Cryptocurrency isn’t something you can just receive for free. It takes a lot of time, effort, patience, and computer processing power to achieve. And usually, earning it requires something else in exchange. Some methods require very minimal effort while others require a certain level of knowledge to attain large amounts. But either way, it’s not going to fall into your lap without you taking any steps.
So what methods can you use to earn cryptocurrency? Eight of the more common methods are going to be outlined below so that you can find the best method for you.
- Purchasing Cryptocurrency
This is the easiest and most straightforward way to obtain cryptocurrency. With how popular they’ve become, they’re easier to purchase than ever before in order to meet the demand of the public.
But as easy as that sounds, not many people know how to actually buy it. Many have an online ATM or bank of sorts where you can deposit money in exchange for crypto-coins. In these cases, look for websites that require verification from your bank first so that you know they’re legit.
What people don’t realize is that these exchanged for real money come with transaction fees. Although they tend to be low most of the time, they do fluctuate so it’s important that you keep an eye on the market so that you can buy when the fees are the lowest. Otherwise, the purchasing process itself is very simple. Just be aware of what you’re getting into, as not all countries permit the purchasing of cryptocurrency.
This process doesn’t apply to all forms of cryptocurrencies, so you’re going to have to do some research on your own to discover which ones actually allow mining. Once you do, then the next step is to actually start mining. The process isn’t about getting as many coins as possible, contrary to popular belief.
How it works is that in order to mine, you have to use your computer to solve very complex equations in order to access blocks of transactions. The cryptocurrency is already there, you just have to “unlock” the means to access it. And the first person to solve the equation is given access to a fragment of the amount.
Some mining requires high-tech computing software, while others don’t need anything more than a regular computer. And if you’re still having problems, you can always join a mining network to work together on solving the equations. Most networks request a joining fee, but you’ll have better chances working together than you would alone.
- Staking Instead of Mining
Imagine that you’ve got your eye on some cryptocurrencies that can’t be mind. That doesn’t mean you can’t get to them, you just have to look for a workaround. That’s what staking is. Validation of transaction blocks comes in two forms: Proof of Work and Proof of Stake. The former is the mining process; the latter is a more complicated process. With Proof of Stake, validation is dependent on how many coins of cryptocurrency you currently own. So instead of validating blocks, rewards are provided through transaction fees.
In some online occupations, you can always request to be paid in cryptocurrencies. There are a large number of platforms that allow for freelance work through blockchain technology. The great thing about this option is that there are no costs or transaction fees to worry about, meaning that you’re actually getting more in your pocket. All you have to do is work. It’s also a great way to start your professional career before you physically head out into the field, as it serves as a great way to develop your resume and professional contacts.
To see where you can start earning coins for work, you might want to take a look at bitcoin affiliates.
These are campaigns that businesses use to get the word out about new projects in the works. Having an airdrop helps to foster a community around the project and provides rewards (such as tokens) to those who are completing certain tasks to get the news out about that project. This can be anything from sharing posts on social media to simply signing up on their platform. Then once the project takes off, these tokens can be exchanged for cryptocurrency or even real cash.
This is very similar to airdrops, but the tasks involved are a bit more difficult and involved. Online, they’re mostly referred to as bounties. Companies offer tokens or crypto coins to those who complete promotional tasks such as writing a testimonial, uploading a video review, or writing a press release. Basically, you have to create promotional or advertising content of some kind in order to receive a reward. If that sounds like your cup of tea, there are plenty of websites listing bounties for various companies.
- Accepting Crypto Payments
If you own an e-commerce website of any kind, you could always offer your customers to pay for products and/or services with crypto coins. There are many plugins you can add to your website to accept any kind of cryptocurrency that’s out there. It actually doesn’t take that long to set up, and you’re providing your customers with more variety in how they decide to pay for their goods.
- Publisher Networks
If you don’t have an e-commerce website, you can still earn coins. Companies are always looking for ways to advertise, and they do this by placing ads online. There are crypto ad networks where companies offer to place their banners on people’s websites and the website owners are paid in crypto coins in exchange. There is definitely more involved in the process, but this is the simplified version of how it works.
These eight methods of obtaining more cryptocurrency are the safest ones out there that will provide you with the most affordable yield. A combination of any of these methods would generate even more, so it wouldn’t hurt to try out a few to see which one works best for you.