Ways To Earn Free Bitcoin In 2023 – Forbes Advisor INDIA
No matter how the Indian government oversees cryptocurrency, there are many crypto enthusiasts in India, who leave no stones unturned not only to earn more and more money from cryptocurrencies but also to earn passive income opportunities by accumulating Bitcoin itself.
Many crypto investors and traders are into earning Bitcoin in order to make quick money. Here’s a well-explained read dedicated to the various methods and ways which helps you to earn Bitcoin in India.
What Is Bitcoin and How Does Bitcoin Work?
Before moving further, let’s understand the concept of Bitcoin and how it works.
Bitcoin is a form of virtual currency which uses the blockchain technology to handle transactions which take place between the users on a decentralized network. The transactions are placed on the open-sourced Bitcoin blockchain and are recorded in a form of public ledger. Every transaction is stored in a unique block which gets attached to the main blockchain to form the series of transactions. In turn, the blockchain technology makes the transaction secure, transparent and secured, without involving any kind of intermediaries such as government or banks.
Different Ways To Earn Bitcoin
Mining is one of the most sorted ways to earn Bitcoin by solving a cryptographic puzzle which helps to add a new block to the Bitcoin’s blockchain network. The miner is supposed to mine by choosing Bitcoin mining software and ratify the transaction in a process called mining. However, the task of mining digital coins is not easy as it seems. Bitcoin mining can be regarded as a proper job or a kind of profession rather than just a hobby. It also requires huge consumption, expensive equipment, high electricity costs and a lot of space to carry out mining operations.
Once the miner is able to solve a complex cryptographic puzzle successfully, they are rewarded with free Bitcoins and transaction fee. The miners who are able to mine successfully can earn up to 6.25 BTC per block as they validate. Apart from mining fee, they also receive transaction fee which is also paid in Bitcoin. It is to be noted that mining for the largest cryptocurrencies such as Bitcoin requires a lot of energy as competition to earn Bitcoin rewards is extreme.
Some miners join with others to form a larger mining pool. This is a very common practice as due to big mining pool, the various groups of miners work in tandem with each other to have better chances of earning profits.
Bitcoin lending is a popular method of earning Bitcoin via various lending platforms. These lending platforms connect borrowers who need crypto with crypto holders who are ready to lend their coins for an attractive interest rate.
Lending is a risky way of earning Bitcoin but comes with higher earning interest rates even up to 15% per annum. However, if there is no collateral involved which hold the borrower liable to pay for the loan, lending can be an extremely risky affair. Crypto lending platforms such as BlockFi, ZebPay, CoinDCX, Crypto.com, Nexo, Holdnaut facilitates Bitcoin lending and borrowing services at good interest rates.
Crypto Staking is a great way to earn rewards. Crypto staking is the process where the user locks up their certain part of crypto holdings for a certain period of time to help the operations related to blockchain. And in return, the blockchain provides staking rewards to their participants.
Bitcoin is widely used for staking purposes by using a “consensus mechanism” called Proof of Stake, which ensures that each and every transaction present on a Bitcoin blockchain is verified and secured. Your Bitcoin, if you choose to stake it, becomes part of that process.
There are several long-term crypto holders who look at staking process as a way of earning more Bitcoins from their holdings, rather than amassing dust in their digital wallets.
Investors with a long-term view on cryptocurrency hold Bitcoins and then sell their position at a huge profit when prices are high. Also, if you already own Bitcoins, you can also deposit them in interest bearing crypto platforms and gain interest on the same. Another approach in Bitcoin investment is putting money in Bitcoin-based startups, blockchain technology companies, to make huge profits and earn more Bitcoin.
Trading is one of fastest ways to earn more Bitcoins where risk involvement is also high as compared to other methods of earning Bitcoins. The trader must have the knowledge of Bitcoin charts, market moves and should be able to take speculative risks while trading in Bitcoin. They can earn more via adopting several trading strategies such as buy and sell, hedging, Intra-day trading, and market trend trading. So, if you want to earn more by becoming a crypto trader, make sure you have enough time and most importantly capital to invest in informative crypto trading lessons.
You can also earn free Bitcoins by claiming Airdrops, where you are required to spread the word or increase the awareness about a certain crypto product or any coin.
Such airdrops events are associated with free distribution of Bitcoins or other cryptocurrencies which are given to only selected users. Users are eligible for airdrops only by fulfilling specific criteria, such as interaction with any cryptocurrency platforms. Whereas, developers organize airdrop events for attracting more and more users. The most popular crypto airdrops in 2022 were Lucky block, Metamask, StormGain, DeFiChain, Battle Infinity and many others.
The claiming process of airdrop differs from one crypto project to another. Some developers will drop the coins automatically into the wallets of users, however in other projects, users can claim the required token by showing the “snapshot,” as a proof of ownership. This snapshot acts as a sort of record of token holders taken at a specific block.
And, for taking part in bounty airdrops, the users are required to have accounts on social media platforms such as Facebook, Twitter and Telegram.
Help to Find Bugs
There are many developers and large tech crypto organizations which tend to offer incentives in the way of free Bitcoins, if some user helps them to locate glitches and bugs in their system.
In the world of cryptocurrency there is no easy or low-risk way to make money with Bitcoin. However, if you are really well-versed with the basics and fundamentals of Bitcoin and observe its moves very closely, then surely you find a lot of ways to create opportunities for additional income streams by earning Bitcoins.