There is an old saying in life: “There is no such thing as a free lunch”. While this may be true, is there such a thing as a free Bitcoin? Has the new digital age of “magical internet money” really provided a new way for everyone to get rich while doing nothing? Here we answer the question of how to earn free bitcoin with our 6 methods listed below.
Following the cryptocurrency hype of late-2017, many wannabe investors scrambled for ways to earn some much-desired Bitcoin before the next big stratospheric price rise. Mining cryptocurrency, trading virtual currencies or simply buying Bitcoin are some of the obvious solutions – but are there easier ways?
A quick Google search will tell you there are many ways to earn free Bitcoin online, so we decided to investigate just how ‘easy’ and ‘free’ these free Bitcoin-earning services are. Some of the most popular methods include:
- Faucets
- Gambling, Gaming and Casinos
- Bitcoin Busking
- Completing Online Surveys and Activities
- Affiliations and Referrals
- Peer-to-peer Bitcoin Lending
1. Faucets
Faucets are by far the most menial and time-consuming way to earn free Bitcoin. The name literally comes from the way in which a leaky faucet slowly drips water – and it’s a good description because the Bitcoins do just come in drips.
Most faucet services pay only one single Satoshi (100 millionth of a Bitcoin) per interaction but for many, the interactions only take a few seconds at most. However, even if you have an incredible amount of free time on your hands and have the will to sit clicking a mouse button for hours on end, you’ll still make next to nothing and probably not even cover the cost of the electricity to power whichever device you’re using.
How Long Would It Take to Earn 1 Bitcoin Through an Average Faucet?
To earn 1 BTC at 1 Satoshi per action (such as a click on an ad or webpage) if it takes you 3 seconds to complete, you’re looking at 300 million seconds to get your 1st Bitcoin, providing they actually payout, which they very often don’t! That’s 3472 days of non stop mouse clicking, a decade of your life gone! Or, to break it down further, it’s 83,328 hours of your time, which at a 40 hour working week equals 2083 weeks, which is just under 40 years worth of work, a whole career spent clicking on that mouse button! Of course, you could always work weekends and overtime which might get you there a bit quicker . . .
Some of the most popular faucets have over 5000 users and still only pay out less than 0.2 BTC per week in total, so pumping gas at your local service station may be a more productive use of your time – but still, free Bitcoin is free Bitcoin.
A quick search on Google or your preferred search engine will give you a range of faucet options to choose from. However, be sure to check out the reputation of each individual one as they are notorious for not paying out, so you really do not want to be wasting your time at sites without a good reputation.
Pros:
- Very easy
Cons:
- Rewards are tiny
- Boring and time-consuming
- Don’t always payout as promised
- At 1 Satoshi average payout per click it will take a 3472 days of non stop faucet action to accumulate 1 BTC – riveting stuff!
- It’s a tragic and colossal waste of time to generate any real amount of Bitcoin, really we don’t recommend it
2. Gambling, Gaming and Casinos
Online gambling has surged in popularity in recent years, due in large part to the increasing ease-of-use and reduced regulation. The majority of this growth can be attributed to cryptocurrency and the way in which it circumnavigates over-restrictive government regulations. For many more conservative countries, off-shore cryptocurrency-based gambling operations offer a previously inaccessible method by which would-be punters can place bets on sports and casino games of their choice.
Gambling naturally comes with associated risks and in itself can’t truly be considered a way to earn free Bitcoin but there are many gaming sites which offer free rewards and require little or no initial deposit. There are currently several online games through which you can earn free Bitcoin without needing to make any initial investment, leaving you completely free of risk and providing only profit.
Pros:
- Gambling has potential for high earnings
- Gaming is fun (if you’re winning) and easy
Cons:
- If gambling, high risk involved
- All too easy to blow through your crypto quickly and have nothing left
Browse our favourite cryptocurrency gambling sites here: https://cryptocoinspy.com/bitcoin-gambling-sites/
3. Become a Bitcoin Busker
We’ve all seen buskers in our life – the musicians, jugglers or otherwise performers who appear on the street corners of most major cities around the world. Maybe some of you have even been buskers in your time? It’s the age-old art of offering entertainment or a roadside service in the hope of getting a tip. Well, with cryptocurrency, busking has now become digital.
There are a number of websites which provide a platform via which would-be digital buskers can offer their services in exchange for Bitcoin or other cryptocurrencies. One of the most popular ones, Bitfortip, runs the tagline:
Tip Bitcoins as an incentive. Earn Bitcoins for being helpful”.
As the tagline suggests, it’s a site that provides a community forum through which professionals can offer their services in exchange for cryptocurrency-based “tips”. Anything from relationship advice and translation services to personalized portraits and door-to-door deliveries is acceptable. In some regards, this could be considered ‘working’ for Bitcoin but for many professionals providing advice is usually something done for free anyway, so the extra Bitcoin is a bonus.
Pros:
- Variety of options to suit any skill
- Potential for good earnings
Cons:
- Could involve actual work
4. Online Surveys and Activities
There are several websites which offer small amounts of free Bitcoin in exchange for filling in surveys, doing reviews or completing other similar activities. These are usually designed to boost a website’s online profile and create the impression of traffic.
Completing surveys has long been a popular method of earning small amounts of money online but with cryptocurrency, it has now become even easier. Most sites can now pay participants instantly to their Bitcoin wallet and avoid the complexities of registering and providing bank details.
The website Grabpoints.com offers free Bitcoin in exchange for watching videos, taking surveys, completing offers and downloading apps. Users earn points which can be converted to Bitcoin and deposited directly to their cryptocurrency wallet.
Pros:
- Easy and accessible to anyone with internet access
- Can be done in spare time
Cons:
- Rewards are often very small
5. Affiliations and Referrals
Many cryptocurrency-related services and websites will reward customers in Bitcoin for sharing affiliate links or simply referring the site to a friend. If you have a blog or website you can often sign up to affiliate programs and promote the link via your site. If your blog or website has a lot of subscribers this is an excellent way to passively earn Bitcoin with the least amount of effort.
The worlds most popular Bitcoin wallet provider, Coinbase, offers $10 worth of Bitcoin for every user that signs up via an affiliate link.
Bitit.io is an online cryptocurrency broker that offers a comprehensive affiliate program that pays commission in Bitcoin. Users can earn Bitcoin by placing an affiliate link on their blog, integrating a banner on their website or simply inviting friends and family by email.
Pros:
- Potential for good passive income
- Very little effort required
Cons:
- Requires either an existing subscriber list or hassling your friends and family
6. Peer-to-peer Bitcoin Lending
Once you have earned some free Bitcoin, you can put those coins to work to earn further interest on them. Peer-to-peer Bitcoin lending sites provide a way to loan your Bitcoin to borrowers which then pay you back with interest.
This is quite a risky method of earning Bitcoin as you are essentially giving away the Bitcoin you already have. You need to be very sure that the service you are using is reputable and your Bitcoin is backed by existing credit. Trustworthy sites should assess the creditworthiness of its borrowers so ensure the site you choose does this.
Bitbond is a credible peer-to-peer service operating out of Germany that provides financing to small businesses.
Pros:
- Could offer very good returns with minimum effort
Cons:
- High risk involved
- Initial capital required
Conclusion
Earning free Bitcoin might sound like a dream come true but more often than not it can be a long and arduous process that provides little reward. However, if you have some spare time which can’t otherwise be utilized more profitably, it certainly beats playing Candy Crush.
When looking for ways to answer the question of how to earn free Bitcoin, be aware that there are many scammers out there. Always do some research and see if other users have posted on cryptocurrency forums about the website you want to use. Never deposit money to a website that promises returns unless you can verify that it is legit. Most websites that genuinely offer free Bitcoin will not ask for any initial investment.
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