One frequently asked question by newcomers in the Crypto Tamanga community is: HOW CAN I EARN BITCOIN WITHOUT INVESTING. Well, the answer to this is not a straight forward one because a lot of factors come into play. Factors such as, how much time do you to have to burn? Services available in your locality, and general adoption levels of crypto in your locality. To put in context, in Zambia we do not have services that reward users in bitcoin and neither is the adoption to a point where I could readily be tipped or paid in bitcoin. That being said, for future purposes, here are some ways one can earn bitcoin without having to invest your money.
Disclaimer: The content in this article is meant for educational purposes only, and must not be taken as financial advice. For financial advice, please seek the services of a registered financial advisor.
For one who is a new comer to crypto, the thought of owning the first fraction of Bitcoin is a daunting one. This is mainly because, as a beginner, we are fixated on earning an entire Bitcoin within a short space of time. But, the more one becomes better acquainted with crypto, they will realise that there is no crypto too little to start growing your crypto portfolio.
In this article, we share some ways in which you can earn (not buy) crypto. Although these are ‘free’, they take a painstakingly long time before you can begin to see a substantial impact on your wallet. We introduce faucets, Pay-to-click websites and other strategies that can be used to start earning Bitcoin.
5 WAYS TO EARN YOUR FIRST CRYPTO
The starting point before you can begin to earn or buy crypto so that you can grow it, is to install a crypto wallet. If you do not already have one, then you can get it here. Great, now you are set to start your crypto portfolio. We wrote about crypto wallets here.
Below are 5 ways to earn your first crypto. Please bear in mind that these are biased towards “free” sources and this list by no means conclusive.
1. Mining.
Although mining has become an expense venture to undertake. It still remains one way in which you can Bitcoin. Factors that affect the cost of mining are; cost of electricity, cost of equipment, and cost of environmental impact, among others. Traditionally, in order for one to mine, they needed special kind of equipment which served to improve a computer’s computing power. However, advances in technology have meant that people are now able to mine with their mobile phones without hooking up to any sophisticated equipment.
2. Bitcoin faucets.
These are websites where you get paid for doing for doing micro-tasks such as word processing, responding to surveys, or simply completing a reCaptcha, etc. The rewards are very minimal ranging from a Bitcoin equivalent of $0.0002 (less than half of a ngwee – ZMW0.0042, at the time of writing) to $0.0015 (ZMW0.3).
a. Freebitco.in (https://freebitco.in/?r=39277225)
b. Fire Faucet (https://firefaucet.win/ref/411115)
c. Cointiply
d. Bitfun
e. Moon Bitcoin
f. Bonus Bitcoin (http://bonusbitcoin.co/?ref=A6CCBE1AFCC2)
3. Pay-to-click (PTC) websites.
PTC websites pay users to view adverts. The rewards are similar to those offered by faucets.
a. NEOBUX.
b. Prizerebel (ref: https://www.prizerebel.com/index.php?r=11011011).
c. OfferNation (https://offernation.com/?ref=japhetmesa).
d. Heedyou (http://heedyou.com/?r=japhetmesa).
4. Get tipped/paid with bitcoin.
Getting tipped or paid using crypto is another cost effective way of earning crypto.
5. Become a Bitcoin affiliate.
This method could earn you more with less effort. How it works is that, an individual signs up as an affiliate for a company that is in the business of Bitcoin in one way or another and the company hopes to recruit new members to use their services through an existing member. The company and the individual will agree upon a reward for each new user that signs up using the affiliate’s code. Usually, the company already has a pre-determined reward structure. The reward could start from ZMW50 to as high as US$10 (+/- ZMW200).
5 WAYS TO GROW YOUR CRYPTO
1. Holding (aka hodling).
This is the surest way to grow your crypto. Buy/receive bitcoin regularly and let it sit in your wallet for a prolonged period of time.
2. Gambling.
Gambling with Bitcoin is the same as gambling using your traditional bank notes or coins. You wager your share of Bitcoin and hope to get some returns by way of winning. However, gambling is addictive and must not be done by children under the age of 18 years.
3. Arbitrage.
Arbitrage is when you buy from one exchange at a lower price and go and sell it on another one for higher. This is different from buying and holding and then selling at a later time, in that, in arbitrage, the main purpose of buying from source A is to sell it on source B.
4. Trading.
Trading is the action of buying and selling cryptocurrencies over a period of time. It could be a period not more than 24hrs or indeed 24 hrs. It could be weekly, fortnightly, monthly, every 6 months and so on and so forth. Traders take advantage of buying when the price is low and selling when the price is higher. However, trading is an art that is developed and horned over time. It is not recommended for newbies to jump into it without taking time to learn it.
5. Lending.
There exist lending platforms where you can give the service provider your Bitcoin for a fixed annual interest. Lending to a known provider is a brilliant idea because not only will the bitcoin grow by a percentage but by the time the tenure is up, the price of bitcoin would have followed suit.
PRACTICAL WAYS TO SPEND CRYPTO IN ZAMBIA
1. Pay someone.
2. Trade.
3. Buy airtime.
4. Pay on a website.
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