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InvestPersonal Finance

How to Earn Bitcoin

By December 29, 2021 No Comments

What is Bitcoin?

Bitcoin (BTC) is the world’s most widely adopted cryptocurrency. Bitcoin is a digital currency, unlike cash, that is not controlled by centralized banks or any one central authority. Bitcoin is a decentralized cryptocurrency in which the Bitcoin network runs simultaneously on multiple computers in multiple locations to perform transactions. Every Bitcoin transaction is recorded in a distributed ledger called a blockchain. Blockchain technology allows every transaction of Bitcoin to be tracked. The supply of Bitcoin is finite and the maximum total amount of Bitcoin is 21 million.

How Can I Earn Bitcoin at Home?

You can earn free Bitcoin at home by using your personal computer for mining Bitcoin. A computer, aka miner, utilizes its CPU (Central Processing Unit)/GPU (Graphics Processing Unit) to be the first to solve the complex mathematical equation in order to earn block rewards. The only requirement for a device to mine and earn Bitcoin rewards is internet connection. Internet access is need for crypto mining operations to verify transactions on the blockchain. You can either mine solo or join crypto mining pools.

How Can I Earn Bitcoins for Free?

You can earn Bitcoins for free simply by taking surveys. Here are survey sites that will pay you in Bitcoin. (Typically you’re paid with a gift card you can use to buy Bitcoin or other cryptocurrencies on a a digital exchange or app like Robinhood or eToro.)

  • Swagbucks
  • Cinchbucks
  • InstaGC
  • Rewarding Ways
  • Earnably
  • GrabPoints

How Do Beginners Get Bitcoins?

Beginners can start investing in Bitcoin because you can purchase fractional amounts of Bitcoin. The best strategy for any beginner is dollar cost averaging (DCA). Dollar cost averaging is where you’re buying small increments of BTC over time instead of all at once to mitigate risk.

How Long Does It Take to Earn 1 Bitcoin?

It takes an average time of 10 minutes to mine a new bitcoin when a new block is created.

What App Gives You Free Bitcoin?

Coinbase is one of the world’s largest cryptocurrency exchanges where you can securely buy Bitcoin, store, and sell. The Coinbase app also gives $5 in free Bitcoin for new users to join the crypto exchange. Coinbase will deposit $5 BTC into your portfolio’s digital wallet after you register and Coinbase verifies your photo ID. You can also earn other free cryptocurrencies while learning about them.

Pei is another app that lets you earn free Bitcoin rewards on any debit or credit card. You can earn shopping rewards at any Pei merchant. Pei also has a BTC digital wallet where you can earn interest from your BTC holdings.

Can You Start Bitcoin Without Money?

There are multiple ways for you to start Bitcoin without money like mining Bitcoin with your PC, registering with apps that offer free Bitcoin, or simply requesting your birthday gift in the form of BTC.

Who Owns the Most Bitcoin?

Satoshi Nakamoto is the first person to mine Bitcoin in the early days because he is the creator of Bitcoin. During the first half of 2009, it is estimated that Bitcoin inventor Satoshi Nakamoto has mined as many as 1.1 million Bitcoin. His Bitcoin stash is spread out across multiple digital wallets. Nakamoto’s net worth is estimated to be up to $73 billion at the time of Bitcoin’s price rally of November 2021, making him the 15th wealthiest person in the world.

How Many Bitcoins are Left?

The total number of Bitcoins that can ever exist is 21 million Bitcoins. Currently, there are about only 18.9 million Bitcoins in existence. This leaves about 2.1 million Bitcoins left to be mined.

Is Bitcoin Mining Legal?

Bitcoin mining is legal in the United States. In countries around the globe, mining bitcoin is legal or it has not been banned. 

Current Countries where Crypto Mining is Illegal:

  • Algeria
  • Bolivia
  • China
  • Columbia
  • Egypt
  • Indonesia
  • Iran
  • India
  • Iraq
  • Nepal
  • North Macedonia
  • Russia
  • Turkey
  • Vietnam

Can You Lose Money on Bitcoin?

Just like traditional investment, you can lose money on Bitcoin as well. It is encouraged to take profits as the price of Bitcoin rises to protect against losses when the value of Bitcoin drops. You can dollar cost average (DCA) by selling a little at a time for good profits. It is encouraged to do your own research and assess the risks involved when it comes to cryptocurrency trading, especially with your own money. It is advised to invest what you are willing to lose.

Final Thoughts on Earning Bitcoin

As the cryptocurrency market continues to grow, more businesses and people will adopt Bitcoin as payment. There are plenty of legitimate ways to earn free Bitcoins whether you have mining equipment to join a mining pool, do regular shopping online, or play mobile or online games. You can earn free Bitcoins and build  your Bitcoin wealth to make it one of your income streams.

Nothing in this article should be construed as financial, legal, or tax advice. Please consult a qualified professional to provide advice relevant to your circumstances.

Cryptocurrency will be offered in 2022 as a Swagbucks rewards option. Swagbucks members will be able to redeem their qualified earnings towards a gift card to buy cryptocurrency on a platform that sells Bitcoin and other forms of cryptocurrency.

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