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How to acquire cryptocurrencies for free?

Many people starting out in the world of cryptocurrencies wonder how to get cryptocurrencies for free. In this text, we present various methods of getting cryptocurrencies without the need to…

Date: 2024-03-29 Author: Łukasz Michałek
How to acquire cryptocurrencies for free?

Many people starting out in the world of cryptocurrencies wonder how to get cryptocurrencies for free. In this text, we present various methods of getting cryptocurrencies without the need to speculate and trade cryptocurrencies. Some of the methods presented are ways to get cryptocurrencies completely “for free”, and some are methods for the realization of which a certain capital may be helpful (but not necessary).

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Sites offering to perform tasks for cryptocurrencies (cryptocurrency taps)

There are many websites and applications that offer users the opportunity to perform certain tasks in exchange for rewards in the form of cryptocurrencies. Sometimes sites of this type are referred to as cryptocurrency taps.

Tasks that must be completed to earn free cryptocurrencies usually include completing surveys or forms, watching promotional films, subscribing to newsletters, visiting websites or testing mobile apps. Rewards in the form of cryptocurrencies are usually given for each task completed. This seems to be a method that allows one to earn cryptocurrencies without the need for capital. In fact, this is indeed the case, but it should be noted that on some platforms some options may be paid (such as premium accounts that increase efficiency when completing tasks).

One popular way to earn free cryptocurrencies for completing tasks is the Swagbucks platform, which offers users the opportunity to earn rewards in the form of a cryptocurrency voucher by completing surveys, watching films, conducting online searches and several other activities. Another example of a popular platform is Cointiply, which offers users various tasks, including playing games, completing surveys and watching films in exchange for cryptocurrency rewards.

Completing online tasks can be an effective way to earn free cryptocurrencies, but it’s worth remembering that the rewards are usually small and it’s actually hard to earn a satisfying income this way. Usually completing tasks requires a lot of time and effort. Therefore, after briefly testing the chosen platform of this type, it’s worth recalculating carefully and thinking about whether it’s worth your time to acquire a certain amount of cryptocurrencies. Nevertheless, many people treat acquiring cryptocurrencies in this way simply as a way of entertainment and not necessarily as a way to earn a satisfying amount of cryptocurrencies.

Advantages of cryptocurrency taps:

  • Most faucets are easy to find online. It is a method available to practically everyone.
  • Using such services does not require specialized technical knowledge.
  • As a rule, such services offer the opportunity to acquire cryptocurrencies without investing funds.

Disadvantages of taps:

  • Low profitability – usually faucets offer very small rewards.
  • Risk of fraud – some faucets may be fraudulent and not pay users the promised rewards.
  • This is a process that requires a commitment of time and effort.

Marketing afiliation

This is a business model in which business partners promote the products or services of other firms and receive a commission for each sale/registration/task they make. Business partners, called afiliates, receive unique links or discount codes that customers can use to make purchases of products or services. Business partners can promote products or services through various marketing channels (e.g., such as websites, social media profiles, email marketing campaigns, etc.).

Afiliation marketing is a popular business model in the e-commerce industry. However, it should be noted that it also exists in the cryptocurrency industry. Many cryptocurrency-related sites offer affiliate programs (these are mainly cryptocurrency exchanges but not only).

Examples of industry platforms with affiliate programs include Binance, Nexo, Coinbase, Kraken, Trezor, Coinmama, Changelly, LocalBitcoins and CEX.IO. Some platforms of this type pay commissions in cryptocurrencies.

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Borrowing cryptocurrencies

Borrowing cryptocurrencies works on a similar basis to traditional money lending. The person borrowing the funds generally can specify the amount of the loan, repayment terms, loan term and interest rate. Borrowers who need bitcoin can apply for a loan and accept the lender’s terms.

Borrowing cryptocurrencies can be done through online platforms, which act as a so-called trusted third party and at the same time streamline the process of exchanging funds between the two parties to the transaction. However, this is not the rule because there are also such platforms that, thanks to the use of blockchain technology, operate in a completely decentralized manner.

Of course, the principles of operation can vary significantly depending on the chosen platform. Examples of DeFi lending platforms include Aave or Compund.finance. Besides, loan services are sometimes offered by cryptocurrency exchanges, e.g. OKX or Binance.

Airdrops

Airdrops are marketing activities planned by the creators of certain cryptocurrency projects that involve providing cryptocurrencies for free. The purpose of these activities is to promote new cryptocurrencies and attract new users. AirDrops are popular among cryptocurrency projects that want to increase their user base and gain popularity. Free tokens are often distributed in the early stages of a project to attract new users and raise awareness about their cryptocurrency.

Typically, in order to receive free airdrops, users must perform certain tasks, such as registering on the project’s website, subscribing to the newsletter, creating an account on a cryptocurrency exchange or publishing a post on social media. Sometimes, in order to receive free funds, users need to show special activity in the project’s community, such as by participating in discussions on forums or community groups.

