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How to make passive income through cryptocurrencies
Cryptocurrencies offer exciting opportunities to grow one’s wealth with minimal barriers to entry
Tokens representing cryptocurrencies bitcoin and ether. — Reuters file
When active income ends at retirement, it is the passive income, that helps professionals enjoy their post-retirement life with regular income, without having to work for them. Retirement is not the end of life, but a new life filled with enjoyment, if planned properly. Every professional dreams of enjoying his post-productive life and that could be beefed up with ample passive income.
The UAE Government wants more retired people live in the UAE and in order to help retirees settle in the UAE, the government has introduced a special five-year visa for the retirees. But life of a retired professional or a couple in the UAE is not cheap. In addition to the rising cost of living, the cost of maintaining a good health remains costly.
So how does one ensure a good life after retirement? The answer lies in developing a healthy supply line of multiple passive income streams.
Passive income is the type of income that comes from assets or schemes put in place that gives regular income, such as income from house rent, interest on deposits or investment schemes or pension funds or stock dividends. However, in recent years, smart investors are putting some of their savings in cryptocurrencies to generate passive income. It seems, it offers better dividend from the traditional sources. In the context of cryptocurrencies, passive income can be generated in several ways, including staking, lending, mining, supporting the network and more. The key is to understand the process and choose the method that best suits your investment goals and risk tolerance.
A cryptocurrency is a digital asset based on blockchain technology that can circulate without the centralised authority of a bank or government. As of August 20, 2024, more than 8,000 cryptocurrencies are in the market, representing a $2.15 trillion market capitalisation. The rapidly increasing number of users will drive the global cryptocurrency market revenue to $56.7 billion this year.
Cryptocurrencies offer exciting opportunities to grow one’s wealth with minimal barriers to entry – all one needs is an internet connection. While the majority of crypto-activity is focused around trading coins like Bitcoin or Solana, investors could look for ways to generate a passive income by letting their digital assets work for them.
For example, dividend-earning tokens are a type of cryptocurrency that provides holders with a share of the project’s earnings or profits. Unlike traditional stocks, where dividends are paid out in fiat currency, dividend-earning tokens give holders additional units of the same cryptocurrency.
Staking is another method for generating passive income. Cryptocurrency staking involves locking up a certain amount of a particular cryptocurrency to support the underlying blockchain network’s operations. In return for staking their coins and helping to maintain the blockchain’s security and consensus, participants receive staking rewards!
“Cryptocurrency is a unique financial instrument that enables anyone with an internet connection to participate in a distributed economy — including opportunities to earn passive income. There are unique risks associated with investing and earning with cryptocurrency, even though it may seem like a bank account or social lending platform,” according to Eric Rosenberg, a finance and technology expert.
With the UAE government planning to transform the UAE into a knowledge and innovation-driven digital economy, it will see the introduction of more digital assets that would become the source of increased passive income, if invested wisely now.
About 17 per cent of US adults owned cryptocurrency as of 2023, according to a Pew Research Center survey. In the United States, high-income earners are disproportionately represented among crypto investors, with those making $100,000 or more annually comprising 25 per cent of crypto owners but only 15 per cent of the general public.
The potential returns from generating passive income with cryptocurrencies can vary widely. Staking and lending can provide regular interest payments, while mining offers rewards in newly minted coins. The returns are influenced by factors such as the cryptocurrency’s price movement, network demand, and your level of participation.
Infinity Group, a Dubai-based diversify business conglomerate, has recently launched Finy Coin, a blockchain-enabled cryptocurrency that is set to improve the new digital dollar by replacing physical currencies in the future. The launch of Finy Coin is in line with the UAE Government’s vision for innovation and digital economy that aims to drive the growth of the global economy in the future. It is a new cryptocurrency that could help generate passive income for investors with investment as low as US$100 dollars, that would multiply every day depending on the number of transactions over a period of time.
“If you invest as low as $50 as a token investment in Finy Coin, its value would multiply in days as we only have a limited amount of coins that would be issued. So, if you buy at the current value, you would gain a certain amount of Finy coin – whose value will increase due to the fact that the supply is limited while the demand will grow that is pushing up the prices,” said a company spokesperson.
Run by a group of young seasoned entrepreneurs, Infinity Group boasts a portfolio of futuristic digital technology business such as blockchain and cryptocurrency and traditional business ranging from real estate, café, salon, and event management.
“Finy Coin is part of an entire Finy Ecosystem which involves an end-to-end digital payment solution,” Mohammad Ariful Islam, CEO of Finy Ecosystem, says. “Initially, finy Coin will be used for transactions and payments within the Infinity Group businesses. So users can buy FINY Coin from us and make payment for the products and services from Infinity Group. The users who have intention of purchasing property from Infinix Infinity property, our property management brokerage consultants will guide you through the payment process of using Finy Coin.
“Finy aims to become a global brand. Finy Coin has been approved by governments of 108 countries so far which makes it a global currency. We are planning to collaborate with majority of the retailers and we will approach them to add Finy Coin on their payment getaway or points of sale (POS) machines so that people can make payments through their crypto wallet.”
Infinity Group made the announcement in front of more than 300 participants at the Finy Expo in Armani Hotel, Burj Khalifa, Dubai, UAE recently. At the Finy Expo, attendees explored the full potential of the Finy Ecosystem, networked with industry leaders, and learnt about the future of digital finance. The event emphasized Finy’s mission to make cryptocurrency accessible for daily use, drive widespread adoption, and position it as leading cryptocurrency. A total of 600 million Finy Coins have been issued so far for trading globally. The officials say, Finy Coin will become one of the digital currencies in the world.
Zia Hassan, chairman of Infinity Group, hopes that an increasing number of consumers and businesses will embrace the new digital currency that will accelerate the transition to the digital economy. “As we move towards a more digital ecosystem, we need to embrace the digital currency and use digital wallets that are backed up by blockchain that makes the eco-system secure. This way, we will shift towards a digital economy and society. At Infinity Group, we have decided to use Finy Coin for all payment transactions so that our business partners and consumers are inspired to use digital currencies.”
Ali Hasan, vice-chairman urged all stakeholders to embrace the new digital currency. “Before everyone starts using Finy Coin as the de-facto digital currency, or the new ‘digital dollar’, we urge everyone to try it, register with it, buy it, and preserve it in your digital wallet for making payment in the coming months and years,” he said.
Finy Coin is a crypto token issue company that aims to create a diverse and innovative ecosystem of applications and services based on blockchain technology. Finy Coin issues new tokens one by one, each with its own unique features and functions. All the crypto tokens issued by Finy Coin are useful and valuable in the digital currency market. They can be used in online shopping, gaming, entertainment, as well as booking travel packages.
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