In recent years cryptocurrency has become a very easy and popular means of investment and payment. But even today many people are very scared before starting their journey in cryptocurrency. Looking at this thing, today we have come up with some ways by which you can join the digital world by earning some free cryptocurrency.
Sign Up and Referral Programs
Many cryptocurrency exchanges offer some benefits to their customers for signing up. This can be in the form of tokens in their wallet that the customer can use to buy cryptocurrencies of their choice or can be used as transactional fees. These benefits are given to the customer for promotion of the exchange platform.
Often cryptocurrency exchanges reward customers in the name of referral bonuses as well. To take advantage of this, customers have to bring new customers to the exchange through their referrals, in return for which they can earn a little more. This is also a way of promotion of platform so that more and more customers join and use the platform.
5 Popular Cryptocurrency Referral Programs to Earn Free Cryptocurrency.
| Program | Process | Benefit |
| Binance Referral Program | Sign up for a Binance account. Invite your friends using your unique referral link. | Earn up to 20% to 40% of your referred user’s trading fees |
| Coinbase Referral Program | Sign up for a Coinbase account. Invite your friends to create a Coinbase account and complete a trade of at least $100. | Earn up to $50 in free Bitcoin. |
| Celsius Referral | Sign up for a Celsius account. Invite your friends to create a Celsius account and deposit at least $200 worth of cryptocurrency. | Earn up to $50 in free Bitcoin. |
| BlockFi Referral Program | Sign up for a BlockFi account. Invite your friends to create a BlockFi account and fund their account with at least $100 worth of cryptocurrency. | Earn up to $250 in free Bitcoin. |
| Crypto.com Referral Program | Sign up for a Crypto.com account. Invite your friends to create a Crypto.com account and complete a trade of at least $100 | Earn up to $50 in free cryptocurrency. |
Airdrops
Cryptocurrency airdrops are a way to make people aware of a new cryptocurrency. Companies also use this method to increase the popularity of their coin. With airdrop, the company adds some additional coins to the customer’s existing account under some conditions. The condition can be a minimum amount of certain cryptocurrency in the existing account or some small work like liking a post done by the company and retweeting the same, etc. Many crypto exchanges usually have one or another such ongoing airdrops campaign. You can earn a lot of free coins through airdrops, but customers need to be alert because many fake airdrops are also present in the market.
Although airdrops seem to be a great opportunity there are some points to consider before participating in an Airdrop.
- Avoid connecting your wallet with any suspicious site, research about the site before connecting since it may pose security threats.
- Tokens received in airdrop may prove to be worthless if the token does not have liquidity on an exchange.
Staking
Staking is a process where user locks their cryptocurrency in a wallet or platform to support the network, in return they receive some additional cryptocurrency. The staking rewards are cryptocurrency specific not all cryptocurrencies offer rewards.
Steps to start earning crypto through staking:
Cryptocurrency Selection: Many cryptocurrencies offers staking rewards, such as Ethereum, Cardano, Polkadot, etc. Research a cryptocurrency that you believe in and that has a staking option available.
Select a staking platform: There are many staking platforms available, and each platform has different fees, rewards, and requirements. Eg: Binance, Coinbase, and Kraken.
Stake your cryptocurrency: Create an account on the platform/wallet and deposit the cryptocurrency. Follow the instructions to stake your cryptocurrency. You may need to choose the amount of cryptocurrency you want to stake and how long you want to stake it for.
Earn rewards: Once you have staked your cryptocurrency, you will start earning rewards depending on the cryptocurrency you have staked, the length of time you have staked it for, and the staking platform you have chosen.
Note: Choose a reputable staking platform before staking your cryptocurrency as if the network is compromised cryptocurrency may be lost.
Crypto Mining
Crypto mining is the process of creating cryptocurrency using specialized software and hardware. This process involves verifying transactions, solving complex mathematical problems, and adding new blocks of blockchain networks. Mining cryptocurrency requires a significant amount of processing power, and the rewards may not be significant if you’re mining with just your computer. Several cryptocurrencies which people are constantly mining includes Bitcoin, Ethereum, Monero, etc.
Benefits of mining cryptocurrency
- Profit: With the right set of equipment and low-cost electricity crypto mining can be high;y profitable.
- Security and decentralization: Crypto mining helps to keep digital currency decentralized and since every new block added is verified its highly secured
Although crypto mining has multiple benefits it holds certain challenges to be handled before starting.
- Energy consumption in mining is very high so mining is profitable only with low-cost energy.
- A lot of people are now involved in the process so competition for rewards is very high.
- Governments around the world have made some regulations to track the process, please check the laws of the nation before starting.
FAQs
Q: Can anyone participate in crypto mining?
A: Yes, anyone with the right hardware and software can participate in crypto mining.
Q: Is crypto mining profitable?
A: Crypto mining can be profitable, but it depends on several factors, including the cost of electricity and the difficulty of mining the digital currency in question.
Q: Is crypto mining legal?
A: In most countries, crypto mining is legal, but some governments have imposed restrictions or regulations on the process.
Faucets
Faucets are websites or apps that give you some amount of cryptocurrency for doing tasks like watching an ad or completing a captcha. The amount of cryptocurrency may be very small, but a faucet is an easy way to earn cryptocurrency without investment. Some of the most popular cryptocurrency faucets include Cointiply, FreeBitcoin, and MoonBitcoin.
Earning free cryptocurrency is an excellent way to get started in the cryptocurrency game without any investment. In this guide, we’ve explored some of the most effective ways to earn free cryptocurrency, including mining, airdrops, faucets, referral programs, and staking. While the rewards may not be significant, they’re a great way to get started and learn more about the world of cryptocurrency.