Earning passive income with crypto (Part 2) - Earning passive income on Hive

avatar

image.png

Source

In my last post, I talked about the concept of passive income, a few ways of earning passive income in the "traditional economy" and I also did a quick overview on how crypto can help people to earn passive income, which was actually the central point of the article.

I want to expand this concept a little further and talk about the many opportunities that Hive offers for people looking to create multiple streams of passive income with crypto.

Passive income on HIVE

Before moving on, keep in mind that this list is by no means exhaustive as there is a lot of development constantly going on Hive and new projects are released all the time. These are only a few options that I find particularly good and worth mentioning but it doesn't mean they are the only ones or even the best ones available.

Hive is a huge ecosystem so take the time to explore the many possibilities it offers.

With that being said, I do hope this shortlist servers its purpose as a starting point for those looking to create or add to their current passive income streams.

Staking HP

You can convert your liquid Hive tokens into Hive Power by staking them through a process called "Powering Up". Having Hive Power not only grants you more influence and allows you to do more actions on the blockchain but it also increases gradually over time. Currently the APR on Hive Power is around 3.20% which may not sound like much but it is as passive as it can be.

All you have to do is stake your Hive and let it sit there while you watch it grow. Add this to the other benefits of having staked Hive and you'll see that it's a nice way to earn passive income on the blockchain.

Having HBD on Hive Savings

In case you don't know, Hive Backed Dollar (HBD) is a token that was created with the purpose of being the blockchain's stable coin. Historically, it never really achieved that goal but some recent improvements to the stabilizer seemed to have helped it a lot. But this is a story for another day.

For now, all you need to know is that you can transfer your HBD to your Hive Savings. By doing so, you're locking it in, meaning that should you want to withdraw your HBD from Hive Savings, you'll need to wait a 3 day period for the transaction to process. Locking your HBD in Savings has a nice benefit, though, as it will also increase over time. Currently, the witnesses of Hive have decided on a 10% APR, which is much better than what most banks out there will offer you.

It's also important to notice that this rate used to be lower, and has been increasing recently. Some people believe we could see it go to 12% soon and maybe even 15% in the future. I believe that it's already a great investment at 10% so I'm making sure to lock some HBD in savings to earn passive income out of it as well.

Delegating stake

This is another cool thing that you can do with your staked tokens. Not only with your staked Hive but with many other tokens too.

There are different projects and initiatives that will pay dividends to people who delegate their stake. This is especially great if you have some tokens of tribes that you don't actively curate in as you don't have to do any extra work and you still get paid, which is much better than just letting those tokens sit around gathering digital dust.

image.png

Source

One of my favorite examples of this is @amr008's engagement projects, where you can delegate different Hive Engine tokens and earn weekly dividends according to how much stake you delegate. Here is the project's most recent report where you can check the participating tokens, the current APR on each one, and instructions on how to take part in the project should you wish to do so.

HODLing tokens

There are a few tokens on Hive Engine that will pay you dividends just for holding them. That's right, you don't have to do anything at all. You just buy them (or earn them somehow), let them sit in your wallet and watch the money come in every week or whenever it pays investors.

You can actually in more than one was with these because not only they will earn you passive income but, if they prove to be good projects in the long term, the tokens themselves will increase in value so, should you decided to sell them one day, you can also make a profit there.

A few notable examples in this category are UTOPIS, INDEX, BRO and LBI, but there are many others out there.

Content creation and curation

Ok, these are not exactly passive because they do involve active work either writing meaningful articles on the many communities of Hive or upvoting quality content in them.

Make no mistake, writing quality content and manually curating does require commitment and consistency, and the only reason why I decided to include them here is that many people who are a part of Hive were already used to do these things on centralized networks, meaning they were already doing the work but not getting anything out of it. If you look at things that way, those people really don't have to do any more work than what they were already used to but here they actually are rewarded for that and, in that sense, I believe one could make a case that content creation and curation on Hive can be considered passive income.

Gaming

Much like the last category, gaming isn't really a passive thing so it does take some work. But, once again, many of us already play games for free and in many cases, we even pay real money to play so earning cryptocurrency to do something you already do anyway is textbook passive income in my opinion.

Plus, there are some games on Hive such as Rising Star that require very little attention to the point they can be considered yet another stream of passive income.

Final Toughts

As you can see, there is a variety of ways to create passive income streams right here on Hive and the best thing is that you don't need a whole lot to get started. Choose one, some or all of them to commit to and just sit back while you watch the money coming in. Sure, it won't be a whole lot when you first start but you'll be amazed at how things add up over time.

image.png

Source

Posted Using LeoFinance Beta



0
0
0.000
6 comments
avatar

I appreciate you sharing the info about putting dollars into "savings" to earn a return. I have yet to do this. I usually sell off my "dollars" for bitcoin instead, but I appreciate the option. I also use dlease, which I didn't see mentioned in your post. dlease.io allows you to lease out your HP or SteemPower. I've been using them for over 6 months now, earning on average a 13% return. It has daily payouts and I have enjoyed the additional Hive coming into my account :)

Good job on your post.


Posted via proofofbrain.io

0
0
0.000
avatar

Thanks for adding that! I'm planning on doing a Part 3 soon where I'll talk about dLease and the recently released LeoFi but I guess I could have mentioned it on this post as well.

I'm glad you liked the post and thanks for stopping by!

Posted Using LeoFinance Beta

0
0
0.000
avatar

Hive has lots of potential for passive income. I know a lot of people use auto-votes so their stake an work for them with little effort. I prefer manual voting, but I have some automated votes too. My best earner is the current Splinterlands SPS airdrop. I have invested a lot of time and some funds to build up my stake there, but was not expecting some good income from it. It is important to diversify so you are not relying on just one thing. I am not living off this income for now, but maybe some day I could.

!PIZZA

0
0
0.000
avatar

@tfranzini! I sent you a slice of $PIZZA on behalf of @steevc.

Did you know you can earn $PIZZA daily by delegating HivePower to Hive.Pizza? (7/10)

0
0
0.000
avatar

That's true. There are many possibilities around here!

I also prefer manual voting, even though it does require some time and effort.

I was a little late to Splinterlands so I'm not earning a lot from it but I believe it's still going to be even bigger so I'm not too worried!

Posted Using LeoFinance Beta

0
0
0.000