How to get free Bitcoin and what to do with it?01.07.2019, 09:54
You could view Bitcoin as an investment, speculating that the future price of this still-young and volatile digital asset will grow massively. So far in 2019, it has proved to be the best-performing asset out there, including gold. Considering the advantages of Bitcoin - as secure, sound money, no need for a bank, where only you control it - there are certainly a lot of reasons to hang on to it. There is also the movement surrounding it and the considerable development going on across the entire cryptocurrency space. Regulation and ease of adoption are the only things still holding it back, and even without much of these the trend is growing. This global tech is pretty unstoppable now anyhow.
Not only this, but many people do actually use Bitcoin today as an easy-to-use, guaranteed way of sending money to friends, family or charities etc. anywhere in the world, or to pay for goods and services. Indeed, there are quite a few things you can do with Bitcoins, besides hoard them like gold or trade them for other things.
Here's a quick round-up of some maybe surprising options...
First, it's getting easier to buy Bitcoin - or exchange it from traditional currency - but today the easiest ways are still via online exchanges like Coinbase (based in the US) or Bitpanda (based in Europe). That's where you can get some. There are also more direct ways like LocalBitcoins.com and OTC (over-the-counter) options for large purchases. Once you buy some from the major exchanges, it appears simply in your Coinbase or Bitpanda wallet. They are held securely by these companies but ideally, for longer term storage, you should send some to a more secure type of wallet like at Blockchain.com, or an (offline) hardware wallet. These give you better, personal control and control over your keys.
Or... use Prizes Drop!
Another way is to earn Bitcoin, and you can do so here at Prizes Drop by garnering our points for various tasks and changing them for our Bitcoin vouchers, or... at some of the other options below.
But what else is Bitcoin for, besides investing it and potentially seeing a huge hike in value?
Buy goods and services
Overstock is the most well known, major US-based site currently accepting Bitcoin.
Check out a list of other sites and companies that accept it..
Set up your own Shop selling... anything!
Buy or sell something at OpenBazaar.com, without any middle-man involved. Download the client software at this site, and you can be up and selling anything from home woodworking to old DVDs in no time.
Buy or sell a house
You can even buy or sell a house with it, which cuts out the middle-man and lets you deal directly with the owner. Check out Bitcoin-RealEstate.com. This means neither of you lose anything to intermediaries or agents, in terms of fees.
Use it for payments
Order a top-up card with companies like Wirex, which will allow you convert Bitcoin easily to fiat currency when you're out and about.
The new Coinbase Card has also now launched in the UK and Europe.
Ideally, we will see merchants being able to accept crypto even more directly, straight from the wallets on our mobile phones, but... we're not there yet.
You can book with a choice from thousands of hotels at Travala.com using a wide range of cryptocurrencies.
Normal currency is also accepted, and there is also a reward scheme and native token.
Mess around with monetized Apps (dApps)
You can easily swap your Bitcoin for another blockchain crypto like Eos or Ethereum and start testing out dApps, or decentralised applications. These include collectible games although many still have a strong gambling focus.
There are also more serious IT tools or decentralised apps that leverage the Bitcoin network's decentralised architecture. Be sure to explore the world of Blockstack.org where you'll find dapps like Graphite, a decentralised version of google docs. Developer? Start learning about the tools that could help you develop your first dapp.
Earn interest or get a quick loan
You could just hold Bitcoin in a secure wallet that you control, or you can entrust it to a major project that will allow you to earn interest over time, or get an easy loan, using your Bitcoin as collateral.
BlockFi is one of the leading, trusted sites where you can deposit Bitcoin and earn interest.
Nexo.io will allow anyone with cryptocurrency to get a loan quickly and earn some interest on certain cryptocurrencies.
Buy gold and silver
Somewhat ironically (considering many consider Bitcoin to be a new and better form of gold) you can now easily buy digitized gold and silver at major crypto exchanges including Bitpanda. In our times of uncertainty gold has proved itself to be a hedge investment against many more risky assets, and it can be wise to diversify your portfolio.
Buy other cryptos (when prices are low)
On exchanges like Coinbase or Bitpanda (European version) you can easily swap Bitcoin for other crypto projects including the emerging dapp (decentralised application) platforms like Ethereum, EOS and Tezos, all up and coming blockchains. Or you can be a little more intrepid and register on a larger exchange like Binance. There you will be able to seek out fascinating new crypto projects with bright futures. Just be sure to buy low, and research.
