How to earn free Bitcoin
Fancy getting your hands on some free Bitcoin? You’re not the only one – and it is possible, sort of. Nothing really comes for free, though. For example, the most basic way to get free Bitcoin is to mine it – that is, use your computer to verify Bitcoin transactions and receive Bitcoins as a reward.
However, the computing power and electricity required to do that is now prohibitively expensive. It takes a large mining operation to generate any profit. People who see that as making ‘free’ Bitcoins is not considering the true costs.
And most methods of getting ‘free’ Bitcoins have similar hidden costs. Some simply cost you time. If you’re willing to spend hours watching adverts, then you will be rewarded with a small amount of Bitcoin in return. Whether the coins you receive are adequate compensation for your time is up to you to decide.
Other services will provide you with Bitcoins in return for sharing personal data, which is another advertising-powered method. So, keeping in mind that you will be giving up something in return for your ‘free’ Bitcoins, here are some of the methods for claiming them:
- Accept tips
It is possible to be paid in Bitcoin depending on your employer and what your job is. If you run a business then you could choose to accept Bitcoins as well. Neither of those really count as free, however, since they are payments for work, goods or services. If you are in the kind of industry that accepts tips, though, then you could choose to ask for those in Bitcoins. That doesn’t just apply to waiting staff – lots of online creatives have websites that accept tips from readers or viewers. You could choose to accept Bitcoin on your blog or YouTube channel.
- Lend them or trade them
If you have Bitcoin already then you can make them work for you and generate more Bitcoins in return. Trading is one option; savvy traders will know when and where to buy and sell to make the greatest profits. However, this is hard to do well, and most people will struggle to make a profit from it. Another option is to loan your Bitcoins to people and charge interest. If you do that then make sure you loan them to somebody who you trust to pay you back.
- Playing games
There are plenty of games online that offer Bitcoin as prizes. Typically, you need to do well enough at the game to be high up the leaderboard at the end of the week or the month, and then you get a chance to win Bitcoins. That means even if you win the game, there is no guarantee that you will get coins. You’ll also find your gaming experience is frequently interrupted by adverts. You’ll have to give up a lot of time to have a chance of winning anything at all. Hopefully, you’ll at least enjoy the game.
- Bitcoin faucets
A Bitcoin faucet gives away a small number of Bitcoins (usually measured in Satoshis – a hundred millionth of a Bitcoin) throughout the day, and users just need to visit the website and put in their Bitcoin wallet address to claim them. Typically, there are caps set on the maximum amount any one user can claim in 24 hours. The amount that you can get from a Bitcoin faucet is typically very low – experts suggest that, in dollars, you could make $0.7 per day from faucets, if you claimed every 30 seconds for 24 hours.
An alternative way to make money from Bitcoin faucets is to start your own. They are monetised by ads that pay a tiny amount per visitor, so to make money out of them you will need vast amounts of traffic. Making any kind of profit from a Bitcoin faucet is hard and, for the average user, likely to be more trouble than it is worth.
- Coins for tasks
There are lots of websites that pay Bitcoin to visitors who complete certain tasks. The most common one is to watch a video – usually an advert. This is where you have to weigh-up the value of your time against the reward. If you spend an hour watching adverts, will you make enough to compensate you for your time? Some models offer Bitcoins to people who can answer questions on a forum, so you receive a small pay-out for helping other people. Still other sites will give Bitcoins in return for completing analytical tasks or as rewards for purchases. Once again, these can be time-consuming.
As with anything cryptocurrency related, there are malicious actors around who will attempt to con you out of money. Chief among these are ‘investment’ sites that claim to deliver rapid returns to those who invest their money with them. These are pyramid schemes; the money from later investors is used to pay off the early investors. This means that a small number of people might indeed profit from the site, but this is only to build the confidence of later members.
Pyramid schemes always collapse. Eventually there will not be enough money to pay the new members and the website owner will disappear with a significant stash of Bitcoins.
Be wary of any websites that promise ‘free’ Bitcoins in return for payment – in any currency. And avoid using ‘free’ Bitcoin websites if you do not know how reliable or trustworthy they are.
In the end, everyone likes something for nothing, but unless you have huge amounts of time on your hands, it’s unlikely that ‘free’ Bitcoin sources are worth bothering with. You would be better off saving yourself time and spending a small amount of money to buy some coins.