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Hello, fellow cryptonauts!
As you all probably already know, Russia has officialy declared war on Ukraine this morning. Russian troops and tanks are moving in and there is really no way to anticipate what will happen next. Sadly, that conflict isn't the only thing that's been affecting our everyday lives and investments lately.
The Covid-19 pandemic might have helped kickstart a great bull run back in 2021, but it certainly didn't help people feel safe and secure to last as a market catalyst. Although the biggest panic surrounding the pandemic was present in March of 2021, most of us still don't feel like we're back to normal even if we're all tired of all the additional precoutions we need to take to be safe. 2022 was, in my opinion, a year in which the global economy can shake off the effects of covid and slowly start getting back on track. However, the military crisis in Eastern Europe will likely serve as a catalyst for further downfall of the crypto market.
Similarly to the Covid pandemic, the rising inflation and general economical crisis around the world is currently on the rise. Numerous western countires are reporting inflation levels around 8 or even 10%. Our savings and salaries are getting devalued as we speak while the prices of most articles and materials keeps rising. This situation also affects the housing market, which is notoriously expensive lately. Many younger people are extremely worried that they will never be able to afford their own home or appartment as their prices skyrocket on both sides of the Atlantic.
Seeing all these events unfold (any many, many more), I think it's important to stick together and share ideas how we, as investors, can make the best of this situation. Here are some of the ways that I'm personally implementing. Please forgive my biases and bear with me as all the examples I'm going to present are here to help demonstrate what I'll be talking about.
In my opinion, the easiest thing to make your crypto work for you is staking. There are numerous coins that support staking either through their own wallets (such as Cardano with, for example, the Yoroi wallet), custodial/exchange wallets (Crypto.com app that allows staking of multiple coins) or DeFi wallets that give you access to staking pools (not trying to shill, but again, Crypto.com's DeFi wallet is a pretty straightforward example).
Staking allows us to make some additional, free gains, lower our average price and support the chosen network in the meantime. There's really not much more we could want especially since staking itself is a pretty straightforward process that doesn't require too much attention on the user's end.
Let me just quickly mention governance as a similar way to earn additional coins. While staking may or may not require locking your coins for a specific period of time, governance does require you to lock your funds and if you maintain the declared balance, you will receive rewards at the end of a given period (for an example, see Algorand's governance).
Another way that will help you gain some additional crypto while you wait for the market to recover (as I'm sure it will eventually do!), is to earn it in quite a few different methods:
- Switching your browser to BRAVE to earn Basic Attention Token (BAT),
- Reading articles and tipping authors right here on publish0x,
- Watching ads/playing games/installing apps on mobile apps like Cointiply,
- Playing play to earn games that reward you in crypto (there's a pretty cool trivia game called Mimir, check it out if you're into this stuff),
- Using (SAFELY!) faucets and airdrops.
These methods usually won't make you a millionaire overnight, but if you keep using them, your chip stack will definitely grow with time.
The last thing I want to discuss is crypto cashback credit cards (Coinbase, Gemini, CRYPTO.COM etc.). The whole mechanism of cashback cards isn't anything new, so I'm pretty sure most people understand how it works. In the case of crypto, all these credit cards work in a similar way, but cashback percentage, terms and perks vary between different exchanges, so make sure to see a comparison between them before you decide on anything. Other than that, cashback cards are a great way to build up your stack without having to do pretty much anything. Since they are regular VISA/Mastercard cards, you shouldn't have any problems using them to pay for your groceries, electronics or whatever else you'd like. Also, you might get some pretty cool perks like full cashback on Spotify or Netflix!
I hope these few quick tips gave you some ideas how to keep making progress towards whatever financial goal you might have, even when there's so many negative things happening in the world. Please feel free to share any additional ideas in the comments and ask any questions you might have about the methods I mentioned.
Please stay safe and responsible everyone!
