- Cryptocurrency is becoming popular across the globe each and every day
- Many people are venturing into cryptocurrency in a bid to trade and make profits
- Here are several ways that one can use to earn free cryptocurrency and trade in reputable sites and applications
Because of the prevalence of cryptocurrency, many people are looking for ways to get free cryptocurrency. Here are several ways to make cryptocurrency without investing your own money. They include 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 consequences. It’s critical to do your study and proceed with caution when using these methods.
READ: Crypto self-regulation key for sustaining industry’s development
Crypto Faucets
Crypto faucets are websites or applications that offer users small amounts of cryptocurrency in exchange for tasks such as completing CAPTCHA puzzles or viewing advertisements. Moon Litecoin, for example, provides free Litecoin to users who accomplish tasks such as streaming videos. Moon Litecoin rewards are transferred into users’ Coinpot.co micro wallets.
Unfortunately, there are many fraudulent crypto faucets that claim large payouts but never deliver. Some may charge a fee or require you to accomplish a certain number of tasks before you can withdraw your earnings, while others may simply vanish without a trace. As a result, it is critical to proceed with caution and conduct a study before using crypto faucets.
READ: Common cryptocurrency pitfalls you should not overlook when trading
Earning cryptocurrency through Staking
Staking is the process of storing a certain number of crypto tokens in a wallet or exchange in order to help protect the network and earn rewards. To receive staking rewards, one can stake cryptocurrencies such as Cardano, Polkadot, and Ether.
Staking, on the other hand, entails locking up one’s funds for a set period of time during which one may not be able to access or exchange them. As a result, before you begin staking, make sure you understand the risks and possible rewards.
Airdrops
Airdrops are free cryptocurrency tokens or coin transfers. Businesses and projects distribute a predetermined number of tokens to people who register for their platform, perform specific activities, or meet certain criteria.
Referrals for cryptocurrency
Many cryptocurrency exchanges and wallets offer referral programs that reward customers who refer friends and family to their network. As a reward, users may receive free cryptocurrency or a portion of their trading fees.
Bug Bounties
Bug bounties are frequently offered by cryptocurrency projects and exchanges to encourage developers and security experts to identify and report vulnerabilities in their software. These bounties can take the form of crypto rewards, with amounts ranging from a few hundred dollars to tens of thousands of dollars based on the severity of the bug.
Surveys completion
Some websites and apps allow users to earn cryptocurrency rewards by filling out surveys or engaging in market research. Websites such as Swagbucks offer crypto rewards for tasks such as viewing videos, answering surveys, and playing games. However, any action on such websites should be approached with caution.
Customers can compete for prizes on several exchanges that offer trading contests based on their trading volume or performance. Even though there may be fierce rivalry, there may also be substantial benefits, with some exchanges offering cryptocurrency prizes worth thousands of dollars.
