Learn & Earn: The How & Why of Coinbase Earn
Noobs are understandably sceptical when you tell them that you can earn free crypto simply by learning about new projects. So here's the how and why of Coinbase Earn's unique project.
Over the past year or so Coinbase’s Earn platform has grown in popularity. Acquired by Coinbase in 2018, Earn was originally a place for accumulating bitcoin by completing micro tasks like replying to emails. But now the concept’s been tweaked a little.
In 2020 you’ll watch educational videos that teach about new coins and tokens, get your knowledge tested by a subsequent quiz, then receive said tokens as a reward for passing. Basically a less stressful and considerably more lucrative version of school exams.
Tokens currently available include Tezos, Eos, Orchid, Dai, Basic Attention Token and Stellar Lumens. And for each one you can earn 6, 50, 52, 20, 8 and 50 dollars respectively.
It’s important to note that the amount of cryptocurrency you earn is based on the USD price of the cryptocurrency at the time of earning. So whilst your token value earned will stay the same, the fiat value will fluctuate once it’s in your Coinbase account as the price of the currency changes.
Ok, how do I get started with Coinbase Earn?
If you’re not already a Coinbase user, providing you’re a member of one of these countries, and not a New York state or Hawaii resident, visit Coinbase.com and ideally do it via a referral link such as this one. That way both you and the originator of that link will receive $10 for free when you make a purchase of $100 dollars or more within 180 days of signing up.
To complete your sign up there will be the usual mix of details to submit such as your email. Then you’ll need to set up two factor authentication. This can be done via your phone number and SMS.
This does however pose security threats to you. So instead, we recommend using the Google Authenticator app. Upload some I.D. such as a passport or driver’s licence to meet the KYC requirements, submit your payment info and you’re away.
If you are a Coinbase user, make sure your account is at the maximum level, by verifying your phone number, your personal information and photo ID. You’ll also need to meet a few internal fraud and compliance-related criteria.
If you’re from The United States, The United Kingdom or a handful of E.U and other choice nations like Singapore and Australia, then you’re ready to earn and learn. If not, then unfortunately you’re destined for a wait list.
A little but about referrals
As mentioned, you can earn sums of $6 - $52 on Coinbase Earn, but for extra dollars Coinbase is offering more if you refer fellow earners. Yes, that’s on top of any referral cash you make from simply inviting people to Coinbase. Orchid (OXT), EOS, and Stellar Lumens (XLM) each add the option to invite up to 4 people to learn about said currencies. For each person that uses your referral link and completes a lesson, you the referrer, will receive $10 USD in the crypto they’re learning about. Let’s crunch some numbers; you can earn up to $186 by learning about crypto and a further $120 – ($10 x 4) times 3 by referring friends… What a magical age we live in.
So why exactly is Coinbase giving away free money?
If you’re looking for a catch you won’t find one. Coinbase is the market leader in crypto exchanges. Therefore, by educating and bringing more people into crypto they grow the market and their bottom lines. One also needs to remember how Coinbase Earn fits into the bigger picture of crypto.
Many factors are holding us back from mass adoption, education being one of them. The geeks and the privileged will educate themselves easily. But for the world to flip from fiat banking, a farmer in Nairobi needs to have as little barrier to entry as everyone else. Coinbase earn helps to remove this education barrier. However, it also helps to remove another one.
In its purest form, Coinbase Earn a way to on-board anyone who’s remotely curious about digital assets and would like to try them with zero risk and little effort.
For about a decade there have been just two main ways of acquiring crypto; mining or buying. To mine you might as well need an IT degree and way more than a typical farmer’s bank balance. And to buy it, you’ll need some semblance of a disposable income.
Coinbase earn is the perfect third way for those that might previously have considered themselves out of the game. Now a farmer in Nairobi – or anywhere - can join this economic revolution as it gains momentum, all from his smartphone at zero cost.
When you think about it, this isn’t just a cunning ploy to get the entire third world on-board. In its purest form, Coinbase Earn a way to on-board anyone who’s remotely curious about digital assets and would like to try them with zero risk and little effort. Right now this is most of our planet. From farmers in Nairobi to mums in Iowa. Hence why it’s necessary for both mass adoption and Coinbase’s growth.
In their words;
"Coinbase's mission is to create an open financial system for the world. We believe this is the highest leverage way to bring about more economic freedom, innovation, efficiency, and equality of opportunity for everyone.”
Coinbase Earn is a triple win. You the earner win (obviously), Coinbase does by growing its user base and the crypto community/the planet wins as a whole. Like any currency, crypto’s value relies on mass trust. I value and trust it because someone else does. And with Coinbase bringing in potentially millions of new people into the crypto sphere, everyone from a HODLr, to a trader to someone that hasn’t even heard of Coinbase will benefit as more people get involved and help raise Crypto’s market cap.
Go to Coinbase Earn, start growing your stack and help bring crypto one step closer to mass adoption.
Grow Your Stack at Cloudbet
The Cloudbet blog is focused on sharing ways to grow your stack. Bitcoin faucets are a real opportunity to accumulate crypto, albeit requiring your time and attention in return. Once you get a foot on the first rung, you can really boost your portfolio by moving from accumulation to speculation, and depositing your coins at Cloudbet. You an even use a credit or debit card to get started: