The world has been in a frenzy since the rise of cryptocurrencies. This is because cryptocurrencies have the potential to increase in value over time. If you are one of those who have caught the “crypto-bug,” you are at the right place because I will let you in on how to earn crypto for free on the internet.
This post will explore what cryptocurrencies are and the best ways to earn free crypto. Let’s dive right in!
What Is Cryptocurrency?
A cryptocurrency or crypto is a digital currency that is constructed in such a way that it serves as a medium of exchange via a computer network that it does not depend on any central authority, such as a government or bank, to function. Rather, crypto uses a decentralized system to keep track of transactions and supply new units.
Can I Earn Crypto for Free?
Totally! Remember when you get freebies like discounts when you buy stuff at the supermarket? Well, many cryptocurrency brands also offer free cryptos to their users. Coinbase is one of such brand as it gives its users opportunities to earn free crypto.
Also, just like banks offer you interest on your money when you save with them, crypto platforms also let you earn interest on your crypto holdings.
As I promised, here are sure ways to earn crypto for free. Let’s go!
Ways To Earn Crypto For Free
1. Earn Interest Off Your Bitcoin:
If you’re leaving your crypto in your wallet and not touching it. Good news is here! You can make passive income off it. Interestingly, some crypto platforms let you generate interest on your cryptocurrency holdings. For instance, Gemini Earn runs a loan program that lets you earn up to 7.4% APY by allowing institutional borrowers to use your crypto and pay it back later. A similar offer is the BlockFi Interest Account on BlockFi, which generates up to 8.7% in annual interest. This interest can be earned in Bitcoin or USD. To avoid regrets, be sure to carefully read their terms and conditions for more clarity before signing up.
Staking cryptocurrency is one of the coolest ways to earn free crypto by simply keeping crypto in your wallet and earning rewards for it. These rewards come because the blockchain network puts it to use while maintaining itself. Hence, you can use this technique to earn interest on crypto exchange platforms such as Binance. Coinbase and Gemini are crypto trading platforms that allow you to stake Ethereum on the ETH2 network; on Ethereum, ETH2 is the proof-of-stake upgrade. Here, users can have around 7% interest paid in Ethereum based on the cryptocurrency positions of users.
To stake crypto on Coinbase, you’d have to join the Ethereum staking waitlist, and when approved, you can start staking your Ether tokens and earn interest on your crypto. If the waiting process is too long for you, try Gemini. Gemini allows investors to begin staking their cryptocurrency for interest right away, so you can start growing your crypto positions today.
3. Coinbase Earn:
This is a learn program on the crypto trading platform, Coinbase, that gives free crypto. Users earn free crypto by learning on the platform.
In 2021, these guys gave over $100 worth of crypto during this program. By jumping on their Learn program, you can earn yourself free crypto while adding to your knowledge of crypto projects. How cool is that? Presently, they are offering online classes on Basic Attention Token (BAT), 0x (ZRX) tokens, Zcash (ZEC), EOS (EOS), and others where they’d have to watch a video, examine you with three questions to test your newfound knowledge and when your answers are correct, you are awarded your free crypto. Yes, Coinbase will pay the cryptocurrency you just learned into your account, so the program is a gateway to learning the vast world of different cryptocurrencies.
Also, you never have to worry about losing your free crypto because you can retake the quiz as many times as possible till you succeed.
For long-term investing, altcoins are not recommended, but you can easily convert them into Bitcoin or Ethereum once you get them. Be sure to keep track of these transactions, as crypto-to-crypto trade is considered income; hence, they are taxable. Hence, you should monitor the price value of all your earnings via Coinbase Earn and report them as income on your federal tax return. When you earn over $600 during the program, Coinbase issues you a Form 1099-MISC, which you in turn use to report your earnings.
Coinbase also gives you an earned bonus for all your referrals on their Coinbase Earn program.
4. Free cash:
This platform offers its users the opportunity to earn free crypto by completing surveys or using their gift cards, among other features. Free cash pays their incentives to its users in Bitcoin, Litecoin, Ethereum, Dogecoin, and even cash. Users can earn more than $100 per month on their website. Also, it is not only lucrative. The sign-up process is easy. You can register via your Google or Steam account.
Cryptocurrency airdrops are another popular method of earning free crypto. Here, developers give away their new crypto in a bid to help it gain traction and acceptance in the market. When you qualify, they send your reward directly to your wallet address, making you a proud owner of that coin.
This is where we end our chitchat on legit ways to earn free crypto. There is no gainsaying the fact that crypto is the new goldmine. However, cryptocurrency prices fluctuate, making the market unstable at times. As such, caution should be advised while making an investment. When trading, please make well-informed decisions.
Note that free crypto may be considered as income as such, not free of taxation.
Good luck on your profitable journey into cryptocurrency.