The cryptocurrency space is as popular as ever, and there are many people out there who want to join the world of crypto. As many of you will know, the growth of the crypto market over the last decade has been staggering. The price of cryptocurrencies such as Bitcoin and Ethereum has increased by thousands of percent since their inception, but a lot of people still do not know how to get into crypto, or how to get their hands on crypto. This shows that the market still has great potential for growth. However, even though most people have heard about cryptocurrencies, they might not know precisely how to get crypto.
Moreover, the cryptocurrency market – just like any market for financial assets – is in constant flux, and the prices of certain cryptocurrencies are volatile. The highly volatile nature of many cryptocurrencies means that there is inherently risk involved with investing in them. This can result in people not wanting to spend their hard-earned money on actually buying crypto, since there is always a risk of losing it. Luckily, however, there are other ways to get your hands on crypto than just buying.
As such, this article breaks down the different ways you can get your hands on cryptocurrencies. Therefore, without any further ado, here is a list of 12 ways to get your hands on crypto:
- DeFi Yield Farming
- Becoming a Publisher
- Payments in Crypto
- Crypto Through Payment Platforms
- Crypto Faucets
- Crypto Gambling
However, if you are looking to get into crypto, you should first do some basic research. For example, you should be sure to enroll in Ivan on Tech Academy. The Academy offers blockchain courses covering everything from a crypto for beginners course to algorithmic trading and technical analysis. When you do your own research and learn about crypto, blockchain technology and DeFi from a trusted blockchain education platform such as Ivan on Tech Academy, you reduce the risk of making rookie mistakes.
1. Buying Crypto
The perhaps most common way to get your hands on crypto – which we have already mentioned – is through purchasing. Since the interest in crypto is higher than ever before, there has been a lot of development in the market. Increased demand for crypto has encouraged companies to develop platforms that enable easier cryptocurrency purchases. Some of the most popular of the crypto exchange platforms are those of e.g. Coinbase, Binance, and Kraken.
These platforms are known as online exchanges, and this is where you can buy crypto using your regular fiat currencies. An exchange will therefore allow you to, for example, use US dollars to acquire Bitcoin. The crypto exchanges match sell and buy orders to facilitate crypto purchases.
Due to the crypto becoming more popular and that less “tech-savvy” people are acquiring an interest in crypto services, the process of getting crypto has become a lot simpler over the past years. All that is required is to create an account and verify it before you can start buying cryptocurrency.
Another way of buying crypto is through special crypto ATMs. There are, for example, Bitcoin ATMs that can be used to acquire Bitcoin. All that the buyer needs is cash or credit and they can exchange this for Bitcoin using the Bitcoin ATM machine. However, these ATMs often take a high transaction fee, so using a crypto exchange is often a better option.
2. Crypto Mining
The process of crypto mining is another relatively popular way to get your hands on crypto, but this is not an option for all cryptocurrencies. Moreover, the process of mining can be quite challenging, and the level of complexity can be too much for some people. The level of complexity also varies depending on the cryptocurrency that you wish to mine.
Let us use Bitcoin mining as an example. The process of mining Bitcoin is about more than just acquiring the coins themselves. For a miner to get his hands on Bitcoin through the process of mining, they need to fulfill two conditions.
The first one is that they effectively need to verify 1 MB of data in transactions, or a block, on the blockchain. When this is done, they are eligible to be rewarded Bitcoin. However, the tricky part is the second condition. After verifying 1 MB of data, the miner also needs to solve a numeric problem to match a target hash, something known as “Proof of Work”.
This numeric problem involves coming up with a large number that matches the target hash. The number is known as a hash, and this is the number that verifies a block in the blockchain. However, trying to figure out the hash is difficult since it consists of many numbers, meaning that the number of potential combinations go into the trillions. This means that one needs to have a vast amount of computing power to have a good chance of solving such problems.
