Shake Shack Announces Free Crypto Rewards — What You Should Know Before You Collect

Shake Shack recently announced a new rewards program that will give customers free Bitcoin — a bid to attract younger customers to the fast-casual burger chain, according to reporting by the Wall Street Journal.

Rewards programs like this and the free money they offer are nothing new to consumers: Credit cards have sign-up bonuses, bank accounts earn interest, and there are even tools to get cash back when shopping online.

But with the rise in popularity and mainstream adoption of cryptocurrency, you can increasingly get many of those same perks issued in cryptocurrency instead of credit card points or U.S. dollars.

If you’ve already added cryptocurrency to your investment portfolio, these options offer some extra coin on top of your initial investment — but you should know exactly how it works before diving in. You should also be prepared for the added responsibilities free crypto may require, especially when tax season approaches.

While some forms of free crypto, like crypto credit card rewards, are only taxed on the capital gains you earn when you cash out (just as any other crypto you buy with your own money), others may be considered taxable income when you receive it, and it’s your responsibility to report that to the IRS. Do your research to know your own tax obligations beforehand.

But if you’re already in on crypto, and prepared to do a little extra tracking of your coins, here are some other ways to bolster your holdings — for free.

https://time.com/nextadvisor/investing/cryptocurrency/how-to-get-free-crypto/