Change my mind
Yield farming is the future. It's also the present. But you need to be cautious and do it the right way.
It is true that the ever-growing cryptocurrency industry has brought change to the lives of millions. The crypto space has enabled people from all over the world to generate and accumulate wealth, and it's only the beginning. The revolutionary technology behind it all has made it easier than ever to earn money from the safety of your home, be it through mining, tipping, staking, investing, producing and consuming content, curating; you name it. There's room for everyone in this business, from gigachads to little minnows.
Whatever it is you're good at, it's now possible to monetize your skills just as long as you can connect to the worldwide web, and it's mind-blowing that the game has been around for roughly twelve years now. I'm sure you've all heard stories about people who invested a few bucks and made millions a few years later, and trust me when I say that such opportunities will arise again in the future. This is why you need to keep an eye out for fresh crypto-oriented information on a daily basis. It can be a life-changing habit.
It can work wonders
The people who bought crypto in 2010 were doing just that; spending long hours every day digging the web, consuming content, staying tuned with the lastest developments in finance. Guess what, it worked.
Yield farming is the new thing in crypto; the DeFi frenzy of our time has made it easier than ever to generate passive income. There are many farms out there hosted mainly on the Binance Smart Chain network and the Ethereum network, offering insane APRs, especialy for the early birds. We are talking about annual returns of 5,000% - 15,000%, which can reach 150,000% for a few days in some cases if you get lucky and enter the right project at the right time. Of course, you need to always be cautious and do your own research before trusting a new platform with your hard-earned funds, as there are many scams in the game.
Tricks to the trade
It is what it is, scammers always follow the money, and the DeFi industry has been attracting capital at a very high pace. If you're looking to get a taste of what earning passively actually feels like, visit bscscan and etherscan and pick the yield farming project you trust the most. However, keep in mind that impermanent loss is a real thing, which basically means that you may end up losing your investment if the value of both your paired cryptos goes down simultaneously. You're only at loss if you hit the sell button though, so holding your assets during the red times is and always has been the best option.
But, but... there's a secret remedy if you don't like risks. The APRs may be a bit lower, but the passive earnings are guaranteed as long as the project is not some sort of rug pull, so it's always best to go for a trusted project that offers lower APRs instead of chasing the new projects popping up that offer insane returns during the early times. I'm talking about stablecoins, the sweet cryptocurrencies that never go up and never go down. If you pick a stablecoin pair, the risk of impermanent loss goes away. This way, you don't have to worry about the movements of the crypto market, because your investment is absolutely safe, and you can enjoy those sweet, guaranteed rewards.
Doing yield farming in 2021 is like doing Bitcoin in 2013. The DeFi industry has taken the crypto game to the next level, and yield farming is just another amazing way to generate wealth in the crypto business.
There are many stablecoin farms on pancakeswap and uniswap, which are both reliable, trusted networks. Pancakeswap is centralized though, but I don't see CZ pulling the rug on you; the man is already a superstar billionaire and has a lot to lose by scamming the heck out of millions of users. He is already running a very successful business, so I believe he can be trusted. But, it's up to you to decide. Uniswap is decentralized, but ETH gas fees are insane, making it a place for the whales and not for the average crypto minnow looking to invest $1,000 or less.
Moving towards an era of abundance
Not many realize this, but stablecoin yield farming is the easiest way to earn money with zero risk. You don't even need to do anything at all, your farm is there 24/7 printing money for you, and you have all the time in the world to do all sorts of things that interest you. My ultimate retirement plan is to move to the countryside and start mining crypto using solar power. Keeping 50% of my earnings and investing the rest of it in stablecoin yield farms so as to earn more and more and watch it all snowball. That has to be the easiest way to generate wealth there has ever been.
Just felt like sharing this lifehack I came up with the other day. I'm already working on it and it feels really good. Achieving an early retirement has never been easier. Thanks, Satoshi!
I appreciate your attention,
Thanks for the info... i have been looking into this area of crypt-o (yes pun intended) as its interesting but have very quickly noticed scam alerts when it comes to this segment of the digital currency space. You almost have to instantly check EVERYTHING to see if its a scam and thats very frustrating. Again, thank you!