How to Earn Passive Income with Crypto: Steemit & LBRY

last month
72 in steemit

Screen Shot 2017-12-19 at 9_Fotor.jpg

If you’re looking for options to earn a passive income with cryptocurrencies, you’ve found the right place.

There are all sorts of options out there and I’m certainly going to try my best to cover them all, but for today I’m going to focus on the blogging platform Steemit and the video focused platform, LBRY.

First let’s check out Steemit.

There are a couple different ways to sign up and get verified on Steemit.
The first is by using your Facebook or Reddit account to verify that you are a real person, this is the “official” registration option as an effort to limit individuals from creating multiple spam accounts.
If you wish to stay more anonymous you can register through a third party payment option and purchase an account. The price isn’t that high and this does allow you to keep your other social media information separate.

Once you’ve gone through the registration process your account is credited with some
steem so that you can participate with the platform.
If you’ve got more questions on how this set up process works I suggest checking out SteemitHelp it was created by the great steemit user @thecryptofiend and has a ton of info that can help beginners better understand the basics about Steemit.

A lot of people ask how the payouts actually work and how people actually make money, like where does the money come from?

Well lucky for you, I attended Steemfest in Lisbon this year where I was able to speak with a fellow steemian who’s great at explaining complex topics for the average person to understand.
He described it to me like this:
Imagine a big pool filled with steem coins, this is the rewards pool.
Anyone with an account on Steemit is granted access to this pool when they upvote a post.
The amount of steem power that a person has in their own account determines how big of a percentage of this rewards pool they can distribute when they place an upvote.
The more steem power a person has, the more money their upvote gives to posts.
When you downvote a post (which hopefully you’d only do if it was spam or plagiarism) if you have enough steem power, this sends the amount of money raised by that post back into the rewards pool.

Your upvotes decrease in power if you go on a voting spree, but every 24 hours the voting power is replenished.

Basically, it’s free to signup and it doesn’t cost you a thing to vote on content that you enjoy or appreciate.

You can also earn curation rewards for upvoting good content.
You can also of course post your own content and earn rewards through the upvotes that you receive.
The Steemit Network runs on delegated proof of stake consensus so the top delegates who work to improve the network and have enough votes of support get paid to do so.

In addition to the blogging platform Steemit, you can also use other applications on the Steem blockchain to earn an income like:

a video hosting site that pays you similar to steemit with upvotes.

An app similar to Instagram in that it is designed for sharing photographs.

This site lets developers get paid for contributing to open source projects.

With these applications you'll be paid in Steem through the upvotes that you receive, just like with Steemit.

If you weren’t blessed with the writing skills of Mark Twain or a photogenic eye like Ansel Adams, and instead you like to dabble with producing videos, perhaps LBRY is a better fit for you.

The sign up process is really easy but first you’ll have to download the application. This won’t take much time and only takes up about 200 MB onto your computer.
Once you’ve got the application downloaded you’ll be asked for your email, which isn’t required, but if you do give this to verify yourself you’ll receive 1 LBRY credit.
You will need to have some LBRY credits in your account if you want to publish content.
The reason being that you’ll need some in order to reserve your channel name and also to publish the actual content. Having to purchase a channel name reduces spam content, it’s also much like the Ethereum Name Service in that this ensures channels are operated by legitimate individuals.

LBRY also allows you to obtain free LBRY credits a couple different ways but first you will need to verify your identity.
They give you some verification options like:

  • providing a credit or debit card
  • synching your youtube channel if you have one
  • “verification” channel in the discord chat room

You can earn LBRY credits by:

  • inviting friends
    you can claim referral rewards once the individual verifies their “humanness test”.

There are even easier options that are aimed at first time users, these include:

  • streaming literally anything
  • creating a channel
  • first time publishing content
  • checking out the #LBRYCast section.

And that’s only the beginning, the real way to earn LBRY credits is by publishing your content. You can choose to offer your material for free or set a fee to be charged per view or download.

Even if you’re not too interested in creating or posting content here, I can definitely see this one taking off.

At this point, anything that offers a solution to censorship has potential for growth- especially considering the concerns of net neutrality lately.

It’s important to remember that both of these platform are still in their beta phase, meaning that they are still working to improve on user experience.

