Last Updated: October 23, 2021
The popularity of cryptocurrencies is at its peak. Almost everyone has at least considered buying this virtual currency. What if we told you that there are ways you can receive some for free?
In this article, we will discuss how to earn free crypto, the types of crypto you can earn, and the ways you can avoid cryptocurrency scams. Happy reading!
Is It Possible to Earn Crypto For Free?
Yes! It is possible. Just like you earn cash back, credit card rewards, and discounts, many cryptocurrency exchanges offer free cryptos to their users. One such exchange is Coinbase; the platform offers various free cryptos to its users.
In addition, just like you earn interest from the bank, many platforms offer interest on your crypto holdings. The interest is earned in terms of cryptocurrencies only.
|DID YOU KNOW? Many credit cards have also started giving crypto as sign-up bonuses.|
How to Earn Free Crypto – Methods
Below we’ve discussed, in detail, some of the methods for earning free cryptocurrency.
Crypto mining is not the same as mining for gold, but it does get you free cryptocurrencies. In the crypto world, mining is the process where a person receives crypto for solving ‘blocks’ of verified transactions
To break it down simply, cryptocurrencies are decentralized; no single authority records transactions that are paid with them. Anyone in the world can record crypto transactions individually, with the person who does first being rewarded. These transactions are recorded after solving complex problems; the person or company who solves it first earns free cryptocurrency. Several individuals and organizations mine for coins for various reasons; doing so specifically for Bitcoin is known as Bitcoin mining.
To set up a mining rig, you need either a graphics processing unit (GPU) or an application-specific integrated circuit (ASIC).
Stacking is very similar to mining, but the key difference is that you store coins in a crypto stack and hold them. Stacking is also used to validate a transaction. In mining, whoever solves the problem first gets to record the transaction. In stacking, these are chosen randomly; whoever has more stacks has a better chance of recording it, and the person gets rewarded for recording the transaction. To stake your crypto, you must have a valid account and own a crypto wallet. This is a more environmentally-friendly way to earn free crypto, as only the person chosen records it, rather than thousands of people trying their luck.
Yield farming is yet another way to invest your crypto and earn rewards. It is the process where a person holds crypto and invests it in a lending protocol in the crypto market. In the process, the person earns interest in terms of crypto. This is similar to lending money in the financial market and earning interest on it. There are risks involved, but if you have knowledge about how the market works when to invest, and when to hold, you can certainly earn free cryptocurrency.
A crypto airdrop is a marketing stunt pulled by a new cryptocurrency or trading platform. The company gives cryptocurrency out for free to certain users to increase awareness. Many also airdrop crypto as a reward for promotion through a social media post, blog, or by sharing it with other crypto holders. However, for this to apply, you must be an active crypto trader. You cannot expect free airdrops if you don’t own or trade any crypto!
In order to get free cryptocurrency, you can also perform various microtasks. These tasks are handed out by certain websites and include watching videos, downloading an app for testing, writing, or taking an online survey. These websites pay in crypto (mainly Bitcoin) after the completion of these tasks.
Similar to completing microtasks, you can also offer freelance work to earn crypto. This is not technically free, as you perform tasks and then earn cryptocurrency. Websites like Ethlance allow freelancers and employers to register themselves, and then find the appropriate candidates. Once the job is completed to satisfaction, you get paid in Ether. The platform does not charge any fees from freelancers or the employer, making this method to earn cryptocurrency online quite popular.
You can also receive crypto payments for any products you sell. Popular websites like Shopify allow payments to be made and received in crypto. Woocommerce is another business website plugin that allows payments to be received in crypto.
Crypto Ad Networks
As the name suggests, crypto ad networks provide promotions for crypto products, projects, cryptocurrency tokens, and more. You can use these platforms to promote crypto ads and attract crypto traders. The payment you receive from customers is, obviously, in the form of crypto.
There are many crypto gambling sites on the market, making it one of the easiest ways to earn free cryptocurrency. Gambling sites often allow users to play poker through casino games and earn crypto. However, you should also consider the fact that you could also lose crypto with gambling.
This works in a similar way to microtasks. Crypto faucets are an app or website that rewards people in crypto for completing simple tasks like watching videos about crypto, downloading an app, or completing puzzles. You can store your Bitcoin or other cryptos in your wallet and can withdraw an amount after reaching a certain limit.
Still, confused on what is a crypto faucet? Just like water dripping out of a faucet, rewards in crypto for this are smaller than other methods. You still complete tasks to earn payment, but you must wait until a large amount is connected to cash out.
|DID YOU KNOW? China is the largest miner of cryptocurrency in the world. The country mines up to 70% of total transactions! That also makes it the country with the most earned free cryptos.|
What Cryptocurrency Can You Earn?
The crypto market is filled with tons of cryptocurrencies. You might have even heard of Dogecoin, the cryptocurrency meme. While you can earn any of the thousands of cryptocurrencies out there, most companies only offer popular crypto as payment. These include Bitcoin, Ethereum, Stellar, and XRP. You may also get new cryptocurrencies as a form of promotion through airdrops.
|DID YOU KNOW? The actual amount of a particular cryptocurrency is limited, and no one can increase it. For example, there are only 21 million Bitcoins available; some people across the world only trade these exclusively.|
Avoid a Cryptocurrency Scam
While you may be looking for the fastest way to earn Bitcoin or any other crypto, you should be careful about potential scams and fraud activity. The most common way to get scammed is through social media or through a clone crypto browser.
Many scammers create a clone crypto browser and use it to hack into your crypto wallet. They may steal your coins or threaten to spread your information for ransom. In order to avoid this, you must pay close attention to the web browser you’re using. Make sure it has an HTTP at the beginning and a small lock icon in the URL that represents a secure website. You should also only use websites that you trust, and avoid new websites for just a few free coin crypto.
Social media scams are also quite popular. There are many bot accounts on social media that send promotional messages. While many genuine people promote their crypto using social media, you should be able to figure out the real ones from a bot. If the offer seems too good to be true, it probably is. For example, no company or person in their right mind would offer you 300 Bitcoins for simply clicking a link.
We know it is tempting to make free Bitcoin or other cryptos, but pay close attention to the links, apps, or websites you are visiting.
|DID YOU KNOW? People also report receiving various scam emails from legitimate-looking email addresses. It is important to double-check the sender, and not fill in any private information on links that seem suspicious.|
Earning Free Crypto vs Trading
There are both pros and cons to earning free cryptocurrencies, as well as trading in cryptocurrencies like Bitcoin.
First, let’s take a look at free cryptos. A major advantage is that you get free crypto by doing minimal work. It is usually very easy once you understand how the crypto market works. However, a major disadvantage with free ways to earn crypto is that it makes you more prone to hacks and scams. As mentioned above, not all sites are genuine; fake ones are more often than not after your already existing crypto.
Trading, on the other hand, includes buying and selling crypto for profit. Again, if you have knowledge of the crypto market, trading is very rewarding. You can buy crypto like Bitcoin, determine how much to invest in it, and later sell at a higher price. This requires strategy and research, but the profits are generally high. However, trading also comes with a lot of risks; many people get addicted to trading as a form of gambling. The prizes are tempting, causing people to spend more money than they might have. If the crypto falls, they incur huge losses. You must research well before trading, and think of it as an investment.
To summarize, free cryptocurrencies are better for those who want to play it safe and do it as passive income, whereas trading is beneficial for those who prefer risks.
|DID YOU KNOW? According to the IRS, you must pay tax on any crypto earnings. It does not matter if it is through free cryptos or through trading. Crypto tax software can help you with this process.|
There are many ways you can earn free cryptocurrencies, such as mining, stacking, faucet crypto, and airdrops. You can earn any type of crypto from these methods, but the most popular are Bitcoin and Ethereum. While partaking in the crypto world, you must pay close attention to apps, websites, or links you visit, as many of them can be scams. Digital security plays a key role in earning free cryptos; although these methods are preferred by many people, those who are willing to take risks and have knowledge of the crypto market prefer trading. To utilize how to earn crypto for free like Ethereum, you must be aware of the various methods mentioned throughout this article. You can also earn free Ethereum through freelancing.
Coinbase gives free cryptos to active users who meet the minimum crypto requirement in their wallets. It is more about the crypto you own rather than the time elapsed. Once you meet the requirements, you can expect free cryptos from Coinbase.
You can earn free cryptos through various methods like mining, stacking, airdrops, yield farming, and microtasks.
To utilize how to earn free crypto like Ethereum, you must be aware of the various methods mentioned throughout this article. You can also earn free Ethereum through freelancing.