What does Earning Cryptocurrency Mean?
Explanation.
Earning cryptocurrency means you get rewarded with cryptocurrency for doing certain things. These may include playing a game, participating in a learning exercise, working out and more. There are both passive and active methods to earning cryptocurrencies.
Active Methods to Earning Cryptocurrencies.
Earning through Play-to-Earn.
Play to earn (P2E) games can be categorized under the cryptocurrency context of Game-Fi. These games have become more dominant in the cryptocurrency market space. They enable anyone to be able to earn cryptocurrencies by playing games. For example, you could explore a land in a game, mining cryptocurrency you find on that land or gain from loot boxes within the game. Even though certain P2E games exist on their own, there exist a number of platforms that host numerous P2E games of various niches.
Metacade (MCADE).
Metacade is one of the recent additions to the P2E gaming platform service providers, and one of my favorites. They launched the presale of their token $MCADE in 2023, and have over 10K+ holders. They have an active platform with ready to play games and a friendly community.
- https://token.metacade.co/
- https://coinmarketcap.com/currencies/metacade/
Axie Infinity (AXS).
Axie Infinity is a virtual world where you can engage in activities from battling to earning resources and collectables which can be traded on an open marketplace. AXS is the native token of Axie Infinity. By 2022, Axie Infinity had establish a rapport as one of the biggest P2E games in Game-Fi with over 3 million monthly players.
Earning through Learn-to-Earn.
Several cryptocurrency exchanges and other platforms have learn-to-earn (L2E) programs. These programs allows anyone to be able to earn cryptocurrencies while learning about them. This is a wonderful idea because it makes the learning process fun to do and less tedious.
Binance Learn-to-Earn.
Binance provides a user-friendly and strategic learn-to-earn (Learn and earn) programs for all it’s users. Binance Academy is a massive wealth of resource providing these services. Earning is usually done by watching videos, and answering a few multiple choice questions that follow.
Binance Word of the Day.
The Binance Word of the Day (WOTD) program is a special kind of blend between P2E & L2E. Here, you learn about cryptocurrencies by solving word puzzles. I am kind of a wiz in this. I currently have a discord server dedicated just to the Binance WOTD quizzes.
Solutions can be found in our fun zone!
Coinbase Learn-to-Earn.
Coinbase is another active provider of L2E services. As it states clearly, you learn about crypto and earn rewards.
Passive Methods to Earning Cryptocurrencies.
Earning by Staking.
Staking is when you lock up your cryptocurrency for a certain period of time to support the operations of the blockchain by helping to validate transactions ensuring that only legitimate data is added to the blockchain. Cryptocurrency blockchains that allow staking use the proof-of-stake consensus mechanism.
Examples of cryptocurrencies that can be staked involve but are not limited to; Ethereum, Cardano, Solana, Polkadot and more.
Mining through third-party.
Mining cryptocurrencies have become a very costly process and to cut down on that cost, most people prefer to mine using third-party services. The most engage form of third-party mining is cloud mining in which users can mine from anywhere in the world through remote mining data centers. You simply go to a cloud mining service provider, register on their platform, pay for the services you want and wait for your rewards as you earn.
Examples of cloud mining providers include but are not limited to; ECOS, Genesis Mining, NiceHash, and more.
Mining through third-party service.
Mining cryptocurrencies have become a very costly process and to cut down on that cost, most people prefer to mine using third-party services. The most engage form of third-party mining is cloud mining in which users can mine from anywhere in the world through remote mining data centers. You simply go to a cloud mining service provider, register on their platform, pay for the services you want and wait for your rewards as you earn.
Examples of cloud mining providers include but are not limited to; ECOS, Genesis Mining, NiceHash, and more.
Lending your cryptocurrency.
Like physical cash, you can lend your cryptocurrencies for kickbacks in return. This does not mean you should meet anybody and lend it to them, like you will be scammed so be careful. Nowadays, reputable cryptocurrency exchanges such as binance have server lending services where you can go lend your cryptocurrency to users on their platform. Binance has the binance savings (Flexible/Fixed) where you get a percentage for saving your cryptocurrency on binance. Others do exist.
Helpful Cryptocurrency Exchange Guides?
We have searched the internet and looked for helpful beginner guides to get you started on cryptocurrency earning. As always, these resources are meant to better educate you, enhancing your understanding of cryptocurrencies.