Have you just started investing in cryptocurrency? Or maybe you are already an expert in this field? Regardless of your knowledge, you could be intrigued to know that there are more ways to earn Bitcoin than you can imagine. More specifically, there are a few options how to earn Bitcoin for free.
Buying cryptocurrencies has become a popular way to invest in one's future. Why? Well, as with investments in real estate or stocks, so are with investments in crypto, people are expecting high return rates.
Purchasing, keeping, and selling cryptocurrency is one way of investing. However, there are plenty of other options on how to earn Bitcoin and add new cryptocurrencies to your digital wallet.
So, you may ask: why, where, and how should I do that? I can reassure you that you came to the right place. In the further sections of this article, I will attempt to guide you through ways how to earn Bitcoins fast, through crypto exchange platforms such as Binance, Coinbase, KuCoin, or Kraken.
However, to not get ahead of time, firstly, let’s discuss why you should consider earning free Bitcoin, in the first place.
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Why Earn Bitcoin?
When we talk about crypto, the first thing that pops into someone's head is Bitcoin. But what exactly is Bitcoin, and why do people want to invest in it or earn it?
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Bitcoin is the world’s first decentralized cryptocurrency, created as an alternative payment system to transfer money on the internet. In over a decade, Bitcoin has become a leader among cryptocurrencies and a worldwide phenomenon desired by many.
Due to the continuously growing popularity of this cryptocurrency, people are searching for ways how to earn Bitcoin for free. Knowing this, many cryptocurrency exchange platforms are attracting users by establishing various initiatives allowing them to earn free crypto.
Despite Bitcoin being earned as a reward in various initiatives, there are also more advanced ways to receive it. Many crypto exchanges offer lending and staking services, as a way to gain profits. The received assets, if they are not Bitcoin, can always be exchanged for it and stored in dedicated wallets.
Earn Bitcoin by Learning
If you are a beginner in the crypto world and don’t know what to buy or how to start, you may wonder how to earn Bitcoin free without investment. It is quite simple and even helps to enhance your knowledge about various cryptocurrency-driven investments or the field itself. Therefore, it is a ‘win-win’ situation for both, your wallet and your wisdom.
One of the leading crypto exchanges, Coinbase, has created a few easy and efficient ways how to earn Bitcoin for free. One of them is the program called Coinbase Earn. Through the program, you can earn rewards for watching educational videos and taking quizzes at the end of each course. Sounds cool, right?
The courses found on this program introduce various coins, tokens, or other crypto-related topics. The knowledge-driven reward platforms have become one of the essential and least-complicated examples used to answer the question of how to earn free Bitcoin.
Let's start from the beginning. How do you start earning your Bitcoin through Coinbase?
First of all, to access the platform, you will need to create a completely free account. Afterward, you will need to complete a multi-action KYC registration process. Therefore, you are going to need a bit of patience in this step to reach your free coins. So, bear with me.
To become eligible to start trading and earning rewards, you will need to complete KYC requirements. The platform asks you to state your date of birth and address, which needs to be verified. Afterward, Coinbase will request photo verification. The check-ups will be launched to make sure that you have a single account on the platform and meet their anti-fraud requirements.
After accessing the Coinbase Earn platform, you simply scroll down to the bottom of the page, and there are all the offers on how to earn free Bitcoin. If you can't find any deals to earn Bitcoin, don't worry. You can earn other crypto and exchange it for your desired cryptocurrency.
Next to each module, there are short descriptions with information about the course. The paragraphs inform you about the essence of the courses and the steps needed to take in order to gain those rewards. All of the prizes will be received after watching the videos and completing the course-related quizzes.
However, it is worth considering that offers don’t last forever and can change. So, if you want a specific reward, or you are interested in the course itself, don’t hesitate and participate in it right away!
The rewards are usually issued in a variety of cryptocurrencies. The type of cryptocurrency depends on the subject of the course. The value of rewards can be as high as $156 worth of cryptocurrency. However, if you wish to have a Bitcoin, you can always exchange your rewards on the same platform.
The Coinbase Earn program became one of the best ways to earn Bitcoins when beginning your journey in the crypto world. Not only did you get a chance to equip yourself with valuable knowledge about various crypto, but you also receive rewards for it. What could be better?
