Our most recent post was about how to buy bitcoin in South Africa. When it comes to cryptocurrencies like bitcoin, you can either buy them, earn them, or mine them. In this post we look at how to earn cryptocurrency in South Africa.
Bitcoin is only one of the many, many cryptocurrencies out there. It was the first cryptocurrency introduced to the public back in 2009. Bitcoin contributes to more than half of the whole crypto technology. It remains the most powerful cryptocurrency by far.
Maybe you already bought a few bitcoins. Do you know you can get your bitcoin to make money for you? Would you like to know how to earn more cryptocurrency with that bitcoin? In this post you will learn how to earn more cryptocurrency using your bitcoin. There are other cryptocurrencies than bitcoin you can also stake to earn more cryptocurrency.
“We generally call it a cryptocurrency as well, though it is not really a currency like bitcoin. It cannot be readily used as money to buy commodities in open markets.”
The next powerful cryptocurrency after bitcoin is ethereum. We generally call it a cryprocurrency as well, though it is not really a currency like bitcoin. It cannot be readily used as money to buy commodities in open markets. Cryptocurrencies differ according to their use purpose. There are basically 3 main types of cryptocurrency.
I believe it is important to know and understand the 3 types before knowing how to earn cryptocurrency for free. Here are the types in brief:
The Currency Cryptos
Currency cryptos are cryptocurrencies that are meant to be used as money. The most known examples are bitcoin, bitcoin cash, and litecoin. If you know how to earn cryptocurrency, you can use some of the currency cryptos to earn more cryptos.
The Platform Cryptos
Platform cryptos are very different from currency cryptos. They have tokens that you may mistake for coins as in bitcoin. But, tokens in platform cryptos are used mainly within that specific blockchain.
Platform cryptos are blockchain platforms on which other cryptos can be built. Platform cryptos are much like content management websites (like WordPress) on which people can build their own websites. Ethereum is the best known platform crypto.
A large number of other cryptocurrencies are build upon the ethereum blockchain.
The Utility Cryptos
As the name says, utility cryptos have a specific use value. The best example of utility cryptos is ChainLink; a network project that connects Ethereum’s smart contract blockchain to the real world for exchange of data.
Let’s start by exploring how to earn cryptocurrency with paying any money.
How to Earn Cryptocurrency: Different Ways
There are different ways you can follow to start earning cryptocurrencies. The most common way is to allow people to pay for products or services you offer with currency cryptos like bitcoin. As you already know, this method is easier if you are akready in business.
What about every day folks like you and I? Well, there are other ways available. Some will need you to already have cryptocurrencies stored in a wallet somewhere. Others you can get entirely for free if you know where to look.
I am going to reveal how you can earn cryptocurrency for free without selling anything.
How to earn Cryptocurrency For free
When cryptocurrency projects start, they will usually offer their coins to the public at a very low cost. This is called an initial coin offering (ICO) or initial exchange offering (IEO). The intention is to give the new project a financial head start and create brand awareness.
Sometimes it does happen that a new project, instead of issuing initial coin offering, chooses to give a certain number of their initial coins for free. At this moment there is such that project offering their coins for free. It is called Ecoin Foundation.
How to Earn Cryptocurrency for Free with Ecoin
According to their whitepaper, The Ecoin project has identified a few stumbling blocks that stand in the way for mass adoption of the cryptocurrency technology. First, the price of major cryptocurrencies is high for an average person.
Second, even if one acquires some cryptos, using them becomes a challenge as most retailers still do not accept cryptocurrencies as money.
In their bit to offset these challenges, the project resolved to offer their ecoin to the public free of charge. Yes, you read that right: FREE of charge. When you sign up on their platform with your email address, they give you 600 ecoins (initially was 750 ecoins) for free.
You still have a chance of earning more ecoins when you perform certain tasks successfully.
Double-spending or Double-Earning?
There is one major problem with this model. Double spending, or more precisely, double-earning is likely to occur. People may sign up more than once using different email addresses to earn more coins unfairly. This immediately flaws one of the rules of money: scarcity. Something that is available in limitless quantities cannot be used as money.
If people can get as many ecoins as they want then the coin will have no value. No one wants to hoard a useless piece of coin.. This immediately defeats the project aim of facilitating mass adoption of the cryptocurrency technology.
