While the most common way to break into the cryptocurrency industry is by using fiat currencies to purchase digital assets, you can actually get your hands on cryptocurrencies without spending money. In this guide, we’re exploring the pros and cons of the different methods that you can use to earn free crypto.

Take advantage of cashback offers and crypto credit cards

Not many people are aware that they could be earning free crypto just through making their usual purchases. Increasingly, there are cashback offers that reward users in the form of crypto for spending a certain amount, buying certain items, or shopping at specific stores.

Many financial services also provide dedicated crypto credit cards that offer an annual percentage return and/or a specific percentage rewards rate on buying different types of items.

Pro:

Cashback offers and crypto credit cards offer a completely passive way to earn money, largely without having to change your existing consumer behaviors.

Con:

Using these methods typically results in a much lower percentage return than other options on this list such as staking.

Cryptocurrency mining

Cryptocurrency mining is a process in which users allow their devices to run software that assists in the governance of Proof-of-Work cryptocurrencies like Bitcoin. In exchange for continuing to run this software, users known as ‘miners’ are paid in the form of transaction fees and block rewards.

Pro:

Cryptocurrency mining is a passive way to earn income using either your existing device or by purchasing dedicated hardware.

Con:

Often, the electricity costs associated with cryptocurrency mining can negate the rewards that you would earn. In addition, this method may require buying multiple dedicated devices in order to turn a profit.

Yield Farming

Yield farming is a process in which users can help decentralized finance projects function by temporarily lending a portion of their holdings to serve as liquidity. Different DeFi projects offer a widely different annual percentage yield, though it is important to remember that not all projects in the DeFi space are equally trustworthy.

Pro:

Yield farming can result in high earnings and is largely passive.

Con:

Due to the volatility of many projects in this space, yield farming can be a risky option. It may also require that the user already has enough funds to get involved in the first place.

Cryptocurrency lending

One popular way to earn cryptocurrencies is through cryptocurrency lending. This is a process handled through either centralized or decentralized lending platforms on which people can offer a portion of their cryptocurrency holdings as collateral in exchange for a return on the amount they lend.

Since different cryptocurrency lending platforms have their own rates of pay and their own reputations, you’ll need to do some research to find the platform that you trust the most.

Pro:

Crypto lending is an entirely passive way to earn money, meaning you won’t have to do anything in order to enjoy the returns.

Con:

The biggest con of earning crypto through this method is that it requires that you already have a significant amount of crypto that you would be willing to lend. Additionally, not all platforms are worth trusting, so there is some risk if you decide to use a platform that is not reputable.

Airdrops

Airdrops are a way for cryptocurrency projects to disperse their tokens and/or promote themselves. Users who take part in airdrops are rewarded with free tokens sent to their cryptocurrency wallet. It is important to remember, though, that not all digital tokens are perceived as valuable currencies. This means that you can end up with tokens that are extremely difficult to sell or trade.

Pro:

Airdrops are completely free, and collecting coins from the right project could pay off significantly if the project becomes popular.

Con:

Many coins handed out in airdrops are not worth as much as you might like. Further, many projects require that users already have a fixed amount of a specific cryptocurrency in their wallet in order to take part.

Collect your paycheck in crypto

Around the world, it is becoming increasingly common for employees to be paid with digital assets. While this most often takes the form of currencies like Bitcoin and Ethereum due to their popularity, or stablecoins due to their lack of price fluctuations, it is feasible to find jobs that pay with other cryptocurrencies as well. It may even be worth talking to your current boss about getting paid in crypto.

While these jobs do not have to be in the cryptocurrency sector, it goes without saying that decentralized finance jobs are often most willing to pay out employees through this method. One resource for finding these jobs is through CryptocurrencyJobs.co .

Pro:

The biggest benefit to using this method is that it means that you can earn a consistent crypto revenue stream.

Con:

This method is far from passive, as you’ll still be working hard to earn the crypto that you’re being paid in.

Staking

Staking is arguably the single best method for earning free crypto. Staking is a process in which users help decentralized networks stay functional and secure. After the initial setup, it is a completely passive way to make money and you will be able to enjoy financial returns over a long period of time.

Different cryptocurrency projects offer different annual percentage yields. This means that exploring the different leading cryptocurrency projects will help you find ones that have a h3 community, stability, and a high earning potential.

Pro:

The biggest benefit to staking cryptocurrencies is that it is a completely passive process. This means that you do not have to do anything at all once the setup is complete. Instead, you can just enjoy the free crypto that you are receiving over time. Another great benefit is that you’ll be helping out both the project and its community by staking.

Con:

The only major con to staking cryptocurrencies is that it is often extremely difficult to get started. Until recently, stalking required a h3 technical knowledge and the patience to pore over pages of documentation and follow complicated tutorials. Luckily, AVADO has created a way to avoid this drawback so that you can experience the benefits of cryptocurrency staking.

Staking through AVADO

AVADO’s range of plug-and-play blockchain devices allow users to receive all of the benefits of earning free crypto through staking without any of the downsides. While the largest con of staking is the fact that the setup process is often difficult and alienating, AVADO makes it simple for virtually anyone to skip this drawback and get started in just a few minutes.

These devices are tailored to different types of users , making it easy to find the AVADO device that best meets your personal needs. They require no technical knowledge to use, and allow you to earn a significant amount of free passive income by staking some of the world’s largest and most trusted cryptocurrency projects.

Visit AVADO’s website today to find out more and order your own plug-and-play device.