Cryptocurrency has become one of the most popular asset class with many looking to invest in it. However investing in crypto comes with huge risk and beginners or novice investors may not have enough funds to invest in it. Luckily, there are many ways for users to earn cryptocurrency without investment. In this article, I will detail down some of the best methods to earn cryptocurrency without spending any money.
Earn Cryptocurrency Without Investment
Faucets – Perform Task to Earn
Faucets are websites/apps that rewards its users with cryptocurrency for performing simple tasks. The tasks could be anything like solving captchas, checking websites, watching ads or playing games.
I recommend faucets for beginners to earn their first cryptocurrency as the risk is zero. Only concern, is the rewards are relatively small and users may to spend a considerable amount of time to reap their first reward.
Here are some popular faucets to try:
- Cointiply: This faucet offers users a range of tasks to earn cryptocurrency, including watching videos, completing surveys, and playing games. Users can also earn rewards by referring friends to the platform.
- FreeBitco.in: This faucet offers users the chance to win up to $200 worth of Bitcoin every hour by rolling a virtual dice game. Users can also earn cryptos by participating in weekly lotteries and their referral programs.
- Moon Bitcoin: This faucet allows users to claim Bitcoin every 5 minutes, with the amount increasing each time they claim. Even this website has referral program where users can earn reward in the form of cryptos by referring users.
Airdrops – Social Media Task to Earn Reward
Airdrops are free giveaways of new cryptocurrencies that are distributed to users who meet certain criteria. The criteria could include holding a specific coin or completing a social media task. Airdrops are another best option for new users to earn cryptos without any investment. These airdrops are done by project team to attract users and create buzz among the community.
Here are some recent airdrops to check out:
- Uniswap (UNI): In 2020, Uniswap, a popular decentralized exchange, airdropped 400 UNI tokens to users who had used the platform prior to September 1st, 2020. This airdrop was worth around $1,200 at the time.
- Dogecoin (DOGE): In 2019, the Dogecoin community airdropped 5.256 billion DOGE coins to users who had participated in a previous airdrop. This airdrop was worth around $50,000 at the time.
- Yearn.finance (YFI): In 2020, Yearn.finance, a DeFi protocol, airdropped 30,000 YFI tokens to users who had used the platform prior to September 1st, 2020. This airdrop was worth around $900,000 at the time.
You can visit CoinMarketCap for upcoming airdrops. I will write and share a detailed article on the same soon.
Mining (Requires one-time Investment)
Mining will require systems with heavy configuration (Graphics cards) that will perform the task of verifying blockchain transactions and return will get reward in the form of tokens. Although mining was previously a profitable way to earn cryptocurrency, it has become more challenging in recent years due to heavy competition and the requirement for expensive hardware. Some cryptocurrencies can still be mined using a typical computer however the reward is way too small for the time you may spend.
Here are some cryptocurrencies that can be mined with a standard computer:
- Monero (XMR): Monero is a privacy-focused cryptocurrency that can be mined with a standard computer. The mining algorithm is designed to be resistant to ASICs, which means even users without high end systems or mining hardward would be able to mine Monero making it fair for all.
- Ravencoin (RVN): Ravencoin is a peer-to-peer blockchain that is designed to facilitate the creation and transfer of assets. It can be mined using a standard computer and is relatively easy to set up.
- Ethereum (ETH): Ethereum is one of the most popular cryptocurrencies and can be mined using a standard computer. However, the difficulty level is high so power expense would be high compared to the tokens you may mine so its advisible that you use higher end machines which are specialized to mine this crypto.
Staking (Requires one-time Investment)
Staking is a process wherein users will require to purchase a token from the selected project and to stake it short/long term to support the network. In return, the users are rewarded with tokens of that project till the tokens are locked in the contract. Staking can be a passive way to earn cryptocurrency without investing any money.
Here are some cryptocurrencies that can be staked:
- Cardano (ADA): Cardano is a proof-of-stake blockchain that rewards users for holding ADA coins in a staking wallet. The rewards are around 5% per year, which can add up over time.
- Tezos (XTZ): Tezos is another proof-of-stake blockchain that rewards users for holding XTZ coins in a staking wallet. The rewards are around 5% per year, which is a good return for a passive investment.
- Cosmos (ATOM): Cosmos is a proof-of-stake blockchain that rewards users for holding ATOM coins in a staking wallet. The rewards are around 7% per year, which is higher than many other staking cryptocurrencies.
You can also try Fragmint Staking; if you are looking for high risk high reward investment.
Referral Programs
This is one of the most common program wherein users can refer friends/followers to the platform through various social platforms and in return will be rewarded with cryptos from the platform.
Here are some popular cryptocurrency referral programs:
- Coinbase: Coinbase is a popular cryptocurrency exchange that offers a referral program. Users can earn up to $10 worth of Bitcoin for every new user they refer to the platform.
- Binance: Binance is one of the most popular cryptocurrency exchange wherein users can earn 40% of the trading fees from the users referred to the Binance referral program. Referring more users to this program will help earn more money through every trade the referred users make.
- BlockFi: BlockFi is a platform that allows users to earn interest on their cryptocurrency holdings. BlockFi offers a referral program that rewards users with $10 worth of Bitcoin for every new user they refer to the platform.
If you are from India and looking for a guide to invest in cryptocurrency then you can check this article.
Conclusion
To summarize, there are many ways to earn cryptocurrency without investment that includes Faucets, Airdrops, Mining, Staking etc. each of it comes with pros and cons. Some may require lot of your time, some requires your initial investment and the rewards varies depending on each of the program. Ones wherein the investment is nil or minimal is always risk free and good to try so if you are new to crypto I would advise you to go with something wherein there is no investment.
Disclaimer: While the methods outlined in this article provide ways to earn cryptocurrency without investing any money, it’s important to note that investing in cryptocurrency can be risky. Cryptocurrency prices can be volatile, and it’s possible to lose money. This article is not intended as investment advice and should not be construed as such. Before investing in any cryptocurrency, it’s important to do your own research and seek professional advice if necessary.
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