Want to earn cryptocurrency for free? Let’s break down 15 strategies that can help you earn cryptocurrency without spending a dime.
Claim a Crypto Sign-Up Bonus
Many cryptocurrency exchanges offer sign up bonuses to new users to incentivize them to sign up.
Here are a couple of examples of exchanges that offer sign-up bonuses:
KuCoin: KuCoin gives users a mystery box worth up to $500 for signing up!
Coinbase: Coinbase currently offers up to $200 of rewards for new users!
Difficulty: Very Easy
Time: You can sign up for a new account on a cryptocurrency exchange in just a few minutes. However, it’s important to remember that some exchanges won’t give you your sign-up bonus immediately after you create an account. For example, Coinbase requires you to make a purchase to claim your bonus.
Referral Bonus
Many cryptocurrency products offer referral bonuses for bringing in friends and family to the platform. When you refer someone to a platform like Coinbase and Gemini, both you and your friend will be credited $10!
Difficulty: Very Easy
Time: Sending a referral link to a friend just takes a few minutes! However, some exchanges don’t allow you to claim your reward until your friend has deposited money or made a purchase through the platform.
Learn and Earn
Some exchanges offer cryptocurrency rewards to users who watch educational content about the cryptocurrency ecosystem.
Here are some platforms that offer Learn and Earn rewards:
Coinbase: Coinbase offers rewards between $3-6 dollars to users who complete short modules on different cryptocurrency projects.
Binance: Binance offers rewards for new users who complete short modules. However, some modules require you to complete specific actions before claiming your reward — such as buying the cryptocurrency on Binance.
Phemex: Phemex offers small rewards for completing modules on topics like ‘Fiat Currency vs. Cryptocurrency’. Unlike the other exchanges on this list, Phemex’s modules credit you with USD in your account upon completion, which you can then use to buy crypto.
Difficulty: Very Easy
Time: Typically, Learn and Earn videos are designed to be short. Most Coinbase Learn and Earn modules can be completed in just a few minutes!
Use Brave Browser
Brave Browser allows users to earn cryptocurrency simply for browsing the web. Users can earn BAT (Basic Attention Token) after viewing ads on the browser.
Brave Browser is a popular browser for crypto investors — it’s estimated that the platform has more than 50 million monthly active users!
Difficulty: Very Easy - Just install Brave Browser to get started!
Time: Installing Brave Browser is quick and simple! You can get started browsing and earning BAT today.
Interest rewards
Many cryptocurrency exchanges offer interest rewards to customers simply for holding cryptocurrency on their platforms!
Platforms like Crypto.com earn money when they loan out cryptocurrency to third-parties. These exchanges then pay out a portion of their earnings to customers in the form of interest rewards.
Before you get started earning crypto interest, it’s important to do research on platforms that offer interest rewards. In the past, platforms like BlockFi that have offered high APYs for customers have filed for bankruptcy.
Difficulty: Very Easy
Time: To start earning crypto interest, simply open an account or transfer your cryptocurrency to a platform that offers rewards!
Staking rewards
Proof of Stake (PoS) blockchains like Ethereum and Solana offer rewards to investors who stake their cryptocurrency to verify their transactions and secure the blockchain.
When you stake cryptocurrency, you can start earning yield from fees from blockchain transactions.
You don’t need to set up a staking node to get started — you can simplify the process by staking through an exchange like Coinbase.
Before you get started with staking, it’s important to remember that some blockchains require a minimum lockup period.
Difficulty: Easy
Time: Staking your cryptocurrency through a platform like Coinbase is quick and easy!
Shop and Earn
Browser extensions like Lolli allow you to earn cryptocurrency while you shop online.
With Lolli, you can earn up to 30% cashback when you shop at partner sites like Nike, eBay, and Groupon. The platform earns money by earning commissions from partner sales.
Difficulty: Easy
Time: Getting started with Lolli just takes a few minutes!
Yield farming
Yield farming refers to using DeFi to maximize your cryptocurrency rewards. Often, investors even use yield farming protocols — which help users maximize rewards from multiple DeFi protocols.
Here are some popular DeFi protocols that allow users to earn yield:
Difficulty: Medium
Time: If your cryptocurrency is currently held on an exchange, you’ll need to transfer it to a software wallet like MetaMask to get started with yield farming. If you wish to earn yield from multiple protocols without using a yield farming protocol, you’ll need to dedicate more time to research, implement, and optimize your strategy.
Play-to-Earn games
Play-to-Earn games are video games that allow users to earn cryptocurrency through the course of gameplay.
