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Coinbase is by far the easiest website to get started with for beginners in bitcoin and cryptocurrency. They have become known for the earn rewards section that allows users to earn cryptocurrency while on the platform. Let’s learn about using Coinbase Earn.
The earn rewards section of Coinbase has been on the site for several years, originally a stand-alone app, Earn, was purchased by Coinbase in 2018 and integrated into the Coinbase website. Users have four options to start earning crypto to their accounts: Recurring Buy rewards, learning about the cryptocurrencies they list on the exchange, Invite Friends, and Staking rewards.
With recurring buy rewards, users earn $10.00 after their fourth and eighth recurring purchase of $50 (minimum) in bitcoin on Coinbase.com. Users can use any payment method (bank account, debit card, wire transfer) available on to make the purchase.
The next option to earn crypto on the platform is learning about the various digital assets they list on its platform. Each lesson lists the amount of cryptocurrency the user stands to earn by taking the particular lesson. The length of each lesson varies, ranging from 3 to 10 minutes.
Coinbase users can invite others to use the platform; when they sign up and buy or sell $100 (minimum) of crypto, the user who invited them will receive $10 in bitcoin to their account.
The last option to earn crypto is with staking. Each cryptocurrency on the platform that can be staked has an estimated percentage or annual percentage yield (APY) of rewards the user may receive. For example, Cosmos has a 5.00% staking reward, and Tezos has a 4.63% staking reward. Currently staking is available for Cosmos 5.00%, Tezos 4.63%, Dai 2.00% (APY), and USDC 0.15% (APY).
Coinbase is an excellent option for beginners in cryptocurrency and digital assets; the platform is easy to use, navigate and has various educational tools. It is recommended that any crypto purchased on the platform (or any exchange) be transferred to a private wallet (one that you control the private keys) as soon as possible. Unless you are planning on staking or trading on the platform, you should transfer off the platform. If you would like to know more about transferring your crypto assets off an exchange, see our Edge Wallet Tutorial.
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