I so agree with the rumage sales and reselling, computers are easy, most people don’t know they can get 2015 macbook pros like new for a steal if you really put some work into finding it online. Start a business selling something and put all your earnings into crypto and hodl for the ride (maybe a 2-5 year ride though).
Mining crypto is an option but for it to be economical you need 1) power at less than $0.07 USD/KWh, 2) a lot of money to purchase equipment, 3) space to run computers that eat up over 10 KWh all day and make 75 Dba of noise (like a car reving it’s engine) and finally 4) cash to pay the electric company and fix what breaks.
I highly recommend considering using cryptocurrency as way to get compounding interest payments. You will know of these types of payments from traditional savings accounts, like a bank may be paying you 1.05% interest per year for your deposit. Well that is great but 1.05% compounded year over year for 5 years is nothing burgers. So you might put savings into a certificate of deposit and lock it up for 12 to 36 months and then the bank will give you an interest rate of 2-3% if you’re lucky. Then the fed will loan at 2.5% so that’s them being them.
With cryptocurrencies, in this can only Bitcoin can be used (hopefully Litecoin will be supported soon) to earn 5.1% annually. So if you have 1 Bitcoin right now and put it into a savings account with a company like Ledn, then you will get 0.004 BTC per month and you will get 0.025 BTC after 6 months.
Ledn Inc Save Deposit Calculator - Shows interest paid to out after leaving 1 BTC in a savings account for 6 months (This is only available after you make an account, and you can make and account with just an email)
Year over year this will compound AND if bitcoin goes up, you will get what I call compounding exponential growth which is the case where your principle grows exponentially and your principle collects compounding interest. There will soon be a transfer of wealth into crypto and this type of savings account is perfect to put you in a safe place to profit while not risking the house.
So, if you’re new to bitcoin and are living in a low-resource situation, consider exploring just using cryptocurrency to replace the savings account you have because it’s just supporting the banks and they’re just scheming up the next financial crisis while we get paid peanuts.
Ledn is a Canadian company that I have had a great experience. Just be mindful of how you turn crypto to cash as someone on disability income, not tax/legal advice, message me if you want to learn more. Here are some resources about the savings account that I highly recommend you consider.
Ledn Website - https://ledn.io
Ledn Savings Account (5.1% annual interest) - https://ledn.io/savings-product/
And this is a PDF the the co-founders shared with me: LednSave.pdf (2.6 MB)
Important to note… this is not an ICO… This is a savings bank in Canada. Their big thing is crypto backed loans and this savings account is brand new.
Likely the best thing in crypto right now… likely unknown to most people. And to be fair there are other companies that have these accounts (some with higher rates) but like exchanges, it’s a spectrum of sketchy so I selected Ledn after lots of research.