Coinbase allows you to easily bet Ethereum (ETH) and earn daily rewards. As an added incentive, the cryptocurrency exchange currently offers up to $ 50 worth of rewards in Ethereum when placing your first bet.
The offer is simple and doesn't take long to complete. For every $ 100 in Ethereum wagered, you earn $ 10 in Ethereum. This way you can earn up to $ 50 in Ethereum if you wager $ 500. Coinbase pays out these crypto rewards within two business days.
Here are the details of Coinbase's offer and what you need to know first of all about betting in Ethereum.
Who can benefit from Coinbase's first installment incentive?
There are only three eligibility requirements for this offer. You have to:
- Be a legal resident of one of the 50 US states, excluding Hawaii and New York.
- Be the first bettor on Coinbase. If you have already wagered any type of cryptocurrency on Coinbase, you cannot get this offer.
- Wager at least $ 100 in Ethereum. It is recommended that you wager $ 500 to get the full $ 50 reward.
The offer is available to both new and existing Coinbase users. To be eligible to bet on Ethereum, you must have completed the Coinbase ID and ID verification.
How does it work staking of Ethereum
If you are not familiar with it staking of cryptocurrencies, this is a way to earn passive income on your cryptocurrency holdings while supporting a blockchain network. Some cryptocurrencies use a system called proof of stake to validate transactions. People who own this type of cryptocurrency can make bets, that is, block their funds as collateral and contribute to the transaction verification process.
The cryptocurrency blockchain network chooses validators based on the amount they have wagered. After a validator confirms a block of transactions, the network pays him in cryptocurrency for his services.
Ethereum has a particularity, because its network is not yet 100% proof of stake. Ethereum started with a different system, the proof of work, the same one used by Bitcoin (BTC). It is now being updated, and part of that involves moving to a proof-of-stake system. Currently, during the upgrade process, the two systems are running in parallel.
While it is possible to bet on Ethereum right now, the problem is that it is not possible to unlock it until the updates are completed, and no one knows when that will happen. This means that it will not be possible to sell, trade or transfer the Ethereum wagered and the rewards earned for an indefinite period of time. Note that the $ 50 incentive Coinbase offers for wagering is separate and can be used when you receive it.
Deciding whether to wager on Ethereum is ultimately a compromise between earning rewards or being able to access your coins at any time. Personally, I had intended to hold Ethereum for at least a couple of years, so the choice to bet on Ethereum suited mine. investment strategy.
An easy way to get free Ethereum
If you are interested in Coinbase's offer, here's how to get it:
- Make sure you have at least $ 100 worth of Ethereum in your Coinbase account, or $ 500 if you want the full $ 50 bonus.
- In the main menu, click on “More”.
- Click on "Earn Interest" in the pop-up menu that appears.
- Choose Ethereum 2 and follow the instructions to wager your coins.
Coinbase is one of the leading cryptocurrency exchanges, thanks in part to all the special offers available. If you haven't tried to bet on Coinbase yet but are open to doing so, this Ethereum bonus is worth checking out.