As the world’s media continues to shine on Bitcoin and cryptocurrencies, more and more people are becoming aware and asking the question “How do I get hold of some?”. Bitcoin keeps appearing in international news for example, as it was announced that it will be traded on the Chicago Mercantile Exchange financial futures market and energy used to mine bitcoin is going to exceed all the power used in housing in the entire country of Iceland.
Currently the most well known way for people to get hold of a cryptocurrency is to buy it on an exchange with fiat currencies or through mining, but there are other ways you can earn cryptocurrency without getting out your wallet. In this article, Crowdholding will look at some of the ways you can get into the world of cryptocurrency without having to pay an entrance fee.
A “faucet”, is a website that rewards people with a cryptocurrency in exchange for performing a simple task. In other words, the user gets paid for completing a certain type of activity, such as signing up for a newsletter or viewing an ad. Websites have long offered a cash incentive in exchange for performing activities and tasks, now they are starting to adopt cryptocurrencies.
But be aware you aren’t going to get rich quick through faucets. The payouts are generally quite small and they are tied to market rates. For example a bitcoin faucet is only going to give you a few cents worth of satoshis per task. (A satoshi is the smallest currently used denomination of bitcoin and is equal to 0.00000001 BTC).
At Crowdholding you are able to earn cryptocurrency through co-creating with startups. Log into our platform, comment and give feedback to startups and get Crowdholding’s YUP as a reward. You are also able to earn other ERC-20 tokens from the startups if they have their own token, (such as a Smartcash and ITT). The better the response, the bigger the slice of the task reward you will receive. Click here to see the latest tasks on Crowdholding.
The other added bonus is the fact that you are co-creating with startups and making a difference to the business world and showcasing your talents.
Bounty campaigns are essentially an incentivised reward offered by companies to individuals. What this means is that a company introducing a product or a service offers some reward to people in exchange for performing certain tasks. In the cryptocurrency world they have implemented bounty campaigns to ICOs as a useful marketing tool to raise awareness.
Participants are paid in the token they are promoting. There are a range of different tasks from sharing links on social media, writing articles and signature campaigns on forums.
Airdrops are when a blockchain project decides to distribute free tokens, or coins, to their community. This happens after the project has completed its ICO and the token has become tradable on the market. In most cases, to be a recipient of an airdrop the only requirement is that you have some coins from the relevant blockchain stored in your wallet and you have signed up to become part of their community. Why give away free tokens? Again to raise awareness of the project.
You can find a list of bounties and airdrops on the marketplace section at bitcointalk.
The explosion of cryptocurrency has created a market where you can offer your services and recieve remuneration in cryptocurrency. There are subreddits such as /r/Jobs4Crypto and /r/Jobs4Bitcoins, or you can simply contact ICOs if you have a desirable skillset. Got something to sell? there are also multiple sites where you can sell your unwanted items for cryptocurrency. Some examples are Bitify (which is similar to Ebay) and BazaarBay (which is a platform that acts like Etsy).
As cryptocurrency becomes more and more popular, we expect to see a variety of innovated ways to get cryptocurrency without having to invest. We believe this is the first bridge to receiving a full time salary in crypto, which is an exciting first step in creating a decentralized market place. Are there any other ways to earn cryptocurrency that we missed out? leave us a comment!