Beginner’s guide on how to earn Bitcoins for free
Earning free bitcoin is absolutely possible, and you won’t need powerful hardware or an expensive computer to do it. There are several simple, and hassle-free ways to earn free bitcoin and other cryptocurrencies. Read our guide to find out where you can earn free Bitcoin and the fastest way to earn free Bitcoin.
6 Ways to Earn Free Bitcoin
Below we’ve listed our top 5 ways to earn free bitcoins. These methods don’t require you to be a super genius or tech wiz-kid. These are simple, yet effective ways for anyone to earn free bitcoins and make money from it!
Bitcoin faucets are dedicated or general-purpose websites allowing users to claim BTC at regular intervals. These are usually only small amounts of bitcoins and are paid to users for fulfilling certain tasks.
In simple terms, these faucets work as follows:
- Users perform microtasks, such as solving a captcha or a puzzle, or clicking a button, and so on.
- In return, they receive pre-defined amounts of Bitcoin, usually paid in Satoshis which is a hundredth of a millionth BTC. These are temporarily stored in the user’s faucet account.
- Upon reaching the withdrawal threshold—which is clearly stated, more often than not—the user can withdraw their collected BTC to their desired wallet address.
Alongside being among one the easiest ways of earning free bitcoins, bitcoin faucets are algorithmically automated and free from the risks of manipulation. Usually, they earn from pay-per-click advertisements and are distributed as part of their income among users. However, the method is mostly time-bound, meaning that users can’t earn Bitcoin from a particular faucet at all times. Roughly, there are 5-30 minute intervals between subsequent redemptions. Freebitcoin and Cointiply are some of the popular bitcoin faucets.
Unlike bitcoin faucets, this method might involve an initial investment. Rather than earning free bitcoins, it’s more about generating passive income from BTC that you already own. Despite that, we mention this here because increasing your BTC ownership through interest accounts is often safer than other methods.
As the name suggests, the method entails compounding interest on your BTC stored in these accounts. These accounts may or may not have a minimum balance requirement. In general, they pay better rates than traditional savings accounts.
Bypassing the need to have Bitcoin at the outset, you can use interest accounts in combination with faucets. Deposit redeemed BTC into the interest account, let them be, and watch your holdings grow. In fact, some faucets such as Cointiply and Freebitcoin have integrated interest account services. BlockFi and Celsius are two of the industry-leading interest account providers as neither of them requires a minimum deposit.
Gambling & Games
Alongside the rising popularity and demand for bitcoin, several casinos now offer rewards in Bitcoin and other cryptocurrencies. However, gambling is incredibly risky and is often considered a sure-fire way to lose your money rather than gain from it.
Most gambling websites demand an initial deposit while offering diverse categories of bonuses, including welcome bonus and jackpots. Fair Proof and Betcoin are some of the more recognisable names in this field.
Bitcoin games, on the other hand, follow a similar principle, while being much less risky. Upon completing certain in-game tasks or achievements, users get rewarded in BTC, which makes the process both profitable and entertaining. Bitcoin Aliens and Altcoin Fantasy are two of the most popular bitcoin games.
Cashbacks & Payments
Earning bitcoins as cashback for shopping and purchases is probably the most effortless method on your part. This is applicable for both online and offline merchants, as long as they have relevant cashback offers. Lolli and Pei are two of the popular Bitcoin cashback reward ecosystems, backed by hundreds of eCommerce merchants and brands. The withdrawal process is similar to faucets, that is, involving a minimum threshold.
Alternatively, you can also ask your clients, friends, and family to pay you in Bitcoin. This is especially helpful if you are receiving international payments, which traditionally involve long settlement periods. Once you have the BTC in your wallet, you can also use it to earn more through any of the aforementioned methods.
Crypto Referral and Affiliate Programs
Affiliate marketing is a popular method used by companies to drive sales and generate significant online revenue. It works by someone referring a friend to a particular service, and then both individuals are rewarded with either a discount, rewards points or even free Bitcoin.
Apart from affiliate programs, several exchanges and other crypto-related companies, regularly offer referral programs. Aimed at enhancing community participation, these programs pay per-referral commissions to exist members. In some cases, you can receive your rewards in BTC and other forms of cryptocurrency.
Mining is the process of creating new Bitcoin. It is performed by high powered computers solving computational math problems. A few years ago, it may have been possible to make a few hundred dollars a month by mining Bitcoin. However, to earn coins from Bitcoin mining these days, you need a computer with very powerful hardware, otherwise, you’ll end up paying more on electricity than you than in earn in free Bitcoin. In 2021, about 70% of Bitcoin mining is controlled by China.
Beware of Scams and Fraud
We have provided a comprehensive account of the methods to earn free bitcoin but let us also offer a few words of caution.
Keep a sharp eye for cryptocurrency scams and schemes—never make any payment without clearly knowing what’s on offer. Also, it’s better to have alternative sources of income, rather than fully relying upon your ability to earn free Bitcoins and other cryptocurrencies as means of making money.
You can easily purchase Bitcoin in Australia on the Swyftx Crypto Exchange.