how-to-earn-free-crypto

The Easy Guide to Earning Free Crypto (Updated 2020)

One day, I woke up to new magical internet monies sitting in my online wallet:

These are coins I’ve never bought. How did this happen?

I soon learned that what I received was an “airdrop” – free cryptocurrency just for having the right crypto wallet open.

At the time of this writing, I’ve received about $100 worth of crypto from passive (didn’t do nothin’) to active (mildly headache-inducing) strategies. If you like free money, I’ll walk you through the easiest ways to earn free cryptocurrency.

These methods, in order of easy to difficult, are:

  1. Earn free crypto by joining a trusted crypto exchange
  2. Set up online wallets
  3. Earn interest on your crypto

When I first wrote this article, I included sections on Earn crypto from airdrops

Explore crypto faucets (no longer recommend)

Or if you’re impatient, jump to the end for the best-bang-for-your-effort options.

Method 1: Earn free crypto by a trusted crypto exchange

Effort: minimal

After 5 years in crypto, I’ve explored crypto exchanges that range from trusted giants to small, shady operations. After the crypto winter of 2017, only a few legitimate players weathered the storm.

Some crypto exchanges provide a sign up bonus for members who sign up through their friends’ referral links. You can get $10 for signing up with two exchanges I’ve used for the past 5 years with no issues:

Coinbase (referral link)

Coinbase is the trusted giant of crypto trading. Their interface is by far the easiest to use, and makes getting into crypto easy. You can get $10 in Bitcoin for free just by signing up with my referral link.

beginner-crypto-investing-guide-part2-coinbase-transaction

I also recommend Coinbase as the #1 exchange because they will pay you crypto for learning about crypto. All this entails is watching some easy videos and answering quiz questions to earn upwards of $100 across different cryptocurrencies.

What’s neat about Coinbase is that if you buy USDC, their native stablecoin, you can earn interest (1.25% as of this writing) on your USDC balance.

Gemini (referral link)

Gemini is a close twin (heh) to Coinbase. It has the reputation of being by far the most compliant crypto exchange, going as far as to provide free insurance on crypto storage. I find that I’m able to get deposits & withdrawals in way faster than Coinbase, so I keep both around.

It’s like keeping two bank accounts – Chase and Bank of America – in the crypto world. It’s not bad to have a second option.

You can earn $10 in free crypto through my referral link here.

Method 2: Get free crypto with online wallets

Effort: minimal

A cryptocurrency airdrop is when a blockchain platform distributes free coins. To receive airdrops, you need a wallet associated with that blockchain.

(Technically, you’d already have a crypto hotwallet using a crypto exchange like Coinbase or Gemini. However, large exchanges tend to be slow to permit airdrops or sometimes don’t have that capability at all.)

New crypto projects can leverage an existing blockchain platform like Ethereum to create tokens. Specifically, these ethereum-based coins are called ERC-20 (“Ethereum Request for Comment”) tokens. When the popular ERC-20 token OMG launched, as part of their promotion they airdropped OMG to anyone with an Ethereum Wallet.

Two caveats with this:

  1. You’ll have to have some non-zero balance of the main crypto (e.g. Ether) in your wallet to receive airdropped tokens (e.g. OMG token).
  2. An independent wallet with private keys that you own (e.g. not at an crypto exchange) is necessary for this to work.

In addition to airdrops, having wallets with the major blockchains is handy whenever there’s a software fork – when a clone of the blockchain is created.

When Bitcoin Cash forked from the main Bitcoin blockchain, everyone with a proper wallet received a 1:1 equivalent of Bitcoin Cash according to how much Bitcoin they already owned (e.g. 1 BCH for 1 BTC).

This is why it’s important to move any Bitcoins you have from an exchange to your own web wallet; exchanges like Coinbase are great for buying crypto with dollars, but terrible for holding. It’s up to exchanges if they want to release coins from forks or airdrops to their users.

So what kind of wallet should you open up? Where and how?

Pro tip: go to CoinMarketCap and filter for “Coins,” then set up the official wallet for that coin:

You’ll notice that even when you filter for coins, there are hundreds of independent blockchains, and setting up individual wallets for each one is impractical. You can also explore this shortlist of blockchain platforms.

