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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. 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..
