I have no money but I am interested in Cryptocurrency. How can I get some without spending money? If this is a question you find yourself asking, you may be surprised that there are several free ways of investing in cryptocurrencies.
Since this article applies to many coins, it will be necessarily quite general, if you have additional questions on any of the topics try searching our other articles or tweeting @cryptobginners.
If you are somewhat knowledgeable about cryptocurrency mining you may think of expensive computer setups with multiple graphics cards. Likely you don’t have the parts to set up a large-scale — or even a small-scale — mining operation. But what do you have? Most people have at least one computer in their home that they are not using 24 hours a day. Is it a gaming computer with a modern graphics card? You could use a resource such as whattomine.com to estimate the profitability of mining, it could be more than you think. Even if you don’t have a computer with a graphics card, some coins have CPU mining, if there is a new, small coin that has caught your interest you may be able to mine a significant amount and have a personal interest as the project grows. Keep in mind, especially if you decide to mine with a laptop, that running at high temperatures can damage your computer so be sure it has proper airflow. To learn more about mining see our article “How to Mine Cryptocurrency.”
Working for it
The people who begin new cryptocurrency projects are often skilled programmers and computer scientist but may be lacking in some other, more social skills. Are you fluent in multiple languages? Many projects will exchange cryptos for translations on their website. Do you have social media skills? You may receive payment for promoting the project. Some projects may need community moderators and even programmers for the dev team. Small paid jobs done by the community are called “Bounties” and are usually listed on either the projects website or one of the social media platforms the coin uses. You may be able to find additional opportunities by finding a coin that seems promising and spend time in their various communications channels and build the connections with the teams, volunteering your time for work that needs to be done.
Many coins try to generate buzz by giving away some portion of their supply in various ways. Often the amount you receive will be proportionate to the amount the “parent” currency (Such as Ethereum, Bitcoin or Ripple) you have in your wallet. Sometimes the distribution will be even with no requirement of holding other coins. Some Airdrops will require a signup while others will require not action and just appear in the relevant wallets. Be very careful when giving wallet information to projects, there is always the possibility of a scam that could separate you from your hard earned currency.
Similar to airdrops, many new coins give away a small number of coins at timed intervals to gain public interest. These sometimes require the complete of a puzzle or Captcha while some just require you to enter your wallet’s public key. The amount of coins given by these faucets are usually trivial but it can be a fun way to hold a small position in many coins.