Project in Botswana With $GOOD Cryptocurrency

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Commit Good, a blockchain-based charitable organisation, has launched its first proof-of-concept project with the Rentse Foundation Trust. The reward-based, charitable platform will help the foundation to build homes in Otse, Botswana using the startup’s digital currency, $GOOD.

The $GOOD Currency

Commit Good’s Currency of Good campaign allows users to grant funds in $GOOD tokens to any charity anywhere in the world. Charities post current projects on the website where users can then vote on the most impactful projects. These users are rewarded with GOOD tokens.

The recently announced project to build homes in Otse, Botswana will be one of the first of the Currency of Good campaign, which will award a $10,000 grant each month to the charitable organisation that receives the most votes from Commit Good users.

The Rentse Foundation Trust, a non-profit organisation committed to providing homes to the elderly and individuals in underdeveloped areas of Botswana, was given a grant of 58,824 $GOOD – the equivalent of $10,000 – from the Currency of Good campaign funded by the Financial Trading Group (FTG).

“The collaboration with Commit Good and FTG are opening new doors for our project. By using $GOOD as a new source of funding, we are developing low-cost homes to shelter the most poverty-stricken families in Botswana,” said Rentse Ugokwe, founder and CEO of the Rentse Foundation Trust.

The foundation will use a third of its received $GOOD to build one of 50 desired homes in a remote village of Botswana. IMATU Enterprises, a construction company, will accept $GOOD as payment, making it one of the first housing projects in the world to be funding with cryptocurrency.

Commit Good Blockchain Fundraising Platform

Commit GoodCommit Good is a reward-based, fundraising platform dedicated to creating a global charitable economy on the blockchain through the integration of marketplace features and fundraising.

The startup believes using the blockchain could bring transparency to the philanthropy industry. The organisation also helps charities locate other resources like in-kind donations and volunteers. The Commit Good organisation verifies all charities and needs before they are posted on the platform.

Launched in the second quarter of 2018, the “Currency of Good” campaign allows charitable organisations to post projects that are currently underway on the Commit Good Platform. These organisations can then make a request for funding or items that are needed to complete their projects.

There are some large charities on the platform like Habitat for Humanity, Catholic Charities, Ronald McDonald House, and Feed the Children but the organisation wants to focus on smaller charities that have limited access to funding.

Clay Braswell, the CEO of Commit Good, told TechBullion in an interview that he believes the charitable space could be one of the early success stories that will enable mainstream user adoption of the blockchain.

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BitMinutes to Reduce Cost of Money Transfer With Blockchain in Nigeria

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US-based blockchain company, BitMinutes Inc., has launched a blockchain token and an agent network in Nigeria to lower the cost of transferring money and to ease access to micro-loans.

BitMinutes Enters the Nigerian Market

In January, BitMinutes announced a partnership with BODC Trading & Investment Company in a bid to enter the Nigerian market.

BitMinutes would be offering people in the country the ability to purchase goods and services with BMTs, send them to friends and family, and convert unused mobile phone minutes into BMT which could then be turned into Naira for deposit into a bank account. Moreover, in the future, Nigerians will also receive access to micro-loans backed by BitMinutes tokens.

After just two months in the country, the CEO of BitMinutes, Tom Meredith, says adoption has been on the up, according to a report by Business Post.

“We’re ecstatic that Nigeria’s citizens have embraced the BitMinutes Nigeria program. They recognise that the economic incentives, including five percent cash back on purchases of BitMinutes and 12 percent annualised return on those BitMinutes that remain in their account, are very compelling propositions,” Mr Meredith said.

Nigeria will serve as a trial point for BitMinutes before the company expands the business model across other countries on the continent.

The BitMinutes Token

BitMinutes LogoBitMinutes token (BMT) is a prepaid airtime minute on the blockchain. The prepaid minute is a real asset that can be traded and, according to the company, is already traded informally by mobile phone owners around the world.

This token is a cryptocurrency that facilitates free peer-to-peer cash transactions to users’ bank accounts and provides the ability to extend micro-credit and nano-credit to individuals and businesses that have limited access to capital and the traditional financial system.

The blockchain enables the tracking of token ownership and transactional records to build a credit score of users. And the inter-changeability between prepaid minutes and cash makes it possible to collateralise peer-to-peer loans.

BitMinutes’ Business Model

BitMinutesBitMinutes deploys a Trusted Agent Network (TAN) model to provide a physical presence for the network. The BitMinutes Nigeria team will drive the effort to identify and manage TAN Agents, which would be mostly small businesses.

These agents sell BMTs that can be converted to phone minutes on different local carriers and also help users to convert unused cell phone minutes into BMTs, which could be used for payments of goods and services at TAN retailers. TAN agents would also facilitate the process of giving microloans to users. The TAN program already has over 100 agents.

“We have been very pleased with the interest of Nigerians, both in becoming trusted agents and BitMinutes account holders,”

said Ravi Narain, the Director of the BitMinutes Nigeria program.

With only 40 per cent of Nigerian adults having a bank account, blockchain use cases like BitMinutes could play a pivotal role in the financial inclusion programs of the Nigerian government.

Nigerians are already one of the top adopters of bitcoin on the continent, using the cryptocurrency primarily for investment and remittance purposes. According to a recent Luno survey, which sampled over 1,000 Nigerians, 70 percent buy cryptocurrency as a form of investment while only 30 percent use digital currencies for payment and remittance.

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