Do you want to earn rewards and bonuses without the hassle of a credit card? If so, then spending cryptocurrency might be the way for you.
Cryptocurrency as a digital means of payment is finally gaining popularity in the last few years. It's not so uncommon to use it for online transactions anymore, it can be traded in exchange for other currencies or products.
In this post, we will focus on one particular aspect of cryptocurrency - its incentives when you use them to make purchases.
There are numerous cryptocurrencies to choose from, including Bitcoin, Ethereum, and Litecoin. Each has unique features that make it attractive to users.
10 Tips for earning crypto rewards
Here are 10 easy tips to help you start earning rewards with cryptocurrency:
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Use A Cryptocurrency Credit Card For Online Transaction
Cryptocurrency credit cards allow you to spend your coins like regular currency.
This is a great way to use your coins for everyday transactions and earn rewards and bonuses. Several different cryptocurrency credit cards are available, like the Binance Visa Card, BitPay Visa Card or the Wirex Visa Card. These cards work like regular credit cards and can be used in all retailers that accept prepaid Visa cards.
The best way to earn rewards using crypto credit card is to purchase online or in person, because crypto cards come with cashback and discount coupons when you use them for payments. There are plenty of online retailers that accept cryptocurrency, which you can use to get discounts or rewards.
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Stake Some Of Your Cryptos
Staking your cryptocurrency means that you're holding onto it instead of spending it. When you stake a certain amount, the network will reward you with coins.
Another benefit of staking is that you support the security of the blockchain, without practically risking much. Learn how to stake on Solana to get started if you want to know more.
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Get A Cryptocurrency Wallet
A cryptocurrency wallet is a digital storage device that allows you to store your coins. There are several kinds of wallets, such as hardware wallets, software wallets, and web-based wallets.
In 2024, most wallets support PoS alt coins and offer bonuses and rewards. Those are either in a form of “savings account” or as staking directly from your wallet. Staking is the safer and less risky option.
Because lesser-known cryptocurrencies can’t usually be acquired by direct bank transfers yet, the best option to transfer your crypto is by using conversions. Many banks support common cryptocurrencies today (like Bitcoin). This can be converted from your existing cryptocurrency. For instance, if you have a KuCoin, you’ll have to exchange it with a different token to transfer the bank to the crypto wallet in your bank account. If you’re interested, you may visit https://cryptochronicle.io/how-to-withdraw-funds-from-kucoin/.
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Use A Cryptocurrency ATM
A cryptocurrency ATM is a machine that allows you to buy and sell cryptocurrencies using cash. These machines are becoming more popular, so be sure to look for them in your area.
Cryptocurrency ATMs have slightly different pricing than exchanges like Coinbase, so you might easily profit by buying on an exchange and selling in an ATM. However, be sure to check the ATM’s fees.
Some cryptocurrency ATMs also offer rewards and bonuses for using their services. Unlike a regular ATM, cryptocurrency ATMs aren’t linked to a bank account. They link to a cryptocurrency exchange connected via the Internet. Crypto ATMs can be used to buy and sell various cryptocurrencies because they have the same components as a regular ATM, including a monitor, bill acceptor, bill dispenser, and QR scanner.
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Join A Cryptocurrency Pool
A cryptocurrency pool is a group of small crypto holders who mine or stake cryptocurrencies. Cryptocurrency pools such as Genesis Mining or AllNodes might offer rewards and bonuses for joining their pool. They are always a good way to earn rewards even if you are a small holder. In staking this principle works less so than in mining, but in both these activities there are better rewards if you participate with a lot of money or a lot of resources at once.
So, for smaller investors the rewards gained through a pool will be typically somewhat better than what they could earn on their own.
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Mine A New Cryptocurrency
If you want to earn rewards with cryptocurrency, you might consider mining it yourself. Mining cryptocurrencies can be a great way to earn rewards. However, it does require resources and time.
Mining newly launched cryptocurrencies is always much easier as there is less competition. You may want to check if any of the new coins that you gained via airdrops doesn’t have a good mining opportunity.
However, before considering this path, keep in mind that mining a new cryptocurrency is costly and painstaking, but the rewards are worthwhile if you succeed. You can even earn more cryptocurrency without putting down your money through mining. You can set up a mining rig using an application-specific integrated circuit (ASIC) and graphics processing unit (GPU).
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Trade-In Cryptocurrency For Goods Or Services
Some p2p marketplaces allow you to trade cryptocurrency for other currencies, products, and gift cards.
These sites offer great rewards when using them to make trades with your coins which you can use on future transactions.
More and more businesses are now accepting cryptocurrency as a method of payment, so the next time you go shopping, you won’t need to bring cash or charge your credit card but use your crypto earnings instead.
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Participate In A Cryptocurrency Bounty Program
A bounty program is an online program offered by cryptocurrency developers to encourage users and companies in the community to promote their coins. When participating in a bounty program, you earn rewards when completing marketing tasks for that project or company, if your work is approved by the bounty manager.
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Turn Your Dollars Into Stablecoins
Stablecoins are a type of cryptocurrency pegged to the value of another currency.
They offer stability and can be used for online transactions. Furthermore, they are easy to use and can be converted back into your original currency at any time.
Stablecoins have the advantage that you can stake them or lend them for a far higher interest rate than what you can get in your bank for the equivalent fiat.
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Lend Some Of Your Crypto To Earn Interest
You can use smart contracts to lend out some of your cryptocurrency and earn a small amount of interest on it. You can choose how much you want to charge for lending so that you can receive more rewards on future transactions.
This method is reasonably safe if you're careful about whom you decide to loan with.
Conclusion
There are a few different ways to earn rewards with cryptocurrency.
Using it for everyday transactions lets you get discounts and bonuses from various sources. You can also invest in it, join a pool, or participate in bounty programs to increase your earnings.