Good day guys! Welcome to another episode of Cryptolite!
Today we’re gonna do something fun and look at 5 different ways to get FREE cryptocurrency. Many times people think mining is the only way to get free crypto. Well there’s more than one way, and today I’m gonna introduce them to you.
The 5 ways of getting free cryptocurrency that I’m going to introduce to you are not in any particular order, there is no best way, but there is no worst way either, because they are all low risk, cos it’ free, you’re probably not going to be a millionaire after this. But hey, free money is free money so let’s jump into it!
1) The first method is bounty hunting.
There is bounty hunting in crypto? Yes there is! There are various companies that do it. The one that I am aware of and use is Bountyox.
It’s a blockchain platform where companies that want advertising come to you to do the advertising. It could be join a telegram group, post something on facebook or twitter.
And in return they will give you a bounty, basically cryptocurrency! Is it profitable? Not all the bounties are profitable, only the good ones are. A good bounty depends on 3 things:
The value potential of the coin. All the coins that are asking for advertising are really small projects, you won’t see big cryptos like bitcoin or ethereum posting bounties. In fact most of the coins don’t seem promising to me. However, there are the occasional good small coins giving out bounties and Il give you an example later.
The second thing that makes a good bounty is the task. Some tasks are easy e.g. joining a telegram group or re-tweeting a post. Some tasks are freaking hard like translating a whitepaper into another language. The easy ones like twitter may have a requirement e.g. minimum of 200 followers, not always though.
The payment method. Some bounties give a fixed reward. Like 1000 tokens for the task. Other bounties have a staking pool e.g. $35k worth of coins and those who complete the task required enter the pool and are called stakers. Finally depending on the number of stakers in the pool, you get your according reward. This is where the money is, you can literally get a bounty reward of hundreds of dollars if you find a bounty that is about to expire with few stakers. The allocated amount of money is usually about $20-40k for each of bounty.
So basically, you have to sift through all the bounties and try to find the bounties that reward potentially valuable coins, in a task that I can actually do, with a staking pool with small number of participants.
Recently there was a good bounty on a coin AXP (Aspire).
AXP is a good small coin that I haven’t had a chance to introduce to you guys yet but I hope to do so at some point. Anyways, I was checking out their reddit and I saw the bounty advert. I tried to jump onto it but unfortunately I was a day too late and the bounty had already close. The bounty was extremely simple, all you had to do was join their telegram group and retweet a few tweets and you were part of the bounty pool. Because few people knew about this, those who participated in the pool actually ended up getting very decent bounties of $250-300 USD worth of AXP tokens. And if you think, like me, that AXP could go up 10x in the next year, the effectively those participants just got $2500-3000 USD almost for free!
So there are definitely some good bounties out there.
2) The second method is airdrops.
You all know what airdrops are. Sometimes, if you’re lucky, the coin you’re holding onto will do an airdrop, based on how much token you have in your wallet, they will give you free cryptocurrency, sometimes a different cryptocurrency.
The famous airdrop just a few days ago was NEO holders received Ontology tokens.
Another airdrop last week was Ocoin dropping DATx tokens.
Some people actually chase airdrops. Meaning they have literally chase the next airdrops, change their crypto into that token and hold it until after the airdrop then move on to the next airdrop. There are websites like airdropalert.com that help people track airdrops.
You can’t make a living of this, because there isn’t an airdrop every day. You’ll be lucky to find an airdrop a week.
Things to look out for:
i) The value of the coin given. The more valuable or potentially valuable the coin is, of course the better,
ii) But the second thing is transaction fees. Some of these coins are only available on very small exchanges which means expensive transaction fees. Airdrops give you a max of 10% your original token value, which is a lot, that’s the most I’ve ever heard. Usually its between 2-5%. So if your total transaction fees are going to be more than 2% then there’s no point.
iii) You need a private wallet. Airdrops are like ICOs. They send the crypto to your private wallets, not to exchange wallets. You can easily set up a wallet on MyEtherWallets.
iv) Often airdops need the holder to have a minimum amount of token to participate. So if you don’t have enough you can always pool with a friend you trust. Reddits and telegrams will also have people asking you to pool with them. I suggest never ever sending your tokens to anyone else.
3) Paid viewership
In future this is going to be huge. A lot of good blockchain projects e.g. play2live, current media, theta, brave browser etc.. are already in the works to get this incentive out by the end of the year. The only current crypto paid viewership project I am aware of is Refereum.
Refereum is a very new token, less than a week old on the exchanges. It was an ICO that I was looking at end of Jan, but it was so popular that they cancelled the ICO and just did a private listing. To compensate for not having an ICO, they announced they were doing an airdrop. But I was quite disappointed that their airdrop was basically the paid viewership that they were going to do anyways.
