While nothing is the same in the crypto ecosystem when it's compared to the last 5 years, it's ridiculous to see that people still think that there are just two ways to earn crypto: Hardware Mining or Trading.
This obsolete point of view eventually leads to trading losses or purchasing expensive mining rings to make some money. However, mining requires tedious work to be done; electricity, cooling down, updates, nodes, etc. On the other hand, trading is not for everyone. I took ( and it's still taking) some time for me to learn not to lose in such a volatile market.
At that point, people are supposed to be more familiar with the new era mining facilities: let me call it as Attention Mining
What do I mean by mining the attention of people?
People in this era are exploited in terms of their attention, time, shopping habits, and so on so forth. At that point, service providers in crypto are carving to grab you before their competitors do. This conflict brings more opportunities for the customers as they are valuable for these businesses.
Knowing all these things that are mentioned better than us, there are lots of crypto platforms providing services as faucets, advertisers, gambling websites, and freelancers. I want to more specify the topic by focusing on the gambling websites and the platforms focusing on the views of people.
Proof of Wager
I'm terrible at gambling. Honest, I'm neither lucky nor good at realizing the bluff of the other players. Yet, I'm also one of those who are on the train of growing crypto-gamble fashion.
It's not surprising, is it? I mean, it's risky to use your ID and Debit Card to deposit money to a platform while crypto can save your privacy 💁🏽♂️ So, the growing mass-adoption opened new ways for the crypto-gambling platforms.
Shifting from Wagering to Stakeholdership
This is the best part of using a platform. You become one of the owners even though you own the only %0.00000001 of the total income. While the veteran platforms are late to the party (freebitco.in. etc) other flexible ones are doing quite well.
Let me explain with visuals:
Freebitco.in has been operating since 8 years and I've been using it for 4 years. However, I could not reach the threshold that is set and I think the platform has also lost its dominance due to its old-fashion policies.
It's not likely to compete with the growing gambling websites with 4 sats per hour and 100,000 RP threshold. New Fun token integration is not for common people guys. Reality hurts...
The Case of Betfury
The green part shows the number of native tokens that you mined by wagering BTC, ETH,USDT, etc.
And the red rectangle shows the statistics of the tokens. You can also count this part as the tokenomics the company that you are one of the stakeholders 😏 I have 3.7 tokens, so it's MY company and I'm earning interest in crypto so I should work for it 🙃
The Case of TrustDice
As the business model is working flawlessly, things are more or less the same... Nothing Surprising 💁🏽♂️
The site clearly shows the mining, faucet, daily visit sections on the tabs and you can easily get the sense that you can use the platform for proof of attention.
Again there is a native token that you earn by wagering, the same way of daily dividend sharing and stakeholder mechanism. Nothing wrong with this model as long as both users and service providers can benefit...
Proof of View
The concept of visiting daily and grab your daily bonus is already popular on gaming platforms. On the other hand, some blogging platforms (e.g. Uptrennd) and video sharing platforms (such as LBRY) are using this data mining method successfully. Also, there is a new game based on the Doctor Who series. The daily visit brings you $.10 worthy of tokens to buy some packs. FYI.
Sign up with ref
Sign up without ref
Actually, the branches of Proof of View are quite extended. You can count any action requiring you to visit the platform in minutes or hours to get a mini prize. It is a less risky model than Proof of Wager as you do not put your money into a threat of losing at all. Though the model may not bring a satisfactory amount of crypto earnings, it has been preferred by many people.
Are they worthy?
It's not easy to assess the intrinsic value of something new. However, in most cases, they are less worthy than it's presumed. Yet, there is another aspect to be considered, the new era brings a lot more value to early adopters. Sometimes it can be a matter of time, sometimes it can be a matter of luck but eventually, early birds catch the worms.
My personal experience and suggestion are using platforms only with the things that they give you in exchange for your attention. In other words, you do not need to risk your money, not worthy in most cases. Just understand and learn the mechanisms in free ways if you are not experienced.
In terms of time, your time is valuable. If you are spending your precious time, you need to have a satisfactory stream of money from these platforms. Otherwise, you should think twice.
TL;DR
People who still think the only ways to earn crypto are either to mine or trade are the ones who are disregarding the growing potentials of different business models that are mentioned under the Proof of Wager and Proof of View subheadings. Of course, they are not quite profitable but the way they are paving the ways to grow themselves is no doubt fortunate. I aimed to conjure up some things in your minds to raise awareness on these topics. Who knows, maybe one of these will bring (or currently bringing) fortune to some lucky ones 😌
What do you think about these mechanisms? Are you okay with the Risk/Reward ratio of them? Yay or Nay?
Thanks for your attention. No, I'm not going to pay you for that 😛