How to earn free Bitcoin
Those who are more or less into the latest trends like cryptocurrencies are aware that these blockchain-driven currencies are a good way of making quick money, if you know what to do. So, lots of people today are wondering whether they could also get their piece of pie and acquire some cryptocurrencies in the hopes to sell them later for bigger money. In some cases, buying property for cryptocurrency is more advantageous than using other currencies, because currency exchange is not applicable. If you have 100 Bitcoins in US, you will have the same 100 Bitcoins in, say, Africa, but the price for property is different in these countries. Therefore, you can buy more for the same amount of crypto money.
Now, you do not have to be an IT genius, or expert in this market niche, or even invest lots of money in case you would like to get some electronic money for yourself. The main aspects you need are knowledge how it all works, and how not-an-expert person can get electronic money. Let’s dive a bit deeper into this knowledge in our blog post.
What Is Bitcoin?
First of all, it is not enough to know that BTC is “a cryptocurrency”. If you cannot comprehend how it generally works, and why it has any value at all, you will not be able to assess your opportunities and risks, to evaluate the prices, or analyze the situation on the market. Therefore, basic understanding is crucial here.
Bitcoin is the first cryptocurrency in the world, the oldest one, but there are other types as well. Cryptocurrency is a form of electronic cash, similar to this you have in your online wallets. The difference is that, BTC is not backed by fiat currency of any kind. Its value does not depend on particular country, its political or economic situation, etc. The value of BTC depends on the functionality of the blockchain system.
This digital money functions without a bank, in other words, it is decentralized. People can send it to each other directly without any third party, meaning no commissions or currency exchange rates are applied.
If you are interested in how functioning and transactions are verified and confirmed, this is done by software called blockchain. Each transaction is recorded in an information node, the access to transaction is available to parties engaged via a special key, but the recorded info on the transaction is public. This makes each transaction transparent, and nodes cannot be destroyed or changed. If the transaction should be changed or reversed, a new node is created, and nodes form the chain.
Processing of transactions requires energy and both hardware and software resources, but since the digital currency is decentralized, there is not responsible authority that would invest into such resources. Blockchain is created by users themselves - individuals or groups use their own resources to process transactions. As a reward, they themselves get Bitcoins, since a new unit is produced as a result of a certain number of operations. This is called mining. Therefore, the miners utilise their own resources at their own costs and risks, planning to make enough Bitcoins (by processing transactions of other users) to compensate and earn. Other users, in their turn, get a secure yet transparent system of exchange.
So, Bitcoin is a currency that is acquired via processing of transparent but secured operations.
Before Bitcoin, the first really functional digital currency, was invented, there were several ideas and attempts to produce such electronic cash. The main principle behind the value of this cash was proof or work protocols, that would prevent spam, help sending information safely, etc.
BTC was created by an unknown person (or by a group of several people) called Satoshi Nakamoto. The domain name was registered on 18th of August in 2008, and later in October people subscribed to cryptography mailing lists received a link to paper about bitcoin as a peer-to-peer network, the author of which was Nakamoto. In 2009, on the third of January, the genesis block of Bitcoin, or block zero, was mined by Nakamoto. This block also had a text embedded into it: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”. This text hints on unreliability of the banking system, suggesting reliability of electronic cash.
The first people who started to invest into BTC earned some impressive sums. The value of BTC was later discussed by the community of IT experts, investors, and supporters. Also, there was only one single security breach in the history of Bitcoin, and since the bug was immediately fixed, there were no known malfunctions registered after that.
After BTC became a successful phenomenon, other developers started to work on their own projects of electronic cash. Currently, there is quite a bunch of different currencies that are functional and have some value. The biggest include Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), Dash (DASH), Ripple (XRP), Monero (XMR), Bitcoin Cash (BCH), with dozens of other smaller projects still on the stage of development, or already failing.
How Does Bitcoin Make Money?
