Passive income for indie hackers - here's how to stake crypto

My name is Martin, I'm 🇫🇷 living in 🇲🇺, passionated with crypto and maker of the online crypto interest rates comparator StakingCrypto.io

Passive income is definitely something everybody on indiehackers is looking into.

Nowadays, crypto is everywhere and you may know one "crypto millionaire" (either IRL or online) who can testify that it works (I do!).

Well, I'd say it's not that easy though and all those people I met usually have taken huge risks to achieve this (like, sell their house, car, and put all-in on Cardano (it's a crypto) :-) which made x1000)

For me, this is truly impossible and I can't put my family at risk like that.
But still I want and need that passive income to launch my side business.

And I'm sure you need this too!

A secure and simple strategy

So, here is the most secure and simple strategy I found and that I use today to earn interests. Either:

18% APR (APR means that you do not reinvest the money you're earning -> you spend it every day)
20% APY (APY means you reinvest the money you're earning and earn compound interests out of it)

This means that if you invest:

10,000USD -> you can get ~5USD per day (coffee for making)
50,000USD -> you can get ~25USD per day (living in Katmandou or Pekanbaru while making)
100,000USD -> you can get ~50USD per day (living in Phuket or Cancùn)

So, how do I do that, then?

Well, by using one very interesting feature provided by blockchain developers: staking!

And what is staking?

Staking is holding coins in a wallet to earn rewards. Your coins are used to validate transactions on the blockchain and so the blockchain is paying you for that. This is basically like putting your money on a bank account and getting interests out of it.

Here is what you need to do. It should take 10 to 20min.

Subscribe on Binance (This is the biggest crypto exchange)
Apply for the Binance Visa Card
Buy BUSD (it's a crypto)
Transfer them to Midas (The crypto exchange providing the best interest rates on stable coins)
Collect your rewards in USDT (another crypto that mimic the price of the USD) every day on Midas
Swap (exchange) your USDT against BUSD (as transfer rate is 10 times cheaper)
Send back BUSD to Binance when you want
Spend them with your Binance Visa Card

Why Midas?

They provide the best interest rates I've found on the web for Stable Coins, while distributing rewards daily.

Why Binance?

It's easy to use and really mainstream.
They just re-enabled SEPA transfers, which makes putting your money there very easy and FREE
Their Visa card works like a charm (I currently live in Mauritius) and fees are really small
Also, if you own BNB (the coin provided by Binance) on their platform, you can also get up to 8% cashback

Why BUSD?

It is a stable coin approved by the New York State Department of Financial Services , and launched by Binance
1BUSD ~= 1USD, so your money will not lose value if there is a big crash on the crypto market
It runs on the BSC blockchain which is very cheap. Transferring money from Midas to Binance is less than 1% fees.
Transferring money on the Ethereum network for example can be more than 20USD per transaction (regardless of the amount sent 😱)

Now, I know, 18% is not that good and you sure can get 1000% or even more on farming strategies and I can make another post on this if you're interested.
But as volatility is extreme right now and we're not in a bull market anymore, I would not suggest to risk your life savings on these kind of strategies right now :-)

Of course, this is NOT AN ADVICE, just the strategy I use right now, but I hope it can suit your needs also.

PS: If you want even better rates or want to hold some coins you're sure will rise one day when the bull market returns, you can pick the best platform to stake on using my online comparator https://stakingcrypto.io

PPS: Finally, you can also find your best place on earth, based on your hobbies using my other awesome tool for people urging to expatriate https://www.remote-family.com