Savvy investors and crypto traders typically sell in the bull market and accumulate during the bear market, a term commonly known as “buying the dip”.
Given the volatility of the crypto market, accumulating cryptocurrencies at their low prices will likely give an investor an excellent return when the market is back to a bullish trend.
However, this can be difficult sometimes as regards the ripple effect of the ravaging inflation that robs investors of their purchasing powers and that of the fiat currencies used to buy these crypto coins.
As the crypto market moves further into a more bearish position with cryptocurrencies selling for lower prices, crypto enthusiasts have begun to seek new ways to increase their crypto portfolio in preparation for the next bull market.
This article will show you the five ways to increase your crypto portfolio without breaking the bank so you can earn active or passive income from crypto.
5 Ways To Accumulate Crypto With Little Or No Cost
1. GameFi And Play-to-Earn:
This is a good way of earning free cryptocurrencies, which came to light in 2021.
The emergence of GameFi and play-to-earn (p2E) protocols presents an excellent opportunity for avid gamers to express their talents and passion for gaming and earn a living.
The most popular GameFi platform is the Axie Infinity platform, where players earn the Axie token(AXS). Even though the price of this token has decreased over time and reduced the earning ability of players, it is undoubtedly the most successful, most active and popular GameFi protocol in the crypto ecosystem. It will indeed retain this position in the future.
Some of these games are not freely accessible; they require some payment or upfront investment which may be a barrier to and also sieve out many who are looking for free ways to earn crypto.
Exceptional GameFi protocols like Yield Guild Games and Merit Circle uniquely accommodate users with little or no funds to start up. They rent or lend users the required assets needed to play the games in exchange for a small commission deducted from any rewards earned from the competition.
2. Crypto Staking:
Crypto staking is a perfect way to earn more cryptos if you are a long-term investor. If you have a penchant for buying and holding crypto coins, you should consider taking your crypto for more cash. Though the rewards for each currency are different, that of more speculative coins like Bitcoin and Ethereum tend to be higher.
The “proof-of-stake” protocol used by some cryptocurrencies to validate and manage their decentralized system affords the owners of these digital currencies a chance to validate and earn extra income and coins by staking their coins.
This means full infrastructure support, holding the coin and earning extra coins.
3. Sign Up With An Exchange:
Have you considered signing up with crypto exchanges to get some free crypto in your wallet?
Many crypto exchanges today will award you some free crypto to your wallet when you sign up with them. This is likened to what brokerages do (giving you cash) when you sign up as a new client.
This is one of the best and safest ways to earn free crypto coins by doing nothing and investing nothing.
You can choose one option that is best for you or try all available options.
Some of the exchanges offering free crypto include the following:
Apart from the above-listed exchanges, other exchanges can offer promotions, bonuses and other rewards, which you may miss out on if you don’t stay on the lookout for them.
4. Participate In An Airdrop:
Airdropping is another strategy people can earn extra cryptocurrencies at no cost.
Airdrop is a crypto giveaway developers use to create hype and build substantial interest and excitement around their new coin.
Developers may require potential users to do a few tasks to qualify them to be awarded the new token. It could be sharing and following the project’s post on social media, retweeting tweets on Twitter, liking posts and tracking it on a Discord channel.
However, it’s important to note that many airdrops are not real, and even if they award some coins, they may likely be useless because sometimes the coin’s supply is massive in the market, which makes it less valuable.
The worthlessness may be suitable for taxes since much won’t be owed. Even though it is an excellent way to accumulate crypto, it may not create wealth for users.
5. Crypto Savings Account:
Think about your cash in the bank vault, which attracts a specific monthly interest on your savings account. There’s nothing different from the crypto savings account, except that you earn interest on crypto now instead of cash.
A crypto savings account pays you interest on your crypto holdings as the value continues to rise. A perfect option for a crypto savings account is BlockFi’s savings account which offers a tiered-rate structure (the more deposit, the less the interest rate).
High-valued coins like Bitcoins may not offer an annual high-interest percentage as much as stablecoins would do. Therefore, stablecoins may be a more attractive portfolio to save your cryptos.
Is Free Crypto Accumulation A Scam?
The digital world is riddled with scams which may appear in any form of legitimacy. Crypto scams have existed for a long time, and it gets worse in a system that promises free crypto.
However, accumulating free cryptos is possible in today’s crypto world. This is very common in airdrops and initial coin offerings (ICOs), but not all are frauds.
It is essential to avoid any form of promotion that requires personal details like login details or a private key to a wallet.
In summary, if you want to earn free cryptocurrency, you can explore many options as long as you are careful not to get duped.
Apart from the traditional brokerages and exchanges offering new coins, you can explore games, airdrops, staking and others.
Remember to look out for legit sources, or else you may risk the snares of scammers.