As it was already said, BTC or any other digital cash are not backed by money of any other type. The value of electronic money here depends on the functionality and value of the blockchain technology, plus the amount of Bitcoins existing. The point is, the amount of coins is not endless, because otherwise, they would have had no value at all in the very first place. It works the same way as with paper money - if you simply print more banknotes, which are not backed by real value, the power of these banknotes will not rise.
So, the number of digital coins is limited, and of course the more coins there are, the lower is value for unit. However, the value of the blockchain system increases, since this system is super secure. More and more companies apply it, therefore, currencies that are connected to blockchain are likely to continue to exist and keep their power.
Advantages Of Using Bitcoin
Despite the fact that digital coins do not seem real or reliable, in reality, they have a bunch of advantages fiat money do not provide fully, if at all. You have to remember that, whatever would have been the use of blockchain, if using digital cash as it is had no advantages, people would have just stopped using it, and blockchain would have had to provide other types of compensation for those who lends their resources to process transactions. Decentralized digital money as a phenomenon has numerous benefits for average users like you and I, and be it BTC, LTC, or any other currency, the benefits are too huge to deny them. The very idea is extremely attractive for simple users, and this very idea has been in the air for already some time.
The advantages of using BTC (or other coins) include:
- fast and easy transactions - you can send money anywhere fast and safely
- no bank or any other authority controls your transactions, no banking days, checks, or currency exchange apply
- no extra charges can be added by the merchant in any case; all sums are agreed before they are send. You will never pay even a bit more if you do not agree first.
- personal information is never tied to transactions; no authority can check what you personally send or receive, and identity theft is impossible.
- all operations can be additionally encrypted
- all informational nodes are totally transparent, so while personal info is hidden, no secret manipulations are possible
- information about transactions cannot be changed by anyone; if operation should be edited or reversed, a new node is created, but the old one is kept.
- no to very low fees are applied for each operation
- you can increase the fee you pay in order to get your transaction processed faster. This gives the user an ability to control their transactions’ speed
- exchanging BTC into fiat currency still has lower percent rates and fees than average currency exchange fees around the world
- merchants from all over the world can do business and do not need to use third parties like payment gateways, even if the merchant is situated in the so-called “unreliable region”. Payment gateways can deny cooperation, but Bitcoin network functions equally everywhere.
These are the main benefits all average users get when using electronic coins. That’s pretty much impressive, especially keeping in mind all the pain in the ass people usually get when working with banks. This is exactly the reason why digital coins will continue to exist and develop, even if particularly Bitcoin fails.
Disadvantages Of Digital Coins
Of course there is nothing perfect in this world, and electronic cash has its drawbacks as well. To be able to earn fast and free BTC, you have to be aware of those:
- most people are not aware of digital currencies, and this causes major misunderstandings
- by now, very few businesses accept BTC
- BTC is subjected to volatility due to the fact that the number of coins increases
- despite the fact that it is fully functional, the currency is still on the stage of early development, so we are likely to see some major changes in it in the nearest future
- It is not easy to get BTC if you are just entering the niche
The most important drawback, however, is lack of knowledge in the majority of population about online cash and its mechanisms. The more you understand the industry, the more chances you have to get rich using digital going. However, how to earn them?
How To Earn Bitcoin?
There are several relatively reliable ways to earn Bitcoins. Before you decide, check out each of them. Perhaps after some analysis you will come to the conclusion that this is not very complicated, in fact, less complicated than you expected.
Get Bitcoin Via Mining
The most obvious way to acquire cryptocurrency is via mining, or, in other words, processing transactions and helping to create nodes of information, getting coins as compensation for your resources. Many people are driven by the idea of mining money almost magically with the help of their computer.
Yet, this is not that simple. First of all, you will need very complicated, expensive and powerful equipment, both hardware and software. Moreover, you will need physical space to store this equipment and provide proper service to it. In addition, mining spends tons of electricity, so you will pay very high electricity costs. Even if you have enough money to invest, you still have to do the maintenance and configuration, which means you should be either an expert yourself, or you will need to hire experts and pay them money (most often, they will demand the % of your digital currency earnings).
