Not by mining alone: how else one can earn on BYBIT cryptocurrency exchange

01.06.2022 10:53
Not by mining alone: how else one can earn on BYBIT cryptocurrency exchange

YEREVAN, June 1. /ARKA/.  Bitcoin was the first, and has set the initial rules of the game: if you want to obtain cryptocurrency without buying it from an exchange, you have to mine it. Mining is the production of cryptocurrency by connecting computer's processing power to the network. Today, the two biggest players in this market, Bitcoin and Ethereum, offer users to engage in mining of cryptocurrency and its subsequent resale in the market.

Many people think that in order to get the cherished coins, it is enough to connect one's home computer (and some think about the office equipment, too) to the network and wait for manna from heaven in the form of ringing metal. I hasten to disappoint them as with such ideas they are 10 years or even more behind.

Cryptocurrency mining has long ceased to be the prerogative of amateurs and requires a responsible approach, and most importantly - large investments, which will be "repaid" in several months, if not years. Do not ignore the acute shortage of semiconductors, which have inflated the prices of computer equipment.

We are not going to dwell on how crytocurrencies are traded at exchanges, because an active speculation on exchange rates is associated with great risks. Most people cannot analyze them and end up losing money. Therefore, it is better and safer to choose a project that you trust and play it long term without testing your fate.

However, the world of cryptocurrency is changing. More and more opportunities to earn money are opening up, which, among other things, are offered by cryptoexchanges. That's why we want to talk about Bybit Earn platform and the opportunities it offers.

Bybit Earn is an asset management platform where traders can easily build up their cryptocapital. Bybit offers attractive returns and the most favorable annual percentage yield (APY) in the market, as well as guarantees complete safety of your funds.

There are several tools currently available on the Bybit Earn platform: Flexible Savings, Dual Asset, Liquidity Mining and DeFi Mining.

Flexible Savings allows users to participate in staking and earn a guaranteed income with a stable APY. What is staking? It is an alternative to mining that does not require expensive computer equipment. With staking, the cryptocurrency owner freezes his/her assets in a wallet in order to keep the network safe and active, and receives rewards in return. Your daily return will depend on the number of tokens deposited in the staking. At the same time, tokens can be redeemed from the staking at any time on Bybit Earn.

Dual Asset is a variable income investment product with no principal protection that allows you to invest your preferred assets and earn income for providing liquidity. For example, if you have ETH tokens, you can make a short-term ETH/USDT dual asset investment at a high rate of 351% APY (the rate is updated every 5 minutes and depends on the number of tokens in the stake, and the earlier you deposit, the higher the APY will be). When you deposit tokens, there is a fixed price, and if the rate by the end of the term is below the fixed price, you will receive your tokens and profit in the form of coins. If it turns out to be higher, however, you will profit in the form of conversion to USDT.

Liquidity Mining is liquidity pools based on the updated Automatic Market Maker (AMM) model. You can become a liquidity provider by adding it to a pool and earn from swap commissions in your chosen pool. You can also use leverage on the Bybit platform to increase your share in the pool, get additional liquidity and maximize your income.

DeFi mining is an earnings tool that is closely related to the Curve project. Curve is a project of DeFi's automated market maker, which provides a stable currency exchange service. By providing liquidity to Curve's smart contracts, users can earn income from capital pooling. Users are also eligible for rewards in the form of Curve control tokens (CRVs). Bybit helps sell the mining proceeds, and the principal amount with interest is automatically transferred to your ByFi account at the end of a fixed investment period.

As you can see, the world of cryptocurrency is not limited to just mining and direct trading on the exchange. More and more instruments emerge every day, as well as passive income opportunities, and Bybit Earn offers us access to them.

This information is not an individual investment recommendation. The financial instruments or transactions mentioned herein may not match your investment profile and expectations. -0- 

Tags: Новости Армении АМИ Новости-Армения

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