Top 5 Ways to Earn Passive Income On Hive

in LeoFinance4 months ago (edited)

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Passive income is the key to financial freedom. We may or may not like our job but most of us have to get up every morning and trod off to work to earn some pay.

Most workers dream of the day they can retire (and trust me I'm no different). Retiring is great, but when the time comes, many find they will not have enough income in retirement so they end up spending their savings to make ends meet. It is often said the worst thing that can happen to you is to live longer than your savings. Imagine being 85 years old and having to return to the work force because your savings ran out.

To avoid out living your savings you need to ensure that the income you have coming in after retirement meets your needs with a significant margin of safety. Depending on where you live you may have government provided passive income in retirement (e.g., Social Security in the US) but not everyone is so lucky. Even if you do have a government provided retirement income, that likely won't be enough unless you live a very modest lifestyle, like a Ramen Noodles Everday kind of lifestyle. Ramen Noodles - Yummy!

Growing your passive income is the key to getting out of the rat race and ensure you can live the life style you are accustomed too in your old age.

What is Passive Income?

Passive income is money you earn without having to do anything at all (or very little anyways). Passive income is derived from an asset you own that pays you income over time. Classical examples of assets that pay passive income include dividend bearing stocks, bank savings, rental property, and royalties.

Growth of an asset (like the rise in value of your Bitcoin holdings) generally isn't considered passive income because while your wealth has grown, unless you sell some bitcoin you are not generating income and growth can not be relied on to provide continuing income.

Cryptocurrency provides new and exciting passive income oppotunities that everyone can benefit from. The rest of this post will focus on the top 5 ways (in my opinion) to earn passive income on HIVE and LeoFinance.

1. Delegating to a Curating Pool

When you delegate your Hive Power (HP) to a curation pool such as @leo.voter you will be paid a portion of the curation rewards from the pool. I recently delegated a large portion of my HIVE to @leo.voter and reward is paid directly to my wallet in LEO. The reward is pretty consistent and compares well to my auto-voting strategy I had been employing.

2. Auto-voting

Speaking of auto-voting, hive.vote is a great way to automate your voting to maximize your return from curation. You can join a "curation trail" where when the trail leader upvotes a post, those following the trail provide automated upvotes. I had been on the @curie trail and was happy with the results. Hive.vote also lets you "follow" a user and provide an automated vote whenever the user posts. The follow method can be particularly useful when trying to game upvotes on Hive.

3. Mining Tokens

There are a number of mining tokens on Hive. The owners of these tokens earn rewards periodically in the parent token. For example owners of LEOM are rewarded in LEO.

Here is a list of the mining tokens currently available on HIVE. You can recreate this list in Hive-Engine or LeoDex by searching tokens for "miner" and sorting on market cap.

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4. dApp Development

So you can't write a Great American Novel, but what about the next killer dapp? Hive provides amazing opportunities for developers. Build it once and let it earn income for you while you head off to the Islands.

5. dCity

Did someone say killer dapp? dCity is an interesting way to earn real income from virtual real estate. dCity is a virtual city building game which pays SIM token daily based on the income from your virtual city. You can also earn WEED and BEER tokens from your Weed Farms and Breweries. It isn't completely passive as you do need to tend to your city.

I am just getting started but am going to funnel much of my DEC earnings here to move my gaming earnings to a more passive mode.

Here is my city. It is so little but you have to start somewhere.

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Partial Credit

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I have another way to earn quazi-passive earnings and that is by playing Splinterlands. I say quazi because there is nothing passive about playing Splinterlands. If you don't play, you don't earn. That said, if you are going to be playing anyways you can purchase and play alpha and gold cards and earn extra DEC rewards. Each alpha or gold card you play per round will give you an extra 10 in DEC rewards when you win. Got an alpha gold card? That is worth an 20% return.

Do you know any other good ways to earn passive earnings on Hive? Drop them in the comments, I'd love to hear them.

Till next time!

The Crypto Oracle

Posted Using LeoFinance Beta

Image sources: Unsplash and screen captures.

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Interesting methods to generate passive income.

I know that on Splinterlands there is a bot you can hire and it will play automatically for you, I tried it for three days with good results. Another option for this game would be to put your cards for rent on peakmonsters and you will receive some HIVE or HBD on your account.

This is not for everyone, but a witness can earn passive income, of course, they have to actively maintain their servers and participate in hard forks but I think it could count as passive income.

The LeoFinance platform also earns passive income on their on-site ads.

For normal users, the best way is to power up Hive and curate. Besides the curation rewards, people that have Hive staked can earn 3% every year. I can't really think of other ways at the moment. Great post!

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I rent cards out through PEAKD and have $$ that I cannot figure out how to withdraw or buy more cards with..

I feel like such a NEWB lol.

If the BOT was profitable, why did you stop using it?

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I rent cards out through PEAKD and have $$ that I cannot figure out how to withdraw or buy more cards with..

Do you have HIVE as Peak credits?

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In this option you can withdraw HIVE, HBD and even STEEM. You must have and send 0.001 HIVE/HBD to make the withdrawal.

If the BOT was profitable, why did you stop using it?

Right now I am inactive on Splinterlands, I had to sell all my cards some months ago to buy a refrigetator, and we also moved from Guadalajara to Morelos in Mexico, and we needed some money for that. I tried a couple of seasons just renting cards, it was actually a little profitable but it took a lot of time. Maybe I will give it another go soon.

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I am not sure where I go wrong, but I simply cannot withdraw. As you can see, I make 0.03 USD per day and my balance is 4.38 USD, so I have been trying for a while.

If you wouldn't mind sharing the information on how to get the bot going, I would love to give it a try.

I am not sure where I go wrong, but I simply cannot withdraw. As you can see, I make 0.03 USD per day and my balance is 4.38 USD, so I have been trying for a while.

Maybe you need your active key to process the transaction. Does it give you an error or something?

You have to put the amount first and then make one click somewhere on the screen, the red wallet button will glow and you will be able to activate the withdrawal. Maybe this little GIF will help:

peakm.gif

And for the BOT you can get a free trial on this Discord Server: https://discord.com/invite/XYKVtGn. Here is the site https://idlesplinter.xyz/. It is all done with a Telegram bot that has a lot of commands you can customize: https://idlesplinter.xyz/@/help. I think the bot costs 3 to 5 dollars a month depending on your league, you have to pay the person manually with HIVE. The of the bot may contact you when you enter the server, he offered me a three-day trial, his Discord username is vcdragon#5434.

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Gracias por tan dedicado comentario. Sigue aportando y haciendo comunidad.


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@garybilbao

!ENGAGE 100

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

@metzli also try leaving some HIVE on your peakmonsters's wallet. For example, try withdrawing only 32.480 HIVE and leave 0.006, I think that might be the problem.

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Thanks!

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There are more options becoming available on Hive. It is really exciting. Many are negative about this place but we are starting to see a lot of things happening.

We need more wealth centers created on Hive and passive income is a way to start the process. As more money flows into people's wallets, they will have more options in the future. This is a great thing to have happening.

Thanks for putting this list together.

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