Don't be surprised if your passive streams turn into a raging waterfall.
Over the last year I have been busy setting up passive income streams that will one day hopefully become less passive and become real income streams. The goal was to have 10 streams generating a minimum of $25 per month totaling an income of around $250 per month. Crazy to think when I first got involved in crypto earning a passive income was never part of the thought process and that is the only thought now.
This is not too difficult if you consider how many staking opportunities we have in crypto these days and I am not including Hive into my final tally as this has to be treated very differently. I will come to that part later but this is purely staking whether it is DeFi or staking in a wallet on another crypto project.
I have nearly reached my goal with a couple more to complete this year and then it is a matter of topping the stake up slowly over time. I am not a trader as I prefer to think long term and earn rewards that way having selected projects that have a future with positive price action.
I am still amazed at how many good opportunities there are available offering a passive income for those that stake. The one project I am involved with is COTI and they have recently opened their treasury for staking. Before that they had a minimum 25 000 staking rule which was around $5K and had been working towards that. The goal is to have that before the year end and really hoping the price doesn't increase too much just yet. Why I say that is the current APR would see me earning around $70-80 per month which is well over my $25 minimum target.
I have found this the case with most of the streams due to compounding and the $25 is not that difficult to achieve. Throw in an increase in the token value and all of a sudden the $25 is now $100 or more and you are looking at an income of $1000 monthly. This is where I see staking going and only increasing in what is available to those that set these streams up early on.
Another prime candidate is AVA with their smart contract staking as they may only offer 11% APR but what bank offers those returns these days? Even if they did the currency you invest will not increase 10 or 100x in value as it is FIAT and doesn't fluctuate like crypto and remains 1/1 constantly.
Hive was never part of the total as Hive requires far more effort and takes time to cultivate. The 10 streams are minimal effort for maximum rewards and the more you want the more stake that is required and other than letting it grow there is not much to really do.
What Hive offers could be seen as multiple revenue streams having Hive Power and HBD as two separate investments even though they are both in the Hive wallet. The 12% APR HBD is currently offering is massive as this at some point should increase the value of Hive. The more HBD that is required the less hive there will be available as Hive is used to convert to create HBD. Pure genius if you ask me and why Hive cannot be seen as a passive income if you have a large enough stake as this has to change within the next couple of years.
The idea of being bale to earn an income through what crypto you hold and stake is slowly becoming a reality and in some cases is happening already. The $250 target I had originally in mind has slowly started to move on much higher and who knows how large this could become given a year or two down the line.
