Robert Kiyosaki and other well-known authors have often said that the secret to getting rich is generating as much passive income as humanly possible, while focusing your remaining energy on obtaining active income that can then be reinvested into generating even more passive income.

For those who do not know, passive income is generally defined as a source of money that you earn without needing to be actively involved. Most of the times, an initial investment of both time and money is required, but from that point onwards, those who are successful continue to generate money from the same source with very little additional effort later down the road.

In the case of Bitcoin, generating passive income isn’t too difficult, yet like most other sources, an initial investment consisting of both time and money is required. Thanks to a couple of tips from BitcoinPlay,  we have compiled three ways of generating passive income using the digital currency.

1.       Lending your coins and earning interest

The process is pretty straight forward: purchase bitcoin on an exchange, deposit the coins with a bitcoin lending service, wait for your deposit to be lent out, proceed to reinvest the initial sum and the profit into buying more coin, repeat. Depending on your initial capital, the profit may be low at first, but with time, you can end up having a pretty good source of passive income, once you have managed to reinvest your profit a couple of times. Do make sure to only choose a trustworthy bitcoin lending service, and carefully read all terms of service before signing up, to stay safe.

2.       Mining bitcoin

Nowadays, mining the digital currency isn’t nearly as profitable when compared to how it used to be in the past. However, earning passive income by mining bitcoin is still very achievable. To do this, you will need enough capital to set up your very own mining rig. Depending on how powerful it is, you can either choose to mine solo, or to join a mining pool where profits are divided between all miners, based on their processing power. Do keep in mind the fact that earning a profit while mining solo can be difficult without a high investment from your part. While the sum being earned at first likely won’t be too high, keep in mind that bitcoin is volatile, therefore value is likely to increase with time.

3.       Purchase bitcoin and keep it as an asset

Since 2009, the value of the digital currency has increased from 0 to over $5,000, regardless of the drawbacks that it has suffered over the years. With this in mind, another great, but slightly risky way of earning passive income via the digital currency is to buy it in bulk, store it safely, and then wait for the value to increase. The sky’s the limit! Think about it- in October 2016, the coin was worth approximately $650. Nowadays, its value is of roughly $4,600. Therefore, if you had invested $6,500 in buying 10 coins one year ago, you would now be sitting on $46,000 approximately.

URL: https://bitcoinplay.net/58-insane-facts-about-bitcoin/

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