Getting cryptocurrencies in the past might have been a difficult process; however, throughout the past few years, the crypto space has undergone numerous updates and developments, all of which have contributed to making this procedure much simpler.
Today, more than ever before in the past, there are a plethora of different ways through which you can earn crypto, and we will be going over each one of these methods in depth.
Ways to Earn Crypto
Crypto has become a mainstream way through which people have been transacting lately. However, some of the most popular cryptocurrencies out there, such as Bitcoin (BTC) and Ethereum (ETH), are among the most expensive options, and this has, in turn, created a barrier of entry for a lot of people due to fear of losing out.
There are, however, numerous easy and simple ways through which people can earn cryptocurrencies as well. From numerous Decentralized Finance (DeFi) protocols to play to earn crypto games, there is a plethora of different options out there available to fill just about anyone’s needs and requirements.
We are about to cover how you can earn cryptocurrencies and how you can put your earned cryptocurrencies to good use to provide you with a passive flow of even more cryptocurrencies; let’s dive in.
Staking Your Crypto
Staking cryptocurrencies can help you earn a continual source of income. In other words, you would essentially put cryptocurrencies that would otherwise sit idle in your cryptocurrency wallet and put it to use towards securing a Proof-of-Stake (PoS) based blockchain network. The rewards can vary in terms of returns from one cryptocurrency to another cryptocurrency; however, for more speculative cryptocurrencies, these returns will typically be higher.
Proof-of-Stake (PoS) is a consensus mechanism used across numerous networks as a means of managing and validating the decentralized system. This essentially gives those that own the digital currency the chance to participate as a validator, after which they can earn income by staking their coins. This way, both the infrastructure of the underlying blockchain network is supported, and holders will get to keep their cryptocurrencies whilst also earning more.
Learn to Earn Crypto
You will also need to learn how you can earn cryptocurrencies in numerous ways. What this means is that you will need to analyze and learn as much as possible about each project and, in-turn cryptocurrency that you are interested in earning.
If you want to get involved in cryptocurrencies in any way but you do not yet know how any of them works, there are numerous beginner programs and resources out there that will offer you a way through which you can earn cryptocurrencies. If you are still curious about how to earn crypto, this is what you need to know.
Coinbase, for example, will provide you with a vast range of learning programs through which you will get paid upon completing each module. The courses get regularly updated and allow you to earn new cryptocurrencies consistently.
Then there’s Binance, which is one of the largest cryptocurrency exchanges on a global scale. As such, it has a learn-and-earn program that is regularly updated with numerous partners. There’s an entire rewards program that will provide you with access to resources through which you can earn numerous cryptocurrencies.
CoinMarketCap is a leading crypto price-tracking website, and they also feature a learn-to-earn program. However, you learn about different cryptocurrencies, and you get rewarded with the cryptocurrency you are learning about. Again, their programs are also regularly updated.
Phemex is an alternative option that features learn-and-earn courses, where you can read, watch, take quizzes and receive Cashback Vouchers for every lesson you pass. Every time you make a trade, these vouchers will give you a portion of your fees back.
Play-to-Earn (P2E) Crypto Games
Play-to-Earn (P2E) is a concept surrounding video games that have taken the crypto space by storm. The concept by itself is actually quite simple.
Players can essentially download and install a blockchain-based game or simply play it directly through the web browser, after which they enter its virtual world. Once there, each player can do a wide range of different activities as a means of earning cryptocurrencies.
Some games will require players to complete quests, gather materials and resources, craft weapons and armor, and so on. Others might pin players against one another in a battle-royale environment, where the main player wins the cryptocurrencies.
However, there are multiple ways through which players can earn cryptocurrencies. For example, each Play-to-Earn (P2E) game will feature non-fungible tokens (NFTs).
These can come in the form of playable characters, creatures or monsters, and even in-game items such as armor, clothing, swords, and so on. These NFTs, once crafted, can be refined. Upon being refined, they can reach a specific level and can be sold on secondary NFT marketplaces.
What this means is that players get in the game, earn crypto by playing, craft NFTs, and sell the NFTs for even more crypto. They can then, at any point in time, swap that crypto for any preferred cryptocurrency. Most Play-to-Earn (P2E) games will feature their own native cryptocurrency, which can typically be swapped for Ethereum (ETH), or Bitcoin (BTC).
Some of the most popular Play-to-Earn (P2E) currently in the market include Axie Infinity, Splinterlands, The Sandbox, Decentraland, Thetan Arena, DeFi Kingdoms, and Gala Games. These let you earn cryptocurrency.
Each game will feature its own unique in-game economy and gameplay mechanism, all of which work together towards providing players with an opportunity through which they can earn cryptocurrencies.
Free Non-Fungible Tokens (NFTs)
Non-Fungible Tokens (NFTs) have also taken the crypto space by storm and are by far some of the most popular collectibles within the crypto space.
While Social NFTs are not directly cryptocurrencies, as every single one of them is unique, they can be traded for cryptocurrencies quickly.
If you are on the search for an NFT, there are numerous ways through which you can earn them yourself. They are able to essentially get engaged with new projects that offer invite bonuses to their top supporters, where you would join a Discord channel, share things on Twitter relating to the project, or just participate in NFT giveaways that are consistently occurring on Twitter. Keep in mind that scams can occur within any industry, and you should always learn as much as possible about the legitimacy of a project prior to going through this procedure for it.
Mining Crypto to Earn Crypto
Whenever someone thinks about cryptocurrency mining, they typically jump to the conclusion of mining Bitcoin (BTC) or mining Ethereum (ETH) before moving to its new Proof-of-Stake (PoS) consensus model with its Merge upgrade.
Whenever thoughts about mining sprung up in people’s minds, they assumed that they would need custom-built machines that featured hundreds of Graphics Processing Units (GPUs) in order to begin mining, which is a large investment to initially make.
However, there are many smaller projects out there that make crypto mining accessible and profitable to just about anyone.
What this essentially means is that you can legitimately mine cryptocurrencies for alternative coins (altcoins) that only require your pre-existing and pre-bought hardware. So if you have a laptop, desktop computer, or even a smartphone at home that nobody is using, you can put it to work and mine cryptocurrencies. It is important to note that you can even join mining pools in order to mine some more difficult cryptocurrencies as well, so this is all up to you.
Cryptocurrency mining represents another way through which you can earn crypto, however, remember that this still might increase your overall electricity cost, so it is essential for you to calculate and determine that the earnings are larger than the costs associated with mining.
Refer and Earn Crypto
Another key aspect of crypto projects is that many of them will typically feature a crypto referral program, also known as an affiliate program in some cases. These let you earn free crypto. However, you will need to refer people to a specific platform. Most of the time, this is some exchange or cryptocurrency wallet. Typically, these programs will pay out in cash. However, you can always decide to use that money and cryptocurrencies.
Currently, there are a plethora of different referral programs available online, and all you have to do is commit a little time as well as research in order to find them.
The most popular referral programs that you might not have been aware of include the KuCoin Affiliate Program, which allows users to earn up to a 55% commission on their trading fees.
There’s also the Trezor Affiliate partnership program that allows users to earn a 12% to 15% referral commission for each sale.
Coinbase also features an affiliate program, and when new customers join the Coinbase platform through the user’s promotions, they can earn a commission.
Koinly also has a solid referral program, where people can promote a trusted service and earn up to 40% in commissions.
CoinLedger lets users earn up to 25% in recurring commission fees.
There’s also HaasOnline, which lets each user earn up to 25% from each completed order they refer.