Last updated on June 6th, 2021
After almost a year, I have finally gotten off the Coinbase Earn waitlist!
This allowed me to earn $30 USD worth of cryptocurrency by completing video lessons and answering the quiz questions.
Here’s my experience with using Coinbase Earn to earn some crypto:
How does Coinbase Earn work?
Coinbase Earn allows you to earn cryptocurrencies by watching videos and answering quizzes. These videos aim to educate you on how the different cryptocurrencies work. After completing the quiz, you will be awarded a certain amount of that cryptocurrency.
The process is really simple (after you get approved).
You’ll need to go to the ‘Earn Rewards‘ section of the dashboard,
and then you’ll see the rewards you can earn for a certain cryptocurrency.
First, you’ll need to watch a video. After that, you’ll be given a one-question quiz.
The question is based on the video that you previously watched.
If you answer the question correctly, you will receive the crypto in your Coinbase wallet!
The amount of each crypto you earn is based in USD. For example, I earned $3 USD worth of COMP for each quiz that I answered correctly.
The good thing about the quizzes is that you do not need to give the correct answer on your first attempt. You are able to re-attempt the quiz after you got the question wrong.
Moreover, you are allowed to rewatch the videos again to look for the answer to the question.
As such, this should not take too much of your time to complete all of the quizzes.
How do I become eligible for Coinbase Earn?
Coinbase has 4 criteria that you’ll need to fulfil before you can be eligible for Coinbase Earn:
- Complete identity and photo verification for your profile
- Live in a country that is eligible to earn rewards with Coinbase Earn
- Meet Coinbase’s internal fraud and compliance-related criteria
- Only have one unique Coinbase account
While you are waiting to be verified to start earning with Coinbase Earn, you will be place on the waitlist first.
To speed up the process, you may be asked to verify your identity.
It may take quite a while before your application is processed, and you are approved to start earning on Coinbase Earn.
How long is the waiting list for Coinbase Earn?
Coinbase Earn is a very popular program, with a lot of sign ups. As such, it may take a while for your application to be processed, and for Coinbase to determine that you are eligible to start earning rewards.
In my case, I opened my account in June 2020.
I was only able to get off the waitlist in March 2021! It took me almost 9 months to get approved.
As such, it may take quite a while before you can get approved. Moreover, Coinbase does not notify you when your application has been approved.
You may want to constantly check your Coinbase account to see if you are verified.
Can I sell the crypto I earned from Coinbase Earn?
Once the cryptocurrencies you’ve obtained from Coinbase Earn has been credited into your account, it is yours to own. You are able to trade it to another currency, or sell it to a fiat currency and withdraw it to your bank account.
The crypto is now under your possession, and you are free to do whatever you wish with it!
Since I live in Singapore, I am unable to withdraw my funds directly to a bank account.
Instead, what I did was to trade all the currencies that I’ve earned to USDC.
After that, I sent all of my USDC to Celsius.
Celsius is a crypto lending platform that allows you to earn interest on your crypto. I chose to earn my interest in USDC as Celsius offers quite a high interest rate (~10%) for this currency.
However, this is just a suggestion on what you can do with your newly earned crypto.
It is possible for you to hold onto the different currencies that you’ve earned. This is because they may increase in value over time!
As such, it really depends on what your strategy is to make use of this crypto.
Does Coinbase Earn refresh over time?
The cryptocurrencies that you can earn on Coinbase Earn may refresh from time to time. Coinbase may add new cryptocurrencies to their Earn program, after the currencies have run out.
There is a limit to the amount to be claimed for each currency. Once that limit is reached, you are unable to earn any rewards for that crypto anymore.
However, once the supplies run out, you are no longer able to claim that currency!
However, Coinbase does update their Earn program from time to time and adds new currencies.
To see which crypto you can earn rewards on, Coinbase will show you the maximum amount that you can earn.
If there are no currencies that are available, you may want to wait until they release their new batch of currencies!
Coinbase will notify you when there is a new cryptocurrency that you can earn.
Is Coinbase Earn legit?
Coinbase is one of the largest crypto exchanges in the world. Their Earn program is aimed at educating the public about the various cryptocurrencies that are found on their exchange. As such, it is quite safe to say that the earnings that you earn are legitimate.
I’ve earned a total of USD $30 in rewards so far, just from answering all of the quizzes.
Since Coinbase is a rather reputable company, their Earn program is most likely not a scam.
Coinbase Earn is a great opportunity for you to earn crypto while you learn about them.
Moreover, you are able to do whatever you wish with the crypto rewards you’ve earned!
The only issue is that it can take quite long for you to get approved by Coinbase and can start earning.
However once you’re off the waitlist, you’ll be able to earn your crypto rewards in no time!
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
Coinbase Referral (Receive USD $10 worth of BTC)
If you are interested in signing up for Coinbase, you can use my referral link.
You are able to earn USD $10 worth of BTC in your wallet!
Here’s what you need to do to earn this reward:
- Create an account on Coinbase using my referral link
- Trade at least USD $100 worth of cryptocurrency within 180 days of opening your account
- Receive USD $10 worth of BTC
You can view the details of the Coinbase referral program to find out more.
Are you passionate about personal finance and want to earn some flexible income?