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11 Ways to Earn Free Cryptocurrency
How to Earn Free Cryptocurrency: 11 Easy Ways
1. Sign up for an exchange
Many cryptocurrency exchanges will put cryptocurrencies into your wallet if you register as a customer (just like brokerage agencies will give you money if you register as a customer.) You may want to go with the best option available, although it may be worth earning them all. The good news is that this is one of the safest options if you are looking to get free coins, although you will have to put some of them in yourself.
Here are some of the exchanges that offer free cryptocurrencies:
From time to time other exchanges add promotions or offer limited time bonuses, so stay tuned for these additional opportunities.
2. Cryptocurrency Staking
Staking your cryptocurrency can help you earn a steady stream of income, and this can be especially beneficial if you’re a long-term buy-and-hold investor or if you’re looking to accumulate a few coins. Rewards vary from coin to coin, but the more speculative coins tend to be higher.
Some cryptocurrencies such as Ethereum use a “proof-of-stake” protocol to validate and manage their decentralized system. This gives those who own the digital currency the ability to participate as validators and earn money by staking their coins. You’ll be supporting the infrastructure, holding your own coins while you do it, and even earning a little income.
The Securities and Exchange Commission (SEC) has challenged some staking programs as unregistered securities offerings, which is illegal. Cryptocurrency Exchange The Kraken has agreed to end its staking program in early 2023 as part of a settlement with the SEC.
3. Free NFTs
A non-fungible token, or NFTis a type of digital asset or artwork. Technically, NFTs aren’t cryptocurrencies, but you can quickly exchange them for cryptocurrencies. So how do you get free NFTs in the first place? There are giveaways for those, too.
If you’re hunting for NFTs, you have a couple of good avenues. First, many new crypto projects offer NFTs as a sort of “invitation bonus” to their top backers. You could follow a new crypto on its Discord channel with the hopes of participating in a pool of invitation bonuses for people who generate the most traffic to the channel.
Another alternative is to regularly search Twitter for NFT giveaways, which can be offered for retweeting and promoting the project itself. A retweet could give you a chance to win an NFT.
Obviously, NFT giveaways can create some tax issuesso be aware of that.
4. Learn and earn
Some websites offer you the chance to learn more about cryptocurrency and earn some at the same time. You may have to watch a few videos, take a short quiz, and pass to earn the bonus.
Coinbase Earn is one site that offers rewards for learning about cryptocurrency, but others like CoinMarketCap.com also offer the opportunity to earn free rewards. The problem with these “learn and earn” promotions, however, is that you may not always get the cryptocurrency you want.
THE SEC Sued Coinbase in 2023alleging that it unlawfully operated as an exchange, broker-dealer, and clearing house, and offered and sold unregistered securities. The lawsuit, which is ongoing, alleged that Coinbase knowingly violated securities laws that are designed to protect investors. Coinbase said it would continue to operate its business as usual.
5. Crypto Savings Account
Looking for a simple way to earn interest with cryptocurrency? A cryptocurrency savings account lets you earn interest on your holdings while you continue to enjoy their potential growth. And the initial interest rates you receive can be much better than traditional bank accounts.
One option here is Crypto.com’s savings account, which offers a tiered interest structure. This means the more you deposit, the lower your interest rate will be. High interest coins like Bitcoin and Ethereum can offer an annual return of a few percentage points, while stablecoins They may offer higher interest rates by several percentage points, making them a more attractive place to deposit your money.
6. Cryptocurrency Loans
Take your cryptocurrency game to the next level and lend money to borrowers and earn interest on the transaction. It’s called decentralized finance, or DeFiand you can leverage the power of digital currency and decentralized apps to earn money through peer-to-peer lending.
Regardless of the lending platform or currency you use, however, you will need to be careful that the potential borrower can repay the money you have lent. Additionally, it may make sense to finance several smaller loans or finance them in conjunction with other lenders, to help reduce risk.
However, if you choose this route, it is important to work with an established platform.
7. Get money from a broker
Some traditional brokerages also offer promotions from time to time. However, these bonuses are usually paid in US dollars, but then they could be immediately converted into cryptocurrencies on the platform. Is this too much, according to the premise of this article? Maybe, but you will still end up with cryptocurrencies in your wallet.
One place to start here is eTorowhich operates as a cryptocurrency exchange and traditional brokerage in the United States, although it is a traditional broker in other countries. The broker offers a referral bonus to you and your friend if your friend signs up and makes a deposit. Other traditional brokers that offer cryptocurrency trading such as Robin Hood OR The Web Bull It might also run promotions from time to time. So just exchange cash for cryptocurrencies.
8. Participate in an airdrop
Developers of a new cryptocurrency may do an airdrop, or giveaway, of their new coin to publicize it and generate more interest and excitement around it. You may need to do a few things to be eligible to receive new coins, such as following the cryptocurrency project on social media, following it on a Discord channel, or otherwise supporting the project.
However, it is worth noting that many airdrops are scams, and even if they do give you coins, those coins may end up being worthless. This worthlessness could be good for tax purposes — because you won’t have to pay much, if any, taxes —but it does nothing for your wealth.
9. Cryptographic Credit Cards
If you already have a regular account credit cards with cash backIt can be easy to make the leap to cryptocurrency rewards cards and enjoy cryptocurrencies in exchange for your purchases. These credit cards can offer rewards on purchases in the form of Bitcoin or other popular altcoinsOther spending bonuses may also be available.
One option in this case is the Gemini credit card.
Of course, the same caveats apply to these cards as they do to other credit cards: Don’t run up a huge credit card bill by trying to get relatively modest rewards. But you’ll also want be aware of other risks specific to cryptocurrencies.
10. Answer surveys
It seems like an old internet game with a new gimmick: you take a survey and get some money. But this time, the money is in cryptocurrency. And that’s what some sites allow you to do these days.
One participant here is Freecash, which offers surveys, games, or other paid offers every day. While you can receive your payments in cryptocurrency, you could also take them as dollars or even gift cards. The site may seem a little too “bells and whistles,” but you can still earn free cryptocurrency.
11. Surfing the web
Looking for a cryptocurrency that lets you earn money while you surf the web? Brave browser might be the right choice for you. You will earn Basic Attention Token cryptocurrency for using the browser, as long as you have activated the Brave Rewards program.
Brave blocks typical ads and cookies, but still gives you the option to see some ads in exchange for cryptocurrency. The program is available in most countries, and the company shares 70 percent of ad revenue with users, it says. Payments are made once a month.
It’s something you do anyway, so maybe it makes sense to get paid to surf.
Beware of scams
The cryptocurrency world is already full of scams, and cryptocurrency scam stories have been legion for years. The situation can be even worse in the world of free giveaways. That’s because scammers love to prey on those who are looking for a giveaway on the next big thing.
So it pays to be on your guard when looking for free cryptocurrency. Some cryptocurrency scams, such as airdrops or initial coin offerings (ICOs), have a high potential to be outright frauds. Avoid any promotion that asks for your login credentials or private keys for a crypto walletMeanwhile, ICOs may cause you to exchange your legitimate coins for a coin of questionable value.
As usual, if the giveaway seems too good to be true, it probably is.
Bottom line
If you are looking to earn free cryptocurrency, you have a variety of options, from the usual suspects at brokers and exchanges that offer freebies to the unusual ones, like airdrops and surveys. As you work on your free options, however, make sure you are working with a reliable partner or they may be the one to get your free cryptocurrency.
Editorial Disclaimer: All investors are advised to conduct their own independent research on investment strategies before making an investment decision. Furthermore, investors are advised that past performance of investment products is no guarantee of future price appreciation.