Ecoin has an answer for this. According to their website, they have an email-based identity verification system that can ensure one person claims free ecoins only once. They call the system “email-as-proxy-for-identity platform”. They claim the platform can identify fraudulent sign ups with 100% accuracy.
As I see it, multiple sign ups is the only challenge that can stand in the way of success for this project. Mass adoption remains a dream to most cryptocurrencies, including bitcoin. If Ecoin Project can ensure that each person claims free ecoins only once, I cannot see anything else stopping the project from reaching mass adoption. We all love free things!
What is the real story?
Here is the real story: Money gets its value when the people using it agree it has value. If more and more people get to use ecoin and agree among themselves that it is a valuable asset, so it shall be!
Money as we know it today is paper (bank notes) and plastic (bank cards). Let’s look back a few centuries in the past. If you gave someone a R200 note in exchange for a bag of oranges in the year 1600, they’d think you are mad. In those times people exchanged commodities. They did not know money as we know it.
Today we know a R200 note is worth more than a bag of oranges. Why? Because we have agreed as people that it is more valuable, NOT because it really is valuable. In reality IT IS NOT!
Ecoin is fast gaining mass adoption. Since you started reading this article, more than 100 people have signed up for ecoin. When these people reach 1 billion, they will just say out loud ‘our coin has more value than a bag of oranges’. And so shall it be!
How to Earn Cryptocurrency for Free
There is your first how to earn cryptocurrency for free. You don’t need any money for this. You don’t need any prior cryptocurrencies. All you need is a few minutes of your time and an email address. No one knows if this project will succeed or not. But, even if it does not, you ‘d have lost nothing!
Here is the deal
Click this link to sign up and get your free 600 ecoins. If you need more, there is a legitimate way to get more. After signing up, they give you a link to refer your friends to the project. A successful sign up by one of your friends gives you 600 more ecoins.
That’s how to earn cryptocurrency for free, if you ask me!
Upcoming Project: Btcexch
How to earn cryptocurrency on upcoming projects? Short answer: Airdrops! Airdrops are a marketing strategy used by new cryptocurrency companies to attract attention and gain loyalty before they even start operating.
It involves giving away free tokens to selected people, usually people already interested in the crypto technology. There is one such company at the moment; Btcexch. Btcexch is a new cryptocurrency trading exchange company.
They are giving away 1 000 tokens for every registration on their site. Together with the tokens, you get a referral link that you can give to your friends. Every sign up through that link during the airdrop period gives you 2 000 tokens. Now that’s another big how to earn cryptocurrency for free!
The airdrop ends on June 15 2020, when initial coin offering will be beginning. Visit the site for further details here.
How to Earn Cryptocurrency on CTO
The next platform I use to earn cryptocurrency for free is the Cloud Token Wallet app. Cloud Token Wallet (CTO) is a cryptocurrency trading wallet software. You store selected cryptocurrencies in their platform. The software uses your crypto coins to trade and pays you 6 to 10% interest in return. The payouts are in the form of their own token called cloudwallettoken.
They calculate interest payment on monthly basis, making it 6 to 10% earnings every month. Average interest you get saving money in a bank investment account is about 6% per year. This makes CTO a lot more profitable investment option than our banks.
I started using the Cloud Wallet app late December 2019. I put in a few cryptos to test the project. Up to March 2020, my earnings in the project had exceeded R1 000. If it was not for the effect of Covid-19 on world economy, I could have earned much higher than that..
How to Earn Cryptocurrencies: CTO Guide
You need a step-by-step guide on how to earn cryptocurrency on Cloud Token Wallet app. Unlike the straight-forward Ecoin platform, CTO platfrom is a bit challenging. But before beginning on how to earn cryptocurrency guide, it is important to say something about the project itself.
Just like the Ecoin Project, Cloud Wallet project is a very ambitious project. The main goal of the project, as I see it, is to fast track the adoption of cryptocurrencies into the mainstream economy. The project uses Arbitrage Trading to trade mainstream cryptocurrencies.
CTO Arbitrage Trading
They define Arbitrage Trading as “the trading strategy of simultaneously purchasing and selling a specific asset to profit from the price difference on different exchanges.” For me, this is higher cognitive stuff. I won’t try explain what it means. What I can say, though, is I found their trading system highly profitable!.
I need to clarify a point here. Most of us do not understand what enables a plane to lift itself off the ground and fly. But we all use planes without thinking twice. We care less about the technicalities involved as long as we reach our destination in one piece.
