Top 7 ways to earn free crypto

Due to the pop­u­lar­i­ty of cryp­tocur­ren­cy, numer­ous indi­vid­u­als are search­ing for means to acquire free cryp­to. Here are sev­en meth­ods one can use to earn cryp­tocur­ren­cy with­out hav­ing to invest your own mon­ey, includ­ing cryp­to faucets, air­drops, stak­ing, bug boun­ties and more. 

There are sev­er­al com­mon risks to be aware of when earn­ing free cryp­to, includ­ing secu­ri­ty risks, scams and fraud, lim­it­ed earn­ing poten­tial, time-con­sum­ing activ­i­ties, and poten­tial legal or tax impli­ca­tions. It’s impor­tant to do your research and approach these meth­ods with caution.

Faucets

Cryp­to faucets are web­sites or appli­ca­tions that pro­vide users with small sums of cryp­tocur­ren­cy in exchange for doing things like com­plet­ing CAPTCHA puz­zles or watch­ing adver­tise­ments. One exam­ple is Moon Lite­coin, which offers free Lite­coin (LTC) to users who com­plete tasks, such as stream­ing videos. The rewards from Moon Lite­coin are deposit­ed into users’ micro wal­let on Coinpot.co.

Unfor­tu­nate­ly, there are many scam cryp­to faucets that promise high rewards but nev­er actu­al­ly pay out. Some may require you to pay a fee or com­plete a cer­tain num­ber of tasks before you can with­draw your earn­ings, while oth­ers may sim­ply dis­ap­pear with­out warn­ing. There­fore, it is impor­tant to approach cryp­to faucets with cau­tion and do your research before using them.

Airdrops

Air­drops are free dis­tri­b­u­tions of cryp­tocur­ren­cy tokens or coins. Busi­ness­es and projects give away a set num­ber of tokens to peo­ple who reg­is­ter for their plat­form, car­ry out par­tic­u­lar actions or sat­is­fy cer­tain requirements. 

Staking

Stak­ing involves hold­ing a cer­tain num­ber of cryp­tocur­ren­cy tokens in a wal­let or exchange to help secure the net­work and earn rewards. One can stake cryp­tocur­ren­cies such as Car­dano (ADA), Polka­dot (DOT) and Ether (ETH) to earn stak­ing rewards.

How­ev­er, stak­ing involves lock­ing up one’s funds for a set peri­od of time, dur­ing which they may not be able to access or trade them. There­fore, make sure you under­stand the risks and poten­tial rewards before you start staking.

Relat­ed: DeFi stak­ing: A beginner’s guide to proof-of-stake (PoS) coins

Referral programs

For con­sumers who sug­gest friends and fam­i­ly join their plat­form, many cryp­tocur­ren­cy exchanges and wal­lets pro­vide refer­ral pro­grams that pay rewards. Free cryp­tocur­ren­cy or a part of the user’s trad­ing com­mis­sions might be giv­en as rewards.

Completing surveys

Some web­sites and apps offer users the oppor­tu­ni­ty to earn cryp­tocur­ren­cy rewards by com­plet­ing sur­veys or par­tic­i­pat­ing in mar­ket research. Web­sites like Swag­bucks offer cryp­to rewards for com­plet­ing tasks, such as watch­ing videos, answer­ing sur­veys and play­ing games. How­ev­er, one must exer­cise cau­tion while engag­ing in any activ­i­ty on such websites.

Relat­ed: 7 ways women can earn pas­sive income through cryptocurrency

Bug bounties

Cryp­tocur­ren­cy projects and exchanges often offer bug boun­ties to incen­tivize devel­op­ers and secu­ri­ty researchers to iden­ti­fy and report vul­ner­a­bil­i­ties in their soft­ware. These boun­ties can be in the form of cryp­tocur­ren­cy rewards and can range from a few hun­dred dol­lars to tens of thou­sands of dol­lars, depend­ing on the sever­i­ty of the bug. 

Trading competitions

Depend­ing on their trad­ing vol­ume or per­for­mance, cus­tomers can com­pete against one anoth­er to win prizes on sev­er­al exchanges that pro­vide trad­ing com­pe­ti­tions. Even though there can be fierce com­pe­ti­tion, there can also be sig­nif­i­cant ben­e­fits, with some exchanges pro­vid­ing thou­sands of dol­lars in cryp­tocur­ren­cy prizes.