Wednesday, November 25, 2020
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Ways to Earn Cryptocurrency Aside from Trading

Earning cryptocurrencies is all the rage these days. It seems that everyone is investing in, trading, or finding some other way to earn bitcoin and crypto. Whether it’s through trading or buying, you have many deals to pursue with your crypto. But the deals don’t stop with just buying crypto. There is still a wide range of options to grow your crypto portfolio, even when you’re not trading.

Here are some of the ways to earn cryptocurrency:

AIRDROPS

Cryptocurrency airdrops are basically free coins that are dropped directly into your wallet. It is literally free money handed over to you. Airdrops are calculated marketing maneuvers which actually saves companies a lot of money in the long run. One of the most important roles of airdrops is to create awareness. Airdrops are a brilliant tool which helps companies boost up their product and the users to pocket a pretty penny in the process as well.

In Fall 2017, Binance airdropped 500 TRX coins to active users holding at least 0.0003 BTC in their wallets.

Did you know that the first airdrop was Auroracoin, which airdropped to citizens of the country of Iceland in March 2014? The distribution, which is the very first airdrop, sends 50% of the total Auroracoins to the country’s citizens. To the Icelandic residents that entered their permanent resident ID received 31.8 AUR. Auroracoin was designed to change the traditional fiat currency financial system in the country.

BOUNTIES

Bounties are rewards in tokens that a cryptocurrency/blockchain project gives away after a user successfully completes a certain task. The difference with Airdrops is that you spend more time and effort earning a bounty. You can collect different kind of bounties including the following:

  • Bug Bounties — Find a bug in the code

Coinbase paid a $30,000 bounty for finding a single bug. This shows that bounty hunters can earn a good amount of crypto with their different skill sets. Crypto bounties showed up on the stage as a marketing tool that helps startups to promote their projects. Since most tokens are based on the Ethereum platform, you’ll need an active Ethereum wallet to receive your reward.

MINING

Mining cryptocurrency is, to put it shortly, being rewarded for keeping the network secure. This is achieved by verifying transactions. The blockchain contains information of all the transactions, continuously verified by all the miners over the world. Creating, verifying, publishing and propagating over the blocks of the chain (blockchain) is what mining essentially is. Mining cryptocurrencies is an excellent way to get more cryptocurrencies, especially if you are a technology & innovation enthusiast.

STAKING

The proof-of-stake attributes mining power to the proportion of coins held by a miner. This is a way more eco-friendly but it requires a pretty large amount of money for you to turn into a miner. Yet, you don’t need electricity to forge a new block. All you need is to have more money than other people. Deposit a certain amount in a special staking wallet to get qualified as a node. It depends, of course, but later, the system might want you to become a validator/miner because you’ve got more funds than the other candidates.

Once you’re a validator, you unlock quite a few new options to earn crypto. When your node forges a new block, you get a reward. When you approve transactions, you get small fees. Besides, if you simply stake money in the wallet on a monthly or yearly basis, you earn interest, as it’s good for the network and it’s good for the user.

BITCOIN FAUCETS

A crypto faucet is a website or an app that distributes rewards, in this case, crypto coins, in exchange for completing certain small tasks. This can be anything from viewing ads, captcha completion, prizes from simple games, etc. These sites are usually free to access, although they may require you to register an email address.

Like almost everything on the internet, Bitcoin and cryptocurrency faucets make revenue with advertising money. The more people that visit the site, the more advertising revenue the sites can make. The difficulty for the numerous faucets is attracting people to begin with. The “best” faucet sites offer the users something do other than clicking a “Receive” button and closing the tab.

Conclusion

These are just some of the ways on how to earn cryptocurrencies aside from trading. Take note, however, that these are not get-rich-quick schemes that will make you a crypto millionaire overnight. Anyone who plans to get involved in any of these ways must do his own due diligence first before engaging.

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