People have been trying to earn crypto ever since the creation of Bitcoin back in January 2009.
Initially, the main motivation was just to experiment with the technology, but as earning cryptocurrency has become more and more accessible it quickly morphed towards a popular way of generating income.
When thinking about earning crypto, many still picture shady Bitcoin faucets that pay pennies for watching ads or downloading software. That thought couldn’t be further from the truth.
Fact is, cryptocurrency freelancing is a flourishing ecosystem nowadays.
Most newcomers think that the only way to obtain cryptocurrency is by buying it. That is not the case anymore, and in this article we will show you 7 reasons why you should be earning cryptocurrency instead of buying it.
Pushing adoption forward
For cryptocurrency to gain traction in the real world, individuals need to stop using it exclusively as a vehicle for speculation and start making use of it more often as a medium of exchange.
This is a shift that will happen slowly, and where online businesses and freelancers will have to take the first step. It is significantly easier for a freelancer to accept a Bitcoin payment rather than for a company like Walmart to integrate Bitcoin payments into their thousands of stores.
Therefore, freelancers and online businesses will have to take the lead on this adoption milestone. And when you opt for earning some crypto instead of buying it, you are among the few people brave enough to actually work towards this milestone.
You reduce your risk
One of the main reasons why people are scared of investing in cryptocurrency is the high volatility and the risk of losing their money.
That risk fully fades away when you earn your cryptocurrency instead of purchasing it because you don’t have to risk any of your savings.
Furthermore, this approach is especially powerful if you bring it to an extreme. You could for example work in exchange for ICO coins or highly speculative small caps.
In that situation, if the coin fails, you won’t really lose any money since you didn’t invest anything. However, if the coin succeeds and appreciates in value, then you may obtain an outrageously high return.
Although there are certainly highly sophisticated cryptocurrency jobs, earning some coins can be as easy as liking a tweet, upvoting a post on reddit, or submitting feedback about a product.
Completing these micro-tasks in exchange for cryptocurrency is a practice that is referred to as “Bounty Hunting” and has become part of the marketing budget of many cryptocurrency companies.
Cryptocurrency “Bounty Hunters” generally complete simple tasks for blockchain startups in exchange for the native coins generated by that same startup.
This enables startups to pay for work in a coin that they generated themselves, and it enables individuals to earn a coin they think has potential very easily. A beautiful win win situation.
It may be your only option
If you live in a country like China or Iran, where cryptocurrency exchanges are illegal, then earning crypto might be your only option to get involved.
All exchanges that enable you to convert fiat money into crypto have a central element to it and can hence be easily shut down by the Government. However, this does not apply to freelancing.
Nobody can stop you from completing an online task, like writing an article or writing some code, and receiving Bitcoin in exchange.
You can potentially make a killing
There have been several cases of cryptocurrency workers that made large sums of money in just a short period of time. This is usually connected to the volatility of the coins that they are earning.
One inspiring example is the one of Crypto Shaolin, who explained in an interview on WIRED that he had earned $50k+ in just a few months of completing micro-tasks on Bounty0x.
Another interesting example is the one of individuals that participated in the Elixir airdrop, which ended up netting participants $5,000+ just for submitting an Ethereum address that the tokens should be sent to.
You build skills and reputation
Buying cryptocurrency doesn’t teach you much and is not a marketable skill. Anyone can sign-up on Coinbase, deposit some fiat, and buy Bitcoin.
However, earning cryptocurrency enables you to refine your existing skills or even build new ones. This could potentially have a long-lasting impact on your career as cryptocurrency continues getting traction and more companies look for people with blockchain-related skills.
You may think that this only applies to highly technical skills like software development. But that’s not the case.
Also rather simple jobs like writing are known to be paid a premium in the cryptocurrency world since the skill is in high demand, and there aren’t many people that can offer it.
Money aside, if you like experimenting with new technologies and share the vision that a world with crypto is a better world, then you will enjoy earning cryptocurrency.
Many tasks for earning coins consist in helping a certain cryptocurrency become more adopted or in helping a small blockchain startup gain traction.
Either way, you are part of something important, and that can be very fulfilling and fun.