Making Passive Income in the Crypto Space

Many people these days are interested in making a full-time passive income in the cryptocurrency space and in 2021 there are a variety of different methods that can get you to achieve this dream.

Methods such as staking, yield farming, lending crypto, running nodes, and mining crypto are all a part of this. I personally do 2 / 3 of these things currently by staking cryptos such as Zilliqa, KCS, and Cardano, running a Gala node, and I have recently also put in an order to receive a helium hotspot miner.

I really am quite bullish on all these methods of creating a passive income for yourself but my question to you guys is, what do you think is the best passive income opportunity out there that could potentially have some great long-term growth/potential?

Gala is one crypto that i could see really blowing up, it has a lot of potential and if you own a node you can make 700 Gala a day easy, this is based on my personal experience. But based on what Gala is doing and trying to do in the gaming and NFT market i could really see it hitting $1 one day which would be insane. If anyone is interested I have popped my referral link so we both can benefit, thanks.

Link: https://gala.fan/UoBCEQOxC

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$10000 for just the license seems steep! Whats your projection to recoup the cost ?

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For me personally, I get the whole passive income from Crypto, but from a risk perspective, I cypher off most of my profits and invest in other things outside of the space. All the money I made back in 2017 for instance in the first big bull run, I cashed out and put into property and p2p lending here in the UK. The problem with putting lump sums into staking platforms, yield farming, and the like - is that you are still all in on crypto, and the risks are still the same, if regulation kills the space, it takes your capital with it. The second problem is that you need to put in a fair old chunk to make any kind of decent return on the ones I looked at, which heightens the risk even further. In order to get comfortable with Yield farming and having capital locked up, for me things like Ripple Inc v SEC have to be over, and we need to be further down the road with regulatory challenges.

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That’s a very solid point, spreading your risk properly and taking profits, and moving them into other types of investments outside of crypto is smart and something I would like to do in the near future. However, I also do understand that cryptocurrency is a growing market and if you can get in early on the really good projects that actually have long-term potential for growth and development with real-world applications that improve on currently implemented applications, then you can really set yourself up for success.

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At a cost of approximately $10,000.00 USD with an average daily return of about 800 (700 was a low ball) Gala a day at a price of $0.027 USD per Gala that would see me get a return on my investment in about approximately 463 days ( about 1 year 3 months), and after that it is essentially pure profit. Also as a node owner we do also have the ability to sell a node at any point assuming it still retains value.

Also the calculation above assumes that there will be no appreciation in the Gala token itself, so if the price of Gala does increase, then the time it will take to obtain a return on investment will reduce. However, for me it is a long term investment in the Gala Games Company as I believe that the gaming industry is only growing larger and larger every year and I also believe that player ownership is something that should of happened a long time ago and that Gala Games is solving a problem which I myself pondered over in my time of playing League of Legends a few years ago.

Think about how dumb it is that after thousands of hours of playing games all i have to show for it is nothing. Whenever i bought a skin and wanted a new one or got tired of a skin the only option i had was to buy it from the market place and be stuck with the skins i didn’t want anymore. Also with skins that had limited releases once there were no more available, there was no way of transferring or obtaining that skin without purchasing someone else’s account which broke terms of service, which is the most stupid annoying thing ever!

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I have been staking ARMOR since the middle of March in the form of LP. So far, in just over a 1 month, the amount of ARMOR tokens I’ve earned is about 25% of the amount that I staked. In addition, the price appreciation for ARMOR has been very good as well. Ian refers to staking ARMOR from time to time and at least for me, it’s been great.

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