Starting to invest in cryptocurrency does not necessarily require connecting a bank account or spending money (fiat) to buy bitcoins (BTC) and Ethereum (ETH). Another way to earn cryptocurrency and build a portfolio is to complete different tasks on different Web3 platforms.
Using decentralized applications (dApps) and decentralized finance (DeFi) platform, users earn cryptocurrencies and then exchange, sell or hold them in a centralized or decentralized wallets without having to spend money.
Let’s look at a few ways to create a crypto portfolio without connecting a bank account.
Communicate with web browsers
A person with no knowledge of cryptocurrencies can be intimidated by the process of downloading wallets and making on-chain transactions. The alternative is to simply interact with the technology, and there are currently several ways to experiment with different crypto platforms. One replaces a Web2 technology sa Web3 counterpart of the browser.
Google controls the web browser and search engine space and makes money on user usage by selling data to advertisers. Brave Browser is an alternative platform where users earn a Basic Attention Token (BAT) and fully own their search data. Users earn from their activity on advertisers’ websites and Brave does not sponsor search engine contributions, giving users a more decentralized search.
Brave currently shares 70% of its advertising revenue, and some users choose to sell their earned BAT on centralized exchanges or through Web3 wallets such as MetaMask.
Social media content creation and free NFT mint
NFTs continue to grow in popularity, and potential cryptocurrency investors can use a variety of free software to analyze the wallet addresses of successful users. NFT investors which were minting high value NFTs and also trying to find free NFT minting and whitelisting opportunities.
Colin Helm, CEO at free-to-play metaverse, Caesarverse noted the importance of free NFTs in the universe:
“If users keep a close eye on social media and community channels, they can always find very generous raffles, get some funds that enhance their gaming experience, and build their crypto portfolio just by playing games they might enjoy.”
Some users who worked with the free minting system generated NFTs that eventually reached the level of 10 ethers.
Related: How to mine mobile cryptocurrency?
Much like NFTs require a social media base for advertising, new blockchains and protocols also require a huge amount of testing and a user base to ensure sustainable growth at launch.
Some blockchains like Arbitrum do not have a token, but the hint of an eventual airdrop tends to attract users to the protocols in the Arbitrum ecosystem.
On September 6th, users received 1inch on Optimism airdrop of 300,000 OP for using them before launch blockchain.
For users without the technical knowledge to use new blockchains, airdrops based on social activities could be an easier way to earn cryptocurrency. With social airdrops, users can follow, like, and share specific social media accounts. Users will most likely need to use a decentralized wallet like MetaMask to receive social airdrops.
Rewards for bugs and beta tests
Many crypto and DeFi projects have earmarked tokens for marketing, bug hunting, beta testing, and content creation tasks. Many cryptocurrency investors earn tokens by auditing, testing, creating branding designs, marketing materials, music and other content. Users who are willing to lend their skills to crypto projects are the perfect way to get started.
Jenny “DJen” Schorsch, founder of GlamJam, shared her experience building a brand and getting started in crypto with no upfront costs:
“Start by first creating value for the community for free. After you have your community, you will start generating profit and assets with it. I started using NFT to sell tickets and allow Web3 companies to sponsor my favorite projects. Before I knew it, people were offering me cryptocurrencies to participate in events.”
While most users think that a bank account and fiat currency are necessary to interact with blockchains and cryptocurrency, this is not the case.
With a little effort, aspiring crypto investors can earn cryptocurrencies and NFTs with no upfront costs except time.
The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading step involves risk and readers should do their own research when making decisions.