How it works is, you create an account, and you get to do a variety of things to earn points. Viewing/ streaming gaming videos is just one of the things you can do. You can also buy games, make content (in other words be a gamer and stream your game) to earn money.. the videos are streamed off Twitch TV who is one of their partners. You have to earn a certain number of points/ season to qualify for the airdrop, and depending on which rank you belong too, the airdrop allocation will be bigger.
So that’s the only I know of now to get paid viewership. I really believe that over the next 1-2 years this source of revenue will grow and become more prominent in the crypto community. The projects I’m really looking forward to in this arena as you guys already know are Brave Browser and Theta Token, both whom are only expected to launch later this year. Theta token has already been launched as part of the alpha run on Sliver TV, but you can’t do much with the tokens from now, and the tokens are test tokens separate from the ones you can sell on the exchanges and you can’t actually change it for money, just use it to reward streamers, buy game skins and stuff, and the games are only CS go and PUBG. Im not really interested in that so I’m gonna give that a miss for now. Brave Browser is great, if you want to learn more about it, check our vid or just click on the link below to try it out for yourself. But again monetizing for viewers will only be available later this year.
4) The fourth method is staking
Staking is holding the token in a wallet and getting dividends off it. The most well known example is NEO, staking it for GAS tokens.
Other tokens in the top hundred you can stake include DASH, Reddcoin and Stratis. In fact I believe DASH gives a better return of 7.5%/ annum as opposed to NEO’s 5%. With staking, the more you stake the more dividends you get of course, but large amounts of staking can stake on what is known as a masternode which provides several times more returns that a normal node.
Cost of a masternode for a good coin is usually about $25-35k, with smaller coins you can get one for as little as $2,500. If you believe in a young coin and there is a staking mechanism and a cheap masternode, it could potentially be one of your biggest investments.
5) The final method to get free cryptocurrency is of course mining.
Where with staking you don’t have to do anything except leave your tokens in a wallet, with mining you have to do something. You have to mine. But where Staking requires a capital, mining you can start with nothing.
There are 4 ways to mine:
- Personal Gig—get a really high end PC with special graphics card to mine. Uses a lot of electricity. You can mine solo and get paid out a big amount in a month or two or join a pool to share power and get paid out smaller amounts regularly.
- Cloud mining—This is where you pay a big company like CCG mining, Hashflare etc… to mine for you.
- CPU mining/ mobile mining— you don’t a special gig for this. Just your home PC can install an app and start mining. As of 3 days ago, you can now also use your mobile phone to mine Electroneum.
- Browser mining— This is mining from your internet browser. You open a website like freecoyn or coinhive and you let them mine using your computer by simply keeping your browser on. It’s kinda like a voluntarily letting them install a malware on your computer. Very popular in 2017, its kinda fallen out of favour because of the abysmally low returns. Even the malware programs to use people’s computer to mine has reduced dramatically, not because it wasn’t working, but because the returns were very very low. Recently the biggest such scandal was coinhive installing a malware that used 5000 UK government machines to mine. The returns they got? Only $24. Definitely not worth the trouble they are got into.
In terms of free cryptocurrency which is what we are aiming for today, you obviously don’t want to invest in an expensive gig or pay someone to mine for you. So we would be settling for CPU/ mobile mining. Again the returns are not huge, you are really expecting a small amount but hoping that the coin will inflate in the future to make it worth while. I was doing some reading about CPU mining over the last couple of days, especially after Electroneum released its mobile mining app, apparently with the CPU which is much higher return than the mobile phone, with electroneum you only earn about $0.20 worth of tokens after a whole day’s mining. There was another new CPU mining app a few weeks old which is for ZOIN that appeared to have better returns of $0.70/ day. So its more than triple! Only thing to note is ZOIN token is on small exchanges like Cryptopia, so if you wanted to cash it out in the short term, you might be paying a high transaction fee. But if you were planning to mine long term and just hodl your Zoin coin, and it rose from a marketcap of 23million to 2.3 billion, then you would have made your lambo.
So that’s it guys, 5 ways to get free cryptocurrency. In future there will be even more ways e.g. lending your Crypto and getting interest, but none of those projects have a working platform just yet. Nonetheless, I hope you found this post helpful and interesting, if you liked this post, give us an upvote and follow. Let us know if there’s any coins or topics you want us to do a video on and if we can we most certainly will, after this channel is made just for you!
Have a great day guys, don’t stare too much at the market, it’s depressing at the moment, hopefully it’ll pick up soon. Tomorrow is cryptonews in a nutshell, our news buzz to roundup all the latest happenings in the crypto space. Make sure you join us then to keep up-to-date! Take care and see you tomorrow!
Brave Browser referral link: https://brave.com/cry434
Binance link: https://www.binance.com/?ref=20051067
We are not professionals and this is not financial advice, just us sharing our thoughts with you. Always do your own research and make your own decisions.