It’s been over a decade since the first cryptocurrency Bitcoin (BTC) was invented. Created by an unidentified person or a group of people under the name Satoshi Nakamoto, Bitcoin intended to be the “trustless” financial instrument. The reason for this kind of digital cash is to eradicate reliance on third-party intermediaries. These “middlemen” incur sizable costs to conduct financial transactions that are often fixed per transaction. Furthermore, Satoshi felt that traditional currency and its custodians, such as banks, couldn’t be trusted.
Bitcoin has come a long way, bracing skepticism from its inception in 2009 to raising its value to $14,000 per BTC in the third quarter of 2020. It’s still not backed or issued by any government and highly volatile. However, Bitcoin and other cryptocurrencies are gaining popularity despite the uncertainty as more and more people realize the value in such decentralized finance. Crypto enthusiasts and individual investors or so-called “hodler,” a person who holds cryptocurrency and waits for its value to appreciate, are now looking for creative ways to grow their digital assets.
There are many ways for holders to grow their cryptocurrencies at minimal expense and effort. In some cases, you can get more bitcoin without spending a cent on it because hodling is not enough anymore. People don’t want to sit and wait for the value of the cryptocurrency to appreciate. Besides, it requires a significant amount of cryptocurrency to hodl to yield substantial profits. So what are some other ways to increase the productivity of your crypto assets as a beginner?
Related Reading:
- 10+ Legit Ways to Earn Free Bitcoin (#3 is My Favorite)
- 7 Best Bitcoin Survey Sites to Earn Free Bitcoin
1. Earn bitcoin and other cryptocurrencies through crypto lending
1. Earn bitcoin and other cryptocurrencies through crypto lendingOne of the easiest ways to grow your crypto assets is by lending it through crypto lending platforms in exchange for interest. The way it works is that you deposit your crypto assets into a savings account with a crypto lending platform. In return, you’ll get interest, usually at a much higher interest rate (in comparison to other traditional financial institutions) and with more flexibility in terms of withdrawals. The platform acts as a custodian of your crypto assets. It may lend out the said assets to institutions or individuals and get interest in return.
There are many crypto lending platforms out there. They’re divided into two categories: centralized and decentralized. Centralized finance (CeFi) platforms offer higher interest rates than their decentralized finance (DeFi) counterparts. However, it’s good to note that while CeFi mirrors the decentralized finance principles, it is still managed by individuals or a company. Whereas in DeFi, you’ll be utterly reliant on smart contacts and algorithms to do their jobs in managing transactions.
Examples of crypto lending platforms:
Maker (DeFi)
The creator of Dai, Maker, is considered the first DeFi platform successfully built on the Ethereum network. Its stablecoins, Dai, is pegged to the US dollar using a system of collaterals and price feeds. Maker also allows users to borrow Dai using crypto as collateral and earn Dai through its own non-custodial savings account.
Uniswap (DeFi)
It is a DeFi exchange that allows users to swap any ERC-20 tokens (tokens that can only be used in Ethereum network) in its platform. Designed as a public good, Uniswap acts as a non-custodial tool for the community where they can trade tokens without fees and intermediaries. Anyone can also lend their crypto to some kind of special reserve called liquidity pools and get fees in exchange for providing funds to the pools.
2. Get cashback in Bitcoin when shopping online.
If you want to earn Bitcoin by just simply doing your everyday activities, you can. Do you know that you can get cashback in the form of cryptos when shopping in participating shops? Popular brands such as Expedia, Hilton, Lego, Macy’s, and many others have rewards options in cryptocurrencies for their customers. Getting Bitcoin cashback is getting more comfortable with cashback rewards apps, and there’s no shortage of it.
Examples of cash back rewards apps:
Lolli
Lolli makes it super easy to earn free bitcoin cashback rewards when you shop online. With Lolli, you can enjoy up to 30% cashback benefits on everyday purchases with over 60,000+ partner stores.
Lolli is a Chrome extension, so all you need to do is install Lolli extension on your chrome browser. Shop the web, as you always do, Lolli will pop up to notify you on the percentage of Bitcoin you can earn-back.
Buy whatever you’re planning to buy as normal.
No loopholes, no coupons, no extra effort.
That’s how simple it is. When you checkout using Lolli, you get free Bitcoin.
For more information on how to earning free bitcoins when you shop,visit this article with all my tips.
It is a microtask and earning platform that allows users to get cashback in the form of crypto when shopping in its 700+ participating partner stores. Offering crypto cashback starting from 0.5% to 85% depending on your membership level, StormX is an easy and fun way to earn additional cryptos.
Coin Rebates
An alternative to StormX is Coin Rebates, which offers a new way of earning bitcoin through cashback shopping. Partnering with over 300 retailers, Coin Rebates is free to join and easy. Users can go to the participating store to shop as usual, and bitcoin rewards will be credited into their account in 48 hours.
Fold
Fold is a bitcoin cashback app that allows customers to buy gift cards at participating stores using Bitcoin. This is a handy app, especially if you want to use your existing bitcoin for everyday purchases. Users get up to 20% cashback instantly for every purchase made. Fold is currently accepting a waitlist for their Fold Card, the first bitcoin rewards card that can be used to shop in big names like Starbucks, Uber, and Airbnb.
3. Become an affiliate and earn a Bitcoin commission
You’ve probably heard about or participated in an affiliate program at some point. It’s not something new; however, do you know that you can earn commissions in Bitcoin? Such affiliate programs are one of the easiest ways to earn additional cryptocurrencies by simply promoting a product or service (that you may already have or use) to new customers. Simply share your unique affiliate links from the participating partners to your online channels, such as your YouTube channel, Instagram, Facebook, or your own website. When a new user clicks on your affiliate link and signs up or makes a purchase, you’ll get a certain amount of commission rewards.
Examples of Bitcoin affiliate programs:
It is a hardware wallet that offers the safest way to store and manage your cryptocurrencies. The company has an affiliate program that rewards its affiliates partners up to 15% referral commission for each successful sale. Affiliates have the option to get paid in fiat (USD, EUR, or CZK) or Bitcoin. What’s great about Trezor’s affiliate program is that affiliates will get dedicated support and promo materials such as banners, texts, and videos from Trezor to help the program to be successful.
Koinly helps crypto investors to generate tax reports through its crypto tax calculator instantly. As one of the leading crypto tax platforms, Koinly offers up to a whopping 40% in referral commissions to its affiliate partners. Getting started is easy. You’ll be guaranteed a base commission of 20% for your first 100 referrals; the numbers will go up according to the referrals’ increases.
If you’re in the crypto ecosystem, you’ve probably heard about Binance. The goliath of a crypto exchange is well known for supporting the exchange of any and every crypto worth trading. Binance has an affiliate program that rewards up to 50% commission if you refer more than 1000 users successfully. Can’t get that many people? Worry not. You still get a sizeable 40% commission.
In conclusion
Although cryptocurrencies are not without controversies and challenges, they’re here to stay. As the technology advances and more blockchain contributors jump into the ecosystem to refine the system, it’s safe to assume that more people will be exposed to the wonders of cryptocurrency. It is here to stay, and as more people jump onto the bandwagon, there is no shortage of ways to get more coins.
From hodling your cryptos through a savings account in one of the crypto lending platforms to shopping online to get bitcoin cashback, there are many ways to easily earn more cryptocurrencies even if you’re new to the ecosystem. Take advantage of the affiliate programs that offer lucrative crypto rewards, read the fine prints, and know your benefits to get the most out of the program. It’s a matter of identifying and deciding which methods are most suitable for you to grow your coins.
700 Shares