The price dominance of Bitcoin (at time of writing) is high versus other cryptocurrencies, meaning that you'll get more of another crypto for your Bitcoin. There are many cryptocurrencies now with tokens for many aspects of life including education, book publishing, art, music-streaming, game-streaming, web-searching and just using an internet browser.
Many traders use the price of these lesser cryptocurrencies simply to sell back into Bitcoin at higher prices, so they can accumulate more bitcoin.
Become a crypto fund manager
A site called Iconomi now allows anyone to deposit Bitcoin or traditional currency and create their own special basket of cryptocurrencies. You can set a management fee, set the structure, buy and sell and re-balance your fund at any time, inviting others to join it and invest. They can obviously buy more or sell their holdings at any time.
Buy stocks and shares
Yes, although this might mess with your mind, it's true that you can now use Bitcoin to invest in regular stocks and shares.
Check out Abra.com and not only buy cryptocurrencies but major companies like Amazon, Facebook etc in one app.
Buy rare art and 'crypto-collectibles'
There are also more serious projects like Maecenas that allow you to invest in famous art just by purchasing their native ART token.
You can also purchase special crypto or bitcoin-inspired artwork at Cryptoart.com, where featured artwork doubles up as bitcoin wallets.
Bitcoin is an ideal choice for donating to charity. Check out Bitcoin wiki for a detailed list of organisations now accepting donations in Bitcoin.
"The direct, transparent, and final nature of Bitcoin transactions also makes it a widely accepted means for donating to charities. Bitcoin Wiki provides a comprehensive list of charitable organizations that accept Bitcoin donations, including Fidelity Charitable, the Human Rights Foundation, and the Binance Charity Foundation."
Got a freelance skill, from writing, illustration, music mastering to coding and website design? You might well find projects via this comprehensive list of sites where you can earn bitcoin or other cryptocurrencies. The main difference is lower fees versus traditional freelancing sites, but it might be hard to gain a footing to begin with. However, that all depends on the demand and the project.
Another way is to write and blog for your crypto. New, innovative content platforms like Crypto Pulse and Narrative.org allow you to get tokens for votes and share proceeds with their members.
Start mining it! You can take out a mining contract with eco-friendly mining projects based in Scotland like Flymining and pay up front for a steady, reliable flow of Bitcoin. Contracts depend on how much power you're willing to pay for.
How to get free Bitcoin?
There are many emerging sites and ideas that allow you to earn free Bitcoin or crypto for doing small tasks like completing surveys, watching ads, or even posting on social media (where you can get tips).
You guessed it, this includes... right here at Prizes drop!
Here on our site you can start earning our rewards for watching ads, completing surveys etc. so you can save up and purchase a Bitcoin voucher. It could pay off.
Other things coming…
The above is just a quick round-up of interesting Bitcoin-orientated sites, but there are many more, and ever-changing. There are a lot of developments that could see the value of Bitcoin continue to rise. Even better payment cards could be the next major step, where conversion between fiat and cryptocurrency can occur instantly when paying for any goods at any typical store, yes... including Starbucks coffee.
Bitcoin and Facebook?
Right now, there is quite a lot of ‘anti-hype’ about the fact that Bitcoin can’t handle micro-transactions, or that they’ll be new and better blockchain-based cryptocurrencies (recently Facebook’s 'Libra') emerging. However, it's important to realise that Bitcoin may not need comparison with other cryptos. It was never supposed to be fast, or free to use. There are reasons for this: Bitcoin was built to be robust, trusted, decentralised, censorship-resistant and never to suffer interference or direct control by any government, institution or entity. And this is exactly what it is. It’s true that it’s not ideal for micro-payments, however there are solutions being developed (including the Lightning Network) and a lot of other options for those who possess it now emerging for the mighty network that underpins it. These include potential dApps (decentralised applications) and payment cards.
It's very likely here to stay, and become increasingly valuable. From being a very valuable unit of exchange to a safe, secure store of value, buying and holding or spending bitcoin is up to you.
Disclaimer, June 2019: This is personal opinion and not investment advice. Always do your own research.
Note: the writer is an owner and investor in a number of cryptocurrencies particularly Bitcoin.