My main focus for the past two weeks was to mitigate the damage I had caused my family. (Currently still trying my best to mitigate it.) Also today I have started a new chapter and have my priorities straighten out.
One major reason I am in the situation that I am in is because I have poorly managed my time with work, family, and hobbies. I consider crypto as a hobby because to me it is fun to learn about new crypto technologies and coins/tokens. Even though I enjoy crypto I need to learn to take it in modernization.
Life can not just be about crypto because I have a family to care for and a job that is totally unrelated to crypto. So the time allocated free for my own use is minimal and I must spend it wisely.
To some of my dedicated followers are aware I am a lover for passive income investments. As I am switching gears toward moderating my time to crypto I wish to still earn crypto even when I am not fully entrenched. This is what really motivates me to go beyond investing in crypto but also to live a life. It is great to watch my crypto portfolio slowly accrue all the while I am able to spend time with family and focus on work.
So what do I really invest in? I look for cryptos that provide a source of interest or dividend without the need to do much other than owning the coin/token.
Steem / SBD
It is hard to say that Steem fits the passive income / dividend category. As much as I think it can be a way to earn passive income people still need to people in the time and energy to earn Steem. However in time with enough accumulated Steem Power one can use the SP to sell upvotes through auto vote services such as @smartsteem or @minnowbooster without going on steemit. As much as I want to be on steemit daily it will likely not be possible but having auto upvote setup I am automatically earning SBD which each upvote sold and earn a little SP thru curating.
Exchange Tokens/Coins with dividends
There are a few trading exchanges that gives dividends in the form of crypto to holders of the exchange's coins. Some well known are COSS, BCO, and Kucoin. Currently I am not in any of these coins as I am not trading at all on exchanges. Trying to avoid doing a laundry list for next year's tax returns. Until I can figure out how much crypto I am able to afford to lose I will not be trading at all.
Yet the potential of earning many cryptos would be to invest in a trading exchange coin. For instance holding Kucoin the owner gets daily portion of the revenue fee through all coins traded on the exchange. This means Kucoin owners would receive various cryptos without having to do anything but own the Kucoin outright and earn daily cryptos.
Mining Contracts
This option in my personal opinion can only be a good passive income only if the contracts are open ended. This means once you buy into the mining contract it will be always earning you crypto until the mining cost outweighs what it can mine. As of now the only open contracts that I know of and reliably are Genesis Mining and ViaBTC.
There is also the potential in mining rigs being a passive income, but I feel it really is not considering one still needs to look at the rigs for maintenance and software updates. Just having it run without care is viable but more likely than not one who has a rig running requires attention.
Proof of Stake Cryptos
A big umbrella of coins can be earned through the ownership of the coin. It can be proof of stake, proof of delegation, and so on where the crypto itself will continue to grow as long as the coin is held. One good example is smartcash where owner of the coin earns more smartcash every month just by holding it in a smartcash wallet. Other examples are Lisk, ARK, and Rise where coin holders can use their coins with proof of delegation by voting for delegates which in turn earns cryptos and share back to its supporters.
The overall idea here is to get entrenched in earning crypto without using much of any effort. The initial up front cost to make a decent return on the passive income options I listed can be minimum or very significant. The greater the initial cost the greater the passive income.
Thanks for reading.
I need to start looking at the auto upvote bots that you use. I know I say that all the time, but alas I am lazy and fail to do so. I know I have spoken about building a mining rig, but I am kind of like you, the maintenance it something to consider and the ROI is another consideration. I think staking is the way to go for the near future, there are a lot of coins that are moving to POS. You should look at my quick couple paragraphs I wrote on HoboNickels for a POS coin. I want to look into some of the mining contracts, I have some BTC to spend. Maybe I can make some extra money. Do you have an affiliate link to those services that I could use if I choose to use them? Thanks as always for your excellent content.
