By James Davis
Many believe executing successful trades is the only way to increase their crypto holdings. However, there are several other ways to acquire more cryptocurrencies for free. Does that sound too good to be true? Well, this article aims at casting out all the doubts by exploring ten ways to earn free crypto. Keep reading to find out.
Best Methods to Earn Free Crypto
Staking
Crypto staking can be compared to opening a savings account in a traditional bank. Basically, you only have to commit your crypto assets to a proof-of-stake blockchain for a certain timeframe to earn interest. Even though the Annual Percentage Rate (APR) is low, staking is still one of the best ways to earn crypto without breaking a sweat.
Airdrops
In crypto, airdrops mean the free issuance of digital assets as part of a marketing campaign. The motive behind airdrops is to cause excitement among people about a certain crypto project. In case you get lucky enough to be among the airdrop receivers, the project’s developers will ask you to share your wallet address so they can send you the free tokens.
Surveys
Another way to receive free cryptocurrencies is by completing online surveys. Platforms such as Free Cash and Swagbucks offer crypto rewards for anyone who answers various research questions. Both parties benefit from surveys: the company receives feedback regarding its products and services while the participant earns free crypto.
Referral Programs
Several trading platforms incentivize existing users with crypto to refer their friends to the exchange. So how does it work? Firstly, you have to share your referral link with your friends. The link directs them to a signup page. If they go ahead and register an account, the exchange will send crypto rewards to your wallet.
Faucets
Nowadays, there are platforms that offer crypto to users who complete a particular task, like watching advertisements. These platforms are called crypto faucets. Note that users are not required to invest money or possess any skill to start earning free crypto from these platforms. One can claim their rewards per day or per hour.
Bounty on Bugs
Before a crypto project launches, its developers usually offer a bounty to anyone who identifies and reports vulnerabilities in its code. The goal is to ensure all bugs are addressed before the project is released for public use.
The bounty is normally offered in the form of cryptocurrency. So if you have good coding knowledge, this can be your chance to add more crypto to your wallet without spending a dime.
Welcome Bonuses
In an effort to attract new users, most exchanges offer crypto rewards to individuals who open an account with the platforms. These rewards are referred to as welcome bonuses. On top of that, some trading platforms offer more rewards to encourage users to complete the verification process.
Trading Contests
To drive trading activity up, exchanges usually set aside a certain amount of crypto to reward users who trade regularly. So the higher your trading volume, the higher the chances of receiving free crypto. On May 26, Binance established a 7 BNB prize pool to be won by users trading actively on the exchange’s P2P platform.
Web3 Games
Gaming fanatics are now getting rewarded for doing what they are passionate about, thanks to Play-to-Earn games like Gods Unchained, DeFi Kingdoms, and Axie Infinity. The more you play, the more rewards you receive, which you can use to buy the non-fungible tokens (NFTs) listed in the game. These digital assets are tradable at any time.
Learn and Earn
Crypto players are looking to get as many people as possible into the industry. That’s why some have already launched learning programs to teach beginners how blockchain technology works while incentivizing them. A good example is CoinMarketCap’s “learn and earn” program.
Conclusion
As a beginner, there will always be a way to receive your first crypto without spending any money. However, be aware of scams and other risks involved in the crypto industry.