Due to the popularity of cryptocurrency, many individuals are looking for ways to get free cryptocurrencies. Here are seven methods that can be used to earn cryptocurrency without investing your own money, including crypto faucets, airdrops, staking, bug bounties, and more.
There are several common risks that you need to be aware of when earning free cryptocurrencies, including security risks, scams and fraud, limited earning potential, time consuming activities and potential legal or tax implications. It is important to do your research and approach these methods with caution.
Faucets
Crypto faucets are websites or apps that provide users with small amounts of cryptocurrency in exchange for doing things like completing CAPTCHA puzzles or watching ads. One example is Moon Litecoin, which offers free Litecoin (LTC) to users completing tasks such as streaming videos. Rewards from Moon Litecoin are deposited into users’ microwallet at Coinpot.co.
Unfortunately, there are many scam crypto faucets that promise high rewards but never actually pay off. Some may require you to pay a fee or complete a certain number of tasks before you can withdraw your earnings, while others may simply disappear without warning. That’s why it’s important to approach crypto faucets with caution and do your research before using them.
Paratroopers
There are parachutes free cryptocurrency token distribution or coins. Companies and projects give out a set number of tokens to people who register on their platform, perform specific actions or meet certain requirements.
Staking out
Staking involves holding a certain number of cryptocurrency tokens in a wallet or exchange to help secure the network and earn rewards. Cryptocurrencies such as Cardano (ADA), polka dot (DOT) and ether (ETH) to earn wagering rewards.
However, staking involves locking up one’s funds for a set period of time during which they may not be able to access or trade with them. Make sure you understand the risks and potential rewards before you start betting.
Related: DeFi staking: A beginner’s guide to proof-of-stake (PoS) coins
Referral programs
For consumers who refer friends and family to join their platform, many cryptocurrency exchanges and wallets provide referral programs that pay out rewards. Free cryptocurrency or a portion of the user’s trading commissions may be provided as a reward.
Completing surveys
Some websites and apps offer users the opportunity to earn cryptocurrency rewards by completing surveys or participating in market research. Websites like Swagbucks offer crypto rewards for completing tasks like watching videos, answering surveys, and playing games. However, you must exercise caution in any activity on such websites.
Related: 7 Ways Women Can Earn Passive Income Through Cryptocurrency
Rewards for mistakes
Cryptocurrency projects and exchanges often offer rewards for mistakes to motivate developers and security researchers to identify and report vulnerabilities in their software. These rewards can be in the form of cryptocurrency rewards and can range from a few hundred dollars to tens of thousands of dollars, depending on the severity of the bug.
Business competitions
Depending on trading volume or performance, customers can compete with each other for prizes on several exchanges that offer trading contests. While there can be fierce competition, there can also be significant benefits, with some exchanges providing thousands of dollars in cryptocurrency prizes.
