Free Bitcoin: 10 Legit Ways to #EarnFreeCrypto2024 Earn Free Crypto in 2024
Earning free crypto often involves participating in airdrops, giveaways, or referral programs offered by crypto platforms.
Caution is necessary as scams are prevalent; always verify the legitimacy of offers to earn free crypto.
Taxes may be applicable on free crypto, classified as income at its market value when received.
Is there such a thing as free crypto? Is it possible to earn crypto without taking a financial risk? Can you get Bitcoin for free?
As the popularity of cryptocurrencies has skyrocketed in recent years, there have been countless opportunities to generate value and make money. Usually, these possibilities are all based on a financial investment coupled with the risk of losing your money.
This is why many – not unlike you – are looking for ways to earn free crypto and expand their portfolio without taking on financial risks.
We’ve compiled this list of the best ways to earn crypto in 2023 for you as a starting point, including many ways to earn Bitcoin and other cryptocurrencies, how to keep track of your crypto portfolio, and what free crypto could mean for your tax bill
What is cryptocurrency?
Cryptocurrency has been all the rage for the past years and yet many still don’t understand the concepts involved in the creation of its value.
A cryptocurrency is a digital or virtual currency that uses cryptography and encryption techniques to secure and verify transactions and to control the creation of new units.
Where traditional currencies, also known as fiat, rely on central authorities like banks, clearing houses and governments to process transactions or issue new currency, cryptocurrencies are based on decentralized mechanisms.
Cryptocurrencies rely on distributed, peer-to-peer networks to maintain their integrity and ensure the accuracy of transactions. Transactions are stored in blocks on the so-called blockchain, which promises immutability as well as a novel way to process digital transactions.
There are thousands of cryptocurrencies, including Ethereum, Litecoin, and Ripple, with Bitcoin being considered some of the best crypto to invest. Due to its potential as an investment and its capacity to enable quick and inexpensive cross-border transactions, cryptocurrency has grown in popularity in recent years.
How to acquire cryptocurrency
There are several ways to acquire crypto, including buying crypto from an exchange, accepting it as payment for goods or services, mining crypto, staking crypto, or earning it through a cryptocurrency-based job or activity.
Buying cryptocurrency from an exchange is one of the most common methods and involves purchasing it, using either traditional fiat currency such as USD or EUR, or exchanging it for another cryptocurrency.
Learn more in our guide: How to buy cryptocurrency
Mining cryptocurrency plays an essential part in proof-of-work based blockchains like Bitcoin. Mining involves using powerful computers to solve complex mathematical equations in order to validate transactions and add new blocks to the blockchain. The miner who successfully adds a block is rewarded with new coins. Today, mining often requires a significant investment in hardware and electricity costs.
Similarly, staking cryptocurrency is a method used to verify transactions on proof-of-stake based blockchains like Ethereum. It involves holding a certain amount of a cryptocurrency in a crypto wallet and using it to participate in the network's consensus mechanism. Stakers are rewarded with new coins as an incentive for maintaining the network's security. Typically, earning crypto from staking already requires a larger amount of cryptocurrency to stake.
Finally, earning cryptocurrency through activities such as participating in airdrops, completing online surveys, or freelancing on a cryptocurrency-based platform is also possible. And while these are ways to earn free crypto without a financial investment, they are usually a bit more unreliable than the previous methods.
Nevertheless, we’ve written this guide to show you easy ways to earn free crypto in 2023. There are quite a few possibilities to do so, so let’s shed some light on the most common methods.
Read this before you start looking for free crypto
Be cautious when looking to earn cryptocurrency for free and do your research before getting started. There are many reputable opportunities on the market, but there are just as many scammers and schemes aiming to take advantage of unsuspecting investors.
Avoid deals that appear too good to be true, and always do your homework on the platform or company providing the opportunity.
Moreover, make sure to safeguard your confidential information and avoid disclosing private keys or passwords. You can explore the world of earning cryptocurrency for free in safety if you exercise prudence and good judgment.
Free cryptocurrency earnings may have tax implications and, in some circumstances, may be regarded as taxable income. You may need to pay taxes on the value of the cryptocurrency when you receive it or only when selling for FIAT or other crypto assets, depending on your jurisdiction and how you intend to use it.
