Stop kicking yourself for not buying Bitcoin when it was just $1,000. It’s time to act now. Let’s see how to earn cryptocurrency without any special knowledge or trading skills.
Everyone wants to earn some cryptocurrency.
Nobody wants to miss out on another spike in the price of popular crypto coins.
Moreover, this year we have all learned some lessons. We now know that cryptocurrency like BTC, ETH or USDT can be an efficient precaution against inflation and the banking system’s failure.
Ukrainians learned that lesson in the first days of the Russian invasion. Cryptocurrency, especially stablecoins, proved to be the most effective tools to take care of your savings and to transfer them abroad.
Of course, the cryptocurrency market is still uncertain, and most of us don’t want to risk losing our hard-earned money.
So, you have to be cautious and try to get your hands on crypto coins at a minimum risk. Also if you are new to the crypto world it is important to start with effortless methods. Nobody needs an additional headache, right?
Please take a look at these methods to earn cryptocurrency. Each of them is quite easy even for a complete crypto rookie.
Buy some cryptocurrency
No matter if it is crypto or flowers, the most straightforward way to get hold of something is just buying it. Buying cryptocurrency is today easier than ever before.
As the industry gained a lot of popularity in the past few years, the demand for cryptocurrency increased.
So how can you buy cryptocurrency? Some countries have already legalized Bitcoin ATMs, which can help you buy some BTC with your credit card or simply with cash.
Other coins aren’t so accessible.
But BTC and every other crypto coin can be easily bought online via multiple crypto exchanges (for example, Binance, Coinbase, Kraken etc). Most of them require registration in a few easy steps. And then you can buy crypto via your credit card. Each crypto exchange offers you a free wallet to keep your coins in.
Please pay attention to transaction fees. Mostly they are low and can be neglected, but in some cases it might be useful to compare fees on different trading platforms.
There is one more option – a decentralized exchange (DEX).
Unlike mainstream platforms mentioned above, the DEXs such as Uniswap or PancakeSwap have much lower compliance requirements. And they often give you access to less popular tokens that haven’t made it on centralized exchanges or are just recently launched.
Start mining to earn cryptocurrency
Mining is essential to cryptocurrencies (at least some of them). It is used to solve complex mathematical equations that validate blocks of transactions.
It is a very simple way to obtain some crypto. Of course, that’s true only if you already possess some equipment that can be used for mining.
Mining is complicated nowadays, you can’t mine with ‘just a computer’. You need to have at least a powerful GPU And a single GPU, even very powerful, can’t bring you more than a couple of bucks per day.
But still it’s a way to earn some crypto with ease.
You don’t need to have any special skill to start mining crypto. Google will help you find mining software and instructions for it in a couple of clicks.
Mining does not work for all currencies. People mostly mine Ether these days (and this will end soon too because of the Ethereum switching to Proof-of-Stake). But there are mining companies that pay you in BTC for whatever crypto that is being mined with your hardware. You don’t even have to know what is going on there, just run the software and get ready to receive some coins.
Try staking some crypto
Ethereum is going to ditch mining in favor of staking. And that’s another way for you to earn some cryptocurrency with ease.
Whereas mining is part of the Proof-of-Work method that requires users to mine the blocks and confirm the transactions through pure computational power, Proof-of-Stake is totally different.
In a Proof-of-Stake system, the person to confirm the creation of a new block is chosen based on the number of coins he already holds.
Staking is a kind of a lottery game.
The more coins you hold and put into staking, the more chances you have to be chosen to validate the transaction.
That’s an oversimplified explanation, of course. In reality Proof-of-Stake system includes some really sophisticated elements like delegation and reputation systems.
Anyways, staking is quite simple for you as a potential user or staker. When you decide to become a staker you stake some of your coins as a guarantee that your future validations will be unbiased. If you ever get caught cheating, you will lose your stake. But if you are good, you will be rewarded.
For now staking in Ethereum looks quite promising in terms of potential income. Depending on the amount of your stake you might get from 5 to 12% yearly income.
It’s more profitable than simply putting your money in the bank, huh?
Take part in DeFi Yield Farming
Decentralized Finance (DeFi) is a huge trend now.
You don’t need banks or any other centralized institutions to get credit or loan. No paperwork, no credit history whatsoever.
And of course, to give assets as credits the DeFi institutions need to acquire those assets somewhere.
You might be that lucky guy who earns some crypto while lending your crypto to the DeFi systems.
There are special terms for such activities.
For instance, Yield Farming or Liquidity Mining. These activities resemble some stocks and bonds markets operations in a way.
But you don’t actually need to have any special financial knowledge to participate.
In simple words, Yield Farming is a method of generating rewards from locking up cryptocurrencies. You lock your funds and thus grant liquidity to a Defi token. In return you get rewards and interest. Sometimes in the same token, but that’s not the rule. Depending on the project, you can get additional tokens besides the yield. Or even get rewards in a totally different manner (for instance, you lock some ETH, but get rewarded in BTC).
Join airdrops to earn new cryptocurrency
Airdrops are a rather new form of interaction between emerging crypto projects and their potential audiences.
And they are a great way to take advantage of new projects before the big audience notices them.
So what is an airdrop? It is a campaign aimed to gain an initial level of notoriety and create a community around some new project.
For example, you are launching a new token. What would be the easiest way to attract as many crypto enthusiasts as possible? Of course, it would be a rather loud campaign that could provide the first participants with something of value. Like, your new tokens.
Airdrops are usually carried out on the preliminary stage of the launch and typically require users to perform a specific set of tasks, rewarding them with the project’s tokens.
Mostly these tasks include sign up procedure, sharing posts in social media, downloading apps, depositing some funds, inviting friends etc.
Later when the project hits the market, the new tokens can be traded for other crypto coins or sold for fiat money.
If the new token fails after launch then, well, it means you spent your time dedicated to the airdrop in vain. But if the new token begins to rise, you might find yourself among those lucky guys who now own something valuable without even spending a dime.
Accept crypto payments on your site
There is one more way of getting some crypto. It is kinda obvious but you would be surprised to know how many people have never thought of it.
Lets say you own an e-commerce website. No matter what you sell or promote, if you are offering something people usually pay for, you can easily start to earn cryptocurrency.
Start accepting crypto just as you accept fiat money.
You can use one of the many platforms like Shopify or WooCommerce that allow merchants to accept cryptocurrencies as payment.
Most people tend to accept Bitcoin, but you can use up to 300 different cryptocurrencies, giving your customers a wide variety of choices.
Gamble with cryptocurrency bonuses
First of all, let’s say gambling is risky. Most people lose more money than they win. Please stop reading if you are not in gambling at all.
But if you find it amusing to gamble from time to time, it might be an easy way to earn some cryptocurrency.
Blockchain casinos are arising and crypto gambling is one of the biggest emerging trends in the crypto world.
Some casinos allow you to play for crypto, some let you enter with fiat money, but whatever you win can be withdrawn only in cryptocurrency.
There are NFT casinos and pure crypto casinos where no fiat is accepted at all.
Many crypto casinos provide you with a login bonus. In cryptocurrency, of course.
Keep in mind that crypto gambling platforms that offer a login bonus will usually ask you to deposit a minimum amount to withdraw your cryptocurrency. So it is not always possible to withdraw just what you won.
Be cautious when choosing your crypto gambling platform. Try to read all the possible documentation and google for reviews. You have to be sure you will be able to withdraw your crypto.
Sources: Coinzilla, Analytics Insight
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of cryptolife.report. Every investment involves risk, so you should always perform your own research prior to making important decisions. We do not recommend investing money you cannot afford to lose.