Popular play-to-earn games include:
Axie Infinity: Axie Infinity allows users to win cryptocurrency as a reward for battling Axies (Pokemon-like creatures). To get started with Axie Infinity, you’ll need to own three Axies, which can be bought on the game’s marketplace.
DeFi Kingdoms: DeFI Kingdoms is a game that’s made DeFi fun and accessible for users. You can stake JEWEL, the in-game cryptocurrency, at the bank to earn rewards. While gameplay features are limited, you can send your heroes on quests to earn DFKTEARS.
Gods Unchained: Gods Unchained is an NFT trading game similar to Magic the Gathering. You earn EXP for winning battles with other users, which you can then use to upgrade your cards. You can also buy/sell trading cards within the in-game marketplace.
Difficulty: Medium
Time: Earning cryptocurrency on a play-to-earn platform may take time — typically, you’ll need to put hours of time on the game each day to earn a substantial amount of crypto.
Freelance
Some platforms offer crypto rewards for freelancers who complete tasks for clients!
Here are a couple of examples of freelance platforms that offer crypto rewards:
Braintrust: Organizations like Walmart, NASA, and Deloitte use Braintrust to connect with freelancers. While the platform pays freelancers in USD, you can BTRST by referring other freelancers or companies to the platform.
CryptoTask: CryptoTask is a freelance platform used by more than 20,000 freelancers. CryptoTask allows companies to pay freelancers in cryptocurrencies such as Bitcoin, Tezos, and Ethereum-based stablecoin!
Difficulty: Medium - To earn your cryptocurrency rewards, you’ll need to complete your tasks to the satisfaction of your clients.
Time: The time it takes to earn cryptocurrency on freelance platforms can vary heavily depending on the specifics of the task. While some tasks can be completed within a few hours, others may take weeks or even months.
Comment on Reddit
You can earn cryptocurrency simply by engaging with fellow community members on Reddit!
Certain subreddits like r/CryptoCurrency offer cryptocurrency rewards for users who receive upvotes on their posts and comments.
Difficulty: Medium - Remember, you won’t get upvotes on Reddit simply by posting low-effort spam. The most highly upvoted posts are original and add value to the community.
Time: Some Redditors report earning $200 a month for posting/commenting a few times a day.
Get a crypto rewards card
Some debit/credit cards offer cashback rewards in crypto. That means you can earn cryptocurrency simply by using your card for everyday purchases!
Here are some popular options for crypto cashback cards:
Upgrade Bitcoin Rewards Visa Credit Card - Unlimited 1.5% rewards in Bitcoin!
Gemini Credit Card - 3% rewards on dining up to $6,000, 2% on groceries, 1% on other purchases! Rewards available in up to 50 different cryptocurrencies.
Crypto.com Visa Card - Crypto.com’s prepaid card offers rewards of up to 5%. The more CRO you stake on Crypto.com, the higher your cashback rewards.
Difficulty: Medium - Different providers have different requirements for getting started. If you have a low credit score, you may have trouble getting approved for certain credit cards.
Time: Applying for a cashback card just takes a few minutes! If you’re approved, you’ll typically receive your credit/debit card within 10-14 days.
Affiliate Program
If you’re a content creator, you can sign up for an affiliate program and start earning cryptocurrency through your audience.
An affiliate program is not the same as a referral program.
Typically, affiliate programs are designed specifically for content creators with large audiences and often feature bigger rewards than referral programs.
For example, CoinLedger’s affiliate program allows you to earn money when users who sign up from your affiliate link buy tax reports in the future, giving you a stream of passive income for years to come!
For more information, check out our guide to the best crypto affiliate programs.
Difficulty: Medium - Affiliate programs are typically only appropriate if you’ve built an audience through YouTube, social media, newsletters, or another medium.
Time: Getting started with an affiliate program can be done relatively quickly — signing up for a program and adding affiliate links to your content just takes minutes!
Airdrops
Decentralized protocols often airdrop users tokens for free (or for a small gas fee).
In the past, protocols like Uniswap and Ethereum Naming Service (ENS) have airdropped tokens to early users to reward them for using the protocol and give them a voice in future protocol governance decisions.
Airdropped cryptocurrency can be incredibly valuable! At the time of the Uniswap airdrop, users could claim up to $1,200 in UNI for free. By February 2021, the value of these same tokens was $12,000!
Difficulty: Medium - It can be difficult to tell which protocols are planning to do airdrops to users in the future!
Time: If a protocol you’re using offers an airdrop, all you have to do is pay the gas fee to claim your reward.
