Everyone who’s handling some kind of investment needs to deal with two problems: how to store the assets, and how to multiply them. Since cryptocurrencies are known for their volatility, they require a lot of attention and a well-thought-through strategy to make more of what you’ve got. While most investors tend to invest a lot of money when the price of a cryptocurrency is low and hope to get rewarded, there are less risky options. In fact, there are many different ways you can earn crypto for free. Here are four methods that allow you to multiply your assets without spending a penny.
1. Sweepstakes Casinos
For those who already enjoy gambling, earning crypto with casino games is a sweet deal. Traditional casinos require players to make real money deposits to enter the game. In contrast, sweepstakes casinos don’t require a purchase to play and work with two kinds of virtual in-game currencies instead: gold coins and sweep coins (source: https://readwrite.com/sweepstakes/casinos/). Sweep coins can be redeemed for prizes, free spins, coins, cash, or crypto. A player can earn sweep coins in different ways, like logging in daily, fulfilling social tasks, or earning bonus credits. A winner can choose to receive a sweep token or a direct payout in crypto, for example, Bitcoin.
While this sounds too good to be true, sweepstakes gambling is 100% legal. For those who already gamble, this can be a great way to earn a little extra in crypto. That being said, there is another advantage to crypto sweepstakes: their blockchain technology brings transparency, fairness, and trust.
2. Airdrops
Many blockchain-based startups use airdrops to support a virtual currency project. By distributing free tokens, they gain awareness and trust among crypto community members early on in the launch phase. Their goal is to generate more adopters of the new cryptocurrency. The requirements to qualify for receiving airdrops differ from startup to startup. In most cases, it is pretty straightforward: you might need to hold a specific token, or a specific amount in your wallet, or follow them on social media.
There are two ways to earn money with crypto airdrops: selling and storing. Selling requires more attentiveness. Depending on supply and demand, the value of the token can fluctuate, so in order to sell at the right time, it’s important to follow the movements. On the other hand, long-term storage of the token is pretty hands-free.
3. Crypto Learning Platforms
Blockchain’s influence on online education is immense. It supports educational programs to gain awareness and users, and to incentivize education, many platforms award their students with small token amounts. This is a win-win for the blockchain industry, education platforms, and users. To earn free tokens, you have to attend short courses, do quizzes, and watch videos. Although in a way, this way of earning free crypto requires more effort, it also sets you up for making smart investments in the future, because you gain valuable knowledge.
4. Staking and Yield Farming
For those who already own crypto, they can lock in coins and earn rewards by staking. Since Ethereum’s upgrade, there has been a rise in staking platforms. While most users only care for a platform to earn staking rewards, it’s worth noticing that platforms differ and apply to different needs.
Another strategy is yield farming. In order to earn rewards, this strategy requires the user to lend crypto in DeFi protocols. While this can generate returns, one needs to be aware that it comes with a smart contract and the risk of impermanent loss.
Staking and yield farming are complex, but great strategies to earn passive income with crypto when done smartly.