Whoever said there’s no such thing as a free lunch hadn’t discovered crypto yet. From crypto faucets to crypto airdrops, there are free crypto tokens falling out of the sky. Some ways to get free crypto may involve a bit of work, though. Others may require some risk capital. In this guide, we’ll detail the ten best ways to earn free crypto and how you can get in on the action.
We’ll also compare the pros and cons of each free-crypto strategy as well as how much you can earn and how much effort is required to earn free cryptocurrency. Let’s learn how to earn free crypto in 2024.
List of the Best Ways to Earn Free Crypto
Earning free crypto by learning: Complete educational courses and earn tokens.
Claiming airdrops: Receive free tokens from new or existing projects.
Staking crypto: Lock up coins to support network operations and earn rewards.
Using crypto faucets: Complete tasks or captchas to receive small amounts of crypto.
Playing P2E games: Earn cryptocurrency by playing blockchain-based games.
Earning yield on crypto savings accounts: Deposit crypto to earn interest over time.
1. Learn and Earn Free Crypto
Get paid to learn about new cryptocurrencies (including other digital assets like NFTs) or protocols. Pass a quiz and earn free crypto. If you don’t pass, you can keep trying until you do. For example, Coinbase offers a Learn and Earn program and also offers Learn and Earn through Coinbase Wallet “quests” on occasion.
Some rewards are worth only a few dollars, while others can be worth up to $25 or more. The example below shows an upcoming Learn and Earn opportunity.
Click Here: Learn and Earn
2. Claim Airdrops
Airdrops are another promotional tool used by crypto projects to generate buzz and awareness. However, this one often requires a bit more work and some capital. Qualifying for crypto airdrops typically requires on-chain activity, such as using DeFi protocols or staking.
In March 2023, the Arbitrum blockchain airdropped $120 million worth of ARB tokens to active users on the blockchain. Qualified wallet addresses could then claim the airdropped tokens through a portal. Many qualified for activities they were doing anyway.
Earning potential: High. Airdrops can range in value from a few dollars to thousands of dollars.
How often can you earn: Every few months, on average. Airdrops are common, but each airdrop may come from a different source and come with its own requirements for eligibility.
Return on Investment: Potentially high. Airdrops typically require on-chain activity, which brings the cost of network fees as well as the price risk for using on-chain tokens.
Risk Level: Moderate. Many airdrops are speculative ventures, meaning that users aren’t sure whether there will be an airdrop. Airdrop hunting requires capital to use on-chain applications, paying network fees at each step. The payoff could be massive, or there might be no airdrop at all.
Pros
Potentially large earnings
Airdrops can often be staked or reinvested
Revenue from airdrops can fund hunting for new airdrops
Cons
Taxable as income in many jurisdictions
Speculative in most cases
Usually requires capital to get started
3. Crypto Staking
Staking, in this sense, refers to using your crypto as a form of collateral to help ensure proper validation of blockchain transactions. By locking your crypto in a staking contract, you earn staking rewards paid in the same cryptocurrency.
Crypto staking platforms like Binance make this easy, but you need some capital to get started. Typical staking yields run in the 3% to 5% range, although some blockchains offer higher yields.
Earning potential: Moderate. Staking produces passive income, similar to a bank savings account or certificate of deposit.
How often can you earn: Ongoing. You can continue to earn staking rewards as long as you stake your crypto.
Return on Investment: Low. Yields for staking popular cryptos like ETH fall in the 3% to 4% range, varying based on network demand.
Risk Level: Moderate. Staking brings a small risk of loss due to slashing, a way of punishing bad behavior by validators. However, you should also consider price risk. Crypto locked in a staking contract typically can’t be sold quickly if the market turns.
Pros
Stable passive income
Help secure the network
Provides a yield for long-term holds
Cons
Taxable as income in many jurisdictions
May require long commitments
Requires a crypto investment
You Could Stake Here: Binance DeFi Staking
4 . Crypto Faucets
Crypto faucets are platforms where you can get free crypto. Think of a leaky faucet that drips one drop at a time. Crypto faucets work in a similar way, giving just a drop, but all those drops can add up over time.
In some cases, you may have to complete simple tasks, such as the Learn and Earn programs we discussed earlier. In other cases, you have to wait a certain amount of time to be eligible for the next free crypto drop.
Earning potential: Low to moderate. Traditional crypto faucets give out small amounts of crypto at a time. Some newer implementations may offer higher amounts.
