Why I Love Using Gemini To Earn Passive Income Holding Bitcoin And Other Crypto
Last month, I received $9.87 in BAT (Basic Attention Token) from using the Brave Browser. I’ve been using Brave for over 7 months and absolutely LOVE it. If you haven’t seen my article on Brave, I highly recommend reading it to learn how to make passive income using an Internet browser!
The money I earned from Brave was deposited directly into my Gemini account and I’m now earning 3.49% on that already-free money.
I love, love, love cryptocurrency for enabling me to make passive income on my passive income. I call it “passive passive income.”
This article contains an affiliate link. However, I personally use and LOVE everything described here! If you do click the link, and sign up, I may get a small commission for referring you. Thank you!
Earn Up to 7.4%
I know 7.4% isn’t life-changing, but it’s pretty consistent with the stock market. However, if you’re holding some Bitcoin, Ethereum, Gemini Dollar, LiteCoin, or other currencies in a wallet and they’re not earning you passive income, you’re missing out on free money.
My preferred method for making extra money is to let the money work for me.
I hold a the majority of my Bitcoin in BlockFi but because of their tiered rates, I can only hold up to 0.0999 Bitcoin there to earn the 4.5% APY. The remaining portion of Bitcoin I had, that tipped that balance over 0.01 BTC, I moved into Gemini to earn another 1.49% APY. If I kept my complete balance in BlockFi, my earnings APY would have dropped from 4.5% to 1%.
If I kept it all in BlockFi, I’d be losing $235/yr. No thanks.
I am also working on transferring some Ethereum from BlockFi to Gemini to earn 2.05% APY there. I know the rate is better in BlockFi, but again, the rates limit prevents me from holding everything in BlockFi.
I want to earn the maximum profits so I’m going to keep 1.4999 ETH in BlockFi and move the rest into Gemini. With this method, I’ll earn 5% APY in BlockFi and 2.05% APY in Gemini… instead of leaving everything in BlockFi and only earning 1.5% on my ETH. Again, I’d like to maximize profits.