It goes without saying that blockchain technology and cryptocurrencies are one of the most exciting developments to come along in recent times.
From Bitcoin to Ethereum and Litecoin to Tether, cryptos have now become something of a mainstream investment.
Naturally, interest in cryptos have spiked with even institutional investors jumping into the fray. With prices as high as they are right now, is it actually possible to invest in cryptocurrencies nowadays?
The answer most definitely is yes.
Given its community-driven nature, there are plenty of ways for just about anyone to get their hands on some of that awesome cryptocurrency.
But before you jump in headfirst, you need to keep a few things in mind.
Cryptocurrencies are extremely volatile
Chances are you’re probably looking to invest in cryptos for this very reason. But always remember that what goes up, must surely come down.
Remember: the crypto market is totally unregulated and decentralized. Because of this, there is a significant risk when it comes to investing.
So, do your own research and come to your own conclusions about crypto, and be prepared to lose your entire capital if the market goes south.
Scams are very, very common
The crypto boom has attracted all types of people and scammers have also taken note of this. And this is why you need to be extra careful when you start investing in crypto.
Scammers usually take advantage of gullible victims through the use of fake mobile apps, impostor websites, or scam emails.
Others meanwhile may try to get you to invest in a “pump-and-dump” scheme i.e. a scam where multiple victims are sold worthless cryptocurrencies at a high price before the market suddenly collapses.
Now that we’ve got that out of the way, let’s get down to seeing how you can earn free crypto.
1. Farm cryptocurrency faucets
Cryptocurrency faucets aka crypto faucets are platforms that reward users with cryptocurrencies in exchange for completing a few tasks. These tasks range from completing a survey to maybe watching a video and answering a few questions after that.
These platforms are named as such because they pay out a small amount of crypto… So don’t quit your job just yet as you’re not a crypto millionaire yet.
But it should be noted that it is quite possible to farm crypto faucets to earn a small, albeit steady amount of coins. Farming faucets involves you visiting several different sites in order to gradually accumulate cryptocurrencies.
When farming crypto faucets, keep an eye on the type of cryptocurrencies that are being paid out. Some faucets offer mainstream cryptos i.e. Bitcoin and Ethereum, where others offer lesser-known tokens.
As a rule of thumb, keep to reputable sites that offer more mainstream cryptos. And if an offer sounds too good to be true, then it probably is.
Airdrops are probably the easiest and most direct way to earn free crypto.
But the question is, what on earth is an airdrop?
Well, airdrops are basically events in which a large quantity of cryptocurrency is distributed (usually for free) to different wallet addresses.
This is akin to a form of free advertising for developers who are looking to distribute their new tokens. It is also essentially free money for crypto enthusiasts looking for the next big thing.
However, as is with most things, you should always keep an eye open for scammers. Victims have been tricked into handing over sensitive personal information or been outright cheated when they received non-tradeable tokens.
So if you’re looking to get your hands on some free crypto, always check with legitimate sources such as airdropalert.com for the latest news.
3. Apply for jobs that pay crypto
Sometimes the best way to get free crypto is to get paid in crypto.
If you’ve got any marketable skills, it’s always worth checking out the various forums and sites visited by crypto enthusiasts.
And we don’t mean applying for a job on a site like Craigslist.
Given how cryptocurrency is somewhat frowned upon by governments it can be difficult to find an employer willing to pay you in crypto.
Fortunately, you can check out subreddits like r/Jobs4Bitcoin where posters advertise jobs that offer cryptocurrency payments.
If you choose to go down this path, be extra careful. Sites like Upwork, Freelancer, and Fiverr have been known to ban users who accept payments in cryptocurrencies.
Also, there’s a chance that you may be cheated by an unscrupulous employer which is why it’s important that you only accept crypto payments from a trusted client or business partner.
4. Trade cryptocurrencies
While not technically free, trading is one of the most lucrative ways to quickly earn cryptocurrency.
To get started, you first need to have a credit card and paypal account. From here, you’ll be able to exchange your fiat currency for the cryptocurrency of your choice on the various exchanges on the internet.
Thanks to the decentralized nature of crypto, you won’t even need to leave the comfort of your own home when investing. You can use sites like eToro or Binance to purchase the cryptocurrency of your choice.
Once you’ve purchased your crypto, you can either hold your cryptocurrencies in anticipation of it appreciating or conduct day trading i.e. speculating on crypto price movements in order to earn a profit.
Both strategies have their fair share of strengths and weaknesses but both are not 100% risk-free. In fact, given how volatile the crypto market is, trading in cryptocurrencies can be extremely risky at times.
5. Sign up for bounties
Just like how crypto faucets will pay you for completing certain tasks, crypto bounties also reward participants for completing a certain set of tasks.
Bounties are typically used by developers to gauge community feedback before an initial coin offering (ICO).
When you participate in a bounty program, you’ll be in tokens – which can be good or bad depending on the coin’s performance post-ICO.
So in conclusion, it’s fair to say that there are plenty of ways to earn crypto for free. According to Tezro there are other few legit ways to earn crypto, as you can see here.
It only depends on the quantity and type of crypto that you’re actually looking for.