16 ways to earn cryptocurrencies for free
How to earn
free cryptocurrencies? Well, it's
simple. First, free money is nothing new to savvy
consumers. Credit cards offer sign-up
bonuses, bank accounts earn interest, and there are even tools to earn cashback when shopping online. And now you can get many of those same perks
issued in cryptocurrencies instead of credit card points or US dollars.
If you have already added
cryptocurrency to your investment portfolio, these options offer an additional coin on top of your
initial investment. But you need to know exactly how it works before you
dive in. You should also be prepared for the additional responsibilities
that free crypto may require.
While some forms of free crypto, like crypto
credit card rewards, are only taxed on the capital gains you earn when you
withdraw, others may be considered taxable income when you receive it.
In this article, I'll show you some
techniques you can use to earn cryptocurrency legally. But before you
start, here is a protocol that allows you to build your first business onthe internet.
let's go
1. Purchase
Rewards
Lolli, a Google Chrome or Firefox browser extension, offers
“Bitcoin Back” when you make purchases from its business partners. It
works similarly to browser extensions such as Rakuten or
Honey that offer discounts and cashback when you use the portal or extension to
shop online.
Like those programs, Lolli rewards you
for your regular spending as you normally would when shopping online, not for
shopping with crypto.
Rewards range from 1% to 30% Bitcoin back, depending on the retailer and product. Your rewards will go to your Lolli account, then you can transfer them to your crypto wallet or exchange account.
2.
Credit cards
A cryptocurrency credit card works the
same way as other reward credit cards. But instead of earning money or
points with each hit, you'll get cryptocurrency. While we love simple cash
rewards (and you can still buy crypto with your cash winnings), these cards can
help round out your crypto portfolio more seamlessly.
Gemini and other exchanges have announced plans for
cryptocurrency rewards credit cards. The reward categories on these cards
are similar to many traditional cash-back credit cards.
The BlockFi credit card, for example, earns 1.5% in Bitcoin on
every purchase you make, after earning 3.5% for the first 90 days after opening
the account.
In addition to varying reward rates,
each of these cards offers different cash values. The Gemini Card will let
you choose which crypto to redeem rewards in, while BlockFi earns Bitcoin
rewards, and others limit your rewards to certain altcoins only.
As with any credit card, the rewards
you earn with these cards are only valuable if you avoid their high-interest
rates. If you use a card to earn crypto rewards, be sure to only charge
what you can afford to repay in full and on time each month, without having to
pay a balance.
Also read: What does bullish or bearish mean in the crypto market?
3.
Look for Exchange signup and referral bonuses
Some cryptocurrency exchanges offer
sign-up or referral bonuses for using their services. A previous Coinbase
sign-up bonus offered $5 to new users to invest in crypto, for example, and
the exchange currently offers a $10 bonus to you and your referral when they
create an account and trade at least $100.
Be sure to pay attention to the terms
of these bonuses. You may be required to provide more personal information
or take other actions to claim these rewards.
Most of these offers aren't lucrative
enough to warrant signing up for a whole new exchange if you already have an
account, but if you're a beginner, keep an eye out for the exchanges you're
considering to see if they offer a sign-up bonus or referral for other friends
who might be interested.
4.
Earn on Coinbase
Popular cryptocurrency exchange
Coinbase offers incentives for using the platform's learning hub. To get
the free change, you will need to watch Coinbase videos, take quizzes, and then
Coinbase will deposit a small amount of crypto into your wallet.
The content is usually focused on a
specific altcoin (like GRT and BOND) and therefore these are the coins
you will earn by completing the
lessons.
Since altcoins are generally not
recommended for long-term investing, you can convert these lesser-known coins
to Bitcoin or Ethereum once you've earned them.
But remember to keep track of these
transactions, as every crypto-to-crypto transaction is
taxable. Additionally, you need to track the price value of all your
earnings through Coinbase Earn. If you earn more than $600 from the
program, Coinbase will send you a form, which you can use
to report your earnings.
You will need to have funded a Coinbase
account, and live in an eligible country. You also need to verify all your
personal information to start earning with Coinbase Earn.
5.
Earn interest on your Bitcoin
A few crypto exchanges allow you to
earn interest in your cryptocurrency holdings. Gemini Earn, for example,
is a lending program where you lend your crypto to institutional borrowers and
can earn up to 7.4% APY. BlockFi offers a similar offering, the BlockFi Interest
Account, which accrues interest up to 7.5%.
Also Read: Make Money Using Sweatcoin App
Lending your crypto to these
institutions can add even more risk to the built-in cryptocurrency
risk. So be sure to read the terms carefully before signing up and don't
lend more than you can afford to lose.