Here are some other ways you can earn a little bit of crypto by using your time and knowledge:

  • Answering crypto related questions for coins on Cent
  • Earn which pays you to fill out surveys.

These are definitely more time consuming and probably less fulfilling, but if you’ve got some free time and you’re looking to get a hold of some crypto without investing your own money, these could work out for you.

You can find links to all of these sites down below.

I hope these short intros to the Steemit and LBRY platforms will inspire you to indulge your creative side so that you can share your work with a great audience and also get paid in a crypto that has room to grow over time.

Stay tuned for the next videos in this series as they will be exploring the other kinds of ways to earn a passive income with crypto.

Additional Reading/Sources:

Steemit
SteemitHelp
AnonSteem
Dtube
Steepshot
Utopian
LBRY

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  trending
59
  ·  22 days ago

Steemit has been the best I've found so far.

31
  ·  last month

I like it.

53
  ·  last month

excellent information! Thanks for all the resources I didn't know any o them except Dtube - will definitely utilize them by next year this helped me a LOT

44
  ·  last month

Very good article, should let more people know steemit!

57
  ·  last month

Great info

58
  ·  last month

Steemit is amazing! So glad I found this community :)

46
  ·  last month

I think it's great there are sites like Steemit that allow the users to benefit from the value they create, as opposed to Facebook, which has made its founders and executives fabulously wealthy based on the content created by its users, who are paid nothing. On top of that, Facebook invades their privacy for its own benefit.

I think Steem Power has a good chance of going up 100x in value over the intermediate to long term, and that's being conservative. Kudos to you on being an early adopter and on your success.

54
  ·  last month

Holy damn this is a lot of great info... lBRY looks right up my alley. Have to check it out tomorrow when my eyes aren't crossed.

·
25
  ·  last month

Nice info i just want to know how i increase my auth in Steemit ?

62
  ·  last month

One of your videos talked about singulardtv, but there was no explanation on how it really works

·
72
  ·  last month

That one is coming up next.

·
·
62
  ·  last month

I wish had a notification button, I would have added you so I'll receive notification whenever you post

48
  ·  last month

Awesome resource Heidi!
I didn't actually know about LBRY, I'll have to check it out... and keep an eye out for the rest of the series ;)
Cheers!

43
  ·  last month

beautiful information @heiditravels, my steem account has grown in two months but i wonder how can i withdraw the money and if I power down my steem power into cash, will i start from beginning again in terms of earning?

1
  ·  last month

Excellent post . thanks for sharing.

49
  ·  last month

Great video and Content! extremely informative

34
  ·  last month

Great post

53
  ·  27 days ago

Your last video and this one has new information that I never knew about like the master nodes and passive income. great job, you are upto date on this ever evolving cryptospace

43
  ·  last month

Great post Heidi!

42
  ·  last month

This is the much needed explanation. I hope the new steem users should have some of the explanation like this post.

It is simple, to the point and crisp.

Loved your article buddy.

46
  ·  last month

This is very useful and valuable information from you @heiditravels, I have just check out https:earn.com its really great. Thanks.

33
  ·  last month

"explaining complex topics to the average person" - I would be a below average crypto and I can get my head around this - nicely put @heiditravels

47
  ·  last month

Tons of information, thanks for sharing!

25
  ·  last month

Nice info i just want to know how i increase my auth in Steemit ?

67
  ·  last month

Yes she's back! Always great info resteemed :D

·
72
  ·  last month

It's been a hectic week of travel for me! Thanks for the share :)

47
  ·  last month

Very good info. This is one of the most well-written explanations I've seen yet. Thank you and keep up the good work!

25
  ·  last month

Great Post and info!

53
  ·  last month

Thank you for explaining where the coins come from! I appreciate you explaining it in a comprehendible manner because I was also having trouble grasping the concept. This definitely helped me :) Keep steemin' on!

·
53
  ·  last month

Check out Earn.com that she mentioned in the post @dotsosteem

39
  ·  last month

Thank you for simplifying such a tough to understand concept @heiditravels, appreciate your efforts on share info on LBRY and AnonSteem especially. Awesome...!!!

45
  ·  last month

I have never heard of LBRY before I will have to check that out. I am pretty happy with Steemit so far

49
  ·  last month

Gotta show this to my son in law.... He has been talking about it ever since I joined up but has yet to take the plunge

35
  ·  last month

Thanks for another very informative post Heidi! Much appreciated.

