Let’s take a closer look at what you should know to invest in crypto without actually purchasing any.
Even if you don't have a lot of money, there are still ways to invest in cryptocurrencies. Let's take a closer look at what you should know to invest in crypto without actually purchasing any.
2022 was a year where many people suffered with the growing cost of living, with over 40% of all countries reporting an inflation rate exceeding 10%. Inflation has since started to decline, but it is still high in comparison to our incomes.
Due to the struggle with rising living expenses, many are looking for additional income from sources like working a second job, attempting to sell items that are gathering dust in the garage, or using little money they have left to invest in the financial markets. In the blog post, we explore ways to invest in cryptocurrency without using your hard-earned money to do so.
Airdrops
Investing in cryptocurrencies without purchasing them is easy using airdrops. New projects can increase exposure by using cryptocurrency airdrops. A fresh token is typically delivered in tiny quantities to active addresses within a certain community. For instance, 360 million BLUR tokens were given as part of the most recent Blur airdrop to the platform's active NFT traders.
In rare circumstances, an airdrop is informed in advance, giving users the opportunity to take the appropriate actions to get the tokens. These airdrops' value might rise into the thousands during bull markets. Uniswap airdrops, for instance, had an average value that peaked at $12,000!
As you can see, receiving tokens through airdrops is a fantastic way and you don't have to pay for anything. But, remember to stay cautious because there are a ton of scammers out there trying to steal your priceless cryptocurrency.
Free mints
There are plenty of free resources available in the NFT industry. To create project buzz, many companies offer free mints or a few NFTs. Similar to airdrops, this can be an excellent strategy for growing your NFT portfolio. Users can try to acquire a few of these NFTs with the intent of trading them for ETH or USDT with other investors in the future. Free NFTs are a great way to invest in cryptocurrency without having to make any outright purchases.
Mining
Running a mining setup is one of the most popular ways to invest in cryptocurrencies without actually buying any. There are certain cryptocurrencies that can be mined from a standard laptop, despite the fact that specialist Bitcoin mining rigs can be fairly expensive. Block addition to a blockchain is called mining, and it rewards participants with money from transaction fees. Processing transactions on the blockchain and maintaining its security will be done using the processing power, or in this case, your laptop.
Once you've got everything set out, you can start profiting by letting your laptop mine coins anytime you're not using it. Remember that mining has a crucial drawback: it can lead to substantial energy expenses. To determine whether mining is beneficial, weigh the electricity costs and returns.
Acquire a crypto job
Investing your time in cryptocurrency is one of the most obvious—yet frequently disregarded—methods of investment. No matter what the position is, marketing, coding, or general management, many projects are actively seeking support.
Pay is not as competitive as it was during the bull market, but as the candles get greener, it will undoubtedly start to rise back up. Your chances of landing a crypto job will surely increase if you are active on Crypto Twitter, but LinkedIn is also becoming more and more significant.
Stake your current tokens
After assembling a portfolio utilizing one or more of the methods we previously discussed, you can give your portfolio a further free layer of growth. You can use your tokens to work and increase your yield by staking. Many cryptocurrencies can now be staked.
By confirming transactions for proof-of-stake (PoS) blockchains, staking enables you to make passive money. One option is to stake your Ethereum, which is then used to maintain the Ethereum chain. A portion of transaction fees and block rewards are paid to you in appreciation for your contributions.
There are several ways to stake your cryptocurrency. While some methods involve little to no work, some do. Depending on how tech-savvy you are, you should either delegate the task to another person or manage the entire setup yourself. Nowadays, centralized exchanges (CEXs) now provide staking services, making it as simple as clicking a button.
Overall, there are numerous ways to create a cryptocurrency portfolio, even if you are short on funds or don't feel like using any of your own money. In either case, nothing is free; even an airdrop needs effort on your part. Whatever method you use to create your portfolio, there are many chances in the cryptocurrency market.
Disclaimer: The information herein is for educational purposes only and should not be considered financial, investment, or trading advice. Please conduct your own research and due diligence before making investment decisions. You understand that you are using the Information provided at your own risk.