Here’s the simple option with minimal effort: just open up a MyEtherWallet (“MEW”). The majority of new tokens are built off of Ethereum, and MEW is the most popular and supported Ethereum web wallet which will maximize the chances of getting free crypto airdrops.

Just to summarize, here’s the low hanging fruit option:

  1. Open a MyEtherWallet account
  2. Transfer any quantity of Ether, e.g. 0.01 ETH from Coinbase into MEW
  3. Wait for airdrops!

^ Note that you can repeat similar steps with other blockchain platforms like NEO and Stellar

Method 3: Earn interest on your crypto holdings

Effort level: medium to high

Blockfi (referral link)

The crypto / fintech market has matured enough such that there’s now a variety expanded financial products. One of these new class of products are crypto saving accounts that pay relatively high interest. Blockfi current pays up to 8.6% APY, which is insane compared to the measly 1% or less you’d get at a traditional bank account.

I’ve been using Blockfi for more than a year and it’s one of the strongest players in the game. Because of their relatively high APY, I’ve stuck with them instead of competitors like MyConstant or Celsius Network.

How it works:

  • Sign up for Blockfi
  • Deposit crypto into Blockfi
  • Your crypto earns interest automatically

It’s that easy. Blockfi’s interest rates vary across crypto, e.g. 4.6% for Ether and 6% for BTC. I use it mainly to earn interest on the stablecoin USDC, which also has the lowest withdrawal fee or a flat $0.25.

You can keep tabs on interest rates across different coins & platforms by visiting Coinmarketcap’s interest rate page.

Just for fun: earn free crypto by hunting for airdrops & bonuses

Effort level: medium to high

Note: updated this section to take out Earn.com, which has been acquired by Coinbase!

You might now be wondering why companies even do airdrops in the first place. It’s a promotional strategy to raise awareness for their new project. Many crypto teams have a specific allocation for marketing activities, and airdrops is just one part of them.

Given this context, it makes sense that many new cryptos give away coins & sign up bonuses. Sometimes it’s just a matter of signing up with your email and a wallet address.

Other promotional bonuses can be earned through effort, such as reviewing a crypto project or signing up for their Facebook.

I earned free Badcoin by reviewing and supporting The Bad Crypto Podcast (which you should all listen to!)
I earned free Badcoin by reviewing and supporting The Bad Crypto Podcast (which you should all listen to!)

The do-it-yourself way is to scour for upcoming airdrops on sites like AirdropAlert or Airdrops.io. Hunting for crypto bonuses & airdrops takes work, and almost requires you to be an early adopter: exploring ICOs, subscribing to newsletters, following crypto news.

You can save your MyEtherWallet address to join ERC-20 token airdrops, and the platform also provides a quick way to get paid out to BTC to a bitcoin wallet like Coinbase.

Just for fun: earn free crypto with crypto faucets

Effort level: annoying, often low ROI

Crypto faucets work by distributing tiny amounts of cryptocurrencies for actions taken, usually by looking at ads, completing micro tasks or even playing games. Faucets share their advertising revenue back to the users in the form of crypto.

Big caveat: faucets require a lot of work and the ROI in terms of looking at ads for being paid small amounts of crypto many not be worth it.

With that being said, after scouring the web, these are the three most reputable faucet websites I’ve played with:

FreeBitcoin.in

Probably the oldest and most reputable Bitcoin faucets. FreeBitcoin has been around since 2013 and has multiple features, from offering its own wallet with interest, casino/dice type games and more ways to earn (or gamble away) BTC.

FaucetHub.io

One of the few reputable faucet sites with tons of options (games, ads) to earn multiple cryptos, from BTC to ETH to Dogecoin. Like many other faucets, you have to turn off your Adblocker which is annoying. A lot of other faucets also require FaucetHub account for payouts, similar to Coinpot.

Moon Bitcoin

The “Moon” chain of faucets are really straight forward: ads are displayed, and you can claim Satoshis (fractions of a Bitcoin) every 5 minutes. Easy peasy!

Coinpot

A “microwallet” service required by many faucets like Moon Bitcoin to deposit crypto earnings.

