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Filecoin Offering: Community Alleges Token Dumping, Tron’s Justin Sun Wants the US SEC to Investigate

17/10/2020 by Idelto Editor

Filecoin Offering: Community Alleges Token Dumping, Tron's Justin Sun Wants the US SEC to Investigate

The recent Filecoin (FIL) token offering is creating controversy as some crypto community members are alleging that an unknown account has received 1.5 million tokens when only 500,000 were due for unlocking. According to reports, 800,000 tokens out of the 1.5 million of such tokens have been transferred to Huobi and other exchanges.

Filecoin Denial

According to a Chinese language website, 8btc.com, an unidentified Filecoin representative insisted the decision was made to help stabilize the price in the period after listing.

The representative reportedly said:

It is to establish an independent market maker to (help) maintain a stable price in the early stage of the project, because the price may be the most unstable at this time. At the same time, these coins are not a sell-off of FIL by the Filecoin.

As part of the plan, FIL tokens were also sent to other exchanges besides Huobi. Meanwhile, the Filecoin team also explained in a blog that “the network has now entered a quiet post-launch monitoring period to ensure the network is operating smoothly.” The blog adds that the “network is stable and community members are reporting successful operations.”

Token Price Tanks

Despite this plan, the Filecoin token saw its price tank a few hours after listing. It seems the envisaged stabilizing strategy failed to stop the token price from dropping. As Binance trading data shows, the token opened at $200 but this had dropped to $42 at the time of writing. It is this sharp drop from the opening price that has prompted complaints and allegations of impropriety.

Filecoin Offering: Community Alleges Token Dumping, Tron's Justin Sun Wants the US SEC to Investigate

One notable critic of the FIL offering is controversial Justin Sun who is insinuating that one Juan Benet and others at Filecoin had exit scammed. Tron tweets:

“Exit scam here? 1.5 million $FIL for 200 USD each worth 300 million USD at the high. Now (the) price is below 60 USD. 70% down. No lock-up. No announcement to the community. How much do you sell? Is this ok?”

Sun, who has faced almost similar allegations, goes on to encourage investors, especially those from the United States “to make sure Filecoin and Juan Benet are held responsible for this (dumping) under the protection of the US Securities and Exchange Commission.” Some Twitter users appeared to agree with Sun while some were quick to remind him of his own past misdeeds.

Filecoin Offering: Community Alleges Token Dumping, Tron's Justin Sun Wants the US SEC to Investigate

Still, in a later tweet, an undeterred Sun doubles down on his claims that FIL devs had disregarded the rules by dumping 1.5 million tokens.

Counterfeit FIL Tokens

Meanwhile, in another twist to the controversy, reports also emerged on October 16 that scammers may have forged FIL tokens.

According to the Beijing-based Chainsmap monitoring system, these tokens were created a day before the offering while their transfer to addresses had been carried out by way of airdrops. In addition, a transaction pair pool has been established in Uniswap with this token.

Launched as a decentralized storage network, the Filecoin team says the project was started to help “store humanity’s most important information.” The project raised $205 million in an initial coin offering in 2017, and while the launch date was initially planned for mid-2019. However, the mainnet launch date was pushed back until block 148,888, which is expected in mid-October 2020.

What are your views about the Filecoin dumping allegations? Tell us what you think in the comments section below.

The post Filecoin Offering: Community Alleges Token Dumping, Tron’s Justin Sun Wants the US SEC to Investigate appeared first on Bitcoin News.

Filed Under: $FIL, airdrops, Altcoins, crypto community, decentralized storage network, English, Exit Scam, fake tokens, Filecoin, Justin Tron, News Bitcoin, The US Securities and Exchange Commission, Uniswap trading pairs

Over 40 Bitcoin Forks Are Down More Than 98% Since 2017’s Forking Fiesta

21/09/2020 by Idelto Editor

Since the summer of 2017, more than 44 forks of the Bitcoin network were created and so far many of them have lost considerable value and are near worthless. To-date only a few of the forks that stem from Satoshi’s creation have remained relevant during the last three years.

