The crypto and blockchain industries have raised lots of eyebrows and questions. Many countries are discovering ways to work with cryptos, and many are still struggling with how to regulate it. Also, many individuals have labelled it a scam. The main reason it is labelled a scam is that it is not understood. One of the mottos of the crypto space is ‘Do Your Own Research’ (DYOR). One common question asked is how to get cryptocurrencies without buying them, and this piece answers that question with three points.
However, first, know that this piece is not exhaustive. It is just a starting point in your own research.
3 ways to get cryptocurrencies without buying them
There are many players in the crypto space. From the mere enthusiasts, the traders, the hodlers, to the developers, the investors, the creators, and many other roles. The individuals in these roles get rewarded in various ways. Now, there are people who want to get into the space without investing cash, maybe because they don’t want to lose anything other than their time if the market crashes or they just want to observe for the time being.
Whatever the reason, if you want to own some cryptocurrencies but don’t want to buy them, here are three ways you can do that:
Airdrops in crypto are situations where crypto firms or organisations distribute tokens or coins to many wallet addresses for free or as rewards for minimal tasks. This is usually a marketing strategy to increase the adoption of the airdropped coin or token.
Airdrops are considered risk-free investments because you get the cryptocurrencies with little or no effort. However, it is advised that you have a separate wallet just for airdrops, as some cryptos pose security threats to your funds. As technology advances, so do cyber threats. Some airdrops distribute scam tokens, which can be used to exploit your wallets. Aside from having a separate wallet for airdrops, do as much research on the firms as possible to determine if they can be trusted.
Note that airdrops are usually held by the recipients, hoping for an increase in value and price. It is a game of chance and should be recognised as that when choosing it as an entrance path into crypto.
You simply have to search for ‘airdrop’ on Twitter or visit bounty sites to find many ongoing airdrops.
Become a content creator and earn crypto
There are certain platforms where one can create content and earn for each ‘like’ received on the content. There are different types of such platforms, but one such is Hive. This article shows how you can join and the complete steps to follow. Many people consider these platforms as being more useful and profitable compared to many social media platforms where content is used without rewards for the creators, except the celebrities. However, there are tricks to getting noticed well enough to be well rewarded.
Creating quality content, the right use of hashtags, joining profitable communities, and consistency will help build good followership and earn more. It might take a while, but by creating value and getting visible, you will do well. Aim to catch the attention of whales and you might get lucky.
Unlike the airdrops, this method is not so dependent on chance. Strategy and intentionality will play a huge role in your success.
Contributing to a DAO is a key way to get cryptocurrencies without buying them
Decentralized Autonomous Organisations (DAOs) are community-led organisations. They have no central governing power, decisions are made based on votes by the community. Asa contributor to a DAO, you contribute your skill set to building the community’s project. Different DAOs have projects they focus on ad build for the crypto space, and as you contribute, you will be rewarded, usually in the coin or token of the firm. Your rewards can be swapped to a more desirable currency, sold as is, staked, or you can simply hodl it.
In this method, the main point to note is that of relevance. Learn and earn with the team, finding ways to put in your quota to build the community. This is presently the best way to get into the crypto space without buying coins and tokens.
There are currently some DAOs searching for contributors with specific skill sets. Once again, a simple search for DAO contributors on Twitter will give some headway, if you are interested in this method.
When looking to get cryptocurrencies without buying them, some might suggest methods like faucets which might be scammy or timewasting. The above methods are not get-rich-quick schemes, but proven sources of crypto and fiat. As mentioned at the beginning, doing your own research will save you a lot of trouble, so you know where to direct your energy and time.