A lot of work from home jobs recommend earning Free Bitcoin mining as one of the top options for making money because earning bitcoins is really easy and free to join.
You can buy anything by using your Free Bitcoins mining earnings. Hence, Let’s spend your next few minutes to learn the various useful information about this digital currency.
When you hear about bitcoin “mining,” you imagine coins being dug out of the ground. But bitcoin isn’t a physical currency, so why do we call it mining?
What is Bitcoin?
Bitcoin is a form of digital currency which is based on an open source code that was created and is held electronically. Bitcoin is a decentralized form of currency, meaning that it does not belong to any form of government and is not controlled by anyone.
Unlike traditional currencies, Bitcoins are not printed. Instead, this form of currency is produced by people and businesses around the world through the means of solving complex mathematical formulas which get more and more difficult to calculate as more Bitcoins are created.
What is bitcoin mining?
Bitcoin mining is a process through which transactions on the Bitcoin network are validated and stored on the blockchain, the ledger which keeps track of all Bitcoin transactions.
Essentially, it is a term used to describe the confirmations and processing of Bitcoin payments. There is specific hardware which has been developed and designed to make the calculations to verify transactions more optimal and efficient than if it was done by a standard computer.
Every time a blockchain is solved, a reward of Bitcoins is given to the solving machine. As of June 2017, the reward for solving one blockchain is 12.5 BTC. This number is halved roughly every 4 years. This ensures that there isn’t a constant infinite flow of Bitcoins into the Bitcoin network.
In fact, the open source code which was created by Satoshi Nakamoto dictates that there will be no more than 21 million bitcoins generated throughout the lifespan of Bitcoin.
Free bitcoin mining, gives you access to be a member of the earning bitcoins society at no cost.
Who Created Bitcoin?
There is a little bit of controversy surrounding this particular question. Officially, Satoshi Nakamoto is the person responsible for designing Bitcoin and its reference implementation. However, the issue is that Mr Nakamoto was somewhat secretive about his identity. He has claimed before that he was a man living in Japan who was born on April 5th, 1975.
Who Is In Control Of Bitcoin?
the Bitcoin currency system is not controlled by any single entity. The system is decentralized and thus no government has any authority over it. True control over Bitcoin is with the people and businesses that invest in it, mine it, or use it for purchases.
Benefits of using bitcoin
(II) You can send and receive money from anyone in the world
(iii) No bank approvals needed
(iii) You don’t have to border about exchange restrictions
(iii) Bitcoin gives you full control of your money
2. Low Fees
(I) Bitcoin transactions run on a distributed peer-to-peer network
(II) Computerized Work so No Employees needed
(iii) Hence, less transaction fee
(I) Mathematically secured
(II) Impossible to fake
(iii) Transactions are irreversible and do not disclose any personal information
Free Bitcoin Mining Websites
Bitcoin mining faucets are websites, generally full of advertising links, which allow you to earn small amounts of Bitcoin and Altcoin just by solving the captcha for the recognition (and exclusion) of any bots. Many mining faucets are just a waste of time because they do not pay or dispense too small amounts of cryptocurrencies. First of all, my advise is to sign up on the two best micro wallets for faucets, CoinPot and FaucetHub to optimise and keep safe your earnings.
This is a very popular Bitcoin mining faucet. It pays out every five minutes, has a referral link to help you make more money, and is straight forward to use. You can simply leave the browser open for five minutes, claim your bitcoin then start over again. Another reason people like this mining faucet is that it allows you to also collect altcoins like Dash. If you sign in daily, even if you only claim once, you’ll get a bonus.
This has been a long-running mining platform favourite for many people. In fact, when they were behind on payments, unlike many other mining faucets who just fold, they were able to catch up and back pay people. They’ll also pay out more than many faucets at 22-8,659 Satoshis per hour. One more aspect that makes it a top rated faucet is its ease of use. If you’re one of the people who got into Bitcoin thanks to Coinbase’s accessibility, you’re in luck. Once you get to 80,000 Satoshi, you can have the coins deposited right to your account.
This site claims that users can earn up to 5,000 Satoshi every 15 minutes, depending on how many people are online at one time. This site is completely free, and pays out a 5% bonus for the previous day, as long as you come back and use it on sequential days.
This is one of the most ‘family friendly’ and approachable Bitcoin faucets out there. There’s literally a family on a computer for the homepage hero image. Though the community isn’t large, it’s got a decent time frame with a payout every 15 minutes, and a 100% commission to you for referrals. In all, they’ve got a lot going for them and should be one that you add to your daily mining faucet rounds.
