One of the simplest ways to understand cryptocurrency is to compare them to rewards programs. For instance, if you consider airline rewards programs or any shopping rewards programs, you are granted rewards for various activities. Instead of collecting rewards points, you are obtaining coins. There are at least 2 main differences between rewards points and cryptocurrency coins though.
- There is a maximum circulation of coins available. Currently, new Bitcoin are generated through mining coins. There are only 21 million Bitcoin available to be mined, which could take another 100 years to mine all available Bitcoin and miners would no longer be able to mine more Bitcoin and would only receive Bitcoin from the Proof of Work process by the transaction fees instead of mining. Because there is a max circulation of any cryptocurrency by design, this does increase value of the coins if there is a demand for the coin and limited supply. This similar to what drives the price of precious metals and gems.
- Coins can be held in a digital wallet and be sent to others as payment. Coins can be used to buy and sell goods and services. The more people or business that accept these coins as forms of payments, the higher demand for the coin which will drive up the value..
There are certainly other differences, but these are the most basic ones. Understanding the purposes of the cryptocurrency coins and how they are generated may help you determine what coins you may want to hold (HODL – Hold On for Dear Life.)
How to Get Free Cryptocurrency
The best cryptocurrencies are generated based on an idea or purpose. Bitcoin is generated by miners who verify transactions and add those transactions to a publicly available ledger called the Blockchain. The Blockchain ledgers are very secure and designed to be immutable. Other Cryptocurrencies like KuCoin Shares, or Theta Token/Theta Fuel, or Basic Attention Token are designed to fund a project or idea.
Free KuCoin Shares
I am very fond of the KuCoin Exchange. KuCoin has it’s own Ethereum based coin known as KuCoin Shares (KCS) that is charged as exchange fees. Each day, the KuCoin Exchange uses half of the profits generated from daily exchange fees to purchase KuCoin back from the marketplace and distribute those to anyone that holds at least 6 KCS. This is similar to profit sharing distributions or dividends paid out to shareholders of dividend yielding stocks. If you have set up a KuMEX account as well, you will get distributions from half of the exchange fees traded on the KuMEX exchange as well.
While the daily distributions change based on the volume of trades on the exchanges, in the last 6 weeks, I have received almost .5 KCS and hold around 100 KCS daily. That comes to about .1 KCS each week At that rate, I should be able to generate about 25 KCS annually or 25% ROI. That is a massive return. This is all very variable though depending on both the trading volume on the exchange and the number of KCS holders who qualify for the bonus. Currently, this is the easiest passive income generator that I’ve found.
While KCS has a real world value than can be converted to US Dollars, there are more are online and offline stores this items that can be purchased by KCS. There are also services to pay private expenses and even loans that are made in KCS. You can get a list of vendors and services that work with KCS here.
KuCoin also is also paying daily rewards for some other coins on their exchange. This is a process called “soft staking” which is similar to staking a coin, but does not require a period of time that the coins are “locked up.” Locking up and staking a coin would be similar to investing in a Certificate of Deposit (CD) in which you will receive a guaranteed yield over time, but not have access to the money that is tied up in the CD. Soft staking means that the crypto coins only have to be held for a short period of time to receive the daily rewards. KuCoin is working on a subsidiary program, Pool-X, that should further enhance the soft staking opportunities. Coins currently available at the time of this writing for soft staking are:
The rules to receive the daily rewards are in the links above. An overview of KuCoins soft staking can be found at https://www.kucoin.com/news/en-soft-staking-cash-back-investment-program
An interesting initiative is Silver TV and the Theta Token. Theta is a new technology that is peer to peer bandwith sharing to increase streaming capabilities. Sliver.TV is one of the many partners in the Theta Token intiaitive to implement the new bandwidth sharing protocol. They have also integrated with the live streaming service, Twitch, which is owned by Amazon.com. Sliver.TV pays viewers of streamers in ThetaFuel. Theta Fuel can be spent at Sliver.TV store. While the Theta and Theta Fuel Tokens are not traded in the KuCoin Exchange, Theta can easily be converted to Ethereum in the Theta Token Wallet. Ethereum is currently the second largest Cryptocurrency and can be exchanged almost anywhere.
Recently, Wikipedia has recently become a Verified Publisher in the Brave Network and is not accepting BAT contributions. If you use Wikipedia, I recommend downloading the Brave Browser and contributing.
Once caveat of using the Brave Browser is using sites that need scripts to operate. I was having trouble logging in to my KuMEX account until I disabled the Brave Shield.
Gettting Free Crypto
While there are a variety of sources to obtain free cryptocurrencies, these are great ways to obtain and build up various cryptocurrency coins and tokens for doing nothing different than what you are likely already doing. It’s a great way to support interesting projects and engage the cryptocurrency communities.How to get Free Cryptocurrencies Click To Tweet
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