It is said that there is no such thing as a free lunch. But, everyone loves free things, right? What if we told you that you could earn free crypto? Yes, you read it right. There are several ways for someone eager to get a healthy exposure to cryptocurrency to earn crypto for free.
Many groups of people are gradually emerging who are increasingly losing confidence in traditional financial systems and frameworks. Traditional Finance or TradFi as it is called in short, is administered by the grip of a central authority, This is leading to a lot of distrust and increased cost of finance. Enter cryptocurrency – or decentralised finance, which has caught the attention of people and has offered a viable alternative to the centralised financial ecosystem.
Millions of people have adopted cryptocurrencies and hold them as a share of their investment portfolio. Cryptocurrency exchanges have become extremely popular, which is evident from the trading volume that some of them record on a daily basis. So, in order to motivate more people to come into the fold of what is being hailed as the future of finance, companies have evolved several ways in which a user or a potential user can get free cryptocurrencies. Let us discuss them in detail.
REFERRAL AND SIGN-UP BONUS
Cryptocurrency exchanges and wallets are always giving out bonuses to potential customers to make them more eager to register themselves for investment and trading in crypto. Referral bonus, sign-up bonus or welcome bonus crypto are provided to new customers on registering with a platform. These offers are very good initiating points for beginners to the world of crypto. They start getting to know about decentralised finance while being a part of the market, while earning a reward or bonus for doing it. Referral bonuses are usually accompanied by a particular free cryptocurrency coupon code, which is generated by an existing user and has to be used by the new user during sign-up. For example, Nexo sometimes offers referral bonuses of $10 worth of Bitcoin. You can check out more such free crypto sign-up bonus offers from Nexo here.
If referral and sign-up rewards are the most reliable offer sources for beginners, airdrops are more suited for investors and traders who already have a sufficient amount of experience in the world of cryptocurrencies and therefore, can analyse the pros and cons of a particular token. Airdrops are free cryptocurrency promotion tactics adopted usually by issuers of a new cryptocurrency. They simply entail the free giveaway of that new crypto in the crypto wallets of investors. This is done in order to enhance visibility of the newly issued asset in the marketplace. However, there are risks and downsides attached to airdrops as well. Scamsters and hackers targeting crypto wallets often issue fake airdrops, which must be identified and avoided. Moreover, a new crypto in the market is not advisable for those who are value investors and wish to adopt a HODL pattern when it comes to their crypto portfolio. Therefore, airdrops are good avenues to earn free crypto, but must be adopted after due diligence and analysis. Learn more about aidrops here (link to our Airdrops article).
Staking is a very user-friendly way to earn free cryptocurrency. It is a feature allowed by various crypto platforms to help users get free crypto. It is essentially using your existing crypto holdings to earn crypto rewards, according to a particular annual percentage yield (APY) which differs from asset to asset. You can let a platform or wallet use your cryptocurrency holdings, in return for which it will give you a reward depending on the crypto you have staked. For example, Celsius wallet offers up to 17.78% APY on crypto staking on its platform. Staking rewards are usually proportional to the amount of risk attached with a particular crypto, and higher the risk, higher the possible returns.
Many cryptocurrency exchanges have also partnered with financial services corporations like Visa or MasterCard to issue crypto credit/debit cards. These cards allow customers to purchase regular items, much like ordinary cards, but in return, for every purchase, they can earn cryptocurrencies back. This is also a useful way of earning crypto. Several crypto exchanges and wallets like Gemini, Nexo, Wirex, Crypto.com etc. have come up with their own crypto cards. For example, the Gemini Crypto Credit Card allows customers up to 3% back in crypto without charging additional annual fees or foreign transaction fees. However, you might incur fees for selling or converting crypto assets. You can explore more offers from Gemini here. You can learn more about crypto card offers here. (Link to our crypto cards article).
LEARN AND EARN
This is perhaps the most enriching and mutually beneficial way to earn free crypto. In this way, you get free crypto, but not through any quantitative exchange mechanism but through learning about cryptocurrencies and marketplaces. This not only enhances your ability to deal with the crypto ecosystem in a more informed manner but also gives you a sense of accomplishment. Quite a few crypto platforms like Coinbase, Phemex and CoinMarketCap offer this option to learn and earn. For example, Phemex allows you to watch educational videos and earn crypto rewards or trading bonus for every quiz you complete.
So, earning free cryptocurrency is possible. There are fun and interesting ways to do so. However, it should be advised that the crypto economy still operates in a grey area when it comes to regulations and taxations, with rules changing with each jurisdiction. This should make the average crypto investor and trader cautious and tread the ecosystem in a measured manner. Due diligence is of utmost importance and detailed information with facts should inform availing the various ways to get free cryptocurrency.