There are a few different ways of increasing your crypto holdings in 2021. You can buy it, trade it, stake it and if you’re an unscrupulous lowlife, you can even steal it through hacks and scams. However, there are safer and perfectly legal ways if you’re out of funds and ideas, as there’s another way to rack up those satoshis: You can earn it.
Many venture into the much-hyped and tempting world of cryptocurrencies in hopes of making some money. Users just starting their crypto journey are faced with a barrage of offers from companies promoting easy income generating opportunities that seem highly effective at first glance.
Although, many of the financial mechanisms within DeFi space are risky and often bear minimal returns, there are more efficient, safer, and easier ways of generating income from cryptocurrencies.
Hello there and welcome to HotNaija, your one-stop destination for latest entertainment news, celebrity gossips and stories, lifestyle content and cryptocurrency news. Today we're going to be sharing with you how you can get FREE crypto deposited straight to your account, and even more specifically – how to do it without being scammed. So without any further ado, let's dig in.
Disclaimer: None of these is meant to be construed as investment or financial advice. They're just opinions and we urge everyone to do more deep personal research before investing their money anywhere.
(1). Airdrops
In the cryptocurrency space, already prone to extreme levels of interest by digital money enthusiasts, some of the most-hyped events are airdrops. An airdrop is an event in which a cryptocurrency developer issues free coins or tokens to a user base, sometimes as a result of a hard fork and sometimes as part of a promotion or other change in network design.
Note: A hard fork refers to a radical change to the protocol of a blockchain network – when nodes of the newest version of a blockchain no longer accept the older version(s) of the blockchain; which creates a permanent divergence from the previous version of the blockchain. Adding a new rule to the code essentially creates a fork in the blockchain: one path follows the new, upgraded blockchain, and the other path continues along the old path. Generally, after a short time, those on the old chain will realize that their version of the blockchain is outdated or irrelevant and quickly upgrade to the latest version.
In a hard fork, holders of tokens in the original blockchain will be granted tokens in the new fork as well, but miners must choose which blockchain to continue verifying.
The key for most investors is becoming aware of the airdrop phenomenon before it takes place. If you find out too late, you've missed out on your chance for free tokens or coins. Fortunately, a report by decentralpost.com provides cryptocurrency investors with tools to gain more advanced notice about these special promotions and giveaways.
(2). BlockFi Savings Account
If you’re sitting on crypto and not putting it to work, you could be earning passive income from it. BlockFi offers cryptocurrency savings accounts, and the annual compounded interest rate is 8.6% paid in monthly installments. You can earn your interest in Bitcoin, Ether tokens or USD. Withdrawal limits are also high — 100 BTC per week — far beyond the needs of most lenders.
Though there is a gap risk, your deposits are insured through Gemini, which is one of the most highly regulated crypto companies in the world. BlockFi is considered one of the easier platforms to use, so it may be a good choice if you are nervous about getting your feet wet.
(3). Faucets
A crypto faucet is an app or a website that distributes small amounts of cryptocurrencies as a reward for completing easy tasks. They’re given the name “faucets” because the rewards are small, just like small drops of water dripping from a leaky faucet. However, in the case of crypto faucets, tiny amounts of free or earned cryptocurrency are sent to a user’s wallet. In order to get free crypto, users need to complete tasks as simple as viewing ads, watching product videos, completing quizzes, clicking links (be careful!) or completing a captcha.
Crypto faucets are certainly not a get rich quick scheme. The simpler the task, the lesser the reward. Most websites offer a minimum payout threshold, so the rewards earned by completing tasks are deposited into an online wallet of the site. You can only withdraw this reward after reaching the minimum set threshold. With the best crypto faucets, this might take just a day, but often, it can take longer than a week.
The Top 20 Highest Paying Bitcoin/Crypto Faucets In 2021/2022
1. Coinpayu
2. Cointiply
3. Bitcoin Aliens
4. Moon Bitcoin
5. Bitcoinker
6. Binance
7. BitFun
8. AdBTC
9. Robinhood
10. Coinbase
11. BTC Clicks
12. Bonus Bitcoin
13. BlockFi
14. Kraken
15. Moon Litecoin
16. CoinFaucet
17. Moon Cash
18. eToro
19. Gemini
20. Satoshi Quiz
(4). Coinbase Earn
Coinbase Earn allows eligible customers to learn about different cryptocurrencies via educational content and earn a bit of that crypto – just for learning about it!
Coinbase Earn is simple, educational, and rewarding. Just by watching a few videos about your favorite crypto and completing a short quiz to test your knowledge, you'll be rewarded with a bit of that specific crypto.
