In this guide
We are focusing on one of the features that Coinbase offers, known as Coinbase Earn. We will explain how Coinbase Earn works, sign up and get started features, and why users value the program.
In addition, we will examine the amounts you can make while learning and the components linked to Coinbase Earn, and whether you should consider trying the program.
About Coinbase Earn
Coinbase has grown to become one of the world’s largest digital currency exchanges, with over 56 million users. The platform is a fully registered and regulated cryptocurrency exchange broker that operates in over 100 countries worldwide.
In 2018, it introduced Coinbase Earn, which allows eligible clients to learn about various cryptocurrencies through instructional, informative content in the form of educational material as part of the central Coinbase platform.
Coinbase Earn works by watching educational videos that teach users about different cryptos. Subsequently, the learners complete a simple quiz testing what they have learned. Upon completion, they are awarded crypto to their Coinbase wallet.
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The brokerage believes in three life cycles when it comes to how people get crypto. Initially, mining was the primary form of obtaining digital assets. Later, millions of individuals began purchasing crypto; however, Coinbase thinks that going forward, people will obtain crypto through earning it. They feel that learning and earning go hand in hand because the best way to acquire knowledge about something is to utilize it and engage with it, which is the purpose of the earn-style tasks.
Why users like Coinbase Earn
Coinbase Earn enables customers to earn coins while learning about them in an uncomplicated and engaging manner. The procedure is straightforward: watch videos on your preferred crypto and then complete a short quiz or assignment to test your understanding of the topics in the videos.
When you correctly answer the questions Coinbase will credit your Earn account for that specific cryptocurrency.
EXAMPLE: Below is a video lesson about Celo which aims to make financial tools accessible for anyone with a mobile phone. Learn how it works and you’ll earn CELO (initially listed on Coinbase as CGLD).
Users take satisfaction in the Coinbase Earn program, as not only does it make it simple to earn money with Coinbase, but it also assists beginner investors in gaining the required abilities and information to trade in cryptocurrency.
The initiative is open to all qualifying Coinbase users, who may access instructional information on any supported crypto-assets. Eligible customers can “unlock” lessons in addition to the content already on the platform to earn extra coins.
In a breakdown, Coinbase receives earnings from the asset issuer (e.g., Compound or EOS). As Coinbase is one of the leading cryptocurrency brokers, it is a simple method for asset issuers to gain new eyes on their new cryptocurrency offering.
You receive free cryptocurrency, Coinbase profits from the asset issuer, and the asset issuer has the opportunity to promote their product.
How much can you earn with Coinbase Earn?
The incentives may range from $1 to $12, being the highest, and they are not simply there to encourage people to participate in the program. If one chooses to study every coin featured in the program, it will reach a reasonably handsome amount. Users have received more than $100 million in cryptocurrency since the introduction of Coinbase Earn in 2018.
One must note that earning opportunities are only available for a limited time and to a small customer set.
The amount you obtain on the Coinbase Earn program is determined by the number and nature of the activities and the strength of the USD relative to the specific cryptocurrency spot price at the time. Even when the dollar value varies, the amount of tokens remains the same as the cryptocurrency’s price fluctuates.
Customers may earn additional cryptocurrency on particular Earn projects by introducing others to Coinbase Earn through a referral link. Once the person has signed up via your link and finished the first class, you will receive a $10 reward per registration.
Some of the leading crypto assets supported on the Earn program are Band, MATIC, MKR, ALGO, and EOS. The complete list of these cryptocurrencies is available on the Coinbase Earn website. Additionally, due to the limited quantity of awards, it may be some time before the platform refills them.
How to start learning and earning on Coinbase
There are two paths to enter the Coinbase Earn program, either via a referral mentioned above or by directly applying from your established Coinbase account. It is crucial to bear in mind that there are eligibility requirements in order to begin using the feature.
Option 1: Referral route
The individual must enter through a referral link, accepting the invite, and meet the following criteria:
- Have, or otherwise open, an eligible account on Coinbase.com;
- Must not reside in a country where the underlying cryptocurrency is not listed on Coinbase.com or Coinbase Pro;
- Must complete at least one assignment for the Earn campaign to which they receive the referral.
Option 2: Direct route
If you already have an existing Coinbase account, you can apply to join the Coinbase Earn program and begin performing learn and earn tasks to obtain free cryptocurrency.
To apply, you must visit a Coinbase Earn page and express interest in participating in the program. Shortly afterward, you will receive an email stating whether you are eligible or ineligible, depending on the reasons given. See below the criteria for Coinbase Earn:
- Live in a country eligible for Coinbase Earn. Coinbase states they are working hard to add more qualified countries soon;
- Complete client and ID verification, as well as be at the highest account level (you can do this by completing full identity verification);
- Meet Coinbase’s internal fraud and compliance standards, including measures relating to account uniqueness;
- Own just one Coinbase account.
You will be able to earn crypto immediately if you are logged in and approved. If you are signed in but do not see the earning opportunity, you must complete your Coinbase Earn account setup by following the steps on the banner.
Nevertheless, if the program is full, Coinbase will add you to the waiting list, where you must wait until you become eligible to be removed from the queue. Due to high demand, this may take some time.
Take into consideration, not every cryptocurrency offered by Coinbase is accessible for earning (for example, Bitcoin is not presently available for earning). Moreover, due to the limited quantity of awards, it may be some time before the digital exchange brokerage refills them.
Why you should consider Coinbase Earn
Firstly Coinbase Earn is straightforward, informative, and rewarding. Users can easily get started as the firm has a mobile app available for Android and iOS smartphones, so beginners can quickly download the app from Google Play or App Store, sign up to Coinbase and apply for the feature.
The brokerage collaborated with Asset Insurers to provide high-quality, user-friendly instructional content, making it an excellent feature, particularly for novice crypto investors without prior experience. Coinbase considers the teaching phase as an essential component of the transition to an open financial system.
Furthermore, as many deem the digital currency brokerage to be one of the most trustworthy platforms that deal with trusted crypto-assets, its users can be assured of the coins they are trading on the platform. Moreover, as it consistently features among the most liquid exchanges, it adds further credibility to its clientele.
The brokerage accepts fiat currency for those looking to get started, so multiple payment options are available to help make transactions more effortless than ever before for new investors. For instance, you can buy crypto on this platform using your debit or credit card, PayPal, bank transfer, or even SEPA transfers in Europe.
Coinbase Earn rewards
Perhaps one of the key benefits for novice investors is that with Coinbase Earn, you can add the first cryptocurrencies to your portfolio just by simply investing some of your time learning.
Users can then save the earned coins or tokens for future use, exchange them for other more valuable cryptocurrencies (such as Bitcoin), or sell them for fiat local currencies.
Nonetheless, you should be aware of the transactional costs charged by Coinbase, as trading fees vary greatly based on a variety of factors.
In most cases, there are no costs associated with changing one cryptocurrency to another (e.g., EOS to Bitcoin). However, there are expenses related to trading cryptocurrency to your local currency (e.g., EOS to GBP).
Ultimately one of the easiest ways to start generating crypto rewards on Coinbase is through Coinbase Earn. In exchange for learning the basics about specific cryptocurrencies and putting your knowledge to the test, answer questions about each token’s practical use cases and framework while engaging with the learning content.
Our verdict is that newcomers should consider Coinbase Earn as they can learn while earning, thereby integrating with the crypto ecosystem as a whole, which eventually helps the user better understand their investment and the blockchain business.
For more information on Coinbase, be sure to read our in-depth Coinbase review. Also, check out our detailed Coinbase fees guide to consider the fees charged when using Coinbase’s most popular products.