A Bitcoin might not be worth $20,000 anymore. But that doesn’t mean we should ignore it.
There are many ways to earn cryptocurrency, and some are naturally better than others. And if there’s anything we can learn from Bitcoin’s massive growth, is that it’s better to be an early adopter.
At the moment of writing this article, the Bitcoin passed the $5,000 mark and is slowly growing once again. So it might be a good time to start stocking up on some crypto coins.
But before you get started, remember that you need a crypto wallet. If you don’t have one or aren’t sure on which one to choose, check out our guide on crypto wallets.
Table of Contents
1. Buy it
The most straightforward way to earn crypto coins is just like with most things in life – buy them.
Buying cryptocurrency is now easier than ever before.
As the industry gained a lot of popularity in the past few years, its demand increased. Many companies started offering services which enable anyone to easily and safely enter the market.
But how can you buy cryptocurrency?
Buying Bitcoin, for example, can be as simple as going to a Bitcoin ATM and getting it with cash or credit. Though other crypto coins aren’t so accessible, so you can only buy them via crypto exchanges.
But there’s one thing you should consider – transaction fees.
On most of the online exchanges, the transaction fees are updated in real-time, based on the fluctuations of the market. And the fees themselves are pretty low.
ATMs, on the other hand, tend to have high transaction fees. So it’s usually advised to buy Bitcoin (or other cryptocurrencies) through websites such as Coinbase, Binance, or Kraken. And most of the times, the process is really simple.
All you have to do is sign up for an account, verify it, and you’re good to go.
However, some exchanges require verification from your bank, and this process can take up to several weeks. If you’re in a hurry, you may want to check the sign-up and verification process, or just buy with cash directly.
2. Start mining
Mining is a great way to get some crypto coins. But it doesn’t work for all currencies.
Most people believe that mining is about obtaining as many coins as possible for yourself. But the whole process is a bit more complex.
Through mining, a person uses his computer to solve complex mathematical equations that validate blocks of transactions. All the cryptocurrencies are already created inside a protocol, but they must be validated to become available on the market. As a reward, the first person that validates it receives a fragment of the virtual token he validated.
But what do you need to start mining?
First off, it depends on what you want to mine. While Bitcoin mining requires high-end equipment such as ASIC (Application-Specific Integrated Circuit), others can be mined with just a regular computer.
But if you want to try your luck with Bitcoin mining, you don’t have to invest thousands of dollars to get started. You can always join a mining network. All you have to do is pay the joining fee, and then you can work together with other members to mine. The only downside is that you’ll also have to split the rewards.
Some of the best cryptocurrencies that you can mine right now are:
- Ethereum (ETH)
- Monero (XMR)
- Dash (DASH)
- Litecoin (LTC)
3. Stake that which cannot be mined
If you’ve got your eye on some coins that can’t be mined, don’t worry. There’s still a way to get them.
There are 2 main methods of validating blocks – Proof of Work and Proof of Stake.
While PoW requires users to mine the blocks and confirm the transactions through pure computational power, PoS works totally different.
In a Proof of Stake system, the person to validate the transaction is chosen in a deterministic way, based on the number of coins he already holds. And instead of receiving rewards based on block validation, PoS rewards its users through transaction fees.
But in order to stake, you need to already hold several crypto coins, so this method works great only if you want to increase your stocks.
4. Join a few airdrops
Airdrops are a great way of taking early advantage of emerging projects.
Most projects use airdrop campaigns to gain an initial level of notoriety and create a community around their project. This is a great tactic because it helps crypto enthusiasts find out about upcoming projects while also providing them with something of value – tokens.
In exchange for performing a specific set of tasks, users receive some of the project’s tokens.
Once the project hits the market, those tokens can be traded for other coins or sold for cash. Some of the most common tasks include:
- Following their social media channels;
- Sharing posts;
- Signing up on their platform;
- Downloading their app.
5. Help promote projects through microtasks
Microtasks are very similar to airdrops.
Commonly known as bounties, they may be, together with airdrops, the simplest way of earning a crypto coin.
Many startups and companies offer crypto coins as a reward in exchange for performing various tasks. However, when compared to airdrops, microtasks are a bit more difficult.
The tasks are mainly promotional, and they can take the form of:
- Creating a video review;
- Writing a testimonial;
- Writing a press release;
- Distributing a promotional video.
There are many websites which list airdrops and bounties, so if you’re looking to stock up on some emerging crypto coins, here’s where you should get started:
6. Start freelancing
However, you can take microtasks one step forward and choose to be paid in cryptocurrency for working.
There are countless platforms which facilitate freelancing through blockchain technology. Most of the platforms don’t have any costs or transaction fees, so the employee receives exactly what the employer pays.
Freelancing is a great way of starting out your professional career. And while it might be a bit risky to accept payment in Bitcoin due to its volatility, you can always opt for a more stable cryptocurrency.
If you’re looking to get into the freelancing business, here are a few places to start:
7. Accept crypto payments
Do you own an e-commerce website?
Then it’s your time to shine.
Platforms such as Shopify or WooCommerce allow merchants to accept cryptocurrencies as payment through their website.
And I’m not talking only about Bitcoin.
WooCommerce allows its users to accept some 50 types of crypto coins, while Shopify goes even higher, with more than 300.
And the process isn’t even complicated.
For Shopify, all you have to do is enable an alternative payment method from your Shopify account.
For WooCommerce, you’ll have to install one (or more) additional plugin, such as BitPay or CoinGate. Once installed, just activate it, configure it, and you’re good to go.
8. Join a network of publishers
Do you have a website, but it’s not for e-commerce? Then you can still earn some coins.
Since Google banned or restricted crypto-related businesses from advertising through its network, the advertising industry had to adapt.
Countless crypto ad networks (such as Coinzilla) appeared to fill the market’s advertising needs. Their platforms created vast networks of crypto publishers, where advertisers could place their banners.
In return for displaying ads, the publisher gets paid. And while most networks will pay out their users in only one currency (such as EUR or USD), many also do payouts in cryptocurrency.
SIDENOTE. This is a simplified explanation of the whole process. We covered in-depth the differences between Ad Networks, Ad Exchanges, and DSPs in a previous post which you can find here.
The crypto industry is huge.
Through this post, I tried covering some of the safest methods of earning, so that’s why I didn’t include activities such as trading, gambling, or *HODL.
There are countless in-depth articles covering all of the above methods, so there was no point to repeat the information without coming up with something new. You can find them with just a quick Google search, or send me a message and I’ll point you in the right direction.
SIDENOTE. *HODL = Holding On for Dear Life.