Top 5 Ways to Get Free Bitcoin in 2020
Don't believe in free bitcoin? Think again.
There's a ton of free ways to increase your portfolio without investment. That's why today, we're listing some of the low-entry barrier ways to get bitcoin.
When we say "free," we mean getting BTC without payment. But "no payment" doesn't mean "at no cost." Free money usually comes at the cost of your time, effort, and expertise. In our list, we state costs as they really are for you. It will help to estimate which offers may be advantageous and worth your time when others might be better to avoid.
1. Bitcoin faucets and micro earning
A bitcoin faucet offers a reward in exchange for completing a simple action. For instance, you can get a satoshi, which is a hundredth of a millionth BTC for clicking a button and completing a captcha, or doing other odd jobs. Since the amounts you get for your time and effort are so tiny, it isn’t usually worth it.
However, it might be a fun way to learn about crypto and test out crypto wallets, try sending and receiving BTC for the first time. For earning money, we’ve got some more lucrative activities in the list below.
2. Interest Account
The working principle is similar to bank savings. You deposit some coins and earn fixed interest. On CoinLoan, it’s reaching 10,5% per annum.
The price you pay here is a temporary relocation of BTC that you already owe to your CoinLoan wallet. Unlike in the bank where your money is usually locked for some period, the CoinLoan Interest Account allows withdrawing funds whenever you want.
When the previous way to get free BTC is unlikely to make you prosperous, the Interest Account is another story. It’s a scalable method. The larger is your deposit, the greater your rewards will be.
Another strength of the interest account is a flat interest rate, which means the predictability of the income. The first portion of fixed interest accrues on the same day after the deposit. No waiting, no surprises.
3. Lending Platform
It’s a P2P platform where you can lend your bitcoins on your terms and set, theoretically, as high rate as you want.
Good or bad, borrowers rarely choose expensive loans when better alternatives exist. The invisible hand of the market keeps interest rates within certain borders, as you can see on the CoinLoan Recent Loans page. You’re free to set higher interest rates, but that would mean longer waiting before someone accepts your offer. What is even more important, unlike the Interest Account, you won’t be able to withdraw your assets until a borrower repays a loan.
As our experience shows, people who tried both an Interest Account and lending prefer using Interest Account despite its lower flexibility.
On the reasonable assumption that you can’t get free electricity, this method isn’t entirely free, either. You probably won’t get high returns from this in 2020 unless you can work out a way to get electricity for free. Keep in mind though that your home computer might not be powerful enough to make it worth your while — efficient mining requires ultra high-powered rig. As Bitcoinist reports, setup and electricity costs mean that mining one bitcoin at home in 2020 will also cost about one BTC at current prices.
Income from mining growth if the market works in your favor. Dips of bitcoin’s value can make mining unprofitable, as it happened after the last crypto market crash. At that moment, it was cheaper to buy bitcoin than to mine it.
Considering the Bitcoin halving that comes sometime in May 2020 and makes it twice as resource-intensive to generate one new coin, you may conclude that times to dive into bitcoin mining are over.
5. Get paid in bitcoin
You have to work for it, so it’s not really free, but technically you’re also working for any bitcoin you might get from a faucet. The difference is, that except the time, here you need to have some expertise in coding, writing, design, whatever. On the other hand, that’s a legit way to earn bitcoin in a significant amount.
Scams are the bonus on our list because some “free bitcoin” offers are simply scams.
There is always someone who is cheating to enrich themselves, especially on a wild-west crypto market.
Beware that even respectful corporations and search engines can advertise scammers. Before you can trust anyone, take time to read the news pieces and reports about the company. Read what the company is writing in their blog and social media. Discover all possible risks. Find evidence of the company’s legal status. Find as much information as you can, and if something looks fishy, you'd better stay out of this.
You can turn those fishy offers to your advantage if you use them to pump your crypto-knowledge and skills to notice frauds. Facing challenges makes you stronger.