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In today’s world, in addition to having a job or running a business, having a passive income is essential to keep up with the constant inflation and enable you to live the life of your dreams.
While there are several ways to earn passive income, such as real estate, book royalties, creating a course, and many more, the crypto space also offers lucrative ways to earn passive income.
In crypto, you can earn a passive income by saving your crypto with an exchange, lending your crypto, participating in yield farming or liquidity mining, staking, or utilizing referral programs.
Of all the strategies to earn passive income in the crypto space, staking and referral programs are one of the most popular ways to earn passive income.
What is Crypto Staking and How Does it Work?
Crypto staking is a term used to describe the process of locking funds/assets on a proof of Stake blockchain, which helps validate the transactions on the blockchain. In return, the blockchain gives you a particular reward for every asset staked. By staking your asset, you also help the blockchain by validating transactions and securing it against threats.
You must first pledge your coin in a cryptocurrency protocol to earn from staking. For every transaction that comes into the protocol, there is a need to validate the transaction. As such, the protocol chooses validators to confirm the transactions. The greater the coins you pledge, the greater the probability of you being selected as a validator. A block is added to the blockchain for every successful transaction, and new cryptocurrency coins are minted and distributed among validators. The higher the number of coins you stake, the more transactions you validate, and the greater rewards you earn.
You should also know that when you stake your coins, you are putting your coins to work for you, and you can unstake them whenever you want, as they are always in your possession.
What are Referral Programs, and How Do They Work?
Referral programs are another way to earn passive income in the crypto space. With referral programs, you invite your friends and family members to join a particular exchange and trade with them. You get a certain percentage every time your invitees perform a trade or fund their account.
Imagine having as many as 50 invitees fund their accounts regularly and executing trades through the exchange. How much will you get from that act? This is why referral programs are a lucrative way to earn passive income in crypto.
While many exchanges carry out staking and referral programs separately, there is an innovative way to combine both without missing out on any. Staking and referral programs combine the benefit of staking assets and enforce the use of referral programs to enable users to earn more passive income through the program.
Two platforms that offer staking and referral programs are Philcoin and Hashbon.
What You Should Know about Philcoin
Philcoin is an example of a company that offers a lucrative staking and referral program. It is a  philanthropic movement in the blockchain niche that aims to establish a global interactive ecosystem where the daily use of IoT, social media, television, and means of communication become a rail where people can earn.
Participants in the Philcoin staking program receive rewards for holding Philcoins, and their program allows members to earn while referring new members to the program. Philcoin is a specific crypto project aimed at driving empowerment and financial inclusion. The company offers a convenient way for token holders to earn passive income and rewards and support philanthropic causes.
What You Should Know about Hashbon
Hashbon is a decentralized exchange that aims to revolutionize crypto staking by including the staking referral program. The Hashbon Staking Referral Program allows people to invite friends and family to the platform and earn 10% of their friends’ staking earnings. It is also said that every HASH staker can simply share their referral link with their friends and family and earn 10% of the rewards the referral makes during staking. Unlike other staking platforms, Hashbon offers users ERC20 and BEP20 token staking. Users can stake their HASH tokens on Unifarm or the BSC chain to receive rewards.
Crypto is an emerging market, and taking advantage of the staking and referral programs available is one way to earn passive income. Also, ensure to do your own research on whichever program you will want to utilize, as the crypto market is a volatile one.