To assist you in navigating the complexities of crypto taxes and ensuring compliance with local laws, Blockpit offers country specific crypto tax guides, as well as a crypto tax calculator.
Stay informed and educated to enjoy the benefits of earning crypto while also staying in compliance with applicable tax laws.
Now, let’s get down to business: here are 10 ways to earn free crypto from the comfort of your home!
Free crypto from Airdrops
Where can you get airdrops?
Airdrop Alert: This website tracks the most recent crypto airdrops and has an extensive database of those that are currently taking place and those that are coming up.
Airdrops .io: This website also offers a database of ongoing and upcoming airdrops, as well as airdrop-related news and articles.
Twitter: To publicize airdrops and give away free cryptocurrency, several cryptocurrency businesses use Twitter. Use hashtags like #airdrop or #freecrypto, to look for airdrops.
Telegram: Many businesses utilize Telegram, a well-liked messaging platform for the crypto community, to publicize and distribute airdrops.
Reddit: Many subreddits, including , are devoted to cryptocurrency airdrops.
Tips for identifying legitimate airdrops
Nonetheless, be aware that airdrop fraud is widespread. These schemes involve the creation of a harmful token by hackers, sending it to user accounts, and then using the coin to phish for user information in order to access the user's wallet.
So, what is the best strategy for avoiding airdrop fraud? Use only trustworthy websites to find airdrops. Binance and CoinMarketCap are two of the best. Check in often to make sure you aren't missing out on any of the airdrops they have listed because they are frequently updated.
Airdrops are taxed as income or capital gains in some countries, while other countries only tax the sale of cryptocurrency received via airdrop. Make sure to check the crypto tax guides for your jurisdiction for more information!
Earn Crypto from Staking and Masternodes
Staking and masternodes are two ways to earn crypto rewards by contributing to a blockchain network's security and functionality.
Staking cryptocurrencies is a strategy to increase your earnings by keeping them secure in a wallet. It's comparable to keeping money in a savings account, except instead of receiving interest in fiat, you receive additional cryptocurrency as a reward for helping to secure the blockchain network.
You can get higher rewards if you stake more cryptocurrency. By staking, you assist to maintain the network's stability by validating transactions and enhancing network security.
Masternodes are a way to earn more cryptocurrency by holding a large amount of it in a special wallet and performing additional tasks to help validate transactions. You get rewarded for your contribution to the network's functionality and security.
List of popular staking and masternode coins
Staking Coins:
Ethereum (ETH)
Cardano (ADA)
Polkadot (DOT)
Cosmos (ATOM)
Tezos (XTZ)
Algorand (ALGO)
Avalanche (AVAX)
Harmony (ONE)
Solana (SOL)
Binance Coin (BNB)
Tips for choosing a coin to stake or run a masternode
Project fundamentals: Seek out for a project with strong fundamentals, such as a reliable team, a strong roadmap and a valuable product or service.
Market capitalization: Choose coins with a bigger market capitalization because they are more established and less volatile than smaller cryptocurrencies. Smaller coins, however, can offer higher staking or masternode payouts.
Requirements: Verify the staking or masternode criteria, such as the minimal number of coins required and the technical specifications for operating a masternode. Be sure you have the resources to pay for the collateral and the technical know-how to set up a masternode if required.
Rewards: To be sure you are getting a reasonable return on your investment, compare the rewards with those of other coins with comparable features.
Liquidity: To ensure that you can quickly and easily transfer your rewards into cash or other cryptocurrencies, look for coins that are simple to purchase and sell on significant exchanges.
Finally, think about the risk to reward ratio of running a masternode or staking. Make sure to match your risk tolerance with the rewards you are looking for. High reward coins may come with higher risks, such as reduced liquidity or increased volatility.
Staking Rewards are often taxed as income or interest, depending on the country. Make sure to check the crypto tax guides for your jurisdiction for more information!
Earn crypto from DeFi lending
It's important to note that DeFi lending platforms are constantly evolving and new ones are emerging all the time. It's always a good idea to do your own research before using any platform.
Crypto from DeFi lending is often taxed as income or interest, depending on the country. Make sure to check the crypto tax guides for your jurisdiction for more information!
Earn crypto from Mining
In order to verify and add new transactions to a blockchain network and generate new cryptocurrency currencies, crypto mining involves using computer power to solve challenging mathematical problems. In exchange for their efforts, miners are rewarded with cryptocurrency coins. This process helps ensure the security and integrity of the blockchain network.
List of popular mining coins and mining pools
Popular mining coins:
Bitcoin (BTC)
Ethereum (ETH)
Bitcoin Cash (BCH)
Litecoin (LTC)
Monero (XMR)
Zcash (ZEC)
Dash (DASH)
Grin (GRIN)
Ravencoin (RVN)
Beam (BEAM)
Popular mining pools:
F2Pool
Poolin
Antpool
Braiins Pool
BTC.com
ViaBTC
Ethermine
2Miners
Luxor
It's important to remember that mining coins and pools might change in their popularity and profitability over time. Doing your own research before purchasing mining hardware or joining a mining pool is always a good idea.
Tips for maximizing earnings from mining:
Choose the right coin to mine
Use efficient mining hardware
Join a mining pool
Keep an eye on mining difficulty
Reduce energy costs
Keep mining equipment cool
Consider the tax implications and use crypto tax tools like Blockpit to stay compliant with law
Mining Rewards are often taxed as income or interest, in some cases even as commercial income, depending on the country and the scope. Make sure to check the crypto tax guides for your jurisdiction for more information!
Free crypto from Faucets
Using a faucet, which is a website or app that pays users with small amounts of cryptocurrency for carrying out small tasks like watching advertising, answering surveys, or playing games, is one way to earn free cryptocurrency.
You only need to choose a reliable platform and register for an account to begin using faucets.
You can start earning cryptocurrency by performing the tasks offered on the platform once you've registered. Faucets normally pay out smaller sums and depend on the task you are completing, but if you're persistent, you can accumulate a decent amount of crypto over time.
Popular cryptocurrency faucets include:
Advercoins: Earn free crypto by reviewing the adverts on this faucet, click them, and make money.
Cointiply: By doing surveys and taking quizzes, viewing videos, and even conversing, you can earn cryptocurrency.
Moon Faucet: On the basis of their Reddit engagement, users can earn moons. On a fundamental level, you will acquire more moons as your karma increases.
FreeBitco.in: This platform offers a range of ways to earn free Bitcoin, including hourly faucet claims, contests, and referrals.
BonusBitcoin: Similar to Moon Bitcoin, BonusBitcoin offers users the ability to claim free Bitcoin every 15 minutes, with higher payouts for more frequent claims.
Tips to help you maximize your earnings from crypto faucets
Be consistent: Try to claim as frequently as you can because many faucets enhance prizes for more frequent claims. To make sure you don't miss out on prospective benefits, set alerts or reminders.
Be patient: Although faucet rewards may be modest at first, they can soon build up. Expecting to become wealthy overnight is unrealistic, but perseverance can help you amass a respectable sum of cryptocurrency.
Employ numerous faucets: Don't rely on just one faucet to earn all your crypto. You can increase your earnings and diversify your portfolio by using multiple platforms.
Use referrals: Some faucets provide referral bonuses, allowing you to earn more cryptocurrency by bringing friends and relatives to the website.
Check for bonuses and promotions: Some faucets might give you incentives like bonuses or discounts for performing particular activities or reaching particular goals. To increase your earnings, keep an eye out for these chances.
Avoid frauds: The world of cryptocurrency faucets unfortunately has a lot of scams. Prior to devoting time or money to any platform, stick to well-known ones and do your research.
Crypto earned from faucets can be considered income and is taxed accordingly, depending on the country. Make sure to check the crypto tax guides for your jurisdiction for more information!
Crypto Credit Card Rewards
Some credit card providers provide cryptocurrency credit card rewards to incentivize customers to utilize their credit cards for purchases. These benefits are given in the form of cryptocurrency, which may be acquired through earning cashback or reward points that can be exchanged for cryptocurrency. Like this, users can get crypto through rewards without actually buying it.