FreeBitcoin only pays out once an hour, but it also hosts weekly lotteries that can get you up to one bitcoin. In addition to that, there’s a lifetime 50% referral fee. By some measurements, this site is the largest Bitcoin faucet on the web, which makes it one of the most trustworthy. There’s also a very simple interface, making it simple to claim your bitcoin
This is one of the early mining faucets and has been paying users since 2013, so it’s legit. The real earning potential here comes from the combination of the 0.00019 mBTC per click and the affiliate marketing system. When people use your link, you can make up to 80%. In general, commissions run between 40% to 80%, according to their website. The one drawback: you need 0.10000 mBTC minimum to cash out, so you likely need that combo to get to that amount of money.
Where to Spend Your Earned Bitcoins?
There is always the option of exchanging your bitcoins to a hard currency like USD or EUR, but there are mining fees involved as well as taxes to be paid if you are in the US. You will need a wallet and an exchange service.
A bitcoin wallet is a software you can download to your computer or phone, it’s your own personal bank. You can also use cloud stored wallets, and some of the main services that will be reviewed include one. As for a bitcoin wallet, I would suggest the use of luck, just in case you are interested in opening a wallet.
An exchange is a website where you can exchange your bitcoins for currency, you enter your wallet’s key to the exchange to connect it to the service, send bitcoins and receive USD.
A better way of spending your bitcoins is to buy online purchases or other services like sports betting or bitcoin casinos.
Online shops that accept bitcoin
It is a highly trusted website with an open face as to who owns the shop. Jeremy West is one of the very first Bitcoin users back in 2010; he began using the coin when PayPal refused to conduct donations to Wikileaks. In essence, he is trying to be an Amazon for bitcoin users, uniting dozens of merchants worldwide through his platform.
This is probably one of the biggest home appliance retailers to use bitcoin as a payment option. It is partnered with Coinbase, one of the most popular and safest bitcoin wallets. Note that bitcoin is only accepted as a payment method for USA users and not international shipments. At Overstock, you can purchase almost anything for your house like furniture, kitchen, décor and also clothing for women, men and children.
This is a popular app and website where you can order Domino’s, Pizza Hut and Papa John’s using bitcoin
They offer gift cards for: Amazon, JC Penny, Sephora, Home Depot, Kohl’s, Adidas, Applebee’s, Bed and Bath $ Beyond, Best Buy, Domino’s, Dunkin Donuts, iTunes, Macy’s, Nike, Nordstrom, Panera Bread, Uber, Burger King and the list goes on and on.
FAQ on bitcoin mining
In the section below, i have taken out time to explain and give answers to some questions, terminologies and terms frequently used in the bitcoin mining community.
Isn’t Bitcoin Just Another Ponzi Scheme?
Before we go any further, let’s define what a Ponzi scheme is. A Ponzi scheme is a deceitful investment operation where the person behind the sham distributes returns to its investors from newly generated capital paid to the mastermind by other new investors, rather than from profit earned through legitimate investment.
Those who run Ponzi schemes usually coax unsuspecting investors by offering higher payout on their investment in the form of short-term payouts that are usually abnormally high.
The number one reason why Bitcoin is not a Ponzi scheme is that it is an open source and free project without a central authority. Simply put, there isn’t anyone in control of Bitcoin that could gain from a Ponzi scheme, because the whole system is run by its users and everything that goes into Bitcoin code is also controlled by its users.
Isn’t Bitcoin mining a waste of energy?
Spending energy to secure and operate a payment system is hardly a waste. Like any other payment service, the use of Bitcoin entails processing costs. Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armoured vehicles, also use a lot of energy.
How does mining help secure Bitcoin?
Mining creates the equivalent of a competitive lottery that makes it very difficult for anyone to consecutively add new blocks of transactions into the blockchain. This protects the neutrality of the network by preventing any individual from gaining the power to block certain transactions.
What does MH/s, GH/s mean?
These abbreviations stand for the hashing power that your miner is generating. MH/s stands for megahash per second and GH/s stands for gigahash per second. There is a direct correlation between how fast your miner works and how profitable it will be.
What does W/Gh and W/Th mean?
W/Gh and W/Th are abbreviations for watts per gigahash and watts per terahash. These metrics calculate how many hashes a miner can run per watt of electricity. Mining hardware with lower W/Gh and W/Th are more efficient.
What does hashing mean?
The term “hashing” means how quickly your hardware is processing data from the Blockchain and solving the complex mathematical equations that are required to earn bitcoins.
What is a Bitcoin mining pool?
A mining pool is a group of miners who have shared their hashing resources to solve blocks together and the rewards are then distributed amongst the members.
Where does bitcoin come from?
Mining is also the mechanism used to introduce Bitcoins into the system. Miners are paid small transaction fees as well as a reward of newly created bitcoins by the system for each transaction block successfully validated. This both serves the purpose of disseminating new coins in a decentralised manner as well as motivating people to provide security for the system.
Why should I get involved in mining
Mining provides you with the opportunity to obtain and accumulate bitcoins from the only place where it is created – from the Bitcoin ecosystem. If you understand bitcoin and what it stands for, and how it is already widely used as a currency and payment method today, then mining is a great way, if not the only way you can best capitalise on the future of money.