In the initial days of crypto, many have made and acquired crypto by mining and trading, and those who held onto it made a fortune when the prices rose. But things have gotten more complex and harder as the industry progressed, mining is rarely profitable especially when you are competing with giant mining farms. And trading to get crypto is not that profitable as it was before, it might seem like there are no ways to get into the crypto bandwagon. Let’s look at a few ways one can still get into crypto.
These are basically those reward programs we see on new payment apps. It is a way for incentivizing users to do what companies want. It’s simply an airdrop with conditions attached to it. There are two types of bounties. The pre-offering bounty and the post-offering bounty, basically referring to the stage of the project at which the bounty project is run. In the case of post-offer, the intent is focused on marketing the concept to prospective investors and is carried out before the launch of the project, while the post-offering bounty campaign is aimed at fine-tuning the project (best for techies finding bugs), communication and building the community on social media. And as the name suggests, these are carried out post the launch of the project.
The crypto market is crowded and saturated and new projects are trying to get attention in all sorts of ways and one of the ways they achieve this is by a radical idea called airdrop. Airdrops are primarily implemented as a way of gaining attention and new followers, resulting in a larger user-base and a wider disbursement of coins. An airdrop is a distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses. There are dedicated websites that are used to track airdrops. There are actually several reasons why companies may want to conduct airdrops: Generating Awareness, understanding the users, raising funds, rewarding or inspiring loyalty, wider distribution of tokens and hard forks. But some folks have taken airdrops too seriously. There are people dedicated to finding out and participating in airdrops just for the cash. The idea of airdrop might sound amazing, the user gets paid and the company gets a big user base suddenly with a fraction of the cost of normal marketing, but as we have discussed some people are joining airdrop campaigns just for the money. This is not the intended result, and hence how long this magical phenomenon will last is yet to be seen. This also means get into airdrops and make money as quick as possible before they die out.
And then there are the good old referral programs. The problem with airdrops and bounties is that the token received by the user might not be worth anything and this means that cashing them as well as earning money is a matter of luck. The good thing about referrals is that the exchanges offering these programs are already established and have a good track record. This also translates to assured monetary gains. In fact, more than half of the world’s top exchanges have referral programs. The user is just required to fill up the information and use their contact to create as maximum referrals as possible, rewards might seem in terms of dollars. But for those especially in developing countries, those dollars when converted to their currency is a substantial amount.
Out of all the three options discussed above only referral seems to be a sure bet. Both of the other two seem to have a substantial amount of risk. Some bounty programs require you to actively promote it, which could land into legal trouble if the project turns out to be a scam especially given the fact that monetary benefits were received in return. Also, airdrops and bounties do not create any value in most cases. As always, crypto is moving through uncharted waters, how it turns out is something only time can tell. Meanwhile, these options do represent a good opportunity to make quick money but do exercise caution to not get dragged into shady schemes.
Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news
More from Crypto
CryptoBots was the first play to earn game on the Ethereum blockchain, launched way back in 2017. Back when the …
This article is a complete guide on the Alchemix. The Decentralized Finance (DeFi) world has been all promising and hype …