Starting to invest in cryptocurrencies does not necessarily require having a bank account or spending money (fiat) to buy Bitcoin (BTC) and Ethereum (ETH). Another way to earn cryptocurrency and build an investment wallet is to complete a variety of tasks on various Web3 platforms.
Using decentralized applications (dApps) and decentralized finance (DeFi) platforms, users earn cryptocurrency and then trade, sell, or store it in centralized or decentralized wallets without ever having to spend any money.
Let’s look at some ways to build a cryptocurrency position without connecting a bank account.
Interact with Web3 browsers
A person with no knowledge of cryptocurrency can be intimidated by the process of downloading wallets and transacting on-chain. An alternative is to simply interact with the technology, and there are now multiple ways to experiment with different crypto platforms. One of them is to replace a Web2 technology with a Web3 counterpart browser.
Google dominates the web browser and search engine space, making money from user usage by selling data to advertisers. Brave Browser is an alternative platform where users earn their Basic Attention Token (BAT) and fully own their data while searching. Users earn for their activity on advertisers’ websites, and Brave does not sponsor other search engines, providing users with a more decentralized search experience.
Brave currently shares 70% of its ad revenue and some users choose to sell their earned MTD on centralized exchanges or through Web3 wallets like MetaMask.
NFTs continue to grow in popularity and potential crypto investors can use a variety of free software to analyze the wallet addresses of successful NFT investors who minted high value NFTs and also try to find free NFT minting and whitelisting opportunities.
Colin Helm, CEO of Caesarverse, a free metaverse, highlighted the importance of free NFTs in the industry:
“If users closely follow social media and community channels, they can always find very generous giveaways, win some assets that enhance their gaming experience, and build their cryptocurrency wallet just by interacting with games they can enjoy.”
Some users who have worked with the free minting system have generated NFTs that reached a minimum price of 10 Ether.
Similar to how NFTs require a social media base for advertising, new blockchain networks and protocols also require immense amounts of testing and a user base in order to ensure sustainable growth at launch.
Some networks like Arbitrum do not have a token, but the hint of an eventual airdrop tends to attract users to protocols within the Arbitrum ecosystem.
On September 6, 1inch users on Optimism received an airdrop of 300,000 OP for their pre-launch usage of the blockchain.
For users without the technical knowledge required to use the new blockchain networks, airdrops based on social activity could be an easier way to earn cryptocurrency. With social airdrops, users may have to follow, like, and share certain accounts on social media. Users will most likely have to use a decentralized wallet like MetaMask to receive social airdrops.
Bug bounties and beta testing
Many cryptocurrency and DeFi projects have reserved tokens for marketing, bug hunting, beta testing, and content creation. Many investors earn tokens by auditing, testing, creating brand designs, marketing materials, music, and other content. Users willing to lend their skills to projects are a perfect way to start.
Jenny “DJen” Schorsch, founder of GlamJam, shared her experience on building a brand and getting started in the crypto space with no upfront costs:
“Start first by creating value for the community for free. When you have your community, start generating profits and assets with it. I started using NFT for ticket sales and allowed Web3 companies sponsorships for my favorite projects. Before realizing, people were offering me cryptocurrency for participating in events.”
Although most users think that it is necessary to have a bank account and fiat currency to interact with the different blockchain and cryptocurrency networks, this is not the case.
With a little effort, aspiring investors can earn cryptocurrencies and NFTs with no upfront cost other than their time.
The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. All investing and trading involves risk, so readers should do their own research before making a decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.