How often can you earn: Often daily. Typically, you can continue to get free crypto from the faucet daily.
Return on Investment: No investment is needed. Traditional faucets don’t require an investment. You just need a crypto wallet.
Risk Level: None. With traditional faucets, you don’t need to invest money, so there is no risk. Your only expense is your time. If you find a faucet that requires a purchase, read the fine print to understand potential risks.
Pros
Free crypto for completing simple tasks
Small amounts can add up over time
Cons
Taxable as income in many jurisdictions
Claiming small amounts can be tedious
6. Play-to-Earn Games
Arguably, Axie Infinity (AXS) brought play-to-earn games to the forefront. But the genre has evolved, and now you can earn crypto and NFTs on more advanced platforms like Star Atlas (ATLAS) and Gods Unchained (GODS).
By playing these games, you can earn tokens or NFTs while you progress through the game. Some play-to-earn games even have in-game economies where you can provide services to earn crypto.
Earning potential: Low to moderate. While it’s possible to earn a living with play-to-earn games, average players earn smaller amounts.
How often can you earn: Often daily. The more you play, the more you learn and the more you can earn.
Return on Investment: Moderate. Many games let you start playing for free, but much like traditional games, you can often progress faster if you invest in in-game assets, such as equipment.
Risk Level: Moderate. If you’re willing to grind your way to the top, risks are minimal. However, if you choose to buy upgrades, the value of the upgrades and game tokens can be volatile.
Pros
Have fun while earning free crypto
Connect with other players online
Larger games have robust marketplaces
Cons
In-game earnings can be taxable
Token and NFT prices can be volatile
6. Crypto Savings Accounts
Much like traditional savings accounts, crypto savings accounts pay a yield on deposits. In many cases, these yields come from lending, which we’ll cover in more detail later.
The distinction here is that crypto savings accounts are easier to use. You deposit your crypto, and the platform pays a yield. Often, this yield is paid in the same crypto you deposit. However, platforms like Nexo, shown below, may pay higher yields if you choose to take your payment in the platform token.
Earning potential: Low to moderate. Interest rates range from under 1% to 16%, but often find the lower end of that scale.
How often can you earn: Daily, weekly, or monthly. Interest periods vary, but daily payouts are common.
Return on Investment: Low to moderate. A $1,000 crypto deposit can earn $30 to $50 in annual interest. Longer terms can earn higher interest.
Risk Level: Moderate to high. Price risk is a consideration if you lock your tokens in a long-term savings account. However, you should also consider the health of the platform as well. Crypto lending platforms Celsius and BlockFi both declared bankruptcy in 2022.
Pros
Easy-to-use platforms
Support for dozens of cryptocurrencies
Borrow against deposits
Cons
Platform insolvency risk
Price risk for locked assets
Not available in all regions
Click Here To Join Binance Saving: Earn
Bonus:
How to Avoid Free Crypto Scams
Crypto has its share of shady characters and outright scams, but there are ways to avoid scams and reduce risks.
Use reputable sources. Do your research first and be sure you feel comfortable with the source of the free crypto, particularly if you have to deposit your own crypto to earn free crypto.
Connect with care. DeFi apps require you to connect your crypto wallet. However, you don’t always know what’s on the other side of that smart contract. Again, look for reputable projects with documented audits.
Guard your personal data. It’s common for exchanges to require identity verification to comply with regulations. However, if a lesser-known app wants your personal information, it may not be worth the risk.
Don’t trust links. Social media, discussion boards, and even fake websites may link to a malicious contract or phishing page that looks real. Check the URL carefully before providing any information.
Never share your wallet seed phrase. Your crypto wallet uses a private key and seed phrase backup to control your crypto. If someone else gets either of these, they can steal your crypto. No legitimate free crypto site or app will ask you for either of these.
Is Earning Free Crypto Worth The Effort?
Learning how to earn free crypto isn’t difficult, but depending on which method you choose, you might have some work ahead of you such as preparing for added income tax or completing multiple tasks to become eligible for airdrops.
Easier methods include debit card rewards, crypto lending, and crypto staking. With debit card rewards, you usually just need to fund your account and choose a reward. Lending and staking usually just require a few clicks, although you need to buy some crypto to get started.
However, strategies like play-to-earn and airdrop hunting can require much more effort and do not guarantee a meaningful return. However, if things go your way, the payouts can be much larger compared to passive strategies. Consider how much time and effort (and money) you want to commit before you choose a strategy to earn free crypto.