There may be no such thing as a free lunch, but that doesn’t have to apply to cryptocurrency. The cryptocurrency market is one of the most volatile markets in the trading world but for some lucky investors, it can also be the most lucrative.
There was a time when Bitcoin was less than a penny and one could have exchanged a couple of pizza pies for about 10,000 Bitcoins, which would make it a half-billion-dollar pizza today. While some think that the cryptocurrency market is just one big bubble, there are many who think that the next hot crypto could make them millionaires with returns of 1000x, 10,000x, or even, dare we say it, 5 million x+, which was what that Bitcoin pizza would return for the investor should that pizza person be wise enough to still be holding those Bitcoins today.
Of course, some people do not want to invest anything. They actually have the gall to want to make those crazy returns and still take zero risks. So, what should we do with those people?
If you had an account with Crypto.com in late 2020, you had access to not one, but two of their tokens—MCO token and CRO token. This two-for-one opportunity, however, was a brief moment in time because the MCO token was being phased out in favor of Crypto.com’s newer token, CRO. This was a controversial move on the part of Crypto.com because many of Crypto.com customers preferred MCO crypto to CRO since they believed it was the best way to manage their expansion.
MCO token allowed its owners to get special privileges regarding their Visa debit card—the MCO Visa Card. While CRO cardholders were going to get a discount on their purchases that would have been better than what they would have gotten using fiat currency, it was still considered to be a lower tier than the MCO Visa Card.
To ameliorate this dissatisfaction among loyal customers, Crypto.com arranged to have a special crypto swap. The MCO tokens were going to be automatically swapped for CRO tokens. However, those voluntarily swapping their MCO tokens for CRO tokens received a 20% bonus in CRO tokens— basically free cryptocurrencies! By getting a 20% bonus, or whatever bonus is offered in these types of swaps, cryptocurrency holders have an opportunity to obtain some free cryptos.
With the Crypto.com app, MCO holders and CRO holders can even take advantage of a plethora of opportunities with retailers and discount clothing stores
Mining Bitcoin used to be very lucrative and popular for those that had the technical skill, and it used to be possible with only a laptop. However, the competition has grown and there is a lot more work, expense, and energy use involved.
Other cryptocurrencies are less valuable and may have a better work-to-reward ratio. The eligibility to mine and claim Bitcoin and other cryptos that fall into this category is decided by a process on the blockchain known as proof-of-work.
For those that do not have the technical skill to be Bitcoin miners, staking is a great option for obtaining free cryptos. The idea is that if you own certain cryptocurrencies like Ethereum and Cardano, you can use those coins to mine other coins by putting them in a stake pool. This requires no technical skill to do the actual mining and energy use is not a problem either.
There should, however, be some investment skill involved in choosing the right stake pool in order to ensure the security and profitability of the coins that one intends to stake. The process for staking and claiming such cryptos is called proof-of-stake.
For the ultimate free-loaders, airdrops are always an option. This refers to giveaways of cryptocurrencies and non-fungible tokens for those lucky enough to be in the right place at the right time, somewhere on the World Wide Web. These are mainly done as publicity stunts for various social media platforms.
Rather than investing your money, you invest your time which is the essence of hunting for free cryptocurrency. Rather than digital assets that you think will go up and put your money behind those assets, you spend your time in the hopes that someone will give you a digital asset that they are choosing to give you. The choice, of course, is up to you.
Barry Lachey is a Professional Editor at Zobuz. Previously He has also worked for Moxly Sports and Network Resources “Joe Joe.” he is a graduate of the Kings College at the University of Thames Valley London. You can reach Barry via email or by phone.