Sign Up to Earn Bitcoin
You might think, wait, you just said that I need to watch videos, and now I don’t even need to do that to earn Bitcoin? Actually, yes. Let’s thank Coinbase for this opportunity for inventing another way how to earn free Bitcoin.
However, this time, you may need a little bit more contribution and your own investment. Coinbase gives an opportunity for new users to spin the wheel, filled with various Bitcoin rewards. Sounds simple? That's why it is one of the best ways to earn Bitcoins.
With this initiative in mind, the question of how to earn Bitcoins fast is easily answerable. As with all of the initiatives, there are additional conditions for those rewards to enter your wallet.
Don’t be intimidated, the additional conditions are easily fulfilled. You wouldn’t need to pay hundreds of dollars only to spin the digital wheel, don’t worry. So, how do you earn those free Bitcoin?
You must first create an account on Coinbase. Afterward, you will need to make a first cryptocurrency purchase, which can be worth as little as $2. And there you go, you are ready to spin the wheel!
Let’s now discuss if all of these efforts are worth it. According to Coinbase, each participant has a chance of winning from $3-$200 in BTC. It has been estimated that 89% of the users earn $3-$5 worth of Bitcoin, whereas the rest can receive $6-$200 worth of Bitcoin.
It is most likely that while spinning the wheel, your reward will be minimal. However, with the right investment and skills, these free coins can become a great start to your stable financial future.
If you think Coinbase is done giving you free Bitcoin, think again. Despite you spinning the wheel and earning rewards, the platform suggests other ways how to earn Bitcoins fast. This time, it provides you with the solution of how to earn Bitcoin for free by giving rewards for joining Coinbase.
Coinbase calls it a $5 new user first trade incentive. All you need to do is, as in the previous example, sign up to coinbase.com. Add a payment method, which can vary from bank accounts to your Apple or Google Pay. Lastly, you will need to perform a purchase of any cryptocurrency.
And voila! After completing all of the steps, you will automatically receive your $5 worth of Bitcoin, and will be able to start trading or earning profits from your cryptocurrencies.
Can it get easier than that?
Earn Free Bitcoin by Identifying Security Bugs
Another approach to how to earn Bitcoin free without investment could be found in helping companies to develop. You can do that by supervising the security of user data and the execution of the procedures inside the platform. One of the crypto exchanges offering such a method is Kraken.
Kraken can answer your question about how to earn Bitcoin for free through a simple initiative called 'Bug Bounty' program. These initiatives are quite common for online crypto exchanges. They not only help to ensure the safety of the users, but are also one of the ways to earn Bitcoin and attract new people to start using their platform.
So, is it that easy to earn Bitcoin by simply identifying security bugs? Well, yes and no. Before searching for security flaws in the platform, there are a few things that you need to do to be able to retrieve your reward. Not that it is easy to search for security flaws in the first place, but it is worth knowing about such possibilities.
Firstly, you should create your account on the Kraken cryptocurrency trading platform. The following step would be to gain verification as intermediate or pro-level, which requires specific information that allows ensuring your legitimacy.
The platform asks for documents to prove your residence, such as a residence certificate, tax document, and bank or credit card statements. Afterward, a valid government identification document must be provided. You will be also asked to provide a photo of your face and a valid social security number or individual taxpayer identification number.
You can then submit your bug bounty report and expect a reward. The evidence about the inconsistencies or errors must be submitted in the format of a text, which will provide a detailed description of the issue. All of the reports should be sent to [email protected].
Now that I have discussed the steps you need to take to reach your goal of free Bitcoin, you may wonder what the prize is. Well, the reward is significant enough to consider being a bug catcher.
The minimum paycheck that you can receive after submitting the discovered security flaw is $500 worth of Bitcoin. Quite nice, right?
The amount that you may receive highly depends on the severity of the security bug that you have identified. The higher the severity of the issue, the higher your prize may be. The size of the reward can reach more than $100,000 worth of Bitcoin!
If you ever buy or trade cryptocurrency on Kraken and notice security flaws in the system, do not hesitate to inform the company about it. It will also be valuable if you are wondering how to earn Bitcoin free without investment, and like to dig deeper into the way such platforms work.