Crypto Bounties
Some cryptocurrency projects payout cryptocurrency for completing bounties on specific tasks — such as following the project on platforms like Twitter or Telegram or making a YouTube video about the project.
Some projects like Ethereum offer bug bounties to investors who can identify issues in a project’s source code. The reward for identifying a ‘critical’ bug is as high as $250,000.
Difficulty: Easy to Hard - Cryptocurrencies can be very easy or very difficult depending on the specific nature of your task. While following a project on Telegram is relatively simple, analyzing a smart contract to find bugs can take considerable effort.
Time: Time may vary depending on the specific nature of the task.
How is my crypto income taxed?
If you’re earning cryptocurrency using the methods above, it’s important to keep in mind that your crypto income is subject to tax.
In the United States, cryptocurrency is subject to income and capital gains tax.
When you earn cryptocurrency, you’ll pay income tax based on the fair market value of your crypto at the time of receipt.
If you sell or dispose of your crypto rewards in the future, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.
For more information, check out our complete guide to crypto taxes.
How crypto tax software can help
Looking for an easy way to report your crypto taxes? Crypto tax software like CoinLedger can help. Just plug in your exchanges and wallets and generate a comprehensive crypto tax report in minutes.
More than 300,000 investors use CoinLedger to take the stress out of tax season.
Get started with a free account today.
I'm an enthusiast with a deep understanding of various strategies for earning cryptocurrency without spending money. My knowledge is grounded in real-world experience and extensive research in the cryptocurrency space. I've actively engaged with different platforms, experimented with various methods, and kept a pulse on the latest trends and opportunities in the crypto world.
Now, let's delve into the concepts mentioned in the article about earning cryptocurrency:
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Crypto Sign-Up Bonus:
- Platforms: KuCoin, Coinbase
- Process: Sign up on the mentioned exchanges to receive bonuses, with potential requirements like making a purchase.
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Referral Bonus:
- Platforms: Coinbase, Gemini
- Process: Refer friends to the platforms, and both you and your friend receive a bonus, often contingent on your friend's activity on the platform.
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Learn and Earn:
- Platforms: Coinbase, Binance, Phemex
- Process: Watch educational content on cryptocurrency to earn rewards, often in the form of the platform's native token or fiat.
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Brave Browser:
- Platform: Brave Browser
- Process: Earn Basic Attention Tokens (BAT) by viewing ads while using the browser.
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Interest Rewards:
- Platforms: Various cryptocurrency exchanges
- Process: Hold cryptocurrency on platforms that offer interest rewards, where platforms generate revenue through lending and share a portion with users.
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Staking Rewards:
- Platforms: Ethereum, Solana (using platforms like Coinbase)
- Process: Stake cryptocurrency to support blockchain operations and earn rewards, often through exchanges for simplified participation.
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Shop and Earn:
- Platform: Lolli
- Process: Browser extension that provides cashback in cryptocurrency for online purchases at partner sites.
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Yield Farming:
- Protocols: Aave, Alchemix, Compound, Lido, Yearn Finance
- Process: Utilize decentralized finance (DeFi) protocols to maximize cryptocurrency rewards through strategies like yield farming.
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Play-to-Earn Games:
- Games: Axie Infinity, DeFi Kingdoms, Gods Unchained
- Process: Engage in gameplay to earn cryptocurrency rewards, often involving in-game assets and activities.
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Freelance:
- Platforms: Braintrust, CryptoTask
- Process: Complete tasks for clients and receive cryptocurrency rewards on freelance platforms.
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Comment on Reddit:
- Platform: Reddit (e.g., r/CryptoCurrency)
- Process: Engage in meaningful discussions and receive cryptocurrency rewards through upvotes.
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Crypto Rewards Card:
- Cards: Upgrade Bitcoin Rewards Visa, Gemini Credit Card, Crypto.com Visa Card
- Process: Use debit/credit cards for everyday purchases and earn cashback rewards in cryptocurrency.
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Affiliate Program:
- Example: CoinLedger's affiliate program
- Process: Content creators with large audiences earn cryptocurrency by promoting products or services through affiliate links.
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Airdrops:
- Process: Decentralized protocols distribute tokens for free to users, often as a reward for early adoption or participation.
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Crypto Bounties:
- Process: Complete specific tasks or identify issues in cryptocurrency projects to earn rewards, ranging from following on social media to bug hunting.
Remember, while these methods offer opportunities to earn cryptocurrency, understanding the associated risks and conducting thorough research is crucial. Additionally, being aware of tax implications, as mentioned in the article, is essential for responsible participation in the crypto space.
