There are several methods of earning cryptocurrency – millions of people are doing it each day. The possibilities are endless in the industry, and there is no shortage of clever ways to make an income from cryptocurrency, from mining to staking to participating in airdrops.
1. BUY CRYPTO
Buying crypto is the most straightforward method of earning cryptocurrency. You can buy any coin/token more conveniently through exchanges such as Coinbase, Binance or frm known trusted peers.
Once you have the coins in your crypto wallet, you can choose to sell or hold or withdraw to another wallet.
2. START CRYPTO MINING
Another great way to obtain some crypto coins is through mining. It involves using your computer/smartphone to solve complex mathematical equations that validate blocks of transactions. Cryptocurrencies are already created inside a protocol. It just needs to be validated to get on to the market.
The first person to validate it receives a portion of the crypto coin.
3. EARN CRYPTO BY STAKING
Crypto staking is a process used to verify cryptocurrency transactions. It involves committing your crypto holdings to be used to confirm transactions and support the blockchain network. In return, you
receive rewards for what you’ve staked.
It is similar to earning interest on what you have in a savings account, except that crypto staking generates better returns than what a bank would give you.
4. START PLAYING GAMES (P2E)
GameFi or gaming finance operates a “play to earn” model that allows players to earn just for playing a game and moving through levels. This could be in the form of crypto, in-game items, or NFTs (non-fungible tokens). On top of that, users can convert tokens earned from a game into other cryptocurrencies such as Ethereum, Bitcoin or swap them to fiat currency.
5. DeFi YIELD FARMING
Yield farming (or liquidity staking) involves lending your crypto to others, and in return, you receive some interest and other rewards. The reward from DeFi yield farming comes in the form of a digital token, though the real payoff comes if that coin appreciates rapidly. However, yield farmers have to lock up their crypto for a while to earn interest. The interest you earn by yield farming is expressed as APY, or the rate of return you’d earn during a year.
6. JOIN AIRDROPS
Airdrop in crypto refers to the sharing of cryptocurrency tokens or coins for free, to numerous wallet addresses driven by creating a buzz around a coin/token, gaining new followers, and strengthening the user base. Take advantage of emerging projects to earn crypto through airdrops. Many crypto projects often engage in airdrops to promote their coins and gain traction within the crypto community. They ask crypto investors to help perform a specific set of tasks (such as sharing their posts, signing up to the platform, etc.), and in exchange, users receive the project’s tokens into their wallets. Once the project hits the market, the tokens received can be used – traded for other coins or sold for cash on listed – cryptocurrency exchange.
7. CASHBACK
Many online sellers are coming with many discounts and cash backs when using the portal to shop online to promote cryptocurrency. Crypto.com, for instance, gives you up to 5% back on all spending using their Visa Card.
8. EARN CRYPTO THROUGH FAUCETS
Faucets are platforms that reward visitors or users with free cryptocurrencies when they complete specific tasks. It can be anything from watching ads, completing surveys, and playing games. You’re then rewarded with cryptocurrency to cash out once you reach the minimum withdrawal limit.
9. REFERRALS (REFERRAL PROGRAM)
Some cryptocurrency projects offer sign-up or referral bonuses for bringing users to their services/network.