If you’re interested in earning easy passive income from Bitcoin, you’ve come to the perfect place. Bitcoin is one of the best ways to earn income and this post will show you the top three ways to crush your passive income with this cryptocurrency.
Fortunately, earning easy passive income from Bitcoin is fairly straightforward these days.
The top 3 options are:
1. Store your Bitcoin in a secure exchange wallet
2. Store Bitcoin on a hardware wallet
3. Stake your Bitcoin to earn flexible rates of interest
Let’s get started!
1. Store your bitcoin in a secure exchange wallet
The simplest and easiest way to earn passive income from bitcoin is simply to store it on an online exchange wallet. This gives you instant access to your bitcoin and lets you sell up if the price drops.
The most popular exchange is Binance and all you need is an email address or phone number. You can then log in using your details and your password to access your bitcoin at any time.
Binance makes it super simple to buy Bitcoin using a bank card and you can even set up recurring buys.
Any Bitcoin you purchase is stored in your Bitcoin wallet hosted by the Binance exchange. If you want to purchase Bitcoin on a different exchange or buy it peer-to-peer (P2P) - i.e. directly from someone in person, all you need is your Binance Bitcoin wallet address.
Click on “Wallet” in the top menu, then “Fiat and Spot”, followed by “Deposit” right next to your Bitcoin. This will bring up your wallet address and QR code where the Bitcoin should be sent.
For example: 17h3WJUrffzgiWE1RcHkxykmfzL682fUWu
If you are buying Bitcoin in person, this is the address they’ll need.
Once your Bitcoin has been deposited, you can simply store it here and benefit from the price increase.
Binance also lets you open a Futures account and set up a Grid Trading bot. This bot lets you set a stop loss, which means that the bot will autonomously sell your Bitcoin if the price falls below a certain point. This can help you benefit from price increases in Bitcoin, without losing money from sharp declines in the price.
Is Binance a safe place to store Bitcoin?
While many people believe that exchange wallets lack security, Binance offers a surprisingly high degree of security and backs up all Bitcoin deposits with an insurance policy. This means that if you lose your Bitcoin due to a hack or security flaw, you’ll be fully refunded.
It’s important to note that this insurance policy doesn’t cover user error and you are still responsible for keeping your log on details safe. One of the best ways to beef up your security is to use the Google Authenticator app to log in.
Let’s look at the second way to earn easy passive income from Bitcoin.
2. Store Bitcoin in a Hardware Wallet For Long-Term Storage
The second way to earn easy passive income from Bitcoin is to store it in a hardware wallet. While Bitcoin’s short-term price can fluctuate wildly, over the long term it acts as an excellent store of value. That’s why storing Bitcoin long-term can be one of the best ways to earn easy passive income. And when it comes to long-term storage, exchange wallets aren’t ideal; what you need is a hardware wallet.
What are Bitcoin hardware wallets?
Hardware Wallets are physical devices that will give you full ownership over your Bitcoin and keep your keys and crypto safe. Unlike exchange wallets, where the exchange controls your wallet’s private keys, hardware wallets give you 100% ownership and responsibility. They offer the highest levels of protection as they never reveal your private keys, even if you use them over an unsafe internet connection.
One of the best hardware wallets is the Ledger Nano S. It offers a simple and secure way to protect your bitcoin long-term and is currently one of the most popular bitcoin hardware wallets on the market.
Top features of the Nano S
The top feature of the Nano S is that it’s built around a secure chip. This gives it optimal levels of security.
The Ledger Nano S locks your wallet’s private keys inside an isolated environment, protected by a PIN.
The Ledger’s operating system, BOLOS, is integrated into a secure chip, providing an extra layer of security. This makes it one of the top hardware wallets you can buy today.
Things we love about the Ledger Nano S
The Ledger Nano S is the only hardware wallet on the market to have its operating system (OS) integrated into a secure chip.
It requires a 4-digit PIN code each time you plug it into a computer. If it gets lost or stolen, the device is wiped after three failed PIN attempts. (Don’t worry – you can always recover your crypto with your unique 24-word Recovery Seed)
The Nano S will keep your private keys safe and will never reveal them to Ledger or any third party.
The Ledger Nano S has an awesome compact design with an easy-to-use interface. It’s about the same size as a flash drive, yet its OLED screen is only slightly smaller than the screens on much bulkier hardware wallets.
It works using the Ledger Live app. This app allows you to buy Bitcoin directly and store it in a wallet that you control.
Overall, the Ledger Nano S is an incredible hardware wallet and comes in at an attractive price point. We recommend ordering one only from the official website.
What if I lose my hardware wallet?
In the event that your wallet is lost, stolen, or damaged, you can access your bitcoin with the 24-word Recovery Phrase. This is a unique phrase that you must keep confidential. Think of it as a backup for your wallet.
The best way to protect your phrase is with a Billfodl case. This stainless steel accessory is shockproof and waterproof up to a 150000N pressure and is also fireproof up to 1400C/2500F. It will keep your 24-word Recovery Phrase safe, even if your paper copies are lost or destroyed.
When you store Bitcoin on a hardware wallet, you can benefit from easy passive income over the long term, so make sure you check out the Ledger Nano S!