List of Crypto Credit Cards that offer rewards
Coinbase Card
BlockFi Rewards Visa Signature Card (paused)
Crypto.com Visa Card
Gemini Credit Card
Please be aware that not all regions may offer these cards, and some may have unique eligibility conditions. When selecting a card, you should do your own research and evaluate the advantages and costs of each.
Credit card rewards are considered as rebates in some countries, while other countries might tax them as income. Make sure to check the crypto tax guides for your jurisdiction for more information!
Learn to Earn Crypto
The crypto world is still difficult to understand for many as it consists of highly complex concepts and technology applications. Thankfully, there are several fantastic Learn to Earn cryptocurrency programs that allow you to earn free crypto and make money while you're learning.
In Learn to Earn programs, you receive cryptocurrencies in exchange for learning about new coins or tokens.
Why do these programs teach you to generate money? To advertise other exchanges and coins! The majority of the best crypto exchanges, like Binance, Coinbase, and many others, offer Learn to Earn programs. When you eventually begin trading cryptocurrency, they provide some modest incentives to encourage you to use their platform.
Also, they can collaborate with various cryptocurrencies to develop special modules where you can learn about a particular new currency or token and receive a small reward in the form of that coin or token.
Similar to an airdrop, this enhances initial trading volume, decentralizes ownership from the currency's developers, and increases awareness of the coin.
10 best Learn to Earn crypto programs
Coinbase learn and earn
CoinMarketCap earn
Phemex learn and earn
Cake DeFi learn and earn
Revolut learn and earn
Bitdegree learn drops
CoinGecko earn
Robinhood crypto learn and earn
NFTb learn and earn
Make sure to check if acquiring crypto through learn & earn is a taxable event in your country. You can find more information in our country specific tax guides or not worry about your taxes at all with the help of our Blockpit crypto tax software.
Play to Earn Crypto
Play to Earn (P2E) crypto games make getting paid to play games a reality, despite the fact that it seems too good to be true. The idea of Play to Earn allows users to gain rewards or earn cryptocurrency by taking part in blockchain-based games.
Players now have a new option to monetize their time and work thanks to the incentives that can be exchanged for money in the real world.
11 Popular Play to Earn crypto games
Decentraland
Sandbox
Gods Unchained
Valhalla
AAVEgotchi
My Neighbour Alice
Alien Worlds
DeFi Kingdoms
Axie Infinity
Splinterlands
Coinfantasy
The Play to Earn gaming business is still in its beginnings and is now experiencing some growing pains. One of the key issues is that while some of the games could be entertaining for a short while, many of them place an excessive emphasis on the financial side rather than the game's mechanics. In other words, even while you might be able to profit from them, you won't really have fun doing it.
Crypto earned from Play to Earn programs can be considered income and is taxed accordingly, depending on the country. Make sure to check the crypto tax guides for your jurisdiction for more information!
Crypto Referral Programs
Cryptocurrency businesses utilize referral programs as a marketing tactic to encourage current customers to recommend crypto exchanges and platforms, or cryptocurrencies to other people.
When a new user registers using a referral link or code, the existing user receives free cryptocurrency or other incentives as a referral reward. It helps businesses attract new customers and foster a feeling of community among current ones.
List of cryptocurrency exchanges and websites that offer referral programs
Coinbase
Kraken
Gemini
Crypto.com
Bitfinex
Bitstamp
OKEx
BitMart
KuCoin
Tips for promoting referral links and maximizing earnings from referrals
Share your referral link on social media platforms like Twitter, Facebook, and Instagram. To advertise your link to a specific audience, you may also join forums and organizations devoted to cryptocurrencies.
Publish your platform experiences on a blog or website and attach your referral link there. To draw new users, you may also create reviews or tutorials regarding the platform.
Send customized emails to your friends, family, and acquaintances to persuade them to join up using your referral link by utilizing email marketing.
To reach a broader audience and increase referrals, use paid advertising such as Google Ads, Facebook Advertising, or Twitter Ads.
Give people who register using your referral link rewards, including a share of the referral bonus you earned or free access to premium content or services.
Take part in community gatherings and competitions run by the platform to raise your profile and draw in new users.
