Money doesn’t grow on trees. But now, it does appear digitally, and you can get it for free!
Stunned? So is everyone else. Cryptocurrency is a movement that continues to impress the financial world and intimidates many who can’t get used to the idea.
An offer like free currency, though, can’t go ignored. In this guide, you’ll learn how to get Bitcoin free with some tried and true techniques. You’ll be a cryptocurrency master in no time.
What is Cryptocurrency?
Currency has always existed, but it has manifested in different forms throughout the ages. Back before we ever thought of metal or paper as money, we were trading goods and services. So it’s no surprise that we are coming up with more technologically advanced forms of currency now.
Cryptocurrency is a way of paying for goods and services, just like paper bills or metal coins. However, instead of holding this money in our hands, it is stored digitally.
Although this might seem outlandish, we’ve already taken several baby steps towards this type of currency. For example, we already trust debit cards and credit cards to give us intangible access to our money. We provide gift cards to friends for their birthdays. We even exchanged points for rewards at retail stores that the company gifted us.
What’s different about cryptocurrency that makes so many financial advisors uneasy? Many people are still under the impression that US dollars are backed by gold, but not anymore. Since 1963, US currency has been a fiat currency, not backed by any physical commodity.
We don’t seem concerned about gold backing our currency anyway as we continue to print more paper. But, soon, paper currency will be as distrusted as cryptocurrency is now. What keeps national currency feeling stable is federal regulation.
Cryptocurrency’s value isn’t established in gold or any other physical commodity, and it’s not federally regulated either, so how is its value established?
Different Types of Cryptocurrency
Cryptocurrency is still very young, so it’s a volatile market to get involved in. Nevertheless, many companies have created their cryptocurrencies, and the last count was about 10,000 different types.
These currencies raise their worth with initial coin offerings, which allow newbies to get started by buying a certain about of crypto “coins.” Trading into cryptocurrency is much like converting your US dollars to another foreign country’s currency. The money you pay now for a certain amount locks your investment in, but the value is ever-changing.
Once you’ve traded that money for cryptocurrency, you’re subject to the value of your new currency as it constantly changes, much like a stock. However, while US currency is continually evolving, it doesn’t fluctuate as severely as cryptocurrency currently does.
The ten largest cryptocurrencies are:
Many people invest in cryptocurrencies like stocks, but cryptocurrency doesn’t generate profits like traditional fiat currency. Instead, cryptocurrency value goes up as more people pay higher prices for it.
Bitcoin is available for sale in US Dollars. However, many other cryptocurrencies require buying them with other cryptocurrencies. For example, you may enter the cryptocurrency game with Bitcoin to invest in different types later on.
Bitcoins: What Are They?
Bitcoin is by far the most well-known form of cryptocurrency. Unlike standard currency, Bitcoin promises lower online transaction fees and less regulation due to its decentralized nature.
Bitcoin has no physical form or backing, just tracking its values on a public ledger, also known as a blockchain. Computers verify bitcoin transactions rather than using banks or government oversight.
The whole system consists of a collection of computers that run Bitcoin’s code and store the blockchain. Each computer that makes up the system is a “miner” or “node.” Using Bitcoin’s decentralized system, it is tough to cheat the plan to attack it in any valuable way.
The operators of the nodes are in charge of processing transactions through the blockchain, and their incentive is that they release new bitcoin and receive the transaction fees paid in Bitcoin.
This cryptocurrency has a turbulent past of booms and busts, and it is not considered legal tender in most of the world. Yet, despite this volatility, it inspired many other cryptocurrencies.
Who Invented Bitcoin Currency?
Bitcoin was invented in January of 2009 by “Satoshi Nakamoto,” the pseudonym for the anonymous inventor. Satoshi Nakamoto shared ideas for now widely accepted cryptocurrency in a mysterious whitepaper. However, their true identity is still unknown to this day.
Is Bitcoin Legal in the US?
Cryptocurrencies are legal in the US. Many companies now allow for the trading of goods and services using bitcoin.
It’s a different story in other countries. In China, cryptocurrency is banned. Many other countries have at least put limitations on its use.
How To Use Bitcoin
To hold any cryptocurrency, you must have a “wallet,” which is a digital form of a wallet, like an account, that contains information about all of your cryptocurrency. To receive and send Bitcoin, you must know the public and private keys like you need account numbers and bank codes.
Your public key is sent to others so that they can transfer Bitcoin to you, while your private key is like your ATM PIN.
Can I Get Bitcoin for Free?
If you’re interested in getting started with Bitcoin, you’ve likely realized how expensive it is to buy one coin. People who don’t have a ton of cash to throw around certainly are looking for other ways to get in on the action.
The question remains: is it possible to get Bitcoin for free? Good news: Yes, it is!
The cool thing about bitcoin is that the people involved can manipulate its value, unlike the government regulating the federal currency. You can get Bitcoin for free in many different ways, and we’ve already encountered one of them: mining.
Below is a list of ways you can score some Bitcoin right now!
Become a Miner
One of the more complex ways to get free Bitcoin is to become a part of the system. As mentioned earlier, the bitcoin system operates on a decentralized system, or blockchain, powered by computers. By becoming an operator of a node, you can mine your Bitcoin.
New Bitcoin is unlocked by solving complex mathematical equations that pop open “hashes” or boxes that store transactions made on the system. However, because these equations are super tricky, you’ll need to put together a computer system that is constantly working on these equations to mine coins.
This technique is mainly for coders who understand computer programming.
Cashback Apps
Most people are already familiar with apps that allow you to get rewards from online purchases. However, there are now several apps you can use to get rewarded in Bitcoin!
The best way to use this technique is to make your standard purchases using this app to gain Bitcoin passively. Then, over time, you won’t even notice the money you spend, and in return, you’ll have a pile of crypto coins.
These are free apps that cost nothing to sign up for, so you can get started right away. The two most popular apps that reward with Bitcoin are Lolli App and Foldapp.
Get Paid to Learn
Are you tired of going into massive debt for a college education? Try learning about cryptocurrencies and getting rewarded instead.
If you have a Coinbase account, you can earn free Bitcoin by learning about cryptocurrencies through online courses and getting rewarded in Bitcoin. The incentives offered change often, so keep checking back to see what you can earn.
Open a Crypto Savings Account
Cryptocurrency “banks” are becoming much more popular now, and many offer excellent incentives for opening accounts. For example, you can earn up to 12% on the cryptocurrency you hold in their accounts. These offers are much better than those provided by traditional financial institutions.
Cryptocurrency savings accounts are lauded as much better options for investors looking into long-term investing with crypto.
Answer Polls and Surveys
There are many websites online that will reward you in bitcoin for answering their questions. So while your data is being constantly sold and traded by companies, you can take control of your data and earn something from it.
In exchange for helping companies learn about their target audiences and consumers better, you can earn cryptocurrency. But, of course, you can increase what you earn by referring friends, too.
Word-of-Mouth Marketing
You can get rewarded for persuading friends and family to get involved in cryptocurrency! One of the most popular ways to do it is Coinbase. Coinbase will award $10 worth to registered users for every new user they get to use their unique code during sign-up.
Those with a significant following on their website or social media can participate in affiliate marketing and earn huge rewards in cryptocurrency.
Start Using Bitcoin Now
If you’re excited to start using Bitcoin, now is the time. It’s never been easier to start piling up cryptocurrency and trading it. You can even get started with Bitcoin for free.
Byte Federal takes the mystery out of Bitcoin and other cryptocurrencies by providing physical ATMs where you can buy and sell coins. Find your nearest Byte Federal kiosk today!
