2022 was a year where many people suffered with the growing cost of living, with over 40% of all nations reporting an inflation rate exceeding 10%. Inflation has since started to decline, although it is still excessive in comparison to our incomes. Due to the battle with rising living expenses, many are seeking for additional income sources. working a second job, attempting to sell items that are gathering dust in the garage, or using what little money they still have to invest in the financial markets.
In today’s essay, we explore methods to invest in cryptocurrency without using your hard-earned money to do so. We will go over each of the several viable strategies in turn.
It’s a terrific method to invest in cryptocurrencies without having to acquire any. Airdrops of cryptocurrency are a technique for new projects to raise awareness of themselves. Typically, a new token is given in modest amounts to active addresses within a certain community. For instance, 360 million BLUR tokens were airdropped to platform-active NFT traders as part of the most recent Blur airdrop.
In rare circumstances, an airdrop is forewarned in advance, allowing users to take the required actions to acquire the tokens. The value of these airdrops might rise into the thousands during bull markets. As an illustration, the top value of the typical Uniswap airdrop was $12,000!
As you can see, receiving tokens through airdrops is a terrific method to do it without having to pay any money. Just be cautious since there are a ton of criminals out there attempting to steal your priceless cryptocurrency. For dealing with a certain protocol, they can offer an airdrop, but that protocol will only be made to steal your money. When pursuing new and unaudited projects or coins, use cautious!
No cost mints
Free things are plentiful in the NFT industry as well. To create publicity about their ventures, many give out a few NFTs or free mints. This can be an excellent method to establish a portfolio of NFTs, just like airdrops. Users can also try to acquire some of these NFTs with the goal of trading them for ETH or USDT with other investors. In either case, free NFTs can be a fantastic method to invest in cryptocurrency without having to make any purchases.
Running a mining setup is one of the most popular methods to invest in cryptocurrency without actually purchasing it. Even while specialist Bitcoin mining equipment might be rather expensive, certain alternative currencies can be mined using a regular laptop. In the process of mining, blocks are added to a blockchain in return for rewards from transaction fees. The processing power, in this example your laptop, is utilized to protect the blockchain and conduct transactions on it.
Once you’ve got everything set out, you can start reaping the rewards by letting your laptop mine bitcoin anytime you’re not using it. Remember that mining has a crucial drawback: it can lead to substantial energy expenses. To determine if mining is viable, weigh the electricity costs and returns.
Consider a Crypto Job
Investing your time is one of the most obvious—yet sometimes disregarded—methods of investing in cryptocurrencies. Whether it be for responsibilities in marketing, coding, or general administration, many initiatives are constantly searching for assistance. The likelihood is that there is a project searching for someone exactly like you if you have a talent for anything valuable.
Pay may not be as competitive as it was during the bull market, but as the candles become greener, this will unavoidably change. Being active on Crypto Twitter will undoubtedly improve your chances of landing a job in the cryptocurrency industry, but LinkedIn is also becoming more and more significant.
Offer independent cryptographic services
Similar to what was said before, offering services is another option to devote time. Most crypto firms are actively recruiting for someone to handle a few minor items here and there in addition to taking on a serious position in a project. Creating logos, offering copywriting services, managing a social media presence, and more are examples.
Similar to how Twitter user Pepecasso was able to establish himself as the go-to person for customized Pepe the frog memes, you can position yourself as the go-to person for your skill set with the correct marketing.
Put Your Current Tokens at Risk
After assembling a portfolio utilizing one or more of the methods we previously discussed, you may give your portfolio a further free layer of growth. You may use staking to put your tokens to work and generate some extra revenue. Many coins can now be staked.
By staking and confirming transactions for proof-of-stake (PoS) blockchains, you may get passive revenue. You might, for instance, stake your Ethereum, which would then be used to maintain the Ethereum chain. You receive a portion of transaction fees and block rewards as compensation for your contributions.
There are several ways to stake your cryptocurrency. While some methods involve little to no work, some do. Depending on how tech-savvy you are, you should either delegate the task to another person or manage the entire setup yourself. Nowadays, centralized exchanges (CEXs) now provide staking services, making it as simple as clicking a button.
Overall, there are several methods to create a cryptocurrency portfolio, even if you are short on funds or don’t feel like using any of your own money. In either case, nothing is free; even an airdrop needs effort on your part.