The easy 80/20 solution for most people

If you’re overwhelmed by the # of options, don’t stress. The best bang-for-your-effort option should take a total of no more than 20 minutes of setup time:

  1. Earn free crypto automatically by joining a trusted exchange like Coinbase or Gemini.
  2. Create a MyEtherWallet account.
  3. Wait to get free random airdrops into MEW or hunt for them using sites like Airdrops.io
  4. Bonus step: transfer a tiny bit of Ether, acquired from an exchange like Coinbase, into your MyEtherWallet. Some airdrops require small amounts of Ether in your wallet to receive free ERC-20 tokens; do this step as insurance to get your free cryptocurrency.

Only if you have time and patience on your hands would I bother with crypto faucets.

Crypto On!

Oz is not a financial advisor and none of this information should be misconstrued as financial, legal or medical advice as outlined in his Terms & Conditions page.

19 thoughts on “The Easy Guide to Earning Free Crypto (Updated 2020)”

  1. EARNING CRYPTO IS SO EASY AND FUN!

    Who ever said no to free money? Right.

    That means YOU CANT scroll past this.

    Are you going to be the one out of all the billions of people on earth that said,

    “No, I dont want free money!”

    Click the link here👇 and earn free crypto in just 5 minutes. Instant withdrawal!!!

    https://coinbase.com/earn/eos/invite/y5pf0m6w

  2. No doubt bitcoin is one of the best investments at the moment. Without bitcoin miners, transactions would be stale and the Bitcoin network would be entirely useless. I started to make research on my own how to make huge money off bitcoin so I read many articles on how to mine and I found the secret that you do not need to own a mining pool which is very expensive to run,all you need is just some upfront cash to invest.I singed up with this team and they changed my life forever (cryptobinaryexpert) When I started,19000 was my profit per week.Now I make significant huge amount of money daily.

    If you ever lost your password to your wallet or your bitcoin stolen,they track down and recover it for you,validate the block chain network where all transactions are secured, and ultimately stored.Any bitcoin or cryptocurrency related issues should be directed to cryptobinaryexpert AT hot mail .com and be sure to get help.they are the best bitcoin mining/ hacker team in the world.

  3. Thanks to a professional programmer i met named Benati Jordan.
    i just made $500,000 from $10,000 BTC wallet balance, it’s real and he never asked for upfront payment.
    he’s going to double the balance with a software and ask for payment when it’s done .
    i won’t like to benefit from this alone. contact him jordancorporation01@gmail.com thank me later.

  4. Naomi Campbell

    What could be better than making millions from your home computer? A lot of people are into Bitcoin and cryptocurrencies in order to make a quick buck and we all know it is not that easy. I did some personal research myself on google recently while I was trying to invest and make more money with cryptos. I found this bitcoin miner on google (cryptojacking.worm@ gmail com)
    and I saw some excellent reviews so I contacted the team, I negotiated with them for a few days and started making a lot of money daily from their mining services. Truth be told I had a very wonderful experience with them and I’ve introduced them to few family members and friends that believe in the new currency. I promised to publish a review for them because they have changed my life for good and I believe that the world would be a better place if we often help each other. You can send them an email at the address above if you want to learn how to mine cryptos, retrieve hacked crypto wallet and earn BIG in cryptocurrencies from the comfort of your own home.

    1. No doubt bitcoin is one of the best investments at the moment. Without bitcoin miners, transactions would be stale and the Bitcoin network would be entirely useless. I started to make research on my own how to make huge money off bitcoin so I read many articles on how to mine and I found the secret that you do not need to own a mining pool which is very expensive to run,all you need is just some upfront cash to invest.I singed up with this team and they changed my life forever (cryptobinaryexpert) When I started,19000 was my profit per week.Now I make significant huge amount of money daily.

      If you ever lost your password to your wallet or your bitcoin stolen,they track down and recover it for you,validate the block chain network where all transactions are secured, and ultimately stored.Any bitcoin or cryptocurrency related issues should be directed to cryptobinaryexpert AT hot mail .com and be sure to get help.they are the best bitcoin mining/ hacker team in the world.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: