3 simple and quick methods to earn free cryptocurrencies

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3 simple and quick methods to earn free cryptocurrencies

By Benson Toti - min read
Updated 21 March 2023

The relative youth of the cryptocurrency market, and features like decentralization, make it the ideal terrain for free or more democratic distribution models for these crypto assets. From “raising awareness” to rewards for basic activities, discover here, 3 simple methods to earn free cryptocurrencies from home.

Methods to earn free crypto in 2020
The COVID-19 crisis has sparked interest in earning free cryptocurrencies from home.

Coinbase Earn: up to $153 free for learning cryptocurrency basics!

Coinbase is one of the classics of the crypto universe. The cryptocurrency exchange platform founded in 2012 has managed to stay on its feet as one of the most important and secure in the industry. The San Francisco-based company has successfully closed unprecedented deals with various cryptocurrency projects to promote them through a simple educational scheme that is beneficial to all parties.

Thus, they have created the Coinbase Earn system, which aligns with Coinbase’s mission to “create an open financial system, where anyone in the world can participate.” The methodology to earn cryptocurrency with this educational platform is simple:

  • First, the user must have an existing account on the platform or create a new one.
  • Being one of the safest and most regulated exchanges in the industry, applicants must confirm their account through simple identity verification.
  • The user must reside in one of the countries supported by the platform. So far, Coinbase has opened doors to more than 100 countries. Check the updated list.
  • Enter Coinbase Earn and choose one of the available courses. These are divided into very short and friendly videos. After each video, you must correctly answer a simple selection question. If the answer is correct, you will get a paid a reward in the digital currency in question.
  • As of the date of this article, the following amounts and cryptocurrencies can be won in a few minutes:
    • Up to $50 (USD) in Stellar Lumens, the cryptocurrency of low-cost cross-border payments.
    • Up to $50 at EOS, one of the leaders in the decentralized development arena.
    • $6 in Tezos, whose ‘liquid Proof of Stake’ consensus algorithm revolutionizes the way you earn passive income
    • Up to $52 on the new Orchid (OXT) cryptocurrency, which powers a powerful privacy service through a virtual private network or VPN.
    • Although the rewards are no longer available, users can still complete the 0x, Basic Attention Token, Zcash, and DAI courses to learn more about these altcoins.

Consensus: keyword for the generation of free cryptocurrencies?

On many occasions, the consensus mechanism behind a cryptocurrency dictates the guidelines for its decentralization and the methods that allow anybody to join and obtain benefits for investing or carrying out a specific activity.

Proof of Work (PoW) is the most popular consensus algorithm and was introduced in Bitcoin’s own white paper back in 2008. It is the cornerstone of mining and establishes how transactions are confirmed and new blocks are added to the chain. In this way, the algorithm that governs and benefits those responsible for mining Bitcoin is already built.

Although it is not a method to earn free money because it requires an initial investment, mining is a democratic and profitable activity on many occasions, allowing anyone to participate who has the computational power required by the specific network.

Other mechanisms such as “Proof of Participation” allow staking of a specific cryptocurrency, which earns a passive income simply by freezing the funds. This works on cryptocurrencies like Dash, NEO or Reddcoin. For its part, Tezos uses a similar methodology called ‘baking’, where investors can partake without having to meet a specific minimum, since they can delegate the staking to another, larger investor and earn interest. Other cryptocurrencies like BAT allow you to earn a small income simply by activating the ads in your Brave browser app.

What platforms allow staking? In general, any compatible wallet will be able to generate the passive benefits directly. Also, some exchanges have chosen to incorporate this model automatically for some digital currencies. Examples include:

Airdrops are the easiest way to earn free crypto with no strings attached

This is probably the simplest method of obtaining cryptocurrencies without making any kind of investment. In 2019, blockchain.com held the largest airdrop ever, with more than $125 million in Stellar Lumens distributed to users in over 140 countries. Each participant received between $20 and $50 just by registering on the platform and verifying their account.

But why do some cryptocurrency projects decide to ‘lose’ capital by giving away tokens left, right and centre? The idea is to create engagement and brand awareness through these distribution methods, the intention of which is to inform crypto enthusiasts about the useful application of a new cryptocurrency.

Thus, airdrops are more common for newer tokens and cryptocurrencies. In fact, some Initial Coin Offerings (ICOs) often allocate part of the capital raised to these free coin distributions. In general, users must comply with some simple activity that generates brand commitment, such as following them on social networks, subscribing to a newsletter, referring new investors or downloading a particular application. Some specialized sites like airdrops.io and airdropbob.com are dedicated to listing the most popular and current airdrops available.

Faucets could also sneak into the airdrops category: simple online methods to get very small amounts of community-focused cryptocurrencies, like Dogecoin.

Finally, despite not being a method to obtain free crypto, knowledgeable and supported trading is probably the most robust method to increase your investment capital. Some platforms like eToro have advanced tools that could allow your strategies to progress to a whole new level.