Alex Wang Mar Mina Down Dec There was, of course, the effort involved. Will it succeed in doing what many early adopters and evangelists claim it is destined to — replace government-controlled, centralised money with a distributed and decentralized alternative, controlled by nothing besides market forces?
This story is about how I managed to accumulate Bitcoin without spending money
A lot of people in the cryptocurrency world are looking to increase their Bitcoin holdings. The proliferation of scams that seem to offer quick and guaranteed profits from minimal investments are a testament to gav. Individuals have messaged me on social media offering ways to make easy Bitcoin fast. People are looking for ways to get Bitcoin for free. Several different ways. My first free Bitcoin came from faucets.
This story is about how I managed to accumulate Bitcoin without spending money
Bitcoin faucets are sites that give you free Bitcoins. The first Bitcoin faucet was created by Gavin Andersen, one of the core developers of the Bitcoin Foundation. It began his faucet late in and gave away 5 bitcoins. This is how looked the first bitcoin faucet. Once you get registered you need to click the roll button on the home page and a number of satoshis will be added to your balance. You can do this every hour. Actually, I just won 93 satoshis.
A lot of people in the cryptocurrency world are looking to increase their Bitcoin holdings. The proliferation of scams that seem to offer quick and guaranteed profits from minimal investments are a testament to. Individuals have messaged me on social media offering ways to make easy Bitcoin fast. People are looking for ways to get Bitcoin for free. Several different ways. My first free Bitcoin came from faucets. I got a tiny amount, approximately 0. However, they are a fun way to learn about crypto and test out sending and receiving from a wallet for the first time.
Indeed, my first Bitcoin transactions were faucets payouts. I quickly moved on to more lucrative activities. I soon came across a platform that lets users reply to paid messages and complete tasks to earn Bitcoin. The platform sends an email when there is a task or paid message available. I got more Bitcoin from doing surveys and small jobs online. There was, of course, the effort involved. The small jobs were time-consuming and annoying.
They consisted of things like checking the URLs of businesses and making sure information was correct on directory websites. After doing these jobs for a few weeks, I quickly shifted my focus on the surveys, which are less annoying and slightly more profitable. Of course, surveys are also time-consuming. They can take anywhere from 4—20 minutes to complete. Also, each survey pays out a different amount of BTC depending on the pool of respondents being targeted.
For example, a survey about chocolate or beer is pretty open, usually wanting people of a certain age who consumed beer or chocolate in the past year. These surveys typically pay only around 25— bits. Other surveys are more specialized, wanting participants who suffer from a particular illness or who have a specific type of job e.
These more targeted surveys can pay anywhere from — bits. Naturally, surveys want respondents to be honest but I often answered questions in ways to make sure I qualified for as many as possible.
After trying a few of them, it is easy to pick up tricks for answering in ways that make you seem eligible, no matter what demographic they are looking.
I worked on surveys for a couple months and the earnings were modest, about 0. Most of the Bitcoin I got came from airdrops. An airdrop is typically part of a marketing campaign for crypto and blockchain startups.
A company will give out small amounts of free coin or tokens in exchange for following their social media accounts. Airdrops generate buzz for an ICO. I participated in hundreds and hundreds of airdrops. When that happened I sold about half of the tokens for BTC. I slowly got more BTC by selling these tokens at the right time. To profit from airdrops this way, it is essential to watch the market so you sell them when they increase in value.
It also takes time to learn about the different and sometimes obscure exchanges where they can be sold. While looking for the airdrops, I kept seeing references to bounty campaigns. Eventually, I looked into what exactly these. It turns out they are also part of ICO marketing campaigns.
Bounties are another way of generating buzz and interest in a project. Mainly, a bounty campaign involves doing tasks in exchange for tokens. The amount of tokens given out for bounties is usually higher than airdrops. However, bounties are also more time consuming and can be a challenge to. I think the best way to find good ones is to use one of several bounty aggregating platforms.
These platforms organize campaigns and keep track of social media activity. They also distribute the tokens. However, these also pay the. The content bounties pay the best often several hundred dollars for a high-quality piece but they are also the most time-consuming. Moreover, they are only feasible for those who have a good knowledge of blockchain technology and strong writing skills.
I first started with social media bounties and earned thousands of tokens this way. However, I soon moved on to writing articles. At that point, I had enough knowledge of blockchain technology to understand and assess the concept behind many startups.
I also had a general interest in writing. I created articles on different blockchain projects and received hundreds of thousands of tokens in exchange. Not all of these tokens became valuable but some did. Connected to participating in bounty campaigns and airdrops are referral earnings. These come from getting other people so they sign up using a unique referral link.
For every referral, you receive more rewards. For example, some bounty aggregating platforms pay a small amount of ETH every time one of your referrals completes websites that gave out free bitcoin in the 2000s task. Often, individuals post their referral links to social media.
This article itself contains some referral links. However, it should also be clear that nothing is truly free. Getting Bitcoin from faucets, surveys, airdrops and bounties takes time. The most profitable bounties also require a good amount of knowledge of cryptocurrencies and blockchain technology.
So, while I never paid any money to get my Bitcoin, I did put in time and effort. At the same time, however, I learned a lot about blockchain technology and new projects that are hoping to make an impact in the world of cryptocurrency.
Subscribe to my channels on Medium and Twitter if you like my articles and want to learn more about blockchain and cryptocurrency projects. If you have any questions about this article, please comment in the section. Thank you! Mina Down minadown. Tweet This. Blockchain Bitcoin Cryptocurrency Technology Life.
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Bounties are another way of generating buzz and interest in a project. An airdrop is typically part of a marketing campaign for crypto and blockchain startups. Websites that gave out free bitcoin in the 2000s went offline, and the owners of ,Bitcoins never saw them. I quickly moved on to more lucrative activities. The Financial Conduct Authority has hhe warnings about initial coin offerings ICOs which use cryptocurrencies to raise funds for startup businesses. Tye example, a survey about chocolate or beer is pretty open, usually wanting people of a certain age who consumed beer or chocolate in the past year. Analysts said the dramatic moves in the runup to the end of meant that it was difficult to predict what would happen in the new year when trading volumes are expected to rise. The Bitcoin software is made available to the public for the first time and mining — the process through which new Bitcoins are created and websihes are recorded and verified on the blockchain — begins. Bitcoij it succeed in doing what many early adopters and evangelists claim it is destined to — replace government-controlled, centralised money with a distributed and decentralized alternative, controlled by nothing besides market forces?
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