Some people are not interested in either trading cryptocurrency or mining it. Some are only interested in investing and savings, and that is just fine. There are many options to consider, but here is the easiest way that I have found to invest in cryptocurrency and gain righteous interest in your holdings. Best of all? It only requires two steps.
Your first step is to get a Coinbase account. This is an excellent platform for buying cryptocurrency. Coinbase is the world’s largest Bitcoin exchange and broker and is based in San Francisco.
Once you’ve got your account, you simply purchase the cryptocurrency you want. It usually takes a few days to settle the transactions, but you are good to go once that period is over. Another option available to you is to get free cryptocurrency through their rewards program. Watch some educational videos on various cryptocurrencies, and you get free crypto!
Coinbase is a great platform to buy and sell your crypto. However, it is probably not the best place to store your crypto. In fact, doing a little research on the subject will demonstrate that quite a few in the crypto world will advocate that you move your coins off Coinbase after buying them. Not because it’s not safe, but because you can be doing better things with it. Ideally, if you have idle coins, you want them to work for you.
Here is a general rule to follow: never store your cryptocurrency on an exchange. Once purchased, either move it to a wallet you control or a platform that can work it. Of course, the downside of moving your crypto to a wallet you can put in your safe is that your coins sit there. And while this may be safer (for some), your holdings could definitely be doing more. Much more! That’s why I like Nexo.
Nexo is not a brokerage, so you cannot buy the crypto you want on that platform. Instead, Nexo is designed to hold and secure your cryptocurrency while providing you the opportunity to gain interest in your holdings. We are talking upwards of 12% compounding interest. Granted, the actual percentage ranges depending on how you have it set up and the options you choose, but the interest starts at 5% for crypto and 8% for stable coins. Not too shabby compared to the 0.01-0.65% that most banks offer.
To be clear, we are talking about compound interest! You begin earning your compound interest 24 hours after your transfer is complete. Then, that interest is automatically deposited into your wallet so that the next day, you begin earning interest on that too.
Nexo has over four billion dollars in assets under management and well over a million users. Moreover, you can do much more than store your crypto there. Nexo offers the ability to borrow cash or crypto as well. You can spend the money from your credit line whenever you want for only 5.9%.
Putting it Together
The two platforms work quite well together. Actually, I have some of my miners pumping into my Nexo account as well. It is an effortless passive income.
And let’s say you wanted to cash out your crypto from Nexo. Well, all you have to do is reverse the process. You transfer your coins over to your Coinbase account and then sell it. Too easy!
Are you interested in getting started? Here are the only links you need:
To sweeten the deal for you. If you use the Coinbase link I provided above; you’ll receive $10 in free Bitcoin when you buy your $100 of cryptocurrency! You were going to invest anyway; why not get something free for the effort?
Now, when you set this up, you want to feed continually feed it. That’s why I like crypto mining. It’s easy and it happens in the background. If you want to learn how you can mine for crypto and generate some passive income, check out my article titled “Laptops for Crypto Mining in 2021. Is Mining Worth It?“
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