Acquiring cryptocurrencies through airdrops is one of the easiest ways to get free cryptocurrencies. However, it is worth remembering that not all cryptocurrency projects offer airdrops and that not all airdrops are worth the effort. Before participating in airdrops, it is important to carefully read the terms and conditions of the promotion to avoid confusion and possible loss of time.

Online games

The concept of play-to-earn is a way to earn free cryptocurrencies while playing games. In recent years, a number of online games have emerged that offer users the opportunity to earn cryptocurrencies in exchange for completing certain in-game tasks.

The most popular type of online games that offer rewards in the form of cryptocurrencies are faucet games. In these types of games, players perform simple tasks, such as solving puzzles or clicking on ads, in exchange for rewards in the form of cryptocurrencies. Examples of such games include FreeBitcoin, Bitcoin Aliens and Moon Bitcoin.

Another type of online games that offer rewards in the form of cryptocurrencies are casino games. Players perform certain tasks by throwing dice, spinning the wheel of fortune or playing card games, and in return can receive rewards in the form of cryptocurrencies. Examples of such games include BitStarz, FortuneJack or CryptoGames. However, it is important to remember that not every casino game is available in our country, moreover, these types of games can be addictive and lead to losing money, so be careful.

Cryptocurrency digging

Cryptocurrencies that work by the Proof-of-Work consensus algorithm can be kicked. When we talk about digging cryptocurrencies, we mean using the computing power of the device to obtain a reward in the form of cryptocurrency. For this purpose, the appropriate hardware and software are required.

When choosing cryptocurrency digging software, it is important to pay attention to several key factors (such as performance, user interface, support for specific devices and operating systems, and security).

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It should also be remembered that effective cryptocurrency mining requires a lot of computing power, so in order for mining to be effective it is necessary to have the right hardware. As a rule, digging with a PC is not very profitable. That’s why people involved in obtaining cryptocurrencies in this way choose to purchase special equipment called cryptocurrency miners. However, well-optimized hardware is not everything, because the key factor affecting the profitability of such an activity is the cost of electricity and several other factors (e.g. what is the exchange rate of the mined cryptocurrency – in case of a bull market, even a very well-optimized digging process may not pay off due to the drop in the value of the mined coin).

Examples of cryptocurrency mining software are:

  • HiveOS – a popular cryptocurrency mining platform. It is a powerful platform that allows you to manage and monitor cryptocurrency mining. Among other things, it is possible to mine cryptocurrencies using GPu complex miners and ASIC miners. It is a tool that is relatively simple to set up (tutorials are easily found on the Internet. HiveOS runs on Linux and Windows systems. Besides, Android and iOS apps are available for more convenient monitoring of progress.
  • CGMiner – a program for mining cryptocurrencies, including bitcoin, on Windows, Linux and macOS.
  • EasyMiner – a program for mining cryptocurrencies, including bitcoin, on the Windows operating system, which offers a simple user interface and support for different types of devices.

Staking

An alternative to digging cryptocurrencies is staking. This is the process used in cryptocurrencies based on the Proof-of-Stake algorithm. The method involves locking funds in a cryptocurrency wallet on a chosen platform for a certain period of time. Thus, it is a way to earn passive income using cryptocurrencies.

Staking can be done from the cryptocurrency wallet. Well-known wallets that allow staking are, for example, Trust Wallet and Atomic Wallet. An alternative to staking from the wallet level is to use cryptocurrency exchanges. Examples of exchanges that offer staking include Binance, OKX, BitGlobal or KuCoin.

Free cryptocurrencies on exchange platforms

Exchange platforms often offer promotions for users under which it is possible to obtain free cryptocurrencies in exchange for performing certain tasks.

An example is Coinbase Earn. This is an educational program offered by the popular cryptocurrency exchange Coinbase. This program allows users to earn free cryptocurrencies in exchange for completing a short series of educational tasks related to a particular cryptocurrency.

Under the Coinbase Earn program, users can obtain free cryptocurrencies such as Bitcoin, Ethereum, Stellar Lumens, Basic Attention Token and others by watching short educational films and answering questions related to them. The program is designed to help users understand how blockchain technology and the cryptocurrency market work, while allowing them to acquire their first funds without making a purchase. However, it is worth keeping in mind that the availability of the Coinbase Earn program may be geographically or time-limited, and certain account requirements on the platform may apply.

Summary

In conclusion, there are at least several ways to get cryptocurrencies for free or at little cost. Some of these methods do not require any monetary contribution other than spending time. Examples include airdrops, cryptocurrency faucets and various types of services that offer rewards for completing tasks. Besides, there are also a few methods in which initial capital can be very helpful but then getting passive income should be much simpler. This is, for example, borrowing cryptocurrencies from De-Fi services and staking or digging cryptocurrencies.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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