Here are some new ways to make cool cash through passive income

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Well what did think, that there will be another way of making cool cash aside crypto? No man. The only possible way to make cool cash is only through crypto and if you have another way, I’m open to ideas too.

And to make cool cash on crypto is through passive income. Heard of it? Well here is what passive income is all about.

So first of what is passive income?
For a simple definition, it’s an income that you earn on a regular basis without actually the need to put a specific or significant amount into anything to get it or create it, Crazy Right? because the only way for this to happen is when you invest into something and it generates an income.

So you might wonder what are the ways for this to happen, let’s take a look at some.

First of all, let’s take a look at Mining:
Some of us already know what mining is but for benefit of doubt, let’s explain what mining is. Mining crypto is how transactions that are verified are added to the blockchain network by the help of computer codes and this process usually involves wide network of computers that usually act as virtual ledgers. Due to the high computing power, the miners on the network receive new coins as a reward.

We also have Yield farming:
Well yield farming is the process of putting crypto assets to work in a liquidity pools and at the end generate income in returns and one thing to understand is it’s not really a simple task because the process are very complex and difficult that if you have an idea on how it works you might lose your assets or money.

You could also have what they crypto savings account:
The savings account allows you to generate interests depending on the amount of crypto deposited and these accounts are usually provided by the company that will be paying you the interests as long as your crypto is being held on their platforms.
Like I will say, there’s no investment without risk and the risk for this is you will have to give up your control on your crypto to the person providing the account.

Lastly one of the common ways staking:
Staking involves you locking a certain portion of your funds to help main a particular network and these networks can be the Proof of Stake blockchains like Ethereum. And in return for helping the blockchain to maintain network, you staking will receive rewards that will come in as interests. The interest rates are usually between 0.05% and 100% a year.

But there’s one thing to also know which is, higher interest, higher the risk. So before staking, it’s important to know the advantage and disadvantage. And also when staking Ethereum, it’s important to know that your funds will lock up for a long period of time, can you wait?

As a newbie still interested in staking, the best method is to use an exchange or a wallet and you should know that the exchange will take control of your funds and their fee for staking changes.

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