The cryptocurrency market is booming, and more people are becoming interested in cryptocurrency than ever before. However, not everyone has a lot of money to spend on cryptocurrency investment or mining rigs. There are various cryptocurrency exchanges and online sites, such as those that support Football Mania
Keep in mind, there are pros and cons to each approach, so it’s essential to know all the options before deciding how you’ll obtain your cryptocurrency. In this post, we’ll take a look at some of the most common yet effective ways you can use to earn cryptocurrency!
Crypto Mining
Cryptocurrency mining is a process of verifying cryptocurrency transactions and creating new cryptocurrency tokens. The cryptocurrency token can be either a reward for the miner or an incentive to keep mining. The mining process involves adding transactions performed with cryptocurrency to the public ledger. Anyone from any country can participate in cryptocurrency mining and earn coins as they go about their daily lives!
However, mining Bitcoin requires explicitly powerful high-end equipment like Application-Specific Integrated Circuit (ASIC) to solve complex algorithms and verify cryptocurrency transactions. This means it’s not something you can do out of your home on any old computer, but you can mine other cryptocurrencies using just a standard computer.
All the cryptocurrencies are always ready inside a protocol. All you need to do is validate them to become available in the market. Once you’ve done it, you’ll receive a piece of the virtual token you validate as a reward. The cryptocurrency list is endless, but currently, the popular coins to mine include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Monero (XMR)
- Dash (DASH)
- Litecoin (LTC)
If you want to try your luck with cryptocurrency mining, you don’t have to spend thousands of dollars to get started since you can always join a mining pool. All you need to do is pay the expected joining fee to start working with other miners under cryptocurrency blockchain. The only downside with mining networks is that you’ll have to split the rewards with the other members.
Cryptocurrency Exchange
Cryptocurrency exchange refers to the platform where investors (buyers and sellers) gather to trade cryptocurrency. Exchanges typically have low fees but tend to have complex interfaces with advanced performance charts and multiple trade types, which can be intimidating for new investors. With that said, you’ll need to find a broker to buy cryptocurrency.
Some of the popular cryptocurrency exchanges include Gemini, Coinbase, and Binance.US. The standard trading interfaces of these companies may overwhelm you if you’re a beginner with no cryptocurrency stocks. After all, they offer easy and user-friendly stock purchase options.
As a new cryptocurrency investor, you’ll have to ensure your preferred brokerage or crypto exchange allows fiat currency purchases and transfers made with US dollars. Note that some exchanges allow investors to buy cryptocurrency using another cryptocurrency. This means you’ll have to find a different brokerage to buy tokens (the one accepted by the exchange of your choice) before you could begin trading crypto on your preferred platform.
An important note: To save on expenses, you should focus on learning how to utilize the standard cryptocurrency trading platforms before making your first crypto purchase. While the cryptocurrency prices differ depending on the type of coins, the best cryptocurrencies to buy include:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Binance Coin (BNB)
- Polkadot (DOT)
Staking
If you prefer earning cryptocurrency in a less active way, then staking is your excellent option. On the other hand, if your budget can’t allow you to invest in high-end equipment to mine crypto, staking is an excellent alternative. As mentioned, crypto mining and trading require more dedication to succeed in the cryptocurrency market. However, you need to hold a few crypto coins to stake, so this method will work great if you want to grow your cryptocurrency stocks.
Staking is an exciting idea where your available coins will be held up with the hope they’ll be picked to make a block. The two main ways of validating these blocks are “proof of work” and “proof of stake.” The proof of work method requires pure computational power to mine blocks and confirm the transactions. In the proof of stake method, you’ll be selected in a deterministic way to confirm the creation of a new block depending on the number of coins you hold.
Just like a lottery game, the more coins you retain and use in staking, the more chances you have to be selected to validate transactions. This means you have to use higher staking amounts to have a higher probability of being chosen.
Playing Online Games and Completing Surveys
Playing online or mobile games is one of the most popular fun ways to earn cryptocurrency. You can play some enjoyable crypto games on your computer or smartphone and get paid in crypto coins through crypto faucets. It may take determination and some time, but eventually, you’ll get decent revenue. These faucets allow you to earn crypto without investing your money. All faucets must serve multiple advertisements to the users in order to make money and pay players.
There are a lot of faucets you can join, and most of them pay players in Bitcoin or Ethereum. Faucets that pay in Bitcoin will reward you with a Satoshi per micro-task, and those paying in Ethereum will reward you with Wei. Besides playing games and watching Ads, you can also complete surveys and get rewarded with a small portion of a Bitcoin or Ethereum. You can always cash out your earnings once you reach the minimum withdrawal limit.
Reading Classic Books
If you like reading, you can turn your passion into a perfect way to earn some crypto coins. There are many cryptocurrency faucets such as Bitcoin Aliens that pay their users for reading classic books. These faucets utilize their Paidbook services to compensate users in Bitcoin after reading popular classic books like War of the Worlds, Pride & Prejudice, among other over 600 titles on their sites.
Getting paid to play online games and complete surveys is a great way to earn crypto coins, but in turn, you’ll end up receiving tons of Ads. On the other hand, most cryptocurrency faucets compete to get users and advertisers, making it hard to get unique games and other jobs.
