Given the obvious, mounting importance of Bitcoins in the financial and retail world, it’s only imperative we discuss how one can earn them. More vitally, below, is a rundown of what is a Bitcoin and how to win free bitcoins and earn truckloads over time.
What is a Bitcoin?
Well, I would like to not get too technical explaining what’s a Bitcoin but then how else do you describe something that is fairly so. Bitcoin is a cryptocurrency and one of the methods that can be used for online payment but most vitally, it is a decentralised form of a currency, which means no government has any control over it.
It was invented in January 2009 and in the years that have followed since then, it has been traded on Bitcoin exchanges around the world.
Its value has jumped up many times since its inception, having risen to a peak of US$ 5000 very recently before receding to lower levels.
What Bitcoin uses is a peer-to-peer model – remember Napster? – and that allows the transactions to happen without that government interference. The transactions are then recorded and held in public distributed ledger called a blockchain.
Something More on Bitcoin?
There’s a limited supply of Bitcoin, all over the world. Essentially it means that Bitcoin is traded on many exchanges across the world and you can buy or sell it from other users of Bitcoin, traders much like those found in many of the stock exchanges around the world.
At the time of writing this piece, the price of one Bitcoin is hovering around the US$ 4000 mark. And in case you are wondering whether, much like the stock market, you have to buy a whole Bitcoin at one go, the answer to that is no.
You can purchase as little as US$ 10 worth of Bitcoin – or its equivalent in your currency – and get a small part of a Bitcoin. These small portions of a Bitcoin are called Satoshis, after the inventor of the Bitcoin.
And what’s the conversion? One Bitcoin = 100 million Satoshis.
So, How to Buy Bitcoin?
Register yourself with a Bitcoin Wallet that is available in your country. These Bitcoin Wallets verify your details and accept money on your behalf which can be used to then buy Bitcoins. In turn you can then sell your Bitcoins using that very wallet and transfer the money back into your bank account or use it to buy some more Bitcoin.
Different wallets can be used depending on which country you belong to. Indians can use Zebpay, which is one of the best around.
And how can I Win Free Bitcoins then?
So getting to that. As mentioned earlier, one Bitcoin costs anywhere in the range of US$ 3500-4000 these days.
At one stage, they cost a few hundred dollars. Even before that one was worth less than US$ 100 and then there was another when they were a few cents.
In short they have come a long way.
Apart from buying Bitcoin off an exchange by paying for it, there are ways you can earn them for free.
Now before you start drooling over that possibility, let me clarify one thing here. These methods won’t make you rich overnight but it’s always a good thing to keep earning on the side now, isn’t it?
So here goes.
These are four of the websites that allow you to earn Free Bitcoins:
What you need to do is to click on each of these links and make your accounts.
These websites allow you to play a few games, and without any investment of money, win you small amounts of Satoshis every few minutes. These Satoshis can then be transferred to a free wallet like CoinPot here.
That’s as simple as that.
To give you an example.
Click on FreeBitCo here and make your account.
Now, fill up the Captcha as shown in the picture below.
And once you have entered the captcha, click on the Roll button. Depending on the number that turns up, you will win anywhere up to 0.0515 Bitcoins for free!
Each of these websites allow you to roll or click to claim these Bitcoins only after a small interval. FreeBitCo, for instance, allows one roll per hour.
BonusBitCoin has a 15-minute waiting period following which you only need to click on ‘I am not a robot’ before overcoming their Captcha code. Press the Claim button after that and voila, you are richer by those many Satoshis!
To show you my latest earnings from these methods and that it’s quite legitimate, here’s a screenshot of my latest earning this month: