In my last blog post, I wrote about creating a MetaMask wallet. Then again, I know it isn’t much fun without any real crypto to play with – which brings me to what I’m about to write.
I feel that the real tipping point is when people can earn crypto, rather than buy crypto. When I am buying crypto, it is hardly anything more than a transfer of value from one asset class (cash) to another (crypto).
So. Coinbase is basically a centralized fiat-to-crypto exchange. Yeah, fiat money as in currency. Centralized because if they got hacked or ‘closed shop’ tomorrow, poof goes our money and crypto. In simple terms, use our S$ to buy crypto.
Errrr, no. I’m not asking you to buy crypto. But yes, go ahead and register with Coinbase first. You’re going to need to get your account verified by following the instructions, after which you can earn some crypto by completing a few simple lessons and answering easy quizzes within the Coinbase website.
The lessons are incredibly simple. Watching a video that lasts a couple of minutes and answering a 1-question quiz pocketed me US$2.
The Coinbase Earn lessons that let you earn crypto varies with time, but I’ve managed to participate in these for a grand total of US$50 worth of tokens :
- Earn Dai (US$20)
- Earn Basic Attention Token, BAT (US$10)
The availability for these had ended when I first got to know the program, but they magically went ‘live’ again shortly after. Lucky me?
- Earn EOS (US$10)
- Earn Stellar, XLM (US$10) — Thanks! All 4 entries claimed!
The availability of crypto earning opportunities are at the full discretion of Coinbase, which means there is no guarantee that all earning opportunities will always be open. At the point of writing, there are another two crypto that are listed in Coinbase Earn but does not offer any rewards for completing the lessons. Well, they might again, in future.
- Zcash, ZEC
- 0x, ZRX
IMPORTANT! Just because these token are listed on Coinbase Earn does not mean they are worthy of investment! There is no correlation at all!
But I only want Bitcoin (BTC). Or Ether (ETH).
I know, I know. You don’t want these ‘shitcoins’.
Easy way to do it. Simply exchange them for Bitcoin (BTC) or Ether (ETH) on Coinbase and transfer them to your own wallet. Let’s say you only want Ether since you have created a MetaMask wallet in my previous blog post.
- Create your MetaMask account.
- Create your Coinbase account and get verified.
- Complete all the lessons in Coinbase Earn.
- Convert all the tokens to ETH.
- Send the ETH to your MetaMask.
- Have fun! 😀
To be honest, who doesn’t want free money? US$50 is a decent amount of money and you can use it to try out lots of crypto decentralized apps (Dapps) such as Compound Finance without having to put in any of your own. How nice!
Once upon a time, I used Coinbase but banks started not to play nice. One by one, credit cards stopped working with Coinbase. I wasn’t happy about not being able to spend my own hard-earned money and stopped logging in altogether.
All in all, pretty happy to get US$50 out of it now when the chance came along!
Tip : If you want to secure your crypto accounts with two-factor authentication (2FA), I recommend using a tool like Authy that allows for easy backup. Saves a lot of trouble when it comes to replacing of mobile phones etc.
P/S : The two links (EOS
and Stellar) to Coinbase above gets me $10 when you sign up and complete a lesson. You don’t have to use those links! Feel free to sign up via the vanilla website URL www.coinbase.com 🙂
Update : Thanks, anonymous, for using my link. Hope you found it easy.
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