10 different ways to earn cryptocurrency on the internet
Cryptocurrencies are among the most trending topics in the world right now and everyone wants to earn some crypto. Cryptocurrencies offer so many earning opportunities and the most popular one is buying and holding them for some time. This involves buying a coin at a low price and selling it when the price increases. However, there are also ways to earn from the market without spending a penny. In this guide, you'll learn a few well-established crypto earning strategies, with some methods not needing any upfront capital.
1. Buying cryptocurrency with fiat currency
This is the most popular and straightforward way of earning crypto from any part of the world. This method has become easier today than ever before. The increasing demand for crypto has attracted companies into offering services that allow anyone to gain from the market. But then you might be asking how you can go about this. Well, you only need to register an account with a verified online crypto exchange. These exchanges will allow you to buy using your credit or debit cards. You can register with exchanges like Remitano, Luno, Binance, and Quidax. However, some of them require further verification with details like your Bank Verification Number (BVN) or National Identification Number (NIN).
2. Start freelancing and get paid in crypto
Freelancing is gradually becoming the new way of starting a professional career and the recent COVID-19 pandemic has made it more popular. Some platforms like FreelanceForCoins and SurveyTime offer freelancers the opportunity to receive their payment in crypto but you can also discuss it with your client. However, it’s advisable to go for a more stable coin while receiving payment because of the high volatility of most cryptocurrencies. Stablecoins are cryptocurrencies whose values are tied to an outside currency or commodities like gold or the U.S dollar. This makes their prices relatively stable compared to other cryptocurrencies. Examples of stablecoins are Binance USD (BUSD), Digix Gold Token (DGX), and Tether (USDT).
3. Trading Cryptocurrency Pairs
One of the best ways to earn from the crypto market is through the trading of cryptocurrency pairs. For instance, by using Bitcoin (BTC) to buy Tether (USDT) BTC/USDT – you’ll make money when the price of UDST increases to the level you want to take your profit. However, this method requires having a basic understanding of how to trade and you can learn that here – how to analyze the market and its structures.
Yes, this is not a misspelled word but terminology in cryptocurrency which means buying and HOLDING your crypto for the long term. Just like you would buy stocks and keep the shares for years to make more profits – you can buy cryptocurrencies and HODL for years too. This is one of the best options for beginners but you need to have the patience to earn from your investment. In this method, you don’t need to worry about the short-term price fluctuations because your goal is on the long-term ROI. You can also buy these coins and store them on hardware wallets like Ledger Nano and Trezor Model One. These wallets store your coins with a private key and can't be accessed by another person.
Although crypto mining can be very complicated, it’s a great way to earn some coins using your desktop device. Mining allows you to use your computer to solve hard mathematical equations that validate blocks of cryptocurrency transactions. Now the miner will get rewarded with new cryptocurrencies for validating a transaction. However, mining is not allowed in all cryptocurrencies but coins like Bitcoin and Ethereum can be mined. But Bitcoin mining consumes a lot of electricity due to the complex nature of the mathematical equations. Some coins with attractive mining are; Ravencoin (RVN), Monero (XMR), Monacoin (MONA), Ethereum (ETH), and Litecoin (LTC).
Maybe you missed out on buying or earning bitcoins when the price wasn’t even up to $1 and you do regret it till today. Well, no need to cry over spilled milk as you can still take advantage of other emerging coins through airdrops. Most coin developers use airdrop campaigns to create awareness and community around their upcoming project. This will help traders to find out about the project and also get rewarded with some coins. However, these rewards come after you’ve completed some tasks like signing up on their platform, downloading their app, and following their social media channels. These tasks are usually for free – you don’t need to spend any money to get the rewards.
7. Accept crypto payments
This is one of the easiest and most lucrative ways of earning cryptos without spending a penny. No matter the business you’re into you can start accepting payments in cryptocurrencies and you’d still make your money. Maybe you own an e-commerce store, then it’s your turn to shine. E-commerce platforms like WooCommerce and Shopify approve such payments and it’s not only about Bitcoin or Ethereum. With WooCommerce you can accept payment through 50 different cryptos while Shopify allows up to 300 cryptocurrency payments.
8. Play-to-Earn Crypto Games
Cryptocurrency did not only change the finance industry but also the gaming industry and this means that you can earn some coins by playing games. Crypto games like Axie Infinity, Gods Unchained, and Decentraland are play-to-earn, this means the game rewards you for playing. Unlike the traditional gaming concept, you only get assets to continue playing – here you get assets in the form of non-fungible tokens (NFTs) which can be sold to gain profits.
9. Referral bonuses
Do you know anyone interested in buying cryptocurrencies? Then you can earn by giving the person your link to sign up on a crypto exchange. Some cryptocurrency exchanges like Coinbase, Binance, and Paxful reward users when they invite other people to use their platform. Whenever anyone registers using your link, you’ll get rewarded by the exchange.
Faucets are platforms that reward you for completing some task on their platform. The tasks include things like online surveys, watching ads, and playing games. Although the rewards are not usually huge, it’s a great way to earn coins without investing. All you need is to stay consistent and reach the withdrawal limit set by the platform. Some of the best crypto faucet platforms are Moon Bitcoin, Bitcoin Aliens, Cointiply, and Coinpayu.com.
With this guide, you have seen that earning cryptos isn't all that difficult, whether you have the funds to buy some coins or not. You can choose to use your fiat currency to buy some coins, earn through airdrops, accept payment using crypto or join some referral programs. Just know that it’s never too late to start.