To make sure your referrals finish the sign-up process and begin trading on the platform, keep track of them and follow up with them. In order to aid them in the beginning, you may also offer them assistance and direction.
Crypto referral bonuses can be considered income, depending on the country. Make sure to check the crypto tax guides for your jurisdiction for more information!
Earn crypto from Freelancing and Microtasks
By working for clients who pay in cryptocurrency for services like writing, coding, or graphic design, you can earn cryptocurrency as well. To earn cryptocurrency incentives that may be converted or swapped for fiat money on cryptocurrency exchanges, users can register, bid on jobs, or finish simple activities.
List of websites and platforms that offer microtasks and freelance opportunities
Binance. com
Tips for identifying high-paying opportunities
Find niche markets that will pay more for specialist services by researching the market need for your expertise.
To keep current on career possibilities and trends, join relevant crypto and blockchain communities on social media and discussion boards.
For the purpose of avoiding fraud and ensuring the dependability of payments, look up evaluations and ratings of the platform or client you intend to use.
Use your network and get in touch with prospective customers or employers directly to land high-paying jobs.
To draw in clients that are willing to spend more, build a great portfolio and highlight your abilities with examples and recommendations.
Join online hackathons, bounty hunts, and other cryptocurrency-related events to demonstrate your skills.
Crypto you receive as remuneration for your work is generally considered as income and is taxed accordingly, depending on the country. Make sure to check the crypto tax guides for your jurisdiction for more information!
Keeping track of your crypto rewards & investments
As your crypto portfolio grows, it becomes increasingly difficult to track the value of your coins.
A crypto portfolio tracker lets you keep tabs on all of your crypto assets, giving you a clear picture of the value, allocation and performance of your portfolio. This can assist you in identifying potential risks, keeping track of market trends and making better informed investing decisions. In the end, adopting a cryptocurrency portfolio tracker can help you save time and effort while also giving you insightful information about your assets.
We developed our free Blockpit crypto portfolio tracker to easily track cryptocurrencies, NFTs and other crypto assets on a variety of blockchains, wallets and exchanges.
Blockpit directly integrates with major exchanges and wallets to make your portfolio tracking as easy as possible.
Conclusion
As you now know, there are many different ways to earn free crypto.
When trying to earn free crypto, it is necessary to be cautious, because the cryptocurrency industry is mainly uncontrolled and there is a potential danger of fraud. Several phishing tactics demand personal information or other data in exchange for free crypto, but in reality they could steal your money or compromise your security. As a result, it is crucial to fully investigate any prospects before committing time or money to verify they are reliable and reputable.
The best thing to do is to try out different things and find out what suits you best.
Please also keep in mind that you may have to pay taxes even if you gain crypto for free.
Blockpit offers a crypto tax software to easily track your portfolio and generate full crypto tax reports.
Blockpit supports country-specific tax frameworks to ensure legally-compliant tax reports for your jurisdiction. Like this, you can focus on building your crypto portfolio without fearing to get into trouble with.
Frequently asked questions about earning free crypto
Is it possible to get free crypto like Bitcoin?
Yes, it is possible to get cryptocurrencies like Bitcoin for free. There are multiple methods to earn free crypto, ranging from airdrops to faucets and even credit card rewards. Read the article for a detailed explanation!
Is free crypto a scam?
There are many legit ways to earn free crypto but there are probably just as many ways that are complete scams. While you can generally trust the offerings from major platforms and exchanges, there are a few ways to spot a scam. Read the article to learn how!
How can you earn crypto for free?
Methods to earn free crypto include airdrops, staking, mining, masternodes, DeFi lending, faucets, credit card rewards, referral programs, learn to earn, play to earn, and getting paid in crypto for your work. Read the article for detailed instructions!
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Paul is passionate about empowering individuals to make smarter financial choices. At Blockpit, he is helping investors confidently understand and maneuver through the regulatory intricacies of cryptocurrency investments.
Disclaimer: The information provided in this blog post is for general information purposes only. The information was completed to the best of our knowledge and does not claim either correctness or accuracy. For detailed information on crypto regulations, we recommend contacting a certified legal advisor in the respective country.