If you already have an existing Coinbase account, you can apply to join the Coinbase Earn program and begin performing learn and earn tasks to obtain free cryptocurrency.
(5). Binance Earn
Binance Earn is a one-stop hub on Binance where you can see all your earning possibilities open for you and the crypto funds you hold. You can find alternative crypto earning options if you are a HODLer.
Using Binance Earn is easy. Choose from dozens of available crypto financial products displayed on the platform, transfer your crypto into your chosen solution, and watch your funds grow. Cashing out your profits is also about as easy as opting into your selected product.
Simply transfer your preferred amount of crypto into a product, and you can see its earnings the very next day. Conditions vary depending on the product, but generally, you can see your earnings reflected on your dashboard as soon as possible.
(6). Reddit Moons
Moons from Reddit are ERC-20 Tokens given as rewards for an individuals contributions to r/CryptoCurrency either via posts or comments etc. They can be freely transferred, tipped and spent in r/CryptoCurrency. Moons are distributed monthly using “Reddit Karma” as a basis for contributions.
Moons can be traded freely and used for any number of purposes within the community. At this time, they can be used to display reputation within the subreddit, unlock exclusive features like badges and GIFs in comments with a Special Membership, and add weight to votes in polls.
RCP tokens run on Ethereum, making Reddit cryptocurrencies real cryptocurrencies. MOON is the official cryptocurrency of the r/Cryptocurrency subreddit, dedicated to the news, discussions and analysis of cryptocurrency.
This means MOONs are:
• Interoperable with all other Ethereum applications and assets.
• Owned and controlled by users
• Pseudonymous (nothing connects an RCP token to the identity of a Redditor).
• According to r/Cryptocurrency guidelines, all posts in the subreddit need to be cryptocurrency related, or associated to the culture in some way.
The subreddit is supported by various developers, and Redditors communicate by mostly sharing trading tips, humorous content and general news associated with cryptocurrencies.
Redditors earn MOON tokens based on the content they produce on the r/Cryptocurrency subreddit. This could be anything from original posts to commenting on other people's content.
If you are an active user, you can earn MOONs from the protocol itself, based on the amount of karma points you generate, or via tips from other Redditors.
Like many other cryptocurrencies, the supply of MOON is limited, meaning that according to the software’s rules, there will only ever be 250 million MOONs.
Spending MOON
Once Redditors receive MOON tokens, they may use them to:
• Buy a special membership to the r/Cryptocurrency subreddit, which costs 1,000 MOON per month. Benefits include special loyalty badges and receiving the ability to reply using gifs and animated emojis, among other things.
• Buy specialized badges and awards
• Take part in polls to improve the subreddit, weighted by the amount of tokens users have earned in their Reddit account’s lifetime.
• Tip other users for their content.
Once users spend MOON on Reddit, the protocol removes them from circulation. This means the amount of MOON available to users is expected to go down over time, hopefully increasing the value of the remaining tokens.
If you are already an active content creator on r/Cryptocurrency, you may consider creating a Vault to claim the MOON tokens you’ve earned to date. Active users can also purchase MOONs to tip their favorite content creators.
Lastly, you could be an investor believing in the long-term opportunity in owning a crypto asset widely used by a popular Reddit community.
(7). Staking
If you’ve been following news in the crypto space, you might have heard about staking. Whether in relation to Ethereum’s upgrade (Ethereum 2.0) or across smaller coins that make staking a big part of their set up – eg. Cardano, Polkadot and Solana, its fast becoming a more mainstream aspect of crypto trading.
Staking is a way of putting your crypto to work and earn rewards in return. Staking cryptocurrencies is a process that involves committing your crypto assets to support a blockchain network and confirm transactions. It's available with cryptocurrencies that use the proof-of-stake model to process payments.
When individuals stake their coins, they are essentially lending their coins to the network to validate transactions. In exchange for lending your coins and helping validate, the network rewards you with additional coins – effectively allowing you to earn interest.
The more you stake, the higher the chances you’ll be doing the task (processing transactions, validating information and more). When you complete the task, as with mining, you’re rewarded. But you can also earn interest for staking generally on some blockchains.
Decentralized Exchanges (DEX) like PancakeSwap, Uniswap and so on, all offer their platform users an opportunity to earn passive income on their cryptocurrency holdings through staking. Many Nigerians have been warming up to this new way of earning passive income from the cryptocurrency market.
EndNote: This isn't a financial advice! DO NOT make any buying or selling decisions based on this article. It is your due responsibility to verify all information yourself, as this piece was only written for entertainment purposes only.
Well, there you have it. Make sure you check out our other blog posts for more information about the crypto market and trending entertainment headlines. Thanks for reading!