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How to earn free crypto like bitcoin

How to earn free crypto like bitcoin

In recent months, there have been a lot of news stories reporting the meteoric rise of several different cryptocurrencies, including bitcoin and ethereum. Many of these cryptos have seen a price increase of several hundred or even thousand percent since they were first launched.

While you can obviously buy cryptocurrency in the UK, the hefty price increase in recent months can make this prospect a daunting one. Thankfully, it’s also possible to earn free cryptocurrency in a variety of ways.

These can involve anything from sign-up bonuses to interest on savings accounts, and even simple browser extensions to help you earn while shopping.

If you’re wondering how to earn free crypto, like bitcoin, read on to find out everything you need to know.

Get Free £5 Bitcoin

Get £5 in Bitcoin when you sign up and verify your account with code BUZZFIRE5. Only available for UK residents.

After your photo ID is verified, £5 in BTC will be added to your portfolio. Limited time offer. Offer available to new users who have not previously verified their identification. Offer not available to new users who were referred to Coinbase through the Referral Program or who have previously opened an account using different contact information. Coinbase may update the conditions for eligibility at any time, in its sole discretion.

What are the benefits of crypto trading?

In recent months, you’ve probably read a lot of news articles about cryptocurrency that follow its journey from being a relatively unknown asset to being widely known and traded.

One of the main reasons that many people have heard of cryptocurrency is that in recent years it has undergone a colossal spike in value.

For example, as you can see on Coinbase, for several years, the price of one bitcoin sat in the low hundreds of pounds. Then, in late 2017 it spiked to around £12,500 and has since reached new heights of almost £50,000 per coin.

As you can obviously see, one of the main benefits of crypto trading is that you have the potential to get more money very quickly, if the market moves in the way you want it to.

What is crypto-mining?

Whenever a cryptocurrency transaction is made, it is added to a ledger but before this is made public, each transaction needs to be validated.

“Miners” use software to validate these transactions in sets, which are known as “blocks”, to create a string of data known as a “chain”. When a block of transactions is complete, miners attempt to validate the list as fast as possible.

The first person to do so earns the coin as a reward, which is paid into their digital wallet before the block is added to the public ledger. This whole system is encrypted and the transactions can only be validated once the encryption is solved by mining software.

Before crypto rose in popularity, it was possible to mine from your home computer and this could be an easy way to earn free bitcoin.

However, transactions are now much more frequent and there is more competition from other miners, making it a potentially difficult way to earn.

Despite this, it is still technically possible to earn free cryptocurrency in this way, if you have the right hardware or software. You can use software like Helium to mine crypto, although it can be a time-consuming process.

Because of this fact, your time may be better spent looking for other ways to get your free crypto.

What are the advantages of earning free crypto?

Of course, while buying cryptocurrency can be a good way to start investing and growing your wealth, earning it has two distinct advantages.

The first and most obvious one is that when you invest your own wealth, you expose it to significant risk. If there is a market downturn, you could end up losing money.

The second one is that when you buy an asset in the hopes of a price rise, the cost of your investment can eat into your potential profits.

For example, if you bought a bitcoin for £10,000 and it rose to £11,000, then you would have a profit of £1,000. However, if you earned a free bitcoin worth £11,000 then this would be your profit.

How can I get free bitcoin without investment?

If you want to earn cryptocurrency for free, there are several different ways that you can approach this. The first is that there are a variety of platforms that are giving out free cryptocurrency as a reward.

This can be an easy way to get your hands on some crypto so you can start trading and grow your wealth.

Which platforms are giving out free cryptocurrency?

As a way to attract new investors, some crypto exchanges offer free cryptocurrency for new users as a sign-up bonus. Some of the most popular ones are:

eToro

eToro crypto

If you’ve already started investing in cryptocurrency, or are thinking about investing your money, eToro can be a great place to start.

While there are a variety of cryptocurrency exchanges available, eToro can offer you a sign-up bonus of up to $250 if you start investing through it, which you can use to buy over a dozen different cryptocurrencies on the platform. This can be a useful way of getting free crypto by using this sign-up bonus productively.

However, please bear in mind that you’ll need to deposit and trade at least $5,000 in order to qualify for this promotion. Of course, if you were planning to invest with the platform anyway then this is essentially free money.