It’s the same with the arbitrage trading. As long as it gives me profits, it does not really matter how it works.
Prepare Your Coins
Knowing how to earn cryptocurrency on CTO starts with having your own crypto coins stored somewhere. If you do not yet have cryptocurrencies of your own, you need to start there. Read our previous post on how to buy bitcoin in South Africa. When you already know how to buy bitcoin, buying or exchanging other cryptocurrencies will be easy.
The next important thing before knowing how to earn cryptocurrency is to know how to stay safe on the internet. In the same post I mentioned above, there is a detailed section on how to stay safe on the internet. If you have not yet seen that post, go back there and make sure you understand the internet and cryptocurrency safety.
We start this part of our how to earn cryptocurreny believing that you already have crypto coins.
How to Earn Cryptocurrency on CTO
Cloud Wallet app operates only from a smartphone. Understand that this app has been made to become a payment system. You will be able to pay for goods and services at participating merchants using the Cloud Wallet Tokens (CTOs) earned from your cryptocurrencies. You can also exchange the CTOs to other coins like ether and bitcoin inside the app.
How to earn cryptocurrency on CloudTokenWallet:
- On your smartphone; open the Google Play app
- Type “Çloud Token Wallet” on the search field
- Choose the Cloud Token Wallet from the list of shown apps.
- Install the app.
After installing, it’s time to sign up for the project. Have a writing pad near by. You need to write your signup details and store safely.
Please note that you need to have a referral code in order to sign up here. In other words, you need someone to refer you to the project and give you their referral code. You will enter the referral code when signing up to be accepted.
- After installing, open the Cloud Wallet Token app.
- At the bottom of your screen, click “Create Account”.
- The next window needs your referrer’s referral code. Enter the it.
- Click “Proceed”.
- You are then prompted to setup and confirm your login PIN. Enter your login PIN.
- Click “Prceed”.
- Then setup your payment PIN and confirm it. This should be a combination of numbers only.
- Click “Proceed”.
Your backup mnemonic phrase follows.
- Copy the mnemonic phrase as indicated.
- Then confirm you copied your phrase correctly by re-arranging the phrase words.
- Then the app gives you your login ID, PIN, and Payment PIN.
- Copy them and store safely, together with your mnemonic phrase.
The app opens onto a dashboard showing all the cryptos that are supported. From here it depends which cryptocurrencies you want to stake in the software for interest reward. Let’s take bitcoin as our example.
- Scroll down the list of the cryptocurrencies.
- Click on BTC (bitcoin).
- On the next window, click on “Receive” to reveal the local bitcoin wallet address.
- The address will be visible below the QR code in the next window.
- Copy the address.
Now go to the wallet you stored your bitcoin. Use the CTO bitcoin wallet address to send in your bitcoin into CTO app. Wait for your bitcoin to show up in the app. Once your bitcoin appear, do the following:
- Click “Projects”.
- On next window, click on “Cloud 2.0 Terms & Conditions” to reveal the terms.
- Scroll down to the bottom and agree to the terms (click on the small circle).
- Then click on “Projects”.
- The next window takes you to Jarvis AI (artificial intelligence) platform.
- Scroll down and click on BTC (bitcoin)
- On the next box, enter the amount of bitcoin you want to stake in the project.
- If you are staking all your bitcoin, click on “MAX”.
- Then click “PROCEED”.
Your bitcoin will be transferred from the CTO bitcoin wallet into the Jarvis AI project. That’s all is there to do.
Sit back, enjoy you coffee and watch your bitcoin earning more cryptocurrency for you. In a day or 2 you will start seeing Cloud Wallet tokens accumulating in your CTO wallet. The app will also show an amount in US dollar proportional to your earned CTOs. That’s how to earn cryptocurrency on CTO.
I encourage you to find more information about the CTO project before committing your money. Visit their website, watch videos, and find more about the creator of the project, . When you are satisfied, use this referral code to sign up for the project: 7415106732.
Wrapping Up How to Earn Cryptocurrency For Free
For now, I am going to stop this how to earn cryptocurrency guide here. There are several other projects that can earn you cryptocurrency for free. So far, the best is the Ecoin Project. I edge you to register for the project. It carries a huge potential And, after all, it’s free!
I will add more projects as they emerge. Keep coming back. You don’t know what is around the corner!