Cryptocurrency or crypto is a term used to describe digital currency that can be exchanged for certain goods and services. Recently, cryptocurrencies, including Bitcoin and other altcoins have skyrocketed in value, making these all the rage. Earlier, the only way to get your hands on cryptos was to mine them.
In simple words, mining resembles a process in which you have to solve a puzzle, the reward for which will be a crypto. While mining is crucial for crypto, as the whole system is dependent on miners, it is a complex process. You may not have the resources, time, or interest to mine crypto. Fortunately, today, there are several other ways to earn cryptos apart from mining, as listed below.
Table of Contents
Trading and Investments
Other than mining, trading and investing in the cryptocurrency market is the most popular way to earn this digital currency. It works just like the stock market and is equally volatile and risky.
There are many online platforms, and apps, where you can trade multiple, popular cryptocurrencies. The best part is that you can begin trading with zero cryptos. All you have to do is open an account and invest in the minimum deposit.
Then, you can strategically buy and trade crypto, depending on market fluctuations and value. Keep in mind that this market can be extremely volatile, and come with its own set of risks. But, it is the most lucrative, second only to mining. To begin earning crypto by trading, and also get real-time market insights you can go URL, these websites are jackpots for every crypto investor out there!
In exchange for completing certain tasks, websites called ‘faucets’ reward you with cryptocurrencies. The concept is similar to that of mining, but the tasks are very simple and don’t need extensive resources.
The tasks can range from viewing ads and clicking on certain links, to signing up for newsletters or filling out a survey form. As an incentive for completing these tasks, you’ll be rewarded with a certain amount of free crypto, but this isn’t a guarantee.
Also, the payout from faucets is relatively small, on the account that it’s a very simple method to earn from. But, if you just want to dip your toe into the world of crypto, without making any investment up front, it is a perfect way.
ICOs and Bounty Campaigns
An ICO or Initial Coin Offering is similar to Initial Public Offering, or IPO. But, instead of owning stocks, you’ll own cryptocurrency. An ICO is a new strategy employed by new business ventures to raise capital and fund their needs. The business ventures may be developing a new coin or a service that facilitates crypto exchange.
However, to buy in, you’ll require an upfront investment, often with your existing cryptos. But ensure to do thorough research before investing in any ICO, for many of them are scams. If a reward offers you a bonus, and it seems to be too good of an opportunity, it is most likely fraudulent.
Bounty campaigns are a marketing tool implemented with the aforementioned ICOs, to raise awareness about that particular venture. In these campaigns, participants are asked to promote the service or product. For their efforts, they are paid either with a small amount of the tokens that they’re promoting or another crypto.
The tasks include promoting links on social media handles, curating content targeted to the service, and even signature campaigns on designated forums. Through these incentivized rewards the profit may not be much, but it is a great way to start with low risks.
Airdrops and Wallet Promotions
When a blockchain project has been newly launched, the team may decide to distribute free coins within its community of users. This is known as an airdrop and is only possible after the coins offered by the project are officially up for trade in the crypto market, after the completion of its ICO.
This opportunity can be availed of in a few simple steps. First, you’ll have to sign up to be a part of that particular community. Next, you’ll have to download the specific wallet on which the airdrop is being offered.
Companies create airdrops to raise awareness about the coin, or project, and hence, gain more users. So, look out for various promotions on the wallet, your email, and social media. Sometimes, you may have to request the airdrop through these channels.
Wallet Promotions are similar to airdrops, and you’ll have to download the specific wallet that’s providing the opportunity and create an account. The bonus coins will then be transferred to your wallet for free. It will, of course, be subject to certain terms and conditions.
If you have an e-commerce site, you can partner with certain cryptocurrency companies, and offer any crypto as an accepted form of payment. This way, you can expand your business portfolio, and increase the customer base as well.
You can earn cryptocurrency through e-commerce sites, as a consumer as well. Many companies worldwide, partner with those that sell or trade cryptocurrency, to bring their customers exciting promotional offers.
For example, when you purchase something on their site, you may get a cashback offer, but instead of money, you’ll receive cryptocurrency in your specified crypto wallet. If you are unable to scout for sites that offer these deals, don’t worry. Certain crypto platforms offer free browser extensions that notify you when an e-commerce store has a deal up for grabs.
With cryptocurrency becoming increasingly popular, the crypto market has opened up many doors to earn this digital currency. The five methods listed above are a few of the ways through which you can get your hands on some tokens and coins, without spending money on expensive mining equipment.
These ways reflect the first step in creating decentralized marketplaces. In fact, you can expect more innovative ways of attaining cryptos, without having to mine. In the future, crypto may even be used as a standard form of payment, and may even replace ordinary currency, if it is made even more accessible!