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Flits app: a simple way to make passive income with masternodes

Flits app: a simple way to make passive income with masternodes

If you've been following along, you'll know I have a strong preference (🤣 💪) for simplicity. And whilst I'm not adverse to setting up a VPS or running a few command lines to deploy a node, I'd prefer not to. I'd also prefer not to be overly responsible for its uptime or reputation.

If you're on the same train of thought or, if you don't have a clue what a masternode is but are interested, then Flits app/wallet might be for you.

It makes setting up masternodes and earning passive masternode rewards super-simple.

What is a masternode?

A masternode is part of a blockchain's network that validates transactions, however they can come in many forms with differing responsibilities depending on the network. To operate a masternode, the operator must stake coins, setup a server and run software. For doing so, there is usually an incentive offered by the blockchain by means of rewards in the coin.

The staking requirement varies from network to network, as do the rewards and as do the technical requirements both for hardware and for configuration/connecting to the network.

It's not something most people can do as technical knowledge is required.

How does Flits make it easy to run a masternode?

Flits enables you to run a masternode with zero technical knowledge in just a few clicks. The only thing you need is the required number of coins in your wallet for staking and some FLS (Flits) to pay the fees.

Click a few buttons and Flits will work the magic to spin up a masternode for you.

Et voilà! Passive income.

In some cases, you don't even need the coins. All you need is some crypto eg Bitcoin and you can use the inbuilt swap feature to get the coins you need — Flits will do the exchange for you.

Be careful when buying microcap cryptos though this method though as you have no control and the high spread can mean you end up paying more than you expect.

Oh, and if you don't have enough coins for a masternode, there are also opportunities to earn via staking 👍.

How much can I earn with a masternode?

There is a massive variance in the rates available for masternodes, from single digit annual return, to triple digits…and even quadruple!

Here are 5 examples at time of writing:

  • Dash (DASH): 5.5% annual ROI
  • Sapphire (SAPP): 64.8% annual ROI
  • Pac Protocol (PAC): 16.3% annual ROI
  • Beacon (BECN): 429.2% annual ROI
  • Flits (FLS): 47.6% annual ROI

The annual ROI is basically your return if masternoded for a year and the coin price does not change. As you can see, there is a massive difference. These ROI figures generally change over time as the network grows and ages.

How much will a masternode cost me?

Similar to the ROI, there is a huge difference in the upfront cost. Each masternode will have a requirement for the node operator to lock up or ‘stake' a certain amount of tokens.

  • Dash: 1,000 (approx $200,000)
  • Sapphire: 200,000 (approx $100,000)
  • Pac Protocol: 500,000 (approx $3,000)
  • Beacon: 5,000 (approx $3,400)
  • Flits: 1,000 (approx $400)

These are based on prices/requirements at time of writing; October 2021.

Also note that the staking requirements may change over time eg Beacon require 5,000 until block 200,001. Then it jumps to 7,000…in earlier blocks it was only 3,000.

How frequently do I get rewards?

You may have guessed the answer to this already: it varies. Each masternode is different.

Other considerations

Whilst upfront cost and ROI are the two things people look at first, when it comes to crypto and masternodes, there are other things you should consider.

Primarily; what is the coin and what's the liquidity? ie does it have a purpose and will I be able to sell my rewards (coins)?

Certainly, liquidity is something that needs to be considered as many masternode coins are ‘micro-micro'-cap. You can read more about buying low-cap crypto coins/tokens here.

How to setup a masternode with Flits

First, you'll need to get the Flits app, then create a wallet and deposit some crypto. Or simply have a browse in the ‘discover' area to see what's available.

Discover masternode opportunities
Create a wallet and send crypto

Take some time to browse the available wallets, tokens and masternode opportunities.

Then create a wallet and send your crypto.

Don't forget, there are fees if you wish to run a node…

Decide how you want to pay your fees

There is also a ‘zero fees' option for locking up 1,000 FLS. This is only really worth it if you have several or more nodes.

Got your fees covered?

