In the year 2020, there are very few people who haven’t heard about cryptocurrency and bitcoins.
Though being a well-known phenomenon, it’s not understood by all. You’ll hardly find a software company, international business, banks, or government who hasn’t researched cryptocurrency or not published any paper over this. Even this is very popular among freelancers and international service providers. Today in this article, we’ll understand cryptocurrency and how you can earn them for free.
Cryptocurrency is basically a virtual digital currency that is used as a medium of exchange. This online currency can’t be touched or seen. It is used for securing your payments online.
Cryptocurrency is nothing like the regular paper money we use. This is a form of digital currency that was developed by Satoshi Nakamoto, to create a peer to peer system for online payments. The most incredible thing about this system is, it’s not controlled by any third party. The whole system is controlled by cryptography. It is a decentralized method that works independently of any financial institution.
Let’s understand the process
To understand the process, let’s go with an example. When you go shopping and pay through cards, the card doesn’t pay the money. You use a pin or passcode and the money transaction from the bank you’re a member of. With digital currency, there’s no bank, entities, government, middleman controlling.
The underlying technology behind all this stuff is blockchain technology. Blockchain is basically a technology that has digitized human trust. It was created to remove human error from the transactional process and make it more secure and reliable.
The number of cryptocurrencies is 6,088 till 2020. But the exact number can’t be said, because of the changing frequency. Cryptocurrencies have grabbed the entire financial marketplace in a short time. Among them, we’ll talk about Bitcoin. Etherum, Ripple, and Litecoin. These are the most popular cryptocurrencies in today’s world.
Since the last decade, bitcoin is one of the most popular and expanded currencies on the internet. It’s a coin that is worth hundreds of US dollars. But it’s not made of gold, platinum, or anything. As we explained cryptocurrency, it’s not touchable. This coin just exists electronically.
There is no organization authority deciding when to make more bitcoins, or how many to produce, keeping track of where they’re, and where they’re being invested? Now you can ask how does it work as a currency?
Like other cryptocurrencies, it has a little thing behind all these, called cryptography. Bitcoins are kept pretty safe because of cryptography. That is why it’s called cryptocurrency. You can easily exchange coins on your computer and peer to peer network.
Bitcoin is an entry on a huge global ledger called the blockchain. The technology behind all this stuff is blockchain technology. This is basically a technology that has digitized human trust. It was created to remove human error from the transactional process and make it more secure and reliable.
Bitcoin’s worth is higher than other cryptocurrencies that exist in the whole marketplace, Huge companies as Microsoft, Overstock.com, etc. This money exchange game is much easier.
Beside bitcoin, there is another cryptocurrency named Ethereum. Etherum and bitcoin both use the same blockchain, but they don’t use the same currency.
Ethereum is different from bitcoin by the contract system. This system pays the users after meeting certain conditions. Ethereum is popular for the quick transaction system, As Ethereum has the smartest contract system, you don’t need to wait for any kind of paperwork. You can get money in a faster and easier way.
In the traditional transactional way, you need to deal with the mediate transaction system. With the smart contract system of Ethereum, you don’t need to pay any third party.
Ripple is one of the leading cryptocurrencies around the world. With the Ripple process transactions, you can send money without any kind of high foreign transaction fees. Ripple is super fast and can handle 1500 transactions per second.
Litecoin also has a system of blockchain. It also has a public ledger and miners that verify transactions. Litecoin provides outstanding performance in the processing speed, the large supply of currency, and less complex algorithms.
In Litecoin the transaction process can be done in 2.5 minutes. Litecoins have more coins than bitcoins. It’s almost 84 million coins. Litecoin is also much easier to use. It has the easiest algorithms.
As we’ve discussed the most four cryptocurrencies. Just imagine getting these precious coins for free. Don’t be amazed, we’ll talk about how you can get free bitcoins.
Ways to get free bitcoin
I get a lot of people asking what’s the way of getting bitcoins without investing. Today we’ll know about the ways of getting bitcoins for free. There are six exciting ways that can get you free bitcoin.
- Affiliate programs
- Getting paid directly
Though gambling doesn’t offer you sure winning, it can get you bitcoins. It may seem to be an easy way of getting money, it includes a huge number of risks. You can try your luck if you only have enough capital to take risks. You can find websites to test your luck over this.
Faucets and games
Faucets can give you a small amount of bitcoin in certain time spans. On some bitcoin dice websites, you can earn 0.0001 per five minutes. To get this, you need to have zero balance, You can also get coins by playing games and spending time on that website. The amount is not enough to satisfy one. But sometimes it can be good enough by just spending time on the website.
Mining can be a very effective way of earning bitcoins. You can get this by solving computational problems and blocking mines. This way is applied by mostly the professionals. As it’s not that easy to earn enough profits for the beginners on a small scale.
Bitcoin mining is also important for security. This process is also called proof of work (POW). Mining works to hold up the scarceness of bitcoins that can also prevent copy or creation.
Affiliate programs are popular in the marketplace as well as the easiest way of getting free bitcoins. There are some websites where you can earn bitcoins by referring to others. You’ll get rewards such as discounts, points, or bitcoins.
Getting paid directly
You can earn bitcoins by requesting a donation to your website. If you’re a freelancer or work for a company that pays you through the internet, you can ask them to pay you by bitcoins.
Well, these are some ways of getting free bitcoins. Bitcoins aren’t only valuable but also the most demanding and secure cryptocurrencies ever. Cryptocurrencies are being popular gradually.
Hope you got enough information to understand cryptocurrencies. Thank you for reading. Pass the information to your friends and family who need to understand cryptocurrency.