Broke, bored and curious about crypto? Look no further! Here is a guide on how to participate in the crypto market with no money!
Cryptocurrencies are one of the most profitable asset class of the last decade, with major digital assets like Bitcoin (BTC), Ethereum (ETH) and BNB providing early investors with staggering returns.
They’re also notoriously volatile. The average cryptocurrency can see its value fluctuate more in a day than traditional equities do in a year. In light of this, not everyone has the financial flexibility or risk tolerance necessary to safely invest money into cryptocurrencies.
Fortunately, there are more than a handful of ways to earn and profit from cryptocurrencies with little to no investment required (not financial advice).
Let’s have a look at some of the popular methods!
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Airdrop
Airdrops are by far the most popular way to gain exposure to cryptocurrencies without any investment. As the name suggests, these are free token distribution programs designed to reward early participation in an ecosystem, diversify and increase the number of token holders, and increase the amount of buzz surrounding the project.
Though chances of airdrops could be highly speculative, the barrier to entry is usually extremely low, and the number of different airdrops available is high. Because of this, the total value you can earn from airdrop can be significant.
Moreover, several airdrops have provided lucrative returns to investors. These include:
- Aptos: This layer-1 blockchain airdropped APT tokens to participants in its incentivized testnet or APTOS:ZERO Testnet NFT minters. Some users received over $1,000 in APT.
- Uniswap: Anybody who had used Uniswap before the airdrop snapshot date was eligible to claim 400 UNI tokens after its token generation event. At its peak, these were worth over $17,600.
- Arbitrum: One of the more recent airdrops, early users of the Arbitrum ecosystem received a variable amount of ARB tokens. Some addresses received up to 10,250 ARB, worth over $100,000 at its peak.
- Decred: Regarded as one of the most profitable airdrops of all time. At its peak, each airdrop participant received over $60,000 worth of DCR tokens.
In most cases, airdrops can be earned or claimed free of charge. But in some cases, it can be more challenging to meet the airdrop eligibility requirements.
For example, many of the more profitable airdrops require you to be an early participant in the surrounding ecosystem — e.g. by providing liquidity, conducting transactions, and interacting with DApps. These aren’t a direct cost if they’re part-and-parcel of your regular activity, but in many cases, users will increase their activity just to maximize their rewards.
Keep track of the latest exclusive airdrops here.
Learn and Earn Initiatives
The cryptocurrency industry is vast and still remains poorly understood by the masses. To help tackle this, a number of projects and platforms have launched some form of a ‘learn and earn’ initiative — which sees users earn rewards in the form of cryptocurrencies for brushing up on their general crypto knowledge or learning about a specific product or project.
Here at CoinMarketCap, we have our very own CMC Earn platform. This allows users to earn crypto rewards for watching videos and testing their knowledge about new and established crypto projects.
This provides an excellent way to get to grips with cryptocurrencies while providing rewards that may multiply in value over time.
A range of other platforms also offers similar opportunities. These include:
- Coinbase Learning Rewards: Allows users to earn a small amount of different cryptocurrencies (generally ~$3 to ~$15 worth) for taking a short course about the project. This can then be directly traded in the user's Coinbase account.
- Binance Academy Learn and Earn: Allows users to earn cryptocurrency rewards by improving their blockchain knowledge and participating in simple tasks.
- BitDegree Learn Drops: By partnering with dozens of Web3 projects, BitDegree allows users to earn various learn drop rewards by watching educational content and answering quizzes.
In most cases, learn-and-earn programs will only provide a small reward — usually in the order of a few dollars. But over time, the rewards can stack up.
Work in Crypto
Simply working in the cryptocurrency industry is arguably the best way to get your hands on cryptocurrencies without investing your money. This is because many Web3 native firms will allow employees or freelancers to receive their salary in crypto.
Depending on the firm, this might be a specific crypto of your choice, or one of a range of options — such as BTC, ETH, or stablecoins. In some cases, these cryptocurrencies can go on to accrue value, providing the holder with potentially significant profit. That said, they can also fall in value — cutting into your earnings.
Fortunately, the Web3 and cryptocurrency space is always brimming with opportunities, and there are numerous roles available to choose from — many of which pay well.
For a complete look at currently open opportunities in the Web3 space, see the CoinMarketCap Jobs Board.
Run a Node
Today, a large number of cryptocurrency projects operate a permissionless consensus system that allows practically anybody with the requisite hardware to participate in the process of validating transactions or performing other crucial blockchain functions.
These network participants are known as node holders and are tasked with running special blockchain client software that allows them to interact with the rest of the network and perform specialized functions.
Depending on the platform, these node holders can have different roles. For example, POS network node holders are typically involved in block production and transaction confirmation. Whereas node holders in decentralized storage networks might be involved in storing file fragments, ensuring redundancy, or providing bandwidth.
These networks generally provide users with token rewards, usually derived from the token emission or a fraction of the fees generated by the network. Some will require you to stake a certain number of the network’s native tokens to begin running a node, while others have no staking requirement. These include Nano, Stellar, and the Bitcoin Lightning Network.