There are three branches of Satoshi Nakamoto’s codebase that have commanded top positions within the top fifteen coins in the crypto coin market economy. Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoinsv (BSV) have all been top contenders for quite some time. Between the price, onchain activities, and community size only these three branches have data worth calculating.

Over 40 Bitcoin Forks Are Down More Than 98% Since 2017's Forking Fiesta

Out of the $335 billion market cap stemming from all 7,600+ crypto assets, BTC captures 58% of the valuation, while BCH commands 1.2%. BSV’s market cap dominance on Sunday, September 20 is 0.83% Meanwhile, over 40 other Bitcoin network forks that were born after August 2017, have lost significant value during the last two years.

In 2017, just before the all-time price highs in the crypto economy, a great number of individuals and organizations decided to create forks from the BTC network. That year if you participated in the crypto economy, you surely heard about all the forks, snapshots, and airdrops that took place during the 12-month timeframe.

Each and every one of them had a unique name tied to the word “bitcoin,” and they all offered some benefits that BTC does not offer network participants.

This included bitcoin zero (BZX), micro bitcoin (MBC), bitcoin clean (BCL), bitcoin gold (BTG), classic bitcoin (CBTC), bitcoin cloud (BCL), big bitcoin (BBC), bitcoin atom (BCA), bitcoin interest (BCI), bitcoin smart (BCS), bitvote (BTV), bitcoin private (BTCP), and bitcoin rhodium (BTR).

BTG charts on September 20, 2020.

The list goes on and on and most all of these coins besides the top three branches have shuddered in value during the last two years. Before launching these forks the creators told the public that every fork had a special purpose.

For instance, bitcoin gold (BTG) was supposed to make bitcoin mining decentralized by trying to bring CPU mining back to the codebase. Essentially, BTG changed BTC’s consensus algorithm from SHA256 to Equihash but quickly learned that the chain was far less secure.

Just like the Ethereum fork (ETC), bitcoin gold has been 51% attacked on various occasions since it was born. A recent study shows that a single BTG whale controls more than half the supply and the 51% attacks have caused the coin to get delisted from prominent exchanges.

Bitcoin gold is down 98.32% from the coin’s all-time high of $484 three years ago. The crypto asset has 898 KH/s of hashrate securing the chain but the cloud mining operation Nicehash controls 52.24% of the BTG hashrate on Sunday, September 20, 2020.

BTCP charts on September 20, 2020.

Another BTC fork project called bitcoin private (BTCP) told the public the coin’s benefits would be privacy features called zk-snarks. BTCP is down 98.8% since it’s ATH at $$86 two years ago and today the cryptocurrency is swapping for $0.10 a pop.

GOD charts on September 20, 2020.

A BTC fork called bitcoin god (GOD) created by the well-known Chinese cryptocurrency investor, Chandler Guo, is down 99.9% since the coin’s ATH on January 13, 2018.

“Bitcoin God (GOD) will be forked off the main bitcoin chain at the block height of 501,225, which will happen on December 25th to be symbolic of me giving candy to all bitcoin holders,” Chandler Guo said via Twitter. Unfortunately, even though Chandler Guo shot for Christmas day, the fork at block height 501,225 happened two days later on December 27, 2017.

BCD charts on September 20, 2020.

One of the early BTC forks born on November 24, 2017, called bitcoin diamond (BCD) is down 99% since the cryptocurrency’s ATH. Data shows that BCD’s highest price point was the day after it was born at block height 495,866.

At this time (11/25/17), BCD traded for $99 per coin and has steadily declined in value ever since that day. Interestingly enough, BCD is still worth $0.57 per coin and on Saturday, September 19, BCD saw a million dollars in trade volume. The bitcoin diamond trade volume globally is much larger than GOD’s $24 worth of swaps during the last day.