Kraken is only one of the places which answer the question of how to earn Bitcoin for free, by simply letting you help the company to improve!
Earning Coins Through Yield Farming
Another way to earn Bitcoin includes yield farming. If you have never heard of this term before, you may think that farming and crypto are two different things. You are correct; however, this concept combines these differences in order to create a way for your cryptocurrencies to make you a profit.
Yield farming is a way of gaining passive profit from your locked cryptocurrencies. Therefore, the inclusion of the word farming is related to the idea that you are growing your profit. This method allows you to employ crypto applications to use coins or tokens to provide additional earnings to your wallet.
Yield Farming: Staking
Staking is one of the more complex ways to earn Bitcoin or other cryptocurrencies. However, with the right knowledge and suitable cryptocurrency (crypto) exchange, everything can be as easy as making a cup of tea.
Staking is essentially about earning passive income through locking your cryptocurrencies for a fixed period of time. It’s like holding particular assets and being rewarded because you are doing it. Sounds cool, doesn’t it?
Your locked cryptocurrencies are not just lying in your crypto wallet, but are used to verify transactions on the blockchain. At the center of staking is the Proof-of-Stake algorithm, which allows you to lend your cryptocurrencies to the network. As mentioned previously, the network uses your coins or tokens to verify transactions, giving you a small percentage for your favor.
Where is the catch, you may think? Well, it is not as easy to become a validator. Certain aspects are considered as criteria to become a validator and earn profits from staking.
The algorithm looks at how many coins you are staking, and how long you have been doing it. Afterward, it analyses how many coins are staked on the network, in total, as well as the rate of inflation and other factors. Overall, the higher the stake you have put out, the better your chances are to gain a reward.
As mentioned above, staking is more efficient when the cryptocurrency holder uses crypto exchange platforms. Therefore, let me suggest a few valuable platforms for your staking, as one of the ways to earn Bitcoin.
The first platform, commonly identified as one of the leaders among crypto exchanges, is Binance, which also allows you to stake.
The platform doesn’t identify the fixed rate of earnings after they are set for staking. Rather, the reward rates are usually calculated according to the APY (annual percentage yield), which can range depending on the network conditions, staking configurations, and the cryptocurrency itself.
Currently, Binance allows staking with Audius (AUDIO), Avalanche (AVAX), BNB, Cosmos (ATOM), Livepeer (LPT), Solana (SOL), and The Graph (GRT). The platform emphasizes that the rewards are usually presented as additional tokens. However, if you have a soft spot for Bitcoin, you can always exchange your rewards for this crypto asset.
Another place where you can consider staking is Coinbase. The platform is created for selling, buying, trading, transferring, and storing cryptocurrency.
As it provides these functionalities, it is also eligible for staking. The users of this platform can stake Algorand (ALGO), Cosmos (ATOM), Ethereum (ETH), Tezos (XTZ), and Cardano (ADA). According to the information found on the official Coinbase website, the rewards are usually paid out in approximately 7 days.
As with Binance, the rates of rewards are not identified straightforwardly. However, it is noted that the users can earn up to 5,75% APY by staking their crypto.
Lastly, I suggest you consider staking on Kraken, which is another platform used for buying, selling, trading, and keeping your cryptocurrencies. Kraken provides one of the highest rewards for staking in the market. Who doesn’t want to earn more, right?
The platform provides an ability to stake 14 different cryptocurrencies, such as Bitcoin (BTC), Tron (TRX), terra (LUNA), Ethereum (ETH), and many more. The yearly reward rates are also worth considering.
According to the platform, the yearly revenue of the free cryptocurrency that you receive can be as high as 23%. Moreover, your rewards are paid out twice a week; thus, you would restake or unstake your cryptocurrencies as you like. If you are a fan of Bitcoin, don't forget that you can always exchange your rewards received in different cryptocurrencies for it.
Staking is one of the best ways to earn Bitcoins for those who have more experience with cryptocurrencies and the way they work. This type of earning through crypto allows you to receive your rewards by enjoying your coffee, while algorithms inside exchange platforms do the job. It’s time to try it, don’t you think?
