Everyone loves free things, especially those with the potential to appreciate, for example, cryptocurrencies. Free cryptocurrencies can give you an entry into the crypto market or even be a way for you to expand your portfolio. Getting free crypto is never a bad idea, regardless of the benefit it offers.
There are many ways to get free cryptocurrency, and here’s how.
What are free cryptocurrencies?
Buying crypto to own is the normal thing people do; however, this is not the only way to own cryptos. Several crypto platforms have ways to give away crypto for free. However, they are not exactly “free”, as they are often incentives to perform certain tasks, often revolving around marketing.
In most cases, the required tasks are simple to complete and involve posting messages, signing up for bonuses, and more.
9 ways to earn free cryptocurrency
Now let’s look at the possible ways to get free cryptocurrencies.
1. Signup bonuses and promotions on crypto exchanges
Some crypto platforms and exchanges offer a sign-up bonus. They offer sign-up bonuses as a reward to anyone signing up on the platforms and completing verification processes if needed. Additionally, some offer bonuses when someone signs up through your referral link. Once the referred completes the required process, you or both get the sign-up bonuses.
Following the exchanges’ social media platforms and subscribing to their mailing list can help you stay informed about upcoming promotions and time-limited bonuses. Some platforms where you can earn sign-up bonuses include Coinbase, Crypto.com, Gemini, BlockFi, Phemex, and WeBull.
2. Crypto Staking
Staking is a process that involves lock or hold your cryptocurrency over time for interest. The process often takes place in a staking pool using the proof-of-stake consensus model. It allows you to earn a certain percentage continuously, especially if you hold it for a long time.
Crypto.com, for example, offers up to 14.5% annual reward on crypto staking (on select cryptos); however, stablecoins are placed on an annual percentage return of 8.5%. Additionally, you can stake cryptocurrencies on exchanges like Coinbase, Binance, etc., while some cryptocurrency wallets also come with built-in cryptocurrency staking, like Exodus and Atomic.
3. Participation in parachuting
An airdrop is a hassle-free method of getting free crypto that is more like a gift. Airdrops arouse enormous interest and the adoption of a crypto token before its launch. The process involves distributing free cryptos to interested participants. But you would have to do a few things to be a beneficiary.
Different platforms have different criteria to be met to be eligible for an airdrop. However, in most cases, the requirements revolve around building hype around the crypto token and promoting it on various platforms. All you also need is a wallet to store the token.
Many airdrops deliver parts that end up being worthless. Therefore, you should ensure that an airdrop is made by reputable brands or developers before getting involved. Even at that, you’ll need some luck to get involved in a profitable airdrop.
4. Learn and earn
Taking courses in cryptocurrency might be a bit boring. However, it could get fascinating when rewards are attached. Learning and earning programs provide a two-way benefit as you gain knowledge and earn crypto at the same time.
Rewards are given for completing course modules, watching video tutorials, taking quizzes, and more. Top learning and earning platforms include Coinbase, Binance, CoinMarketCap, KuCoin, etc.
5. Crypto Loan
In crypto lending, you deposit cryptocurrency with exchanges that will offer it to investors. You then earn interest on the loaned cryptocurrency daily, weekly, or annually. The borrower must submit collateral in the form of cryptocurrency to the exchange. The value of the collateral is always greater than the loaned cryptocurrency, and the borrower risks losing their collateral if they fail to meet repayment agreements.
Many crypto lending platforms offer an interest rate of 10-20% per annum. Platforms you can lend your crypto to include CoinRabbit, BlockFi, Nexo, and YouHolder.
6. Play game (P2E), exercise (M2E)
If you like to play games, you can earn crypto from your passion. Some platforms offer crypto as an incentive to play games. The process is known as “play to win” because you unlock crypto tokens as you complete in-game missions. You can also get in-game assets in the form of NFTs, which you can sell or exchange for crypto. Common P2E crypto games are Sandbox, Lucky Block, Tamadoge, MetaBlaze, etc.
But if sitting and playing isn’t your thing, you can also try exercising to earn some free cryptocurrency. Move-to-win reward participants with crypto to get up and out, whether walking, running or otherwise.
7. Mining of cryptocurrencies
Mining requires the use of powerful computer systems using cryptographic algorithms to solve complex equations. The process requires a decentralized network of computers to operate and a lot of computing power, which makes it difficult for a single person to perform. Therefore, it is best carried out by specialized companies or groups of interested individuals.
Unfortunately, the process is not so easy for solo miners due to its complexity. Joining a mining pool is a good idea because you need a lot of hash power and a high hash rate to mine Bitcoin. Common bitcoin mining software includes CGminer, Awesome Miner, Easy Miner, Kyptex Miner and ECOS.
8. Conduct surveys
Several platforms solicit people’s opinions and feedback to help in decision-making. Therefore, they want you to take surveys and get paid in cryptocurrency. Several surveys will be offered to you daily if your comments are useful and consistent. These platforms have profit thresholds that you must reach before you can withdraw. The limit varies from platform to platform. Major survey sites that pay with cryptocurrency include Timebucks, Grab Points, Survey Time, Contiply, and InstaGC.
9. Crypto Faucets
Crypto faucets allow you to earn crypto for performing simple tasks. The platform rewards you for performing simple tasks like playing games, solving puzzles, watching ads, etc. You don’t need any formal training to benefit from a crypto faucet.
Getting involved in a faucet is usually straightforward. Typically, you need to register by filling in some basic information and your wallet address. then you can start performing the required tasks. Platforms that offer faucet services include Cointiply, Bestfaucetsites, Free Litecoin, MoneroFaucets, and Faucet Crypto.
Beware of scams
In your attempt to secure free crypto, beware of scams – freebies are often traps. Instead, ensure that the necessary measures are implemented to mitigate possible risks.
Do not disclose sensitive information, such as your login credentials and wallet credentials, to anyone. Beware of unknown emails and social media posts asking you to receive rewards for clicking a link. Phishing links could steal your personal information, passwords and PIN.
Also watch out for programs that require you to redeem your coin to receive more tokens. Scammers often use this method to trick people into getting their cryptos. Staying and trading on reputable platforms can help mitigate the risk associated with cryptocurrency fraud.