48
  ·  last month

@heiditravels this such a helpeful post. Thank you. Can you please differentiate between LBRY and Dtube.

I did a vlog talking about how blockchain empowered social media network sites would be the preffered platforms for content creators in 2018, your post just confirmed that post.

51
  ·  last month

Keep them tutorial posts coming Heidi. :)

43
  ·  last month

This is a rare but helpful information, I'm grateful i came across this. Thank you @heiditravels

39
  ·  last month

Good to know, thanks for the information.

50
  ·  last month

Hi thanks for sharing this, LBRY seems like a good place! I'm getting sined up right now!

25
  ·  last month

Nice article. I think this main ways to help anothers earn some extra budget in their lifes is precious. Keep that great work!

27
  ·  last month

Ah, yes. One of those posts a steem-noob like me just has to bookmark.

That said, I'd kill for a save-interesting-shizzle-on-the-steemit-feature. Anyone on this (or have I overlooked such a tool)?

·
72
  ·  last month

I'm not aware of this feature for Steemit yet, but I know it's been brought up multiple times so I'm sure it's on the dev's radar.

·
·
27
  ·  last month

Purrrfect!

52
  ·  last month

Once again you have been very helping with providing this info. I'll get signed up LBRY later and hopefully be one step closer to earning addition crypto. Thank you!

43
  ·  last month

nice video keep it up...

30
  ·  last month

Very nice work, @heiditravels! This is a great resource for building those "multiple streams of passive income."

#helpmegrow

49
  ·  last month

Ya its a greate option to earn money through crypto .. in future crypto will be more demaded...

34
  ·  last month

I really like your posts and videos! Thank you for explaining and keep going!

68
  ·  last month

I had no idea there were so many options for content sites to earn money. I like LBRY and Steemit (of course) but have not tried the others. I may have to dabble. Thanks for the links.

46
  ·  last month

Outstanding information! Great post! Thank you so much for sharing! I love steemit! I'm telling everyone I know on this planet about steemit and its potential! Two thumbs up! :)

44
  ·  last month

So much knowledge in one post gonna have to stick around

15
  ·  last month

good work @heiditravels very #informative content

46
  ·  last month

Thanks for a great post! I found this really informative and fun to watch :)

69
  ·  last month

you are such a joy and light here my friend! Fantastic posting yet again! this place is just amazing huge love

32
  ·  last month

Passive income would soon be available for many proof of stake coins such as ethereum, and omiseigo.

·
72
  ·  last month

This is already available with many different coins, I'll be covering this in the upcoming posts.

53
  ·  last month

Useful post indeed! thanks for sharing with us, cheers @heiditravels!

60
  ·  last month

Congratulations @heiditravels! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of comments received

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

35
  ·  last month

You have such a beautiful smile... Just wanted to get that off my chest lol.

·
33
  ·  17 days ago

just keep it in your sock. LOL

40
  ·  last month

Muy buena información, me encanta. Muchas gracias @heiditravels

62
  ·  last month

Thank you for this information. Going to LBRY now

63
  ·  26 days ago

I always enjoy your informative and entertaining content. I hope you don't mind, that I am sharing it in my new magazine. Cheers!
https://steemit.com/news/@jacobts/jts-steemit-magazine-1

25
  ·  3 days ago

Thank you for the informative article. It helps since today is my first day here.

48
  ·  21 days ago

Thanks for such a great post! I especially appreciated the explanation of STEEM that you learned from Steemfest in Lisbon. Have you done a blog post/video on that event? Is it an annual event?

38
  ·  18 days ago

Thx for the great desciption. Especially the easy Steem reward desciption.

33
  ·  17 days ago

How come there is no way to "resteem" this to my channel?

36
  ·  8 days ago

Thank you for all of this information- there is an awful lot to take on board. Now I can give up my day job! Lol. At some future point please could you talk about crypto earnings and taxes. I hate to say that word. I know alot of people have not cashed in any of their crypto profits due to uncertainty over the taxation situation. I believe that bitcoin traders pay no taxes in Japan and Australia.

25
  ·  4 days ago

Am extremely fascinated.thanks

27
  ·  last month

You literally live on the internet and everything that's around, but you give the value and It's interesting stuff you give out:) so thank you