So if the rewards you get from playing mobile games and completing surveys aren’t enough to coax doing the tasks during your free time, then reading classic books for coins is a viable alternative. If you love spending your free time reading a book and want to earn free cryptocurrency without investing your money, consider trying crypto platforms that pay their classic book readers.
Also, Read- Bitcoin – Important things you need to know before you use it!
Completing Simple Tasks Online
Another great way to earn free crypto coins is by completing simple tasks on websites. There are numerous companies out there that will pay you in cryptocurrency to test their websites, write reviews, retweet their posts, contribute your insights, and complete other straightforward tasks.
Other websites let people and companies offer you small cryptocurrency rewards once you give them the best and precise answers to their specific questions. You can find these simple online jobs that pay you in crypto coins on BitcoinGet, and you can answer Bitcoin-related questions on Bitfortip. If you have a computer or smartphone, you can use your free time to complete odd tasks and earn free cryptocurrencies.
Gambling
Gambling is all about taking a risk, and the number of losses can be higher than wins. However, there are several reliable platforms in the cryptocurrency industry, where you can bet on lotteries, traditional casinos, and sports matches to potentially win good payouts in crypto coins.
Some platforms even offer a login bonus to new users, which you can use to place bets, earn crypto coins, and multiply your cryptocurrency wallet up to the minimum withdrawal point. Note that some cryptocurrency gambling platforms that offer sign-up bonuses will usually request you to deposit a specific minimum amount in order to cash out your earnings, even if you hit the minimum withdrawal limit. With that said, you should always be cautious when picking your cryptocurrency gambling platform.
Blogging
Are you an experienced blogger or content writer with vast knowledge of the crypto industry? Then you can use your skills to earn cryptocurrency! Many cryptocurrency blogs, forums, websites, and news outlets will pay you in crypto coins to contribute your insights and create content for their readers. You can find blog posts writing gigs from job boards and ask to be paid in cryptocurrency.
Some cryptocurrency forums, such as Bitcointalk, offer good monetization opportunities to their members. The forum allows companies to advertise their products and services in their posts. And since advertisers typically want to partner with top-ranking members, the forum increases their members’ ranks based on their activity. Providing numerous high-quality posts is the only way to increase your membership rank and earn free crypto coins.
Besides writing for crypto-based sites and forums, you can create a blog and publish high-quality crypto-related topics, including cryptocurrency definitions, cryptocurrency how-to guides, cryptocurrency analysis, etc. Once you get adequate followers, you can reach out to cryptocurrency agencies and request to advertise their coins and other services at a fee paid through crypto coins.
Accepting Cryptocurrency Payments
If you run an e-commerce website, then it’s your time to earn some decent crypto coins. Platforms such as WooCommerce and Shopify allow traders to accept crypto coins as a mode of payment within their websites. WooCommerce allows its merchants to accept over 50 types of cryptocurrencies, including Bitcoin, while Shopify accepts over 300 types of crypto coins.
The most exciting thing is that the crypto payment process isn’t complicated. WooCommerce requires you to install one or a couple of additional plugins like CoinGate and BitPay to accept crypto payments. Once you install, activate, and configure, you’re good to go. With Shopify, all you need to do is go to the payment settings on your account and enable an alternative payment method.
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Joining Airdrops
Airdrops are one of the main methods of taking advantage of surfacing projects. Most projects globally employ Airdrop campaigns to obtain a first-class reputation and develop a community around their upcoming project. This tactic helps cryptocurrency investors to find out about emerging projects and provide them with valuable tokens. As an airdrop user, you’ll receive project tokens as an exchange for completing a particular set of tasks.
You can trade your tokens for cash or other crypto coins once the project strikes the market. Below are some of the most common tasks:
- Following the company’s social media channels
- Signing up on their platform
- Downloading apps
- Sharing their posts
- Completing a form with project details.
Promoting Projects
Last but not least is promoting projects through microtasks (similar to airdrops commonly referred to as bounties). However, Microtasks are a little trickier than Airdrops. There are a lot of websites that list Microtasks and Airdrops, so if you’re interested in stocking up some emerging crypto coins, consider trying 99Airdrops, Airdrop Alert, and Bounties.
Most companies and startups offer cryptocurrency rewards in exchange for performing specific tasks which are generally promotional, and mainly involve:
- Writing testimonials
- Creating video reviews
- Writing press release pieces
- Distributing promotional videos
Bottom Line
It has been over a decade since the cryptocurrency was introduced to the world. Currently, cryptocurrency investing is trending, and people are more interested in the unceasing cryptocurrency news and eager to understand cryptocurrency’s meaning. If you’re one of them, this article provides the main ways to earn crypto coins. Please use the comment section below to share your insights or ask any troubling questions about cryptocurrency basics.
Author’s bio:
Arthur is a professional finance expert, cryptocurrency enthusiast, and investor. He has created hundreds of informative and engaging crypto-related articles for numerous authoritative platforms. When he isn’t working to earn some crypto coins, he’s creating articles to provide new and experienced crypto investors with actionable solutions.