Investors used to the traditional stock market or newbies looking to test the investment waters can find entering the cryptocurrency market very intimidating. Not just because it is exceptionally expensive but because it involves using new tools and concepts not many people are still familiar with.
If you are new to the crypto game and are looking to make the most of it without spending a hefty buck to start with, make sure you are well-informed and get your crypto information from reliable sources.
Cryptocurrency Scams
Scams are nothing new in the cryptocurrency world; stories of crypto fraud have circled for years, alerting crypto enthusiasts to the potential drawbacks of crypto investing. Avoid giving out your crypto wallet’s private key or login information to any promotion that asks for it.
There is a significant risk for crypto airdrops and initial coin offerings (ICOs) to be fraudulent schemes: ICOs may ask you to swap your legal coins for illegitimate ones with questionable value. Be careful!
How to Earn Cryptocurrency
Assuming you already know what cryptocurrency is and are educated on all-things-crypto (as much as one can be), we’ll get straight to the point.
We list 5 ways you can safely earn cryptocurrency without investing money upfront.
#1 Participate in Airdrops
To increase awareness of their crypto projects, certain crypto-related companies will distribute free coins or tokens to their supporters. You can take advantage of the opportunity to obtain free coins by participating in these airdrops. They usually don’t come attached to complicated or shady conditions. Still, double-check everything before going through with it.
#2 Join a Cryptocurrency Faucet
Faucets are platforms on the web or an application that reward users with small quantities of cryptocurrency for completing certain activities or responding to surveys. You can get free coins by accessing a faucet and doing the tasks.
#3 Link up with a Cryptocurrency Mining Pool
If you currently can’t afford a solo crypto-mining adventure, join a mining pool and tap into the collective computing power of the network to get a share of the reward. If there are few people involved, you can regularly make a small profit from cryptocurrency mining by participating in a mining pool.
#4 Engage in Crypto Lending
Decentralized finance projects, like cryptocurrency mining, require human labor. However, online mining is a method of locking funds in the system. To secure funds and add liquidity to a DeFi token, one can engage in Yield Farming, also known as Liquidity Mining. Your cryptocurrency assets will earn you a reward. Typically, the incentive is a digital token.
If you go this route, remember that you must work with a well-established platform.
#5 Get Free NFTs
Non-fungible tokens (NFTs) are a popular new digital asset and artwork. While not technically cryptocurrency, NFTs are easily convertible into cryptocurrencies. How, then, can one acquire NFTs without spending any money? Those, too, are available for free as part of the promotions.
There are a couple of great options to explore when looking for NFTs. To begin, a standard “invite bonus” for initial investors of new crypto projects is the best way to get your hands on NFTs.
If you subscribe to a new cryptocurrency’s Discord channel, there is a chance you’ll receive an invite bonus. You become eligible for an invite bonus if you manage to bring a significant number of new users into the game.
Final Thoughts
There are various ways to get free cryptocurrency, from the more conventional channels like freebies at cryptocurrency exchanges and brokers to the more out-of-the-ordinary ones like airdrops and surveys. Make sure you’re dealing with a trustworthy partner if you’re going to use any of the free services out there; otherwise, they might be the ones to walk away with your cryptocurrency.
Sources:
- https://cryptobriefing.com/
- https://www.coindesk.com/
- https://www.nerdwallet.com/article/investing/earn-crypto
Disclaimer: Investing can be quite a wild ride – especially when you don’t know the terrain! To keep things from getting too rocky, take some time beforehand to get familiar with all of the risks involved. Our site is here to up your investor game by providing all available intel about platforms and trends, but we don’t take responsibility nor can we be held accountable as advisors. That being said, it’s still important for you to make educated decisions that match what works best for YOU – just remember: no amount of savvy will guarantee success or protect against loss so invest money you can spare.
