Having long since become a popular commodity, you can bet that most people would only be too glad to get their hands on some free cryptocurrency.
But as they say, there’s no such thing as a free lunch and most of the time ‘offers’ of free crypto tend to be either scams, entirely worthless, or both.
This doesn’t mean that there aren’t any opportunities to earn free crypto. In fact, there are plenty of legitimate ways for you to earn free crypto.
Let’s see how:
Earn Free Crypto In 2021
1. Crypto Faucets
Want to get some free cryptocurrencies? Then, why not get it from a crypto faucet?
A what?
A crypto faucet i.e. platforms that reward you with a small amount of free crypto in exchange for completing several tasks. These tasks range from watching videos to completing questionnaires and maybe even playing a few games.
Yes, you read that right, you can get crypto for free.
But there are a few things you should know.
First of all, crypto faucets pay out a really, really small amount of cryptocurrencies. For example, Cointiply pays out about 200 Satoshis every hour which comes out to about $0.10 per hour.
Some folks have taken to farming crypto faucets by continually visiting as many sites as they can to collect crypto.
As a rule of thumb, you should always take care to ensure that a particular faucet is paying out the crypto of your choice. And also do note, that scams are pretty common.
But if you’re willing to spend the time and make the effort, crypto faucets can be a half-decent way to get some free crypto.
2. Airdrops
In the early days, developers often made use of airdrops to distribute cryptos and generate awareness. Airdrops basically work by depositing cryptos for free into your digital wallet for you to use.
In order to qualify for an airdrop, you just need to sign up for a newsletter or become part of a mailing list. After that, you’ll be required to supply a few details such as your email address and your wallet’s public address.
Take note of that second point as legitimate airdrops will only ask for your wallet’s public address.
If a developer asks for your wallet’s private key then, the airdrop is most definitely a scam and you should ignore it.
3. Bounties
Unlike real-life bounties, you won’t have to kill/capture any outlaws to be rewarded with cryptos.
Crypto bounties are programs organized by developers/companies prior to an ICO (initial coin offering) that reward participants in exchange for certain services.
These services range from marketing activities to bug hunting and troubleshooting system issues.
Do take note however, that bounty programs occupy something of a gray area when it comes to the government. That’s because there have been instances where ICO bounty programs have been used as proof of criminal activity.
So, do be careful who you accept bounties from and what tasks are required of you.
4. Staking Your Cryptocurrencies
Okay, admittedly this isn’t exactly a free way of earning cryptos but it’s a great way of making your money work for you.
Staking cryptocurrencies is defined as “delegating a certain number of tokens to the governance model of the blockchain and thus locking them out of circulation for a specified length of time.”
When you stake your cryptocurrencies, your crypto is being used to validate and maintain transactions on the blockchain.
And why would you do that again?
Well, that’s because you’ll be able to earn “interest” on the cryptocurrencies that you’ve staked as a reward for your effort.
Take note that not all cryptocurrencies can be staked, so your choices will usually be limited to:
- Ethereum
- Cardano
- Solana
5. Interest-Bearing Accounts
Let’s say you don’t want to stake your cryptos, then why not sign up for an interest-bearing account.
Besides supporting a larger selection of cryptos, interest-bearing accounts such as that offered by BlockFi offer competitive rates of return for depositors.
While you first need to earn the principal crypto sum, interest-bearing accounts are a good way to earn passive income on your holdings.
Closing Thoughts
And there you have it, the 5 best ways to earn free crypto in 2021.
Just remember: the crypto market is extremely volatile, so always have a backup plan ready.
