How to Earn Passive Income with Crypto: Steemit & LBRY

4 months ago
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

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If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  trending
64
  ·  4 months ago

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

31
  ·  4 months ago

I like it.

54
  ·  4 months ago

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

49
  ·  4 months ago

Very good article, should let more people know steemit!

58
  ·  4 months ago

Great info

59
  ·  4 months ago

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

48
  ·  4 months ago

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.

57
  ·  4 months ago

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.

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25
  ·  4 months ago

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

63
  ·  4 months ago

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

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72
  ·  4 months ago

That one is coming up next.

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63
  ·  4 months ago

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

52
  ·  4 months ago

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!

51
  ·  4 months ago

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
  ·  4 months ago

Excellent post . thanks for sharing.

50
  ·  4 months ago

Great video and Content! extremely informative

34
  ·  4 months ago

Great post

53
  ·  4 months 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

52
  ·  4 months ago

Great post Heidi!

43
  ·  4 months ago

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.

48
  ·  4 months ago

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

33
  ·  4 months ago

"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

49
  ·  4 months ago

Tons of information, thanks for sharing!

25
  ·  4 months ago

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

67
  ·  4 months ago

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

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72
  ·  4 months ago

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

47
  ·  4 months ago

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
  ·  4 months ago

Great Post and info!

54
  ·  4 months ago

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!

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54
  ·  4 months ago

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

39
  ·  4 months ago

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

45
  ·  4 months ago

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

50
  ·  4 months ago

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
  ·  4 months ago

Thanks for another very informative post Heidi! Much appreciated.

48
  ·  4 months ago

@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.

28
  ·  4 months ago

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

49
  ·  4 months ago

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

52
  ·  4 months ago

Keep them tutorial posts coming Heidi. :)

53
  ·  4 months ago

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

25
  ·  4 months ago

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

27
  ·  4 months ago

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)?

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72
  ·  4 months ago

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.

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27
  ·  4 months ago

Purrrfect!

58
  ·  4 months ago

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
  ·  4 months ago

nice video keep it up...

30
  ·  4 months ago

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

#helpmegrow

54
  ·  4 months ago

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

34
  ·  4 months ago

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

68
  ·  4 months ago

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.

49
  ·  4 months ago

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! :)

50
  ·  4 months ago

So much knowledge in one post gonna have to stick around

35
  ·  4 months ago

good work @heiditravels very #informative content

51
  ·  4 months ago

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

69
  ·  4 months ago

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

47
  ·  4 months ago

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

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72
  ·  4 months ago

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

57
  ·  4 months ago

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

60
  ·  4 months ago

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

Award for the number of comments received

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

35
  ·  4 months ago

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

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46
  ·  4 months ago

just keep it in your sock. LOL

44
  ·  4 months ago

Muy buena información, me encanta. Muchas gracias @heiditravels

63
  ·  4 months ago

Thank you for this information. Going to LBRY now

63
  ·  4 months 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

36
  ·  12 days ago

Aloha @heiditravels, I first started following you on YouTube to learn about Crypto because I like the pace and amount of information in your videos. I was introduced to Steemit by your video and another by @jerrybanfield. I wish to thank you for the introduction to Steemit. I wish you continued success in your endeavors and safety in your travels. I am watching @jerrybanfield’ s Steemit boot camp and if you have any other suggestions for newbies about Steemit I would greatly appreciate them. Thank you and
Take Care,
@shortsegments
😊

48
  ·  4 months 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
  ·  4 months ago

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

46
  ·  4 months ago

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

48
  ·  3 months 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
  ·  3 months ago

Am extremely fascinated.thanks

35
  ·  3 months ago

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

25
  ·  3 months ago

This video got me completely hooked on passive incomes and crypto-currency. I devote almost all my spare time now LOL!! to research and exchanges. Great vid!!!

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72
  ·  3 months ago

This is awesome! I'm sure this will pay off :)

36
  ·  2 months ago

I am confused about the earning potential of Steem Power and Leaving Steem in Savings. I have half of my Steems in Power and half in Saving. As of now, both of them shows 0%. However, I do see my Steem Power goes up by the cents. Can you help explain?

39
  ·  4 months ago

Good to know, thanks for the information.