Wouldn’t it be great to earn extra money to help pay some bills? Most people would go via the traditional route, by depositing their funds into banks to earn interest rates, but at times these interest can be really low.
Through the wonders of cryptocurrency, earning extra income has become easier than ever, in this article, we’ll go through some of the possible routes that you could go through!
Earning Passive Income with Staking
Staking as a general term refers to pledging your tokens to validate transactions and process blocks on the blockchain. Depending on the tokens that you stake, some tokens come with lock-up periods, some have a minimum number of tokens to qualify and some require you to run software to support the network, called nodes.
By supporting the network through staking, users receive rewards like miners do when they mine or create new blocks on the blockchain. The only difference here is that staking requires less energy consumption and has a lower barrier of entry as compared to mining.
How does staking benefit the blockchain?
The Proof-of-Stake(PoS) mechanism is used in a lot of cryptocurrencies. Most notably, Ethereum will be making its transition from Proof-of-Work (PoW) to PoS in September 2022.
Currently, staking is not available on Coins.ph, but make sure to stay tuned for future updates and new features in the near future.
Earn Crypto by Playing games, Learning and Exercising
One of the easiest ways to earn additional income with crypto is through earn programs. These programs involve performing everyday tasks or activities like opening the app, reading an article, and in return receiving a certain amount of cryptocurrency! Numerous projects have innovated and tinkered with this concept over the last several years, which has given rise to play-to-earn games, learn-to-earn activities, move-to-earn walks and exercises, and many more!
I. Play-to-Earn
One of the most popular types of Earn programs is play-to-earn. Completing a level, fulfilling daily goals, or achieving certain achievements rewards the users with a corresponding amount of cryptocurrency.
In Axie Infinity, users take their Axies to battle with other players and the winner receives SLP as a reward for winning. In Town Star, you can use NFTs to earn TOWN tokens, the higher the rarity of your NFT, the more TOWN tokens you earn.
II. Learn-to-Earn
Since Crypto is an ever-evolving space, staying up to date and learning new things can reward you with cryptocurrencies! Taking the opportunity to educate yourself about the various facets of cryptocurrency can provide you an edge as a trader as you get more knowledgeable on the utilities and potential that certain coins have.
You can even learn and earn with Coins.ph as well! Coins.ph held similar activities like Learn and Earn with $LOOKS before, where we posted daily fun facts about LOOKS on the Coins app and our social media pages during the activity period. The first 1,000 users who successfully completed the five tasks in our Learn & Earn challenge via Gleam earned P250 in LOOKS tokens.
III. Move-to-Earn
Move-to-Earn is starting to gain more traction. With Move-to-Earn, users are encouraged to get outside and perform physical activities in an effort to stay healthy all while passively earning some crypto!
A great example of a Move-to-Earn game would be Genopets, where you take your Genopet along with you while running at the gym or walking at the park. Your pet stays by your side and evolves with you throughout the day. Your daily steps are converted into Energy that you can use for various functions throughout the game. That same Energy can also be converted to KI tokens to be sold for other cryptocurrencies.
Read More: Genopets and Gamefi research insights by our partners at OFR.asia
Coins Promotional Activities
Another great way to receive some extra money would be via cashback. Cashback programs give you a percentage of your purchase back basically giving you more than what you paid for.
For example, Coins.ph runs a seasonal cashback event. In the latest cashback campaign, 8.8 Coins Cashback on the 8th of August, users were able to get up to 18% in Cashback. During the event, first-time users who bought at least ₱100 crypto were given up to 18% in cashback or ₱18, this is capped at ₱180 per user. This means you are able to purchase ₱1,000 worth of crypto with only ₱820.
You can find out more about the Coins social activities by following our social media pages for the latest updates!
Disclaimer: The information and publications set out in this article are not intended to be and do not constitute financial advice, investment advice, trading advice or any other advice or recommendation of any sort offered or endorsed by Coins.
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