Now you can create your node…

Let's get that node up!…
Boom! Hit the button and you're done.
Kick back, have a tea/coffee/beer and chill

That's it! Your node is now being deployed and sync'd to the blockchain. It will be live shortly. How long is ‘shortly'? Well that depends on several factors and will differ for each coin.

Also note that in this case, it will be 9 days before I see my first FLS rewards (this is something that could be improved in the UI as could go unnoticed). For Beacon (BECN), the rewards start within 24hours.

Sit back and wait, then enjoy the passive income :).

Just be aware, that as with any coin/token, prices can drop and eat up any of your ‘profit'.

Anything else about Flits?

Yes; they have a new ‘v5.0' app coming, alongside a full web version (the current web version is a very basic, stripped back version of the app) coming in Q1/Q2 of 2022 according to the announcement, however the has been chat in Telegram that beta app will be available mid-December.

“The new app will provide more elaborate information about your investment, as well as having new features and giving even more control to the users. Flits V5.0 will be a whole new chapter for the project and opens new opportunities for the Flits ecosystem as a whole.”

Flits

And partnerships announcements are expected before the end of the year.

Mistakes I made (so you don't have to!)

Here's a few things that may save you a bit of time/money…

Consider buying your coins directly, especially if planning on a large spend. I used the swap feature (using BTC) for convenience. It cost around $448 for 1047 FLS or around $0.428 per FLS and took 24 hours. I could have probably bought them for around $0.4 and maybe gained an extra 100FLS by doing this manually (ie buying FLS direct for an exchange using limit orders).

Note that this is not Flits taking profit, it's simply because FLS is a micro-cap coin with low liquidity and thus there is a large spread on the price. Please read this article for more information on buying small and micro-cap cryptos; buying these coins is very different to buying Bitcoin!

And, being ‘masternode coins', people tend to hold onto them (so they can ‘compound' their nodes) which further reduces the trading volume.

Don't go for zero fees (or if you do, ensure you understand how it works!). The zero fees' option enables you to run up to 100 masternodes for ‘free'. As a new user, the message in the UI is not the clearest; “To enable Zero Fees you have to lock 1 masternode of FLS…”. Sounded like a pretty awesome deal.

So I went off and created my FLS masternode and then discovered I could not enable Zero Fees because I did not have enough FLS…. It turns out you do not create a FLS masternode to enable Zero Fees; you just need lock 1,000 FLS.

So I disabled my masternode, released my 1,000 FLS and went back to enable Zero Fees. Done. Easy.

However, I totally was not thinking; for a small number of nodes, it makes much more sense just to buy credits. It's only worthwhile doing ‘Zero Fees' when you have a lot of nodes. I'm better off earning FLS via my masternode than I am locking up 1,000 coins. 🤦‍♀️.

Not only that, but it took 72 hours to release my FLS from the ‘Zero Fee' hold. #doh

Anyway, now my Flits FLS and Beacon BECN masternodes are live. So I'm a happy 🐰.

Yes, you could maybe save $1 per month using something like masternodesonline, however the ease and connivence with FLS is worth every penny, and more!

Flits coin info (FLS)

At time of writing, FLS is around $0.40 with a 10M max supply and almost 5M circulating, ranked #1957 in CoinGecko.

It has a working product with an update coming in the next 1-2 months (December 2021 / Q1 2022) and a friendly support team…will be interesting to see what happens in 2022.

If you'd like to try the Flits wallet and app, you can register here (this is my referral/ambassador link….I have no idea what it gets me but I guess if someone registers I will find out!).

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Disclaimer: As with everything on this site, this article is for informational purposes only and is not advice of any kind. I simply share my experiences and my opinions for information. I am not a financial adviser and I am not providing investment advice or financial or legal advice of any kind. Cryptocurrencies (and most business opportunities) are very high risk. Many of the opportunities I discuss exist in new, high risk and unregulated markets. Some methods require significant investment of time and/or relevant skills. Please do your own research (DYOR) and due diligence; do not blindly follow anyone!

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