Investing in Bitcoin can be costly, but there are plenty of ways to earn without having to spend any money upfront. Learning how to get free bitcoins is an easy and innovative way to start your cryptocurrency endeavor.
In this article, we define exactly what Bitcoin is, different ways to earn free bitcoins, and how crypto exchanges, like Vauld, can help you during the process.
What Is Bitcoin?
If you’ve been wondering where cryptocurrency began, then look no further than Bitcoin (BTC).
This digital currency created for peer-to-peer transactions has made headlines in recent years for its rapid value growth. But its origin in 2008 was simply to prevent the financial fraud that occurs through internet transactions without requiring third-party involvement.
Bitcoin is decentralized, meaning a central authority is not needed in the way an intermediary is involved in traditional banking. This allows two people to exchange funds from anywhere in the world without government or institutional involvement.
All bitcoin transactions are immutable on the blockchain, a ledger that keeps record of every crypto transaction ever made. No single company, party, or person controls the ledger.
It is also important to note that you do not have to purchase the value of an entire bitcoin to own BTC. Fractions of bitcoin — known as satoshis — are a great way to earn crypto without spending large sums of money.
With a more comprehensive understanding of what Bitcoin is and why it exists today, let’s explore six proven ways that you can earn free bitcoins.
How To Get Free Bitcoins
1) Bitcoin Faucets
Earning free bitcoins may sound too good to be true, but it’s all about knowing where to look and understanding the associated process. It usually takes a bit of effort, but you ultimately receive bitcoins without having to pay any form of fiat currency.
Take bitcoin faucets, for example. These apps and websites distribute satoshis in exchange for completing easy tasks, such as doing captchas or watching advertisements.
The term “faucet” alludes to the fact that this method offers extremely small amounts of crypto very slowly, similar to a faucet leaking water. The satoshis you can earn depend entirely on the faucet you select.
2) Rewards Programs
A quicker and more convenient method for getting free bitcoins is by utilizing rewards programs offered through credit cards and apps.
The rise of Bitcoin and other crypto has caused a significant spike in companies offering tokens as a reward much like they would a cashback incentive. By purchasing goods as you normally would using your card, you automatically earn bitcoins.
In addition, some mobile apps operate like a loyalty program. The more you purchase goods through their platform, the more bitcoin you are likely to earn. Whether it’s hotel and airfare or food at the grocery store, it all goes toward getting free BTC.
3) Bitcoin Mining
When bitcoins are mined, new ones are put into circulation. Since cryptocurrency does not have any central institution to create tokens, this is done by the public in exchange for bitcoins.
Bitcoin miners use sophisticated technology that solves complex math problems, and whichever mining equipment is the first to solve the problem earns bitcoins.
Keep in mind this method is only feasible if you have the proper equipment. And even then, the statistics are against individuals looking to earn.
To increase the odds of success, many miners enter a network of individuals with the same goal, known as a mining pool. If a pool is successful, then bitcoin payment is distributed amongst all participants.
4) Get Paid In BTC
Another way to conveniently get bitcoins is by setting up an agreement with your employer to receive payment in bitcoins.
To do this, simply create a free account with an exchange (like Vauld) so you have an easy way to store funds and accept tokens as your employer sends them.
Note: An important consideration for receiving a salary in bitcoin is volatility. The rate you receive will fluctuate, and this can either be a benefit or disadvantage. If the value of BTC decreases, so does your salary.
Ideally, the value of your funds increases, and you earn more than you otherwise would by receiving payment in fiat currency. But the reality is more comparable to being paid in an investment, and knowing how to properly maintain your investment will determine success.
Storing your income with Vauld allows you to automatically earn more, no matter what the current value of BTC is. Read more in the following section about how this is done.
5) Save Your Bitcoins
Similar to the way you can earn interest on funds stored with a traditional bank over time, Vauld users can expect to see their cryptocurrency grow, and at a much higher rate.
As soon as you deposit your first funds with Vauld, you receive a savings rate based on the tokens you’ve placed. Bitcoin currently allows you to earn 4.60% on savings, but other crypto, such as DAI, has a savings rate of 9.41% at the time of this writing.
The best part is that interest is calculated daily and paid out weekly. You can withdraw at any time without the fees that other exchanges might charge.
6) Earn Fixed Deposit Rates
Earning interest on your tokens doesn’t end there. Finding the best crypto exchange to partner with opens up the opportunity to earn fixed deposit rates on your funds. Here’s how it works.
When you sign up with Vauld, you have the option to store your tokens in a savings account to earn simple interest or earn even more by temporarily locking funds in a fixed deposit for a predetermined period.
Opting into a fixed deposit with Vauld means earning around 2-3% more, depending on the token. Depositing bitcoins using this method is one of the quickest and easiest ways on this list to get free BTC.
Once you’ve established how you’ll earn free bitcoins, you’ll also have to determine your storage method. Let’s take a look at the most common options available.
Storing Your Free Bitcoins
One of the most common ways to store crypto is by using a hot wallet. These online wallets are convenient to access whether you’re on your phone, computer, or any other device connected to the internet.
But while hot wallets allow for ideal quick access to funds, they are prone to hacking and have an overall lack of security.
For crypto holders hesitant to store their funds online due to security concerns, cold wallets offer a means of keeping tokens offline.
These wallets usually resemble a USB flash drive and reduce the possibility of online hacking. However, these offline wallets do require more protection. Losing or damaging your wallet means losing all of your bitcoins and other funds with no way of getting them back.
For the best crypto storing experience, choose a crypto exchange that:
- Offers a free wallet through their platform
- Implements strong security features
- Offers ways to earn interest
- Does not impose hidden fees for withdrawing funds
Following these points allows you to have easy access to your funds without any extra costs. And choosing an exchange with added security measures and options to earn provides all of the benefits without any of the risks.
Here at Vauld, we prioritize security through features such as:
- Multi-factor authentication
- Biometric authentication
- Video verification
- User alerts
- And so much more
Plus, we ensure your assets are safe by moving funds from your wallet to a centralized lending pool that’s insured for $100 million in BitGo, a leading digital asset trust and security company.
BitGo enables you to navigate the complexity of decentralized finance without needing to worry about the associated risks.
Now that you know the methods for how to get free bitcoins, the only step left is to sign up with an exchange and earn your first token.
Earn Free Bitcoin With Vauld
The method you use to earn free bitcoin should be based on your preferences and what makes the most sense for your lifestyle.
Mining bitcoin may not be the best choice if you’re not in the market to purchase new technological equipment. Likewise, receiving any portion of your paycheck in bitcoins may not be suitable if you’re not interested in supplementing your income with crypto.
Whichever route you choose, be sure to make the most of your investment strategy by partnering with Vauld. We offer key features for every owner, lender, borrower, and trader, whether their bitcoins were free or purchased through us directly.
Sign up with Vauld today for the best experience and find new ways to build your wealth automatically.