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Business & Investment

8 Ways To Earn Crypto Coins

There are many ways to earn free money online. But did you know that you can do the same with cryptocurrency? Here are the eight ways for you to earn crypto coins.

  • Rewards

The worlds of fintech and crypto are beginning to converge, and one of the benefits of this blending is that a new start-up appears every month, offering some type of credit or debit card with bitcoin cashback rewards. 

Fold, for example, was one of the first cryptocurrency start-ups to provide a Visa debit card that rewards users with bitcoin for transactions made at partner merchants. It was quickly followed by cryptocurrency exchange Gemini and lender BlockFi, both of which have subsequently launched comparable services. There’s even a bitcoin mortgage, which was introduced in March by Mogo in Canada and provided up to $3,100 in cashback.

Gemini’s card allows users to earn up to 3% back in bitcoin and other cryptocurrencies, so while the incentives aren’t huge, they will add up over time if you use the cards frequently. 

The benefits you receive with these cards, like any credit card, are only beneficial if you avoid paying exorbitant interest rates. If you want to earn crypto rewards with a credit card, make sure you charge just what you can afford to pay off in whole and on time each month, so you don’t end up with a debt.

You may earn free bitcoin through shopping incentives in addition to cashback benefits given by credit card providers. When you shop with its retail partners, Lolli, a Google Chrome or Firefox browser plugin, gives you “Bitcoin Back.” It operates similarly to browser extensions such as Rakuten or Honey, which offers discounts and incentives for purchases made online via the site or extension. Lolli, like previous schemes, pays you for spending ordinary money when shopping online rather than for making crypto transactions.

Lolli features merchants such as Nike, Sephora, and Malaysia Airlines. Depending on the store and goods, rewards range from 1 per cent to 30 per cent Bitcoin back. Your incentives will be deposited in your Lolli account, which you can subsequently transfer to a cryptocurrency wallet or exchange account. 

  • Bonuses

For using their services, certain cryptocurrency exchanges provide sign-up or referral incentives. Coinbase previously provided a $5 sign-up incentive to new customers who wanted to invest in cryptocurrency, and the exchange now provides a $10 bonus to both you and your referrer if they open an account and trade at least $100. Additionally, to obtain the free coins, you must view Coinbase’s videos and complete quizzes, after which Coinbase will transfer a tiny amount of cryptocurrency into your wallet. The content is typically focused on a specific altcoin, and, as a result, these are the coins you’ll earn for going through the lessons. Because altcoins aren’t advised for long-term investments, you may exchange them for Bitcoin or Ethereum after you’ve earned them.

  • Apps

There are also apps that offer free crypto, such as Coinbase. Coinbase, a popular cryptocurrency exchange, provides rewards for utilizing the platform’s Learn centre. To obtain the free change, you must view Coinbase’s films and complete quizzes, after which Coinbase will transfer a tiny amount of cryptocurrency into your wallet. Because the material is usually centred on a single cryptocurrency, these are the coins you’ll receive for completing the classes. Because altcoins aren’t advised for long-term investments, you may exchange them for Bitcoin or Ethereum after you’ve earned them. A great trading app for beginners is the popular Bitcoin Evolution App.

  • Airdrops

While airdrops aren’t as popular as they were a few years ago, they still provide a wonderful method to get free bitcoins. According to Investopedia, an airdrop is when the creators of a new blockchain network give out the platform’s native cryptocurrency in order to increase acceptance and build a user base.

  • Exchange Giveaways

You may profit from being the recipient of a promotional gift depending on which cryptocurrency exchange you use. Binance, the world’s largest exchange in terms of trade volume, is the most famous example of this. 

Coinbase, another of the world’s largest exchanges, also has its own giveaway program. In this case, it offers modest crypto incentives for using its instructional platform. 

Binance offers giveaways on a regular basis, mostly for its native BNB coin. However, most freebies require you to join up for anything or make a specific number of deals, so you might argue that they aren’t truly free.

  • Donations

If you’re a creative type with your own blog or website, setting up a donation page or facility on your site is one method to earn free bitcoin. 

You could discover that by displaying the public address for your Bitcoin wallet and asking for donations, some of your greatest fans end up sending you a tiny sum of bitcoin. Numerous nonprofits, as well as many bloggers, journalists, and scholars, now do this. 

  • Staking

Staking is a method used by an increasing number of cryptocurrencies to safeguard their network. This requires users to stake their currencies in order to validate transactions, a procedure for which they are compensated with interest. 

Since Ethereum will begin staking later this year, staking is expected to become quite popular. Users can utilize staking services on cryptocurrency exchanges like Binance and Coinbase to avoid dealing with blockchains directly.

  • Forks

When a cryptocurrency separates into two independent versions, it’s known as a ‘fork.’ This happens when engineers can’t agree on a new software upgrade. Rather than agree, one party decides to remain with the current version of a platform, such as Bitcoin or Ethereum, while the other decides to start using Bitcoin Cash or Ethereum Classic. 

Another approach to get free bitcoin is to participate in forks, which are difficult to anticipate and extremely infrequent. They give ‘free’ cryptocurrency since holders of the previous coin generally get a quantity of the new cryptocurrency equivalent to their prior cryptocurrency holdings.

Final Thoughts

Even if there are ways to acquire more bitcoin for free, don’t be swayed by the lure of freebies. Cryptocurrency is a risky, new investment, and you should only invest money you’re willing to lose. 

It’s possible that free crypto won’t be free come tax season. Any cryptocurrency that might be deemed income, as well as crypto-to-crypto conversions or holdings cashed out for US dollars, is taxed. When it comes to reporting to the IRS, you’ll need to keep note of the market price of any crypto you get when you receive it and again when you sell it.

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