As you may have read in my review, eToro offers professionally managed portfolios, including bitcoin portfolios, through which people can grow their money. As you might imagine, this can make them a great option for new investors.

Furthermore, with over 20 million users, eToro is regarded as one of the most secure and trustworthy crypto exchanges in the world.

Coinbase earn

Coinbase

Another option to earn free cryptocurrency is through Coinbase, the trading platform. With its “earn” program, you can get free crypto by simply learning how it works.

Currently, you can learn about a variety of different tokens and the ways in which they operate. Essentially, you watch videos about them and then answer a quiz – if you get the questions right then you are rewarded with free tokens.

Coinbase will then deposit these cryptocurrency rewards straight into your account, once you’ve set up a crypto wallet. This can make the site a great way to not only learn more about how they work but also get started for free.

Of course, it’s also important to be aware that you won’t lose the free crypto if you get the questions wrong. You can take the quiz as many times as you need to pass.

As you might imagine, you need to set up an account in order to get access to the crypto rewards. This requires you to input some user data, such as evidence of your identity and photos of yourself.

You can also earn a referral reward if you get other people involved with the Coinbase Earn project. This referral program can provide you with a nice little bonus for not a lot of effort.

Voyager

Voyager is another cryptocurrency platform that offers you ways to earn free cryptocurrency. On this site, you can buy a variety of tokens, including bitcoin, ethereum, and many others.

What’s particularly notable is that this platform offers you an interest-bearing crypto account. This allows you to earn up to 10% interest on your cryptocurrency holdings.

Furthermore, when you deposit $100 or more into your account, you can get up to $25 bitcoin as a bonus.

Celsius network

When you deposit more than $1,000 into the Celsius Network, you can get free crypto as a reward. Typically you get a bonus of $10 of free bitcoin, though if you hold the deposit for three more months then you can double this amount with another reward.

Furthermore, you also have the opportunity to earn interest on your bitcoin holdings at a rate of 17%, which can rise up to 25% if you keep a portion of it in CEL, the platform’s native coin.

BlockFi savings account

BlockFi crypto

If you already have a crypto portfolio and you want it to work harder for you, you could use your crypto to earn regular passive income. If this sounds good, BlockFi might be for you.

This company offers cryptocurrency savings accounts with an interest rate that allows you to earn crypto with little effort. The typical annual compounded interest rate for these accounts is 8.6% and is paid in monthly instalments.

You can choose whether you’d prefer to earn your interest in bitcoin, ether tokens, or US dollars (USD). The site also has a very high withdrawal limit of 100 bitcoin per week.

This can be a significant amount of money, so you’re unlikely to run into any issues.

Furthermore, you may feel more confident to know that when you invest through this platform, your deposits are insured through Gemini, which is one of the most highly-regulated cryptocurrency companies on the market.

BlockFi is also considered to be one of the easiest platforms to use, which can make it perfect if you’re new to the cryptocurrency market.

Is it always worth it to take advantage of these rewards?

While it might be tempting to immediately rush to take advantage of the rewards that these sites offer, it’s important to weigh them up carefully and pay attention to the terms of these bonuses.

For example, you may be asked to provide more personal information, or do other actions in order to be able to claim your reward.

Furthermore, many of the bonuses often aren’t lucrative enough to make you sign up to a completely new exchange if you already have an account with another.

Of course, if you’re a beginner then it may be worth keeping an eye out for rewards that different exchanges offer, as this may tip the balance in their favour. While there are obviously other considerations to bear in mind, these rewards can be a nice perk.

Can I earn cryptocurrency through cashback?

One of the simplest ways to earn cryptocurrency is through cashback incentives. While this might sound strange initially, it isn’t as unusual as it appears as this reward has become more widespread in recent years.

Crypto dot com logo

Crypto.com has recently partnered with Visa to offer a prepaid card with an added cryptocurrency cashback incentive. When you purchase things with this card, you will be rewarded with the site’s own native coin, MCO.

The platform also offers different tiers of rewards, depending on how many of your MCO tokens you stake on the platform.

Furthermore, the program offers 1-5% cashback on all purchases. As you probably know, this is significantly higher than the rate given on most other debit cards.

It also offers 10% cashback on Expedia and Airbnb purchases, as well as the option to receive a credit for 100% cashback on your Netflix and Spotify subscriptions.

Can I earn cryptocurrency with shopping rewards?

One surprising way that you could easily earn cryptocurrency is through online rewards when shopping.