Let’s look at the third option.
3. Stake your Bitcoin to earn flexible rates of interest
The third way to earn easy passive income from Bitcoin is to stake it on an exchange. Staking simply means storing it and this allows you to earn interest, or an Annual Percentage Yield, without having to do a thing. Let’s have a look at how this works.
To stake Bitcoin, you’ll need to store it on an exchange that offers this feature. Binance is one of the best places to get started. Click on the “Finance” tab in the top menu of the Binance dashboard and select “Earn”.
Here you’ll see that you can start staking Bitcoin and earn up to 0.50% APY. This can provide a valuable source of passive income as it doesn’t require any work and you can exit at any time.
The interest you earn is updated daily and paid periodically into your wallet.
While higher rates of interest are available, this requires you to ‘lock’ your stake and may not be in your best interest if the price of Bitcoin fluctuates wildly.
Conclusion
If you are looking for the top three ways to earn easy passive income from Bitcoin, hopefully, this guide has answered any questions you may have. To recap the three options are:
1. Store your Bitcoin in a secure exchange wallet
2. Store Bitcoin on a hardware wallet
3. Stake your Bitcoin to earn flexible rates of interest
If this sounds interesting, be sure to join Binance and get started today!
Frequently Asked Questions
Where to Store Bitcoin?
If you’re curious about the best place to store Bitcoin long-term, your three main options are:
1. Store your Bitcoin in a secure exchange wallet
2. Use a software wallet
3. Buy a hardware wallet
So, if you’re ready to find out more, let’s go!
1. Store your bitcoin in a secure exchange wallet
The easiest way to store bitcoin is to keep it in an online exchange wallet. This gives you instant access to your coins and lets you sell or trade them with ease. All you need is your username and password to access your crypto at any time.
Which exchange offers the best security?
According to Group-IB, an international cybersecurity firm, and the Swiss insurance broker ASPIS SA (owners of CryptoIns), found that Coinbase, based in the U.S., offers the greatest security.
Their annual Crime trends report assessed the risks of storing digital assets in exchange wallets on 20 exchanges and found that Coinbase offered the top security options. These included:
- Secure cold storage for 98% of digital assets.
- Mandatory 2FA (Two-factor authentication) on all active accounts.
- Full insurance on all crypto deposits.
Consider joining Coinbase if you haven’t done so already.
2. Use a software wallet
Exchange wallets are great for a convenient way to store Bitcoin but they aren’t the safest option. That’s because the exchange controls your wallet’s public key and has ultimate ownership of your wallet. This has a number of benefits, such as the fact that you only need your username and password to access your funds. You can’t be locked out, or lose your private key as the exchange will always be on hand to help you access your account.
You can search on a reputable site like Bitcoin.org to find a software wallet that suits you. There are multiple options depending on whether you want an app, or a program on Windows, Linux, macOS, or other operating system.
3. Buy a hardware wallet
Hardware wallets are physical devices that will keep your bitcoin safe. They offer the highest levels of protection as they never reveal your private keys, even if you use them over an unsafe internet connection.
If you’re looking for the top hardware wallet to buy in 2021, we recommend the Ledger Nano S or X.
The Ledger Nano S is a simple and incredibly secure way to protect your crypto assets. It’s the most popular multi-currency hardware wallet on the market and our top pick for a reliable hardware wallet to store Bitcoin.
Top features of the Nano S
The top feature of the Nano S is that it’s built around a secure chip. This gives it optimal levels of security.
The Ledger Nano S locks your wallet’s private keys inside an isolated environment, protected by a PIN.
The Ledger’s operating system, BOLOS, is integrated into a secure chip, providing an extra layer of security. This makes it one of the top hardware wallets you can buy today.
Things we love about the Ledger Nano S:
The Ledger Nano S is the only hardware wallet on the market to have its operating system (OS) integrated into a secure chip.
It requires a 4-digit PIN code each time you plug it into a computer. If it gets lost or stolen, the device is wiped after three failed PIN attempts. (Don’t worry – you can always recover your crypto with your unique Recovery Seed)
The Nano S will keep your private keys safe and will never reveal them to Ledger or any third party.
The Ledger Nano S has an awesome compact design with an easy-to-use interface. It’s about the same size as a flash drive, yet its OLED screen is only slightly smaller than the screens on much bulkier hardware wallets.
Overall, the Ledger Nano S is an incredible hardware wallet and comes in at an attractive price point. We recommend ordering one only from the official website.
What if I lose my hardware wallet?
In the event that your wallet is lost, stolen, or damaged, you can access your bitcoin with the 24-word Recovery Phrase. This is a unique phrase that you must keep confidential. Think of it like a backup for your wallet.
The best way to protect your phrase is with a Cryptosteel Capsule. This stainless steel capsule is shockproof and waterproof up to a 150000N pressure. It is also fireproof up to 1400C/2500F.
[ Click here to buy a Ledger Nano S! ]
If you have any questions or comments, feel free to sound off in the comments below and I’ll do my best to get back to you.
Oh, and don’t forget to click here and buy our favorite hardware wallet, the Ledger Nano S!