5 Easy Ways to Earn Bitcoin and other Cryptocurrencies
With all the talk about buying, selling, trading and mining cryptocurrencies, along with the accompanying regulatory hoopla, isn’t it time to just kick back and earn Bitcoin? Let’s talk about ways to bring in some free BTC, passively or actively. We’ll show you 5 ways to earn bitcoin and other cryptocurrencies. When you earn bitcoin, it’s not considered a security – it’s income, just like any other income. If you HODL it, you may have a great opportunity to see returns. The cryptocurrency market is only in its nascent stages and many people still expect bitcoin to continue climbing steadily over the long term.
Whether you want to earn bitcoin or other cryptocurrencies to supplement your income, save for a rainy day, or have some on hand for trading, you have multiple ways to earn cryptocurrency without having to learn bitcoin mining. You can simply try any one (or all!) of these simple ways to earn BTC.
Before we continue, just a word of advice. Before you receive any crypto or free BTC, learn about the types of wallets for storing your bitcoin so you know your crypto is secure. You can move it from wallet to wallet without it becoming a securities taxing event, but as soon as you exchange it for fiat or another crypto, it is considered a security and taxed accordingly. Also, be sure to learn the laws governing cryptocurrency where you live before investing in crypto.
What kinds of cryptos can you earn?
To start us off, let’s look at the 3 main types of cryptocurrencies that you can earn:
It’s pretty well established that earning bitcoin is a good way to go. There are far more avenues for this type of income than with other cryptocurrencies.
Newer cryptocurrencies that have hit the market, like Ethereum, Litecoin, etc. are seeing increasing action in earnability because they are now widely recognized as tradeable currencies. Right now there are 18 altcoins with market caps in the billions of dollars. Most of them have a strong following with people who firmly believe in using these currencies.
New Coins Via ICO
While it may be easier now to find a way to earn bitcoin, don’t rule out the possibilities of earning other new cryptos by participating in Initial Coin Offerings (ICOs). There are more risks associated with earning and holding new coins because the currencies are not yet established. You might earn some new crypto coins that never even make it to an exchange. But, the ICO offers investors a way to buy into a new tech startup at a very low price.
Now that you know the kinds of crypto you can earn, let’s get to it. Here are 5 easy ways to earn bitcoin and other cryptocurrencies.
1. Complete Tasks at Earn.com
Some of the participants in Earn.com will ask you to help them with their project by earning small tasks. For example, one company may ask you to join their community or give feedback on their white paper. Basically, businesses pay you as an independent contractor. It gives them a way to get large scale marketing and social media tasks done by humans. To some who have earned this way, the tasks many seen menial and time-consuming. Others view it as an easy way to earn a little bitcoin.
2. Earn Bitcoin by using Purse.io
Purse.io can be used from two different sides. The first angle is for people with some bitcoin who purchase Amazon items (getting a discount for paying in bitcoin). Thye then sell the items at a premium price in places like eBay. The other side is for people who have unused Amazon card balances they want to convert to BTC or BCH (Bitcoin Cash). The way it works is these sides help each other. If you have a little BTC, you can buy a discounted item. Someone else buys this item for you with Amazon credits that are leftover, while you pay in them in BTC. The process may seem a little confusing at first, but many people who have been navigating Amazon as a buyer or seller will have a better comfort level. Just the same, here is a great explainer video about how to use Purse.io.
3. Join Steemit
Steemit is kind of a cross between a blog, a social media platform, and bots gone wild. But if you are a content creator of any kind, this is a place for you to earn some crypto. Posting content often, curating content, getting upvoted and interacting with the community on Steemit will all help you earn some Steem along the way.
For a crypto site, the user interface is pretty easy, but just remember, this is a blog on the blockchain. You have a certain amount of time to edit or delete a post. After that, it’s permanent. The market cap for Steemit is currently $424.93 million, signifying a solid presence on cryptocurrency exchanges.
4. Open a Waves Wallet
Waves is a decentralized exchange and trading platform and like Ethereum, it allows companies to create their own coin using its platform. The way to earn money in Waves is to simply buy and hold some of the WAVES coins in a Waves wallet. Once you do that, whenever a new coin is rolled out, you get a little bit.
I found this out by seeing weird deposits into my wallet for coins I’d never heard of. Waves enables all these companies to drop a little coin into the wallets of Wave’s users. This is a great way to earn passive crypto because you literally do nothing to earn it. Many times these new coins may not amount to much, but as our industry seasons and projects improve, this offers a long-term way to get in on brand new altcoins.
5. Participate in a Bounty
You couldn’t possibly have hung around too long in the crypto space without hearing about the old ICO Bounty. It’s a great way to earn brand new coins, but with several caveats. What is a bounty? It’s kind just like you might expect, a treasure hunt of sorts. Usually, what happens is that tech startups who are using an Initial Coin Rollout (ICO) as a way to fundraise, allocate a certain amount of their newly minted coin to ‘bounty hunters’. These may be people who are going for any free coin they can find. Ideally, it’s for engaging and building a community around a project.
To participate in a bounty, people are asked to perform specific tasks such as join a Telegram group, retweet a post, sign up for an email list, etc., etc. Once they have completed the tasks, they are ‘airdropped‘ the new cryptocurrency into a specified wallet, most often one that accepts ERC20 coins minted on the Etherium platform.
To find ICOs that are holding Bounties, refer to the TruDex database, where you can easily see which ICOs have bounty programs, and click straight to them, as shown below:
One Final Note…
When it comes to cryptocurrencies, you hear a lot about people who are day trading – buying and selling crypto every day to make their profits (and often losing their shirts). But in reality, few people have the stomach for this kind of stress, particularly in a market filled with scams and misinformation. There are good coins out there, and more coming out – but it may be hard to judge which is which. That’s why at TruDex.io we try to do this for you with our unique, verifiable scoring system. Until you climb up the learning curve a bit and decide day trading is for you, a great policy with cryptocurrencies is to HODL when you do find a good coin and learn how to earn it. Holding onto dear life makes sense as we are at the infancy stages of decentralized, digital coins. Maybe this is your chance to find a nice, long-term crypto investment.