Lolli, which you can get as either an extension for Google Chrome or Mozilla Firefox, offers you “bitcoin back” when you buy from its online retail partners.

It essentially works in a similar way to other extensions like Honey, which offers discounts and cashback when you use the portal for your online shopping. Like those programs, Lolli lets you earn rewards for spending your cash normally when shopping online, not just for making purchases with crypto.

Lolli also partners with a variety of retailers, from Nike to Sephora, and even travel companies like Malaysia Airlines. The rewards that you can earn range from 1% to as much as 30% bitcoin back, depending on what you buy and who you bought it from.

These rewards will be transferred straight into your Lolli Account once you’ve made a purchase. From there, you can then transfer them to your digital wallet or exchange account to use how you wish.

What are crypto faucets?

One relatively safe way to earn cryptocurrency is through crypto faucets. These are platforms that can reward you with free crypto for completing certain tasks.

For example, these sites could let you earn free crypto as you play games, watch videos, or take surveys. Of course, while they may only provide small amounts per use, this can add up over time.

What are some good crypto faucets to use?

One of the most well-known and widely trusted faucets is Cointiply, which has more than 1.7 million users.

To maximise your earnings, you can gain a loyalty boost of up to 100% if you log into your account at least once a day. This can help you to grow your crypto more quickly.

Of course, there are a variety of other faucets out there, so you may want to search online to find other places to earn free crypto. Of course, it goes without saying that it’s important to be careful – if the free crypto they are offering sounds too good to be true, it probably is.

What are crypto airdrops?

The final method of getting free crypto is to use airdrops, although it is important to be aware that these carry a significant amount of risk.

When developers start new crypto projects, they often perform airdrops when they want to generate publicity and gain more traction for them. Simply put, this is a marketing strategy in which they give away free coins in the hope that more people get involved.

As you might imagine, it can often be hard to compete with existing coins, which can make it difficult to gain a foothold in the market. However, a crypto airdrop gives some of the new cryptocurrency out to people to raise greater awareness of it.

Where can I find airdrops?

If you want to take advantage of airdrops, it’s important to search around online. They are often promoted on a company’s website or by their users on social media and on crypto news sites.

If you meet the standards of the developers, they will often send you some coins straight to your crypto wallet.

Are there any risks with crypto airdrops?

While airdrops can be a useful way of growing your crypto portfolio, it’s important to be careful with any new cryptocurrency projects. This is because fake airdrops and initial coin offerings (ICO) are common scams used by criminals to gain access to your cash.

If you fall victim to one of these scams, you could lose a considerable amount of your own money and it is very hard to get it back.

Furthermore, even when they are real, many of the tokens that you can earn through airdrops aren’t always a good investment in the long term. Not all cryptocurrencies succeed, after all.

How can I get 1 bitcoin for free?

So, to sum up, there are six main ways that you can earn free crypto. These are:

1. Mining

This can potentially earn you a significant amount of money by earning crypto as a reward for solving complex calculations. However, this can be highly time-consuming and there is no guarantee of success.

2. Sign-up bonuses

Many crypto exchanges offer a sign-up bonus of cryptocurrency when you use their services. Of course, if you already have an account with another then it may be worth weighing up if the decision is worth the extra money you earn. Furthermore, many will let you earn extra by sending a referral link to a friend.

3. Interest

When you save your money with some companies, they will let you earn interest in bitcoin or other tokens instead of cash. This can be an easy way to grow your crypto portfolio.

4. Shopping rewards

You can download browser extensions that let you earn crypto when you buy from certain online retail partners. This can be a very simple way to get free crypto.

5. Faucets

You can potentially get free cryptocurrency through websites that require you to fill in surveys and watch videos relating to cryptocurrency to earn rewards. These typically offer a small amount of crypto per activity but this can quickly add up to a large amount.

6. Airdrops

When a new cryptocurrency is launched, you may be able to get access to a small amount of these coins through an airdrop. Keep an eye out on social media or company websites for opportunities to do this. However, make sure to be wary of scams.

Please note:

Crypto assets are not regulated financial products so please be aware that trading them carries a considerable amount of risk for your capital. Cryptocurrencies are also not covered by existing consumer protection laws.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

This article is for informational purposes only and does not constitute financial advice. All contents are based on my understanding of HMRC legislation, which is subject to change.

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