I have hashflare.io. Referral code: 9B5028CE. I warn though if you can not buy enough contracts to earn 0.05 btc in a year then it is not worth investing. At the time when I was making the investment I did not imagine hashflare would end their open ended contracts but now will likely have a lost as my initial investment has only earned my about 0.01 btc in the past 8 months. Unless hashflare lowers withdraw fee to 0.01 I will not be able to withdraw any earned btc. Sucks.
That really does suck.
hey man i havent been following steem blogs but just saw some posts from you. hope everything is alright and if you need a random person to talk you, im here :) i was diagnosed with ADHD about a year ago and it was and has been a tumultuous time for the fam, but settling down now. so i know how hard family things can get. all the best!
Thank you for the support. I am laboring through each day but it is making my life more meaningful. I am down but not out. I like to fight the good fights in life. Hope you thrive in the years ahead. The ADHD is not a handicap but a gift to make you better. Thanks for your support.
When you tilt to much to one side, you miss the lessons from other things. A healthy LIFE demands balancing.
absolutely true. Want to do more than just crypto lol.
@mawit07 passive income and crypto, I do not believe it is currently really passive. With staking coins it becomes almost zero unless you coin control regularly to stake in large units. Then there is the ever wallet upgrade which failure to do may mean you are not staking or on the wrong blockchain!
Maybe in a few years it would be truly passive right now it still needs regular monitoring. It would appears #smartcash is the only truly passive income coin I have as it requires me to do absolutely nothing and will not be affected by wallet upgrades.
You are correct. I know there are still flaws and lack of automation with POS cryptos, hopefully in the future there is enough enhancements made that POS coins can be self automated in earning. Thanks.
I have been mining crypyo for a very long time and have really enjoyed the passive income it has blessed me with. The thing about mining is that once you make enough to break even, all the income you make on top of your electricity bill is free money. Its like having your very own printing press. And with a little research, you could easily learn setups that require very little supervision and if for some reason a miner does go down, you can get notified via email or text depending on the pool you are on. And the best part is you don't have to be physically present at your rigs most of the time to check on them.
I personally physically walk into my mining room once or twice a week unless I get an email notification saying there is an issue. I do most of my monitoring via my phone and can even change pools, reboot rigs, check mining statistics or even remotely log into my rigs all from the palm of my hand via my smartphone from anywhere in the world. This setup allows me the freedom to balance business, pleasure and most importantly family.
The only drawback to mining is, it is very expensive to get started and it takes a bit of studying and a lot of research in the beginning, but once you get your farm set on auto pilot; it's a wonderful passive income generator.
appreciate the comment and insight to rig mining. I am no tech expert and barely learned how mining works. I can not go pass minergate when it comes to setup so that shows you how much I know about mining. Thanks.
Sounds really nice, though that break even point is rather uncertain to guess.
Right now as much as i love mining, I would not recommend anyone buy any of the GPU's currently on the market, because even with a 1080ti you are looking at a year or more to ROI. I would wait a few weeks for the new generation of GPU's AMD and NVIDA will be releasing. If you would like to see how you can actually get an estimate on how much a rig will make you before you ever invest a dime, go check out my video post "Should I Invest In Cryptocurrency? And If So How?" I made that video specifically for the beginner thinking of getting into crypto by either investing or mining.
I'll be writing up on another type of Proof of Stake, as soon as I see it come through, but it is Interest Pools.
From what I have seen, BitBean (BITB), ReddCoin (RDD) and PiVX (PIVX) are the top stake coins with a 5% return. I hope to write more on that later as well.
Love to read about it once you have it posted. I regret not getting into PiVX when it was still under a dollar. Just did not understand POS as well back then but oh well. There should be other opportunities. Thanks.
How well does the upvoting delegation work for you?
I earn about $0.50 SBD a day for doing nothing as my upvotes are automated. This does not include the curation rewards. Imagine the more SP the higher the SBD earnings. If steem price rises the earnings would be more. Thanks.
good content and nice logic too,,,thanks for sharing,,,i like it,,,