This is generally the reason why most miners collaborate in groups, sharing equipment, expenses, and also experience. Together, they will earn less per person, but generally have higher chances of earning at all. This is especially true for initial investments and bill payments on the early stage. Some miners go to the extent of sending viruses to other people’s devices, in order to borrow the power of their equipment without actually paying for it and paying the bills, but this is actually illegal.
So, while mining sounds extremely promising, this is a hard thing to organize. Luckily, there are tons of easier methods.
How To Earn 1 Bitcoin Per Month? Do Micro Jobs!
One of the easiest and yet the most low-risk methods to earn free Bitcoin or a regular basis is completing some very small and primitive tasks online. There are websites that pay you in fractions of Bitcoins when you watch an ad, or click buttons on a certain site, or pass a test, or engage with a post on social media page, etc. This is slow, and consumes some of your personal time. You will not earn much in a day or two. However, this is the most low risk way to getting digital coins without investing your own money.
Another variation of micro earning in online cash units is Bitcoin faucets. These are websites whose owners actually earn money by selling space for ads. The visitors, in their turn, watch these ads, but for time spend watching, they earn small fractions of Bitcoin dripping into their online wallets. They can claim their piece of pie every 5 or 10 minutes. The only warning is to use really reliable faucet platforms, and not some fraudster sites.
How To Earn Bitcoin In Online Casinos?
Another more high-risk, but also more pleasant way to get digital cash is to gamble in online casinos. Bitcoin online casinos are in abundance today, and the best online casinos allow you to win BTC or even get bonuses in BTC. There are some peculiarities for different regions, for example, online casinos for Australians players can offer BTC in promotion, while online casinos India require to first deposit in BTC, in order to be able to win in the same currency.
Of course it is crucial to first check whether the online gambling platform is legal, follows the principles of fair play, owns a license, and pays its customers their winnings on a regular basis. You should read some reviews on the Bitcoin virtual casinos before depositing. Yet, if the site is OK, you can spend time with pleasure playing games, and in case of winnings you get fractions or even whole Bitcoins!
Find A Bitcoin Paid Job
If you are a freelancer, you may want to consider finding a job that will be paid for in BTC. This may be your full-time, or part-time. The main principle is that you do not use some weird faucet website, but actually work for a company or person and get paid in digital coins.
>Not many businesses support such model of payment yet, but you will be able to find one if you seek for it. The highest chances are in the IT field, or course, or related niches.
Lend Out Your Bitcoins
If you already have some Bitcoins and would like to get more, you can actually lend what you have for interest. This is an easy way of increasing your assets with very small efforts, and this is a decent investment with low risks. The only risk is that the person won’t return the money, but to prevent it, you should consider participating in communities that lend out BTC and other currencies.
Become A Trader
If you already have digital cash, and you are experienced in this niche, you can become a trader and earn on volatility of the market. Buying and selling BTC or other coins will bring you considerable profits if you know what you do; educated and skillful traders are usually pretty successful.
What Is The Easiest Way To Earn Bitcoin?
Now you know quite a few methods of getting free BTC or other types of cash without mining. Mining demands too much efforts and investment, so if you do not have the equipment and knowledge necessary in the first place, maybe you want another way.
However, even non-mining methods are not equal. The simplest way to earn free Bitcoin without mining is to use faucet platforms, but this takes too much time, and it is boring to tears. Instead, we would recommend gambling. Gambling to win Bitcoin is much more fun, you have chances of getting bigger sums at once than just a tiny fraction of a coin, and you will spend your time with pleasure.
If you are generally into gambling, the main rule is to find a reliable Bitcoin casino online, and off you go. Make sure to do your research, check what other players say, and read third party reviews. This will help you avoid smart-ass casinos, and be able to earn free Bitcoins without mining instead. Have fun and get digitally rich at the same time - what can be better than that?