You can also earn interest by staking
on certain crypto exchanges, like Binance. Staking
means leaving cryptocurrency in your wallet to earn rewards or interest.
By doing so, you help maintain the
blockchain network. You can usually only stake certain coins within an
exchange, which may require buying riskier altcoins to reap the benefits.
The interest you earn on your crypto, as well as income from staking, are both taxable and it is your responsibility to
report them as income. If you choose to participate, you will need to
track the cost base of your income throughout the year to include on your tax
return.
6.
Become an Affiliate Marketer and Earn Free Cryptocurrencies
Affiliate marketing offers another
method for the average person and business to earn free cryptocurrency
online. If you have an online following, you can generate additional
income by asking your friends and followers to do business with companies that
are willing to reward you for guiding new customers in their direction.
Your subscribers click on a unique URL
that the merchant will give you when you join their affiliate or referral
program.
This URL will track all purchases made
through your network and credit your rewards account. The commission per
sale differs from merchant to merchant, but if you have a large readership, an
affiliate program can provide you with a significant stream of income.
A popular Bitcoin affiliate program is
that offered by Coinbase, arguably the largest exchange for buying and selling
Bitcoin in North America.
Also read:
7.
Earn cryptocurrencies by surfing with the crypto tab browser
Several websites help you get free
Bitcoins instantly by performing certain activities. For example, you will
instantly get free Bitcoins by surfing the internet using the CryptoTab browser.
8.
Learn more about cryptocurrencies
You can also earn crypto by learning
about bitcoin on websites like Coinbase. This site offers various crypto
courses and videos. All you have to do is answer the quiz questions or
complete some specific tasks.
Based on this, you will be rewarded
with a small portion of a specific crypto coin. However, you must first
register on the Coinbase website.
9. Go
through “Bitcoin Faucets” to earn cryptocurrencies
This method is a specific feature on
websites that constantly provide Bitcoins to certain users. For example,
some websites send a fraction of free Bitcoin every second as a promotion
reward.
However, this is an extremely small
amount that is awarded to a user after a few minutes. The idea is that the
faucet retains website visitors for a long time and the website owner can get
better ad revenue, more engagement, and other benefits.
10.
Play Mobile or Online Games to Earn Bitcoins
There are so many online games that
reward small amounts of Bitcoin as prizes. It works the same as bitcoin
faucets. Bitcoin rewards encourage users to play games and see
advertisements.
Therefore, the game has become a great
source for advertisers to reach people by offering Bitcoin
prizes. However, the reward amount tends to be very low.
11.
Earn cryptocurrencies with the Binance referral program
Affiliate programs are widely available
in the cryptocurrency industry. For example, you can refer a friend to a
service. Then you both get discounts, collect reward points or get a bonus
BTC and fiat currency.
For example, you can earn free Bitcoin
by applying to the Binance Bitcoin referral program. You can refer your
friends and earn 20% when they make a transaction. Your friend also gets a 20%
discount.
On the Binance website, all payments are made in BTC and other
altcoins. You can withdraw this amount to your account using Binance
P2P. Click here to start
earning
your first cryptocurrencies.
12. Bitcoin Mining
It is a fast, cheap, and reliable method
of mining Bitcoin. You just need a normal PC and a bitcoin miner. To
start mining Bitcoin, you may need to join a mining pool with a group of
miners.
This type of mining produces a lower
amount of Bitcoins compared to the cost of energy needed to run them, so you
can't expect much from this method.
13.
Donations
You can earn Bitcoin instantly through
donations. However, it is not easy, because you have to work hard for
it. First, you need a website and you can request Bitcoin donations on
your website using a wallet address and a QR code.
14.
Earn cryptocurrencies from the salary
Getting a salary in the form of bitcoin
is another method to get free bitcoin fast. For example, let's
say you work as a freelancer for a reputable cryptocurrency provider.
In this case, you will probably be paid
in Bitcoin cryptocurrency. Moreover, if you wish, you can also ask your
employer to pay your salary in the form of Bitcoin.
15. Writing
and Research Information Products
Some cryptocurrency blogs, news
outlets, and forums will pay you in cryptocurrency to contribute your ideas and
write for them. However, you must have a good knowledge of the
industry. You can find various article writing posts for various crypto
blogs and media outlets on job boards like Coinality.
For example, cryptocurrency forums like Bitcointalk provide
their established members with monetization opportunities. It allows
companies to advertise their product or service in the signature of their
messages.
16.
Use Bitcoin Earning Sites
Freebitcoin.io . This earning site is one of the oldest and most
favorite BTC faucets. You will get up to $200 free Bitcoins every hour by
clicking the reel button. You can earn a few Satoshi (the smallest unit of
Bitcoin)
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