However, node holders will usually need to meet specific hardware and performance requirements. This might include meeting minimum CPU, hard drive, and memory requirements, in addition to bandwidth and uptime standards.
The amount you can earn will vary based on the activity of the network and your relative share of its resources, as well as the value of the reward token. That said, rewards can be worth the effort — particularly if you already have the hardware available.
Join a Testnet
Participating in the testnet of new blockchains can be a great way to earn free cryptocurrency with little to no investment required.
A testnet is a version of a blockchain that is created specifically for testing purposes. It is a network where developers can experiment with new features, test the functionality of the network, and identify and fix any potential bugs or vulnerabilities before deploying its mainnet.
To participate in a testnet, users typically need to download a wallet or client that is specifically designed for the testnet — in many cases, it simply involves adding the testnet RPC to their pre-existing Web3 wallet.
Once they have the wallet set up, they can then start mining or staking on the network, or begin interacting with DApps — such as providing liquidity, minting NFTs, borrowing/lending funds and more.
Many new blockchain projects offer incentives for users to participate in their testnets. These incentives can include free tokens or coins that can be used on the mainnet once it launches, as well as other rewards such as discounts on future services or products.
Recently, several major blockchains have provided handsome rewards to early testnet participants — including Oasis, Aptos and Dusk Network.
To find out about upcoming testnet opportunities, users can follow blockchain projects on social media, join their communities on forums and chat groups, and stay up to date with industry news and announcements.
Note: Some projects hold a clearly defined incentivized testnet program, whereas others opt to reward testnet participants retroactively. The latter tends to be more profitable since there are fewer participants.
Participate in a Free Mint
Non-fungible tokens (NFTs) have garnered a significant amount of attention in recent years due to both their potential and in many cases, their desirability.
Popular NFT collections like Bored Ape Yacht Club (BAYC), Cryptopunks, Doodles and Moonbirds have gained significant value since their launch — generating substantial returns for those who purchased one during their initial mint.
But while most NFT collections require users to buy their NFTs, some prominent collections came about by way of a “free mint”. As the name suggests, this means lucky users were able to get their hands on an NFT for free (barring gas fees).
NFT free mints are usually conducted on a first-come-first-served basis, but some projects opt for a lottery system to determine who can get their hands on a free NFT.
Besides free mints, many NFT projects will give away NFTs to users via competitions or various other initiatives. These are usually advertised on the official project Twitter or community channel.
Join a Bug Bounty
If you’ve got technical chops or a good amount of free time, bug bounties can be an excellent way to get your hands on free crypto.
Bug bounties come in various shapes in sizes, but generally involve rewarding users for finding flaws, vulnerabilities or loopholes in the way a blockchain project or smart contract operates. In return for securely and privately disclosing the issue, users earn a reward. The size of the reward is generally related to the nature of the vulnerability, including its severity, risk level, and novelty.
In the vast majority of cases, users will need technical knowledge to participate in a bug bounty. This will usually include an excellent understanding of blockchain technology, programming experience, and knowledge of a variety of common security vulnerabilities — such as buffer overflow attacks and cross-site scripting (XSS).
In some cases, the reward for finding a reporting a critical bug can count in the millions of dollars.
Some bug bounties might also support non-technical users, such as those that offer rewards for uncovering or intercepting social engineering attacks, for promoting the project or assisting it in some other way, or for offering feedback on the user experience.
Platforms like HackenProof, Immunefi and Bugcrowd can be used to search the range of available bug bounties, while many individual projects will advertise their bug bounties on their website or socials.
Referral Programs
Referral programs are an incentivized marketing strategy that encourages existing users to invite their friends and family to join a particular cryptocurrency platform. In return, both the referrer and the referred user can earn rewards in the form of free cryptocurrencies or other benefits.
To participate in a referral program, users first need to sign up for the cryptocurrency platform they wish to refer their friends to. After creating an account, they can then access or generate their unique referral link or code that they can share with their friends and family.
Some referral programs offer profit-sharing opportunities, such that the referee earns a fraction of the revenue their referrals bring to the platform. Cryptocurrency exchanges and casinos typically operate using this system, whereas other platforms — typically cryptocurrency savings and hardware manufacturer platforms — will typically offer a one-off referral fee.
Today, practically every major centralized cryptocurrency exchange offers a referral scheme. Some of the best-known currently include:
- Binance: The Binance Standard Referral program allows users to earn up to 40% commission on the trading fees generated by their referrals.
- Coinbase: Coinbase has a very simple affiliate program that allows users to refer their friends, with both the referrer and the referee earning a $10 reward.
- ByBit: ByBit's referral program allows users to earn up to 30% of the trading fees generated by qualified referees. There is no limit to how long the commission will be earned.
With that in mind, it’s important to check the terms and conditions associated with referral campaigns, as they can limit who is eligible and how rewards are paid.
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