Here’s how you can earn free crypto easily and quickly
If you have cryptocurrency in your investment portfolio and want to boost your coins on top of your initial investment, there are a few options through which you can bolster your holdings for free. However, before you do, make sure that you are aware of the added responsibilities that come with free crypto, especially in terms of tax obligations. That being said, here are 6 ways in which you can earn free crypto:
- Credit Cards
A cryptocurrency credit card works just like rewards credit cards and helps you earn cryptocurrency instead of cashback or points. Gemini and other exchanges, as well as fintech companies such as BlockFi and Upgrade, have announced plans for cryptocurrency rewards. For example, the BlockFi Credit card earns a 1.5% cash back on every purchase you make. With the Gemini card, you can even choose which crypto to redeem rewards in.
- Coinbase Earn
Cryptocurrency exchange Coinbase offers incentives in the form of free change if you use the platform’s Learn hub to watch Coinbase’s videos or take quizzes. Altcoins like GRT and BOND are the coins that you earn but you can always convert them into popular coins like Bitcoin or Ethereum once you earn them. Through Coinbase Earn, you can track the price value of your earnings.
- Shopping Rewards
Browser extensions such as Honey or Rakuten offer cashback and discounts if you use the extension to shop online. Similarly, Lolli, a browser extension, offers ‘Bitcoin Back’ if you shop with its retail partners. Lolli rewards you for spending money like you normally would, not for making purchases with Crypto. Retailers range from Sephora to Nike to Malaysia Airlines.
- Exchange Sign-up and Referral Bonuses
Some cryptocurrency exchanges offer sign-up bonuses and referral bonuses in exchange for using their services. For example, Coinbase currently offers a $10 bonus to you and your referral once you trade $100 with your account. Make sure that you pay attention to the terms and conditions before you sign-up for these bonuses. BlockTales is another platform soon coming up with their crypto rewards platform, track them to get yourself on the early adopter list.
Developers perform airdrops, i.e., give away coins and try to garner adoption, when they want to gain traction for their new cryptocurrency. Of all of these methods, airdrops carry the most risk but are also worth the benefit. However, make sure that you are aware of the fake airdrops and other scams often used by hackers.
- Interest in your Bitcoin
A few crypto exchanges allow you to earn interest in your cryptocurrency holdings. Gemini Earn, for example, is a lending program in which you lend your crypto to institutional borrowers and can earn up to 7.4% APY. BlockFi has a similar offering, BlockFi Interest Account, which accrues interest up to 7.5%.