How You Can Passively Make $800 or More A Year With Cryptocurrencies

Passively Make $800 or More By Investing With BlockFi

randerson112358
Level Up Coding

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Disclaimer: I am no financial expert and the material in this article is not financial advice. Be sure to do your due diligence before making any investment decisions.

This article will be a little different from my normal articles. In this article, I want to show how anyone (18 years or older) can passively make $800 or more per year in their sleep. This is no trick, just simple mathematics. Yes, it is possible to do this while you sleep with Crypto!

Before we begin, if you enjoy my articles and content and would like more content on programming, stocks, investments, finance, machine learning, etc., then please give this article a few claps, it definitely helps out and I truly appreciate it! So let’s begin!

So, how can one make $800 passively a year and what’s the secret? There is no secret. Let me introduce you to BlockFi Lending LLC. BlockFi is a crypto currency management platform that lets you make interest on your crypto. Just how much interest depends on the type of crypto that you have invested. With a BlockFi Interest Account (BIA), you can get up to 8.60% APY on your cryptocurrency (depending on which crypto is stored and the amount). This interest accrues daily and is paid monthly. You don’t need a minimum balance to get started and there are no hidden fees.

Image Source: https://blockfi.com/rates/

Note: BlockFi rates can and have changed before. Be sure to check the website for the current rates.

Okay, so you can earn interest in your crypto that in itself is great, but cryptocurrency values fluctuate, they go up and down so if you don’t already have crypto, this could seem like a bad investment, and if you do have crypto just sitting on some other platform not making money, then this could seem like a great way to increase your wealth.

Luckily, for those who do not own any cryptocurrency and are worried about their investment fluctuating, they can convert their money to a stable coin like USDC or GUSD. According to Investopedia, stable coins are cryptocurrencies that attempt to peg their market value to some external reference. For example USDC and GUSD are cryptocurrencies pegged to the U.S. dollar. This means 1 USDC equals $1.00 USD. Therefore, you can convert let’s say $10,000 USD to 10,000 USDC or GUSD and not worry about any fluctuations. If you convert your $10,000 USD into USDC on BlockFi, then you would earn (as of this writing) 8.6% APY. Now time to do some simple math. 8.6% of $10,000 USD equals $860 USD. That’s it, just open an account with BlockFi deposit $10,000 USD or more by converting it to a stable coin like USDC and a year later you should have about $860 USD or more.

You can also do the calculations yourself using this interest calculator from investor.gov, or using the calculator provided by BlockFi.

Image Source: https://blockfi.com/crypto-interest-account/

There can be some issues with stable coins however, at best the stable coin is worth exactly what it’s pegged to, but at worst it could lose its value do to lack of trust or lack of use. According to Greenery Financial, “USDC is not FDIC-insured but this is only an issue if Coinbase (the company that created USDC) goes out of business, which should never happen due to them having crypto to hedge their dollars, low operating expenses, and excellent security (cold-storage) for their cryptocurrency deposits — not to mention expensive insurance to cover those in case of theft/hacking”. Coinbase is also publicly traded company which gives the company a little more credibility. But with cryptocurrencies you never know.

That’s it! If you decide to sign up with BlockFi, be sure to use this BlockFi link, so that you get $10 USD worth of Bitcoin when you deposit $100 or more.

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