COVID19 has disrupted life and work as we know it. In the U.S., most states issued lockdown orders that closed many workplaces and dramatically slowed U.S. economic activity in the spring of 2020. The result was a massive increase in unemployment, which peaked in April 2020 at 14.7 percent. During the 15 weeks from mid-March to the end of June, Americans filed nearly 49 million new claims for unemployment benefits.
Suffice to say, the global pandemic has reinforced how vital it is to have multiple revenue streams. Yet there are only 24 hours in a day which means we can actively work, exchanging our time for money for so many hours that’s when passive income comes to the rescue! Passive income includes earnings from a source other than an employer or contractor. Traditionally, passive income came from two sources: rental properties or a business in which one does not actively participate like being paid royalties for a book or stock dividends. As crypto educators, we will focus on how to generate passive income with cryptocurrency.
Passive income is NOT a “get rich quick scheme”. It requires upfront work which means you will need to increase your financial literacy in order to make sound decisions as to what passive income strategies make sense for you. Our goal at Crypto Tutors is to help you learn and ideally, inspire you to apply your learnings. As you pursue your financial goals and develop your financial planning skills, we will share best practices through eLearning such as our course Make Money While You Sleep with Stablecoin USDN. In this course, you will learn the step-by-step process of investing in cryptocurrency that shields you from the volatility of crypto like Bitcoin because Stablecoins are collateralized by other assets like FIAT currency or in the case of Stablecoin USDN, another crypto i.e. Waves. That’s how it remains stable!
Of course, there are risks associated with any investment so it’s important that you do your own research and conduct your own due diligence. However, we are committed to simplify crypto and increase your understanding through eLearning and 1:1 tutoring so you can intelligently evaluate the potential. Let’s take Bitcoin e.g., in spite of its volatility which can be hard to stomach at times given double-digit dips, it remains the best performing asset class in history! But to generate passive income with crypto, one of the most effective means is through a process called staking.
Staking is the process of holding funds in a cryptocurrency wallet to support the security and operations of a blockchain network. Basically, staking is the act of locking cryptocurrencies to receive rewards by the exchange. This process is similar to holding your money in a savings account but instead of getting paid less than one percent, staking crypto can generate upwards of 10%, and the more coins you have staked, the higher the returns. What makes staking a win-win is that you are being rewarded for helping to secure the blockchain network. Cornmarket Expert shares the best coins to stake here.
Are you staking crypto? Comment below and share your best staking strategies with the community to broaden our “Make Money While You Sleep” passive income horizons!