Kasfia Rashid - “Money Matters with Kash the Bookkeeper”
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Hello and welcome to week 6 of our 10 week Build a Business boot camp!
We are at the halfway point of our challenge and it’s time to make a hard right turn into the digital currency world. That’s right kiddos we are starting our Crypto business this week! Cryptocurrency is everywhere these days. Open your favourite tech or finance website, and it’s there. Watch the news, and it’s there. Speak to your co-workers, friends and family, and it’s there too. However, while such attention is great for the cryptocurrency industry, it inevitably means that obtaining bitcoin and other digital currencies is becoming increasingly expensive, with BTC’s price over 45k at time of writing.
Free money is nothing new to astute consumers: Credit cards have sign-up bonuses, bank accounts earn interest, and there are even tools to get cash back when shopping online. And now, you can get many of those same perks issued in cryptocurrency instead of credit card points or U.S. dollars.
If you’ve already added cryptocurrency to your investment portfolio, these options offer some extra coin on top of your initial investment — but you should know exactly how it works before diving in. You should also be prepared for the added responsibilities free crypto may require, especially when tax season approaches.
While some forms of free crypto, like crypto credit card rewards, are only taxed on the capital gains you earn when you cash out (just as any other crypto you buy with your own money), others may be considered taxable income when you receive it, and it’s your responsibility to report that to the IRS. Do your research to know your own tax obligations beforehand.
Show Objectives - The Why
Do you believe that crypto is the future of money? Of course, you do. That’s why you’re here. However, let’s face it. The current situation in the world has left many people out of a job, accepting pay cuts, or having to work reduced hours.
That’s led to lots of crypto evangelists feeling the squeeze, which means that many cannot afford to buy any crypto. But does that mean that you’re frozen out of the cryptocurrency markets? Absolutely not.
This week we are going to go over top ways to get free crypto. That way you can stack sats and altcoins without spending a cent. Sure, these methods are unlikely to make you a millionaire. However, many are perfect for people with a bit of free time on their hands, who want to get a toe in the water or increase their stack of crypto.
What You Need to Know - The What
Starting a crypto business may sound like accepting crypto as a form of payment for your products or services, and using third party merchants, like Paypal and Visa, doing so is a possibility now. But, not what we are going to be talking about today. Due to the massive popularity of Crypto, digital currency is itself has become a booming business. One you can start with your laptop, and time, today. EVEN IF YOU DON’T HAVE A CRYPTO WALLET and without ANY INVESTMENT! Evaluate any opportunity for free crypto critically before participating. Many of the more legitimate ways to earn “free” crypto require at least some upfront work, like taking lessons on Coinbase Earn or navigating a shopping portal for crypto rewards. And promises of free money are ripe for manipulation from scammers. Never accept an unsolicited offer for free cryptocurrency, and do your own research into any opportunity before you take part. Let’s break it down:
1. Shopping Rewards
Lolli, a Google Chrome or Firefox browser extension, offers “Bitcoin Back” when you shop with its retail partners. It works similarly to browser extensions like Rakuten or Honey that offer discounts and cash back when you use the portal or extension to shop online. Like those programs, Lolli rewards you for spending regular money just as you normally would when shopping online — not for making purchases with crypto.
Retailers on Lolli range from Nike to Sephora to Malaysia Airlines. Rewards go from 1% to as much as 30% Bitcoin back, depending on the retailer and product. Your rewards will go into your Lolli account, and then you can transfer them to your crypto wallet or exchange account. Earn $5 in bitcoin by clicking here: https://lolli.com/share/8rYKBf8PJc
2. Credit Cards
A cryptocurrency credit card works similarly to other rewards credit cards, but instead of earning cash back or points with every swipe, you’ll get cryptocurrency. While we love simple cash back rewards (and you can always buy crypto with your cash back earnings), these cards can help you more seamlessly pad your crypto portfolio. Gemini and other exchanges have announced plans for cryptocurrency rewards credit cards, along with fintech companies like BlockFi and Upgrade. The rewards categories on these cards are similar to many traditional cash back credit cards. BlockFi Credit Card, for example, earns a flat 1.5% back in Bitcoin on every purchase you make, after earning 3.5% back for the first 90 days after account opening.
3. Look Out for Exchange Sign-Up and Referral Bonuses
Some cryptocurrency exchanges offer sign-up or referral bonuses for using their services. A previous Coinbase sign-up bonus offered $5 to new users to invest in crypto, for example, and the exchange currently offers a $10 bonus to both you and your referral when they make an account and trade at least $100.
