Can You Make A Living In Crypto?
For many crypto has been the saving grace that has taken them from 30+ years of work to a short small investment that ballooned into a million dollars. But for those starting out today I wanted to entertain the fact that if you were starting brand new could you in fact make a living from crypto?
What would it take and how might you go about it?
In this case I want to start out with a simple small investment, base it on USA which would be roughly $100 a day needed to live a ok life lol (It's crazy to say that now with inflation so crazy anymore) and explore the options people might have.
It goes without saying this article is for entertainment purposes only and is not financial advice. Do your own research before investing and understand the risks.
Building From Little
Many people will most likely find themselves building from little. With the hope of building a lot and I have good news for you! This is a great way to get started as there's little risk and the only thing you're trading is your time.
With building from little you can use your knowledge, skills and writing abilities to earn some crypto. This mainly comes down to web3 social style platforms.
For example blogging is mainly dominated by Hive which is also supported by InLeo with a thread like twitter (X) function. By writing high quality articles and building connections with the community I've found this to be one of the best ways to earn a decent amount of crypto wealth.
There are also other social platforms. For example Torum which is a Facebook style social network does pretty good with earnings as well.
You also have other blog style platforms like Publish0x which mainly runs off of ads revenue and paid out to writers. It reminds me a bit of those old article marketing days in the early 2000's.
You also have faucet style sites but I'll be honest with you here many of these are extremely low paying, scams or just an overall waste of your time. However there are a few that have stood the test of time those being. FreeBitco.in RollerCoin and DutchyCrop
Building Phase
While the above will generate you a little extra income on the side it could be turned into a workhorse for you and this is where things really start to heat up and change.
As a note if you're worried about Impermanent Loss then working within stablecoin pairs will be your best bet in most cases for DeFi. However you can also use staking rewards as well.
One of the cool things about Hive is that you'll also be earning a algorithmic stable coin called HBD which should hold roughly $1 of USD value per HBD is the theory here. At the moment it is paying out a whopping 20% APR. Meaning if you have 1,000 HBD in savings you'll be earning 200+ HBD per year (because of monthly compounding)
There's many other tokens as well including stable coins which can be staked to generate passive revenue as well. This is where compounding comes into play and is often much higher in value compared to anything you would make in a Fiat savings account.
As for Hive again as an example your powered up Hive tokens earn around 2.9% APR simply by having them staked. But being that it's also a social network you'll earn roughly another 8% on top of the called curation rewards. Each day you have 10 100% power votes which you can divide up however you like percent wise across threads and articles. For doing so after 7 days you'll earn a curation reward for voting on others content. That means you should be seeing roughly 9% - 11% APR on your powered up hive.
Now as you can see these are not huge numbers at the moment. Being that most of these tokens are worth $0.30 or less. However if and it's a big if and risk with any crypto if it jumped to $1 or more you'd easily being earning yourself a full time income at that point. The question is how do these platforms get to that level?
For me I think it comes down to business and general generation of revenue. You need developers to build products people want to use. You also need ads and sponsorships which will be used to create a pool of funds that act as rewards to players of games, social media interaction etc.
Are you currently earning in crypto? If so what has been your biggest play and system that constantly produces well for you?
Posted Using InLeo Alpha
Yes.
Step 1: Move to a cheap but safe country to live in :)) Preferably someplace seaside.
Step 2: Flood the Photography Lovers community with cliché sunsets over the sea and so.
Step 3: Flood the Threads
You can do like $600 per month this way, securing your living in many countries (with a bit of luck). Say in Cuba.
Bro right now I don't recommended Cuba with any amounth of money, and I live in Cuba.
Still, it is a cheap country. $600 is quite a lot of money there, isn't it?
You might want to do some research before you tell people to move to Cuba, lol. There are people that are fleeing Cuba daily to try and get to FL. I haven't ever heard of anyone wanting to move to Cuba, lol.
Living there as a foreigner who can leave anytime is quite a different thing to being a subject of the regime.
Still not the place to go. I would go to Costa Rica all day. I've been to Cuba during my military days, plus lived about 90 miles from there for several years and watched boats float up constantly. Not somewhere that tourists would really want to go, nor are they really welcome.
Well, I speak Spanish and know several Cubans living here in Prague, plus some others in Madrid. From what I was told, Cuba sort of depends on tourism, even though it didn't handle covid aftermath as good as other Carribean countries (see Reuters article for instance). True, I know those who fled years, or even decades ago, not the people who stayed.
Besides, Czech experts on Cuba advocate against spending holiday there as it would only fund the government and not help the people at all (here in Czech, I guess a translator could make it understandable though). Not only Czechs spend their vacation on Cuba, it's a common destination for many people.
I can see people living from their Hive revenue there as expats - the main island is large, you can roam it for months posting regularly about places you visit. There's amazing nature, grand history, and obviously the 1960's vibe. Besides, it is one of the cheapest places to live. Like Venezuela, perhpas Costa Rica despite its name (literally Rich Coast)... I don't know anyone from Costa Rica though.
I'll let you think what you want from Europe... Again, I have been there, seen it, and experienced many people that would never want to go back, so I will go on that experience. I lived in the Florida Keys for a good chunk of my life which has turned into little Cuba because of the refugees that come up and take all of our jobs and work for cheaper than we as US citizens can afford to work for. They make some good food and coffee though.
You are welcome to live in this conditions if you like
I'm going to visit but not to stay :) Seems worse than a few years ago.
I used to be able to make a full time living on Hive, but not so much anymore. Things have changed quite a bit and it seems like there are only a few that get the good upvotes to actually pay out anything decent anymore.
Trading crypto is where I have made my daily income in recent time. If you are a consistent trader, it does really well. But you have to be disciplined, like very disciplined, especially if you are trading with leverage, which you cannot do with Hive so I use chains like Binance Smart Chain and the ApolloX exchange for that.
What could be a good living would be e-commerce if people would get back to the idea of creating an actual working economy using it as a currency instead of treating it like another Wall Street asset. But that hasn't played out as well.
Hive is my best bet at this point. Most of the other options have dried up.
Could you please explain how powered up Hive makes around 2.9% APR
If you visit your hive wallet there is a APR which changes and slowly reduced over the years. Right now it's showing a 2.96%
Thanks @bitcoinflood for your guidance. I appreciated
you're welcome
I make most of my non-"9 to 5" earnings by staking. HIVE engagement is nice, but I don't have nearly the presence or powered up HIVE to make a living off of it. One day, maybe, but until then the grind continues.
Not at current prices anyway. Hive is the only one that pays out well from my whole portfolio but need at least 100K HBD to have a basic wage. 200K HBD to have a living wage here form the interest.
Maybe in another 10 years or a good bull market. Most of my other tokens just sit and speculate.
The real question is, ARE PEOPLE READY TO GO ALL IN?
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This article is quite informative.
I am not familiar with Torum, But I will have a look. One thing is quite certain there is no shortcut, we have to bide our time with a particular avenue.
$HIVE is good and extremely good for those who have sizeable HP. The bottom line is always HP, that's my understanding, that is how you can attract votes. Just good content may not be enough.
Thank you.
Hive is my token and network of choice, it just feels like we are so close to having the network boom, but I have no idea what the catalyst will be. So far I am happy to keep powering up every day.
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