Cryptocurrencies are all the rage right now. If you’re like most people, you’ve heard about Bitcoin, Ethereum and probably a few others. And if you’re like most people, you don’t have a clue what they are or how to get started.
Cryptocurrency has taken the world by storm over the last few years, with its value skyrocketing and then crashing in a dramatic fashion. Despite this volatility, there remain a number of ways to earn passive income through cryptocurrency investments. In this blog post, we will take a look at one such way: Kucoin.
What is passive income?
Passive income is a form of income that you earn with little to no effort. It’s often called “ residual income ,” because it comes from sources that continue to generate income long after the initial effort has been put in.
Cryptocurrencies offer a unique way to generate passive income. When most people think of passive income, they think of stock dividends, rental properties, or royalties from intellectual property. However, with cryptocurrencies, there are a number of ways to generate passive income that are unique to the digital asset class.
For example, one way to generate passive income with cryptocurrencies is by lending them. When you lend your cryptos to others, you can earn interest on the loan. Another way to generate passive income is by mining cryptocurrencies. Mining involves verifying transactions on a blockchain network and rewards miners with new cryptocurrency tokens for their efforts
What is Kucoin?
Kucoin is an exchange for cryptocurrency that was launched in 2017. It quickly gained a following due to its impressive coin offerings and low trading fees. You can get 20% discount on trading fees when you pay the fee with the KCS coin.
Kucoin offers users a variety of features, including:
- User-friendly interface
- A wide selection of digital currencies to trade
- Low transaction fees
- A reward program
How do I earn passive income with Kucoin?
Kucoin Lending is the best way
On the KuCoin platform, lending is the most popular way to generate passive money. KuCoin lending now offers roughly 90 digital assets for loans, including several that aren’t widely used on other cryptocurrency lending platforms. Traders have favoured USDT lending up to this point. More established currencies like ETH and SOL, as well as meme coins like SHIB, are among these tokens.
Unlike traditional financial institutions, which face significant entrance hurdles owing to credit checks, laws, legacy technology, and other factors, the crypto lending market makes it simpler to lend and borrow money swiftly and easily.
Borrowers must put up collateral to qualify for a loan, ensuring that their assets are protected.
On KuCoin, lenders have two choices: Manual Lend or Auto-Lend. Which choice you choose is determined by both your comprehension of how it works and your own tastes.
Fast loan payback is one concern with lending. This occurs when someone borrows for a set amount of time and then repays the debt considerably more quickly (say within a few hours). The Manual Lend option isn’t good in these situations because the earning time is short
The Auto-Lend function, on the other hand, ensures that your preferred crypto asset is always ready for a loan. Users must, however, specify the Daily Interest Rate and check periodically to ensure that their rate has been approved, in order for the loan to be executed. Lending terms range from seven to twenty-eight days.
Make a trading plan
The second way to make passive income with Kucoin is by investing in it directly through their exchange! They offer several ways to invest in Kucoin via it’s website or app.
Their site offers information about how to buy Kucoin tokens directly as well as how to purchase Bitcoin (or Ether) first and then convert them into Kucoin tokens.
And lastly, they have an educational section that covers everything from how to start investing, to what markets Kucoin is available in, to basic economics.
Buy and Sell BTC and ETH
As mentioned before, you can make good money by just buying and selling cryptocurrency directly. However, there is an easier way to do it!
There are several trustworthy crypto trading platforms that allow you to both deposit fiat currency as well as cryptocurrencies, at very low fees each transaction. One of these sites is Kucoin.
It has its own token called KCS wich works similarly to how coins such as Bitcoin work – users earn rewards points for investing in tokens in the form of either advertisement of direct giveaways.
By performing a few simple tasks, you will be awarded enough points to spend on advertising or get some KCS giveaway vouchers. You can then spent these rewards on advertisement spaces of new coin offerings through the site.
The best part about Kucoin is that they update theire website frequently to give tips on ways to make extra Kucoin tokens. Some of those strategies include writing a whitepaper article, completing a bounty campaign, or simply creating and marketing a successful product or service.
To wrap things up
While passive income options might enable people who don’t want to keep an eye on their portfolio 24 hours a day to generate consistent returns, no investment is without risk. As a result, before plunging into deep waters, please conduct your own study on each choice. Also, remember that “practice makes perfect.” You’ll be more likely to produce a continuous source of money in the long term if you have more hands-on experience.
I hope you learned something from this article! Clap and respond below if you enjoyed the article! Stay tuned and keep an eye on my blog for more instructive and entertaining information. Best wishes!
