Cryptocurrencies are all the rage now. Not only have they been making waves in mainstream financial circles, they have regularly been on the news, and you would be hard-pressed to read the financial section of any media and not come across some kind of report.
Taking notoriously high risks, cryptocurrency investors capitalize on the high volatility rate to potentially reap out-of-this-world profits.
So what exactly is cryptocurrency?
Very simply put, a cryptocurrency is a digital or virtual currency that uses cryptography for security.
Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Other popular cryptos include Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and Cardano (ADA). You can also check how to buy bitcoin from credit card.
The cryptocurrency market is currently valued at US$1.5 billion in 2021 and projected to reach US$2.3 trillion by 2028.
What technology does crypto utilize?
Crypto utilizes blockchain technology, a system that securely records transactions in blocks. Bitcoin was the first to initiate this technology, with other cryptos soon following suit.
Blockchains have components called nodes. Nodes are the backbone for any blockchain technology. It is a decentralized ledger that stores and facilitates cryptocurrency transactions. We have different nodes: full nodes, lightweight or light nodes, miner nodes, and listening nodes.
Full and light nodes are the most common as other nodes rely on them to perform their functions. This is because full nodes have copies of the entire blockchain history, allowing users to download massive amounts of data.
On the other end of the spectrum, light nodes help establish a connection with the user, downloading storage space and block headers.
How can you earn free crypto?
Various digital agencies and trading platforms provide several ways for you to earn free crypto.
- Crypto trading platforms
A crypto trading platform provides an online market for you to buy and sell crypto, often rewarding users with a variety of trading discounts or other incentives.
Each crypto platform is unique and has its merits and demerits, so choose wisely!
Some of the crypto platforms that reward their users with free crypto include:
Coinbase – A large American company that offers over 96 cryptocurrencies, including Bitcoin, Ethereum, Cardano, Uniswap, Aave, and others.
With its clear guidelines and ease-of-use, Coinbase platform is an excellent choice for beginners and advanced traders alike. The primary setback, however, is the high transaction fees.
To earn free crypto on Coinbase, you must open an account, in a process which is easy and quick.
Next, by participating in the Coinbase learning program, you can qualify for free crypto if you pass a 3-question quiz at the end of the online course.
Freecash
Like Coinbase, Freecash is also an American company owned by Deb Hopkins. Freecash, as the name suggests, rewards its users with cash and crypto when you sign up and perform the tasks they set aside for you.
The most common tasks include taking quizzes and surveys from advertisers and research companies. For the gamers, you can play a variety of games or watch videos to earn free crypto when the site rewards its users for participation.
Crypto.com
Crypto.com is a vast platform with over 10 million users in 90 different countries.
Offering over 250 cryptocurrencies, Crypto.com rewards its users with fantastic deals, as long as you hold and trade with the CRO token, the cryptocurrency that the site uses.
In addition, Crypto.com, in a partnership with Visa, provides free crypto to users who utilize their trading platform.
- Gambling
Gambling sites often accept cryptocurrencies and offer an incentive when you sign up and make your first deposit.
As with any game of chance, gambling should be approached with caution.
- Staking
Very simply put, staking means holding your crypto to allow its value to increase or to trade it with other rewards. It is whereby you have or lock away your crypto to earn free crypto or other rewards.
In addition, you can enable different platforms and networks to utilize the crypto you have for a small fee.
This fee can be paid in crypto. The more crypto you have staked, the more freebies you can receive.
- Yield Farming
Somewhat similar to staking, yield farming lends your crypto to individuals or companies as a loan, and they pay you interest in the form of crypto or cash, whichever you prefer. Of course, giving out loans always comes with inherent risks.
- Social Media
Digital marketing is not only a vital part of your business, it is essential in today’s global economy.
You can utilize social media and other digital channels to educate people about crypto. It can be by posting factual content on Instagram, coming up with YouTube videos, or writing about crypto on your website.
By doing so, crypto networks are likely to give you free crypto for free publicity, especially if you are an active trader with many followers.
- Crypto Mining
Mining involves generating new crypto and adding recent transactions to a blockchain. Mining is one of the most common ways of earning free crypto and most miners are also blockchain developers.
Mining is always on a first-come-first-served basis. The first person to solve a complex blockchain transaction gets a reward, usually in the form of free crypto.
- Airdrops
As more trading platforms spring to life, more crypto is given away to active traders to encourage usage of their platform.
Conclusion
Cryptocurrencies offer diversification, transparency, reduced transaction costs, and high profits.
However, like most investments, investing in cryptocurrency comes with inherent risks and challenges, especially in a world as volatile as this one.
While there are several ways of earning free cryptocurrency at a low or zero risk aside from some of your time, extreme caution must be exercised when thinking of making an investment in a new, extremely high-risk endeavor.
For beginners, you can utilize brokers, a digital agency or platforms that provide trading assistance. Thanks for reading and all the best to you and your crypto journey!