Make sure you pay attention to the terms of these bonuses. You may be required to provide more personal information or go through other actions to claim these rewards. Most of these offerings aren’t lucrative enough to warrant signing up for an entirely new exchange if you already have an account, but if you’re a beginner, keep an eye on exchanges you’re considering to see if they offer a sign-up bonus or referral for other friends that may be interested.
4. Coinbase Earn
Popular cryptocurrency exchange Coinbase offers incentives for using the platform’s Learn hub. In order to get the free change, you’ll need to watch Coinbase’s videos, take quizzes, and then Coinbase will deposit a small amount of crypto into your wallet. The content is typically focused on a specific altcoin (like GRT and BOND) and, as a result, these are the coins you’ll earn for going through the lessons.
Because altcoins generally aren’t recommended for long-term investing, you can convert these lesser-known coins into Bitcoin or Ethereum once you earn them. But remember to keep track of these transactions, as every crypto-to-crypto trade is taxable. Additionally, you should track the price value of all your earnings through Coinbase Earn, and report them as income on your federal tax return. If you earn over $600 through the program, Coinbase will issue you a Form 1099-MISC, which you can use to report your earnings.
You’ll need to have a funded Coinbase account, live in an eligible country, and verify all of your personal information to start earning with Coinbase Earn.
5. Earn Interest on Your Bitcoin
A few crypto exchanges allow you to earn interest on your cryptocurrency holdings. Gemini Earn, for example, is a lending program in which you lend your crypto to institutional borrowers and can earn up to 7.4% APY. BlockFi has a similar offering, BlockFi Interest Account, which accrues interest up to 7.5%. Lending your crypto out to these institutions can add even more risk on top of the built-in risk of cryptocurrency, so make sure you read the terms carefully before you sign up and don’t lend more than you can afford to lose.
You can also earn interest by staking on some crypto exchanges, like Binance.US. Staking means leaving cryptocurrency in your wallet to earn rewards or interest. By doing so you help maintain the blockchain network. You can usually only stake certain coins within an exchange, which may require buying into more risky altcoins to reap the benefits.
Interest you earn on your crypto as well as earnings from staking are both taxable, and your responsibility to report as income. If you choose to participate, you’ll need to track the cost basis of your earnings throughout the year to include on your tax return.
Of all the methods for earning free crypto, airdrops carry the most risk — more than we believe is worth the benefit for most investors. Developers perform airdrops when they want to gain traction for their new cryptocurrency. Put simply, they give away coins to try and garner adoption.
What You Need to Know - The How
But how does one START doing this TODAY? Pretty much.. Sign up.. And start earning! Want to be more proactive in your passive income efforts? Understandable.. Check out these opportunities:
Mine crypto from your web browsers: https://cryptotabbrowser.com/landing/22/22755006 n CryptoTab, you can create your own mining network by inviting new users via your personal link. Mining network includes up to 10 levels of referrals, which means you will get income from your friends mining, their friends mining and further on. In addition, the number of referrals on each level is unlimited. By inviting just a few people, you can significantly increase your income.
https://www.freecryptoearning.com/ : FREE CRYPTO EARNING is a mining and crypto currency holding company, We mine and buy cryptos and at a low price and hold them until desired profits are achieved. We also invest in new and emerging ICO tokens which are still at early stages of development and have a good team of developers behind them. So we can help our investors to make great profits from them. We used cloud based mining to achieve stable and long term profits from crypto currency. The trust and support of our members is most important for us and we always look forward to long term relationships.
Earn while you learn, Acquire crypto assets in a fun and low risk way, by taking lessons and testing your knowledge: https://coinmarketcap.com/earn/
Earn by Completing Task on Earn.com :Earn.con is a platform where users can get rewarded for completing the task and replying to the email. They have recently collaborated with Coinbase and launched a program to earn while learning. Coinbase invites verified users who can earn by answering questions or by completing tasks. This provides actually an opportunity for users to learn about cryptocurrencies and the platform and to earn is an added incentive.
Blogging for Crypto: Publish0x supplies crypto and you don’t need any cryptocurrency to use the platform.
That crypto can then be used to tip blog post authors. You simply select how much you want to tip the author of an awesome blog post and how much you want to keep for yourself. So if you’re a bit of a wordsmith then you can monetize those writing skills by posting content on Publish0x and getting tipped by users.
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Written by Kash the bookkeeper
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