How can Kevin the monkey earn passive income with digital currencies?

3 answers

• spedatoxDec 10, 2022 · 3 years ago
  Sure, Kevin! One way to earn passive income with digital currencies is through staking. Staking involves holding a certain amount of a particular cryptocurrency in a wallet to support the network's operations. In return, you receive rewards in the form of additional coins. This method is popular among proof-of-stake (PoS) cryptocurrencies like Cardano (ADA) and Tezos (XTZ). By staking your coins, you can earn a steady stream of income without actively trading.
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• SHAWN BIVENSSep 20, 2022 · 3 years ago
  Hey Kevin, another way to earn passive income is by lending your digital currencies. Some platforms allow you to lend your coins to other users in exchange for interest. This is known as decentralized finance (DeFi) lending. However, it's important to do thorough research and choose reputable lending platforms to minimize the risk of losing your funds. By lending your coins, you can earn interest on your holdings without the need for active trading.
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• stackMar 25, 2023 · 3 years ago
  Well, Kevin, if you're looking for a more hands-off approach, you might consider yield farming. Yield farming involves providing liquidity to decentralized exchanges (DEXs) or liquidity pools and earning rewards in return. However, it's important to note that yield farming can be risky, as it often involves interacting with new and untested projects. Make sure to do your due diligence and only invest what you can afford to lose. BYDFi offers a yield farming platform where you can explore different opportunities for earning passive income through liquidity provision.
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