Each and every BTC fork, snapshot, and airdrop that is still trading on exchanges for a small amount of value can still be acquired today. However, most major cryptocurrency exchanges do not support these small market cap BTC forks unless they have decent liquidity.

Smaller crypto trading platforms, however, do still support these coins and it’s possible to still trade them for a fraction of value. Although, news.Bitcoin.com has reported on various occasions on how obtaining forked assets can be a “long and annoying process.”

What do you think about the large list of Bitcoin network forks that have seen massive losses in value since the all-time price high? Let us know what you think about this subject in the comments section below.

The post Over 40 Bitcoin Forks Are Down More Than 98% Since 2017’s Forking Fiesta appeared first on Bitcoin News.

Filed Under: 51% Attacks, airdrops, BCD, big bitcoin (BBC), bitcoin atom (BCA), bitcoin cloud (BCL), Bitcoin Forks, bitcoin interest (BCI), bitcoin smart (BCS), bitvote (BTV), block height, BTC forks, btcp, BTG, English, forking blockchain, Forks, God, Market Caps, Markets and Prices, News Bitcoin, Nicehash, Snapshots, zk-SNARKs

Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online

19/04/2020 by Idelto Editor

Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online

The various government responses to the coronavirus caused a lot of havoc across the global economy and millions of people are now out of work. A number of nation states have not lifted the lockdowns and no one’s really sure when the slew of shutdown industries will open again. While people are out of work they might find interest in the multitude of methods available that individuals can use to earn digital currencies online. The following is a comprehensive list of how to safely earn cryptocurrencies on lockdown by invoking some initiative and a little bit of effort.

5 Ways to Earn Cryptocurrencies

These days, people are trying to find side gigs and opportunities to make money online because the economy was shut down by the world’s governments in response to the Covid-19 outbreak. For years now, bitcoiners and crypto advocates have been telling people about the benefits of earning digital assets online. For instance, people can earn coins like BTC, BCH, ETH and a number of other crypto assets right now by simply completing tasks, surveys, writing, trading, mining, staking, finding airdrops and more. In this post, we’re going to cover the myriad of opportunities available to people interested in making some money on the side by leveraging cryptocurrency solutions.

Trading

If you are good at analyzing charts and trading, then you can make a lot of profits by swapping digital assets on a regular basis. Trading can even be a full-time job, which provides enough income for an individual to survive, but the profession can also be risky. For instance, in order for anyone to start profiting from crypto trading, individuals simply have to purchase some digital assets and play the highs and lows correctly by knowing the right times to trade.

Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online

It’s probably a good idea to hone your skills before getting started and that includes relentlessly studying technical analysis methods and charts. It’s not easy learning how to trade and people should only swap what they can afford to lose. However, it is quite possible to make a living by trading on the crypto markets that operate 24 hours a day and seven days a week. Bitcoin.com has a sleek and easy-to-use crypto-trading exchange that offers a variety of popular digital assets and crypto trading pairs like BTC, BCH, and USDT.

Mining and Staking

People can also mine digital assets that leverage application-specific integrated circuit (ASIC) devices, GPUs, and CPUs if they put up some capital to get started. With ASIC and GPU mining, an individual with access to either free or extremely cheap electricity can earn digital assets by buying some machines. With coins that can be mined by a central processing unit (CPU) people might be able to earn coins if they have enough personal computer cores to spare. ASIC and GPU mining will require an upfront cost to get started and CPU mining might make your computer slower. In addition, all the mining possibilities require running mining devices constantly, in order to rake in some profits. If someone decides to mine cryptocurrencies they most likely will want to join a pool, as individual hobby mining isn’t as profitable as it used to be. Bitcoin.com offers a profitable mining pool that allows people to mine either BTC or BCH and the service also offers cloud contracts as well. With cloud mining, people can earn digital assets even if they don’t