Yield Farming: Lending
Lending is another approach hidden under yield farming and the concept of how to earn Bitcoin in coins through passive income. The idea behind lending is that you would lend some of your crypto assets to borrowers in exchange for the ability to receive rewards. Sounds interesting? Let me explain how it works and suggest a few platforms that will help you lend easier.
If you have spare crypto assets that you are not planning on spending or selling, it would be worth considering lending them and earning additional percentages from your cryptocurrencies. By accessing the crypto exchange platform, you can transfer your crypto to your wallet, where it would be lent, after confirming it through a smart contract.
In exchange for that, you will receive weekly or monthly interest revenue for your service. The interest rates and the frequency of their distribution depend on each platform individually. On some platforms, you can receive from 3% to as high as a 17% return rate.
Crypto lending usually involves three parties. Firstly, the lender is the one giving his assets to the borrower. Secondly, there is a borrower, the one who will get the funds from you. Lastly, there is the platform where, through smart contracts, your lending or borrowing is requested and received.
Now, you may wonder, where do you start? Well, here are a few crypto exchanges that offer the function of lending, as a way how to earn Bitcoin in coins. These platforms are worth considering, making them one of the contributors to the best ways to earn Bitcoins if you have a bit more experience in the crypto world.
The first platform worth considering is Binance. As one of the leaders among crypto exchanges, Binance provides a variety of features, and supports hundreds of cryptocurrencies. Unsurprisingly, its functions also include lending, one of the ways to earn Bitcoin.
On Binance, the lender can choose between two options: to lend on locked or flexible savings. Let's discuss the difference between these two options.
Lending through locked savings means that you have to lock your funds depending on your previously agreed time and interest rate. Therefore, it suggests that there is a particular time frame for how long your assets will be locked and lent to the users in need.
On the other hand, with flexible terms, the lender can always withdraw their investment and earnings. Meaning, there is no specific date that will keep you from taking back your assets and using them. Moreover, when lending with flexible terms, the interest rates can change depending on inflation and other nuances.
Binance is continuously adding new cryptocurrencies applicable for lending. Currently, you can choose from around 190 different coins and tokens to lend. The estimated annual interest rate that you can receive from lending is around 9%. So, if you bought a cryptocurrency, but believe that it’s not valuable and now want to sell it, maybe consider giving it another go in lending.
Another cryptocurrency exchange platform that provides a way how to earn Bitcoin in coins and also specializes in lending is KuCoin.
The KuCoin lending platform is based on peer-to-peer interaction on borrowing and lending crypto assets. The crypto exchange platform helps a lender to earn interest for their crypto, and the borrower to get the crypto they need.
The crypto exchange offers lending with more than 50 cryptocurrencies, including USDT, BTC, and more. The annual rates of interest can vary depending on the coins or tokens that you are lending. However, KuCoin, on its official website, suggests that annual interest rates can reach up to 30% of your initial loan.
As with Binance, you will also need to make a few decisions to launch successful lending to gain your passive income. In this case, you will need to decide whether you want to participate in normal lending or auto lending. What is the difference, you may wonder?
Normal lending allows you to choose your desired daily interest rate, how much you would like to lend, and the timeframe for lending your crypto.
Whereas auto lend, which is usually called compounding, as the name suggests, lends all of your available funds automatically. This means that even the coins you receive back from the borrowers will be added to your wallet and lent again. Before launching this type of lending, you can identify the reserved amount, which will not be touched.
Therefore, it is up to you how much control over lending you want to have, and don’t forget that all of the assets that you earn can always be exchanged for Bitcoin.
Overall, lending is one of the ways to earn Bitcoin by allowing your assets to work for you. With the help of cryptocurrency exchange platforms, you can earn interest every day. The only thing you need to do is to choose a suitable platform and start earning your free Bitcoin.
We've discussed different ways how to earn Bitcoin, proposing various solutions for how to do it fast and efficiently. As the interest in cryptocurrencies has been growing significantly in the past few years, the need to know how to earn Bitcoin grew accordingly.
These platforms provide many initiatives, giving you free Bitcoin for signing up, making your first purchase, learning, and finding security bugs. However, if your knowledge goes further than that, I suggest you try staking or lending to earn passive profits.
All of that being said, thank you for reading this article on how to earn Bitcoin! I hope that you learned something new, and are ready to collect your Bitcoin through rewards and yield farming!