Airdrops are the first and most effective way to earn cryptocurrency without risks and significant investments.
Usually, this is a marketing strategy through which the authors of a particular cryptocurrency can thank their users with real money (cryptocurrency). For Airdrop authors, it is an opportunity to distribute new key tokens among existing users who will become interested in a new free coin in their portfolio. And also, it is a way to advertise and interest the crypto community in a new project.
Where to find new Airdrops?
Very interesting AirDrops can be found on CoinMarketCap and the website dedicated to AirDrops – AirDrop.io.
Another very effective but costly way to earn new cryptocurrencies is staking.
This is a process in which the user blocks his cryptocurrency in his wallet to maintain the blockchain activity on the PoS (Proof of Stake) algorithm. In other words, it is just a type of mining. Still, the difference from the standard PoW algorithm, where money is given for the system’s computing power, is that the cash practically does not depend on the system’s computing power but depends on the number of tokens you have.
The most significant currencies that use this algorithm are Solana, Etherium (2.0), and Cardano, bringing the user 5% annually on average. This is not a very large amount, but given that the cryptocurrency itself does not stand still, why not make this cryptocurrency “work for you” and bring extra money instead of keeping it in your wallet?
3) Traditional Mining (Proof of Work)
The third way to earn money is traditional mining, or PoW (Proof of Work). This is a more complicated way to make money on cryptocurrencies than the second way because you have to physically go (or order online) and buy the necessary things for mining.
What are these things?
It depends on what you are going to mine. In the case of Ethereum (1.0), these are video cards (which are practically nowhere to be found). In the case of bitcoin, these are ASICs. Also, you should not forget whether mining will be profitable for you with your electricity prices and what to do with the heat and noise these machines emit. Although it is more complicated than PoS, it usually brings much more money to its user.
4) Providing Liquidity
Another, slightly riskier but more profitable than regular staking is liquidity provision.
Your goal is to supply two coins (50% of the value of one and 50% of the value of the other) and earn higher interest compared to regular staking. But there are several “buts.” For example, you lose some coins if these coins are volatile enough.
It will be quite long to describe in more detail, but you should read about it here in the example of SushiSwap.
The following method is relatively easy but could be more profitable. These are faucets.
This name is not adapted to our language, but the essence of it is that it is a process where users give rewards for completing a survey or reading an article. This helps the developer to distribute his cryptocurrency and the user to earn from it. The American cryptocurrency wallet Coinbase, which gave and still gives rewards for the user to read an article and answer questions from it, has become very popular. Quite recently, it was possible to get about $ 80 from this, which is quite good.
Or, for example, it can be done on CoinMarketCap.
6) Centralized Investments
Centralized investments are a way to make money on crypto that cannot be staked (as in the 2nd point). It works very similarly to how you put dollars/hryvnias on deposit, but instead of fiat, you can put Bitcoin or, for example, Monero. You can make these investments on Binance or BlockFi.
7) Work in the Cryptosphere (Work in Crypto)
The seventh and final point is to become a developer in the field of cryptocurrencies. You do not need to have a “big idea” of cryptocurrency that will revolutionize the industry, but it is enough to get a job in a company that already exists on the market. But you will need knowledge of Smart Contract programming languages (Solidity, for example). Knowledge of English will also help.
And if you do not know any programming languages yet, you can get a job, for example, in the Binance support team, and start developing yourself there. There are plenty of opportunities, but you need your motivation!
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