If the miners meet the two conditions, they will receive a reward in the form of Bitcoin. The coins that the miners receive are “new” Bitcoin, which means that they also fulfill the function of minting new coins. Moreover, crypto mining generally works in roughly the same way for other cryptocurrencies.
3. Get Your Hands on Crypto by Staking
In the section regarding mining, we mention the term “Proof of Work”, or PoW. PoW is one way of validating blocks; another is “Proof of Stake”. In PoW, the miner validating a block needs to solve the numeric problem using a lot of computing power.
Proof of Stake, or PoS, on the other hand, is quite different. PoS is instead achieved through holding – or staking – cryptocurrency. This means that the person staking their cryptocurrencies can acquire the chance to validate a block and support the network by merely holding on to their currency.
The process in which someone is chosen to validate a block is generally similar to a lottery. However, someone can increase their chance of getting picked if they hold more cryptocurrency. This means that the more coins you are holding, or staking, the better your chances of getting chosen are.
Furthermore, if the person staking is chosen for the validation process, he or she will be rewarded much like if they were actively “mining” to very transactions. This means that new coins are issued to the person with the PoS.
4. Token Airdrops
Another great way of earning crypto and tokens is to take part in airdrops. Airdrops are campaigns that are used to raise awareness for a specific project as well as initiatives aimed at starting a community. These are popular since they gain the attention of crypto enthusiasts, while also providing the people participating in the airdrops with a reward.
People can often earn tokens by doing specific tasks in relation to a particular project. As soon as the project then hits the market, they are able to trade these tokens for cash or other coins.
Some common tasks when participating in an airdrop include:
- Sharing posts
- Following on social media
- Downloading their application
- Creating an account on the platform
Before you start enlisting in airdrops, however, it can be a good idea to enroll in Ivan on Tech Academy. If you join the over 20,000 people already in the Academy, you will get access to world-class blockchain courses explaining everything from basic crypto trading to blockchain programming. What’s more, right now you can get 20% off with the special promo code BLOG20!
5. Crypto Micro Tasks (Bounties)
Micro-tasks are one of the easier ways to earn crypto, and are not too different from airdrops. Micro-task also goes by the name of bounties, and they more or less work in the same way as airdrops. By performing a task, someone will earn a reward in the form of the project’s tokens or crypto coins.
The main difference between micro-tasks and airdrops is that micro-tasks often entitle more difficult tasks. Some of the tasks included are:
- Writing a testimonial
- Writing a press release
- Creating a video review
- Distributing a promotional video
6. DeFi Yield Farming
Yield Farming is also known as Liquidity Mining, and this is a type of market making where miners receive rewards in exchange for providing liquidity. This process is tied to decentralized finance projects, and it is similar to that of the bonds market. By locking in funds, the users will grant liquidity to a DeFi project and earn rewards or interest for doing so. This means that liquidity miners will receive specific tokens native to the project to which they provide liquidity.
One prominent example of this is Compound. This project has over $760,000,000 locked in and is the sixth biggest DeFi project out there, according to DeFi Pulse. Compound’s main focus lies in mortgage lending, and this requires liquidity.
The reason behind liquidity mining is that – unlike traditional finance – the DeFi market does not have a traditional institutional capital pool that can provide liquidity. This is why this decentralized fund pool became an essential mechanism for DeFi.
7. Freelance and Get Crypto
One additional way of getting your hands on crypto is through freelancing. Some employers offer crypto payments, making it possible to get paid in cryptocurrency.
There are several websites and platforms out provide freelancing opportunities paid in crypto. By using these platforms, it is possible to get paid in cryptocurrencies such as Bitcoin or Ethereum. One additional benefit that these platforms have is that they generally do not have transaction fees. This is great since it means that the worker will receive precisely the amount promised by the employer.
However, it is essential to know that there will always be a risk when getting paid in cryptocurrency. Some of the currencies are volatile, which means that there is a risk in the mix. But there are also more stable alternatives out on the market if you would like to earn crypto through freelancing in a safer manner.
8. Earn Crypto Through a Network of Publishers
If you own a website that is not an e-commerce site, then there are still ways to earn crypto. Google restricted and banned some crypto-related businesses from advertising on their network, but this has not limited the industry.
To fill the void left by Google, the market was forced to adapt and develop. Instead, several networks for crypto advertisement rose up to fill this need. One example of such a network is Coinzilla, who try to help advertisers by allowing them to promote their cryptocurrency projects. These platforms connect publishers and crypto advertisers to allow the advertisement of cryptocurrency projects.
Much like traditional advertisement networks, the publishers will receive payment for displaying the ads. These payments can vary, but some give the option to receive payment in cryptocurrency.
9. Sell Things and Get Paid in Crypto
If you are selling things online, there is always the option to accept cryptocurrencies as a method of payment. If you own an e-commerce website, this is an excellent opportunity to get your hands on crypto.
There are even platforms already out there that offer this service for you. For example, if you use WooCommerce or Shopify, it is easy to start accepting crypto as payment. WooCommerce supports more than 50 cryptocurrencies; meanwhile, Shopify will provide this service for more than 300 different coins.
It is simple to add this option on websites running on these two platforms. All that is needed are either a simple click to enable payments through crypto or installing a few plugins.
10. Get Crypto Through Payment Platforms
We all have to buy things and have expenses, so why not capitalize on them? Banking online is growing more and more every day, and so are the payment platforms for cryptocurrencies. Some platforms offer management applications that will help you earn crypto coins by just spending money.
There are certain fintech companies that offer a way that you can earn money back from spending. In some cases, they give you money back by simply using their Visa cards. One example of a company providing such a service is Crypto.com.
There is also the possibility to earn crypto by depositing funds so that you can start earning interest.
11. Crypto Faucets
If you do not want to invest any money to acquire cryptocurrencies, a good way of doing so is through faucets. However, it will require your time and determination in order to earn any crypto coins.
Many crypto faucets are open to everyone, and most of the payments are either in Bitcoin or Ethereum. Through the faucets, you will earn crypto by completing micro-tasks. The payments received from the tasks are often small and paid in fractions of the coins. This means that the faucets using Bitcoin as a payment method pay in Satoshis, and the faucets using Ethereum pay in Wei.
You can earn money through a faucet by e.g. watching ads, playing games, and completing surveys. By doing these tasks, you will earn cryptocurrency, and once you have reached the withdrawal limit, you can simply withdraw your hard-earned coins.
12. Earn Crypto Through Gambling
There are also platforms and websites on the internet that will allow you to gamble and win cryptocurrencies, such as Bitcoin. However, there is always a risk associated with gambling, and it is important to be careful when choosing sites as well as to gamble responsibly.
There are trustworthy sites out there, but there are also many disputable ones. Consequently, be sure to do your own research (DYOR) and read online reviews before settling on a gambling platform. Some of these gambling sites offer login bonuses where you can earn crypto. In some cases, they also offer deposit bonuses where you can acquire additional crypto. However, if the instances of bonuses, it is important to read the fine print. In some cases, you will need to deposit a minimum amount to withdraw the crypto gained.
Gambling can be a risky business, and there is always an element of uncertainty involved. That is why it is important to read up on all the information and choose a trustworthy site.
In short, there are many different ways you can get your hands on crypto, some easier than others. All these ways are legit, and most of them require hard work to make some money. Most of all, it is determination that is necessary in order to be profitable in earning crypto.
There are more expensive alternatives that require upfront investments, such as crypto mining, as well as more accessible methods like crypto faucets. However, there is an option out there for everyone to get their hands on crypto.
If you would like to learn more about how to get your hands on crypto, feel free to join the number one blockchain education platform Ivan on Tech Academy. We offer blockchain courses for both beginners and more experienced developers. Join the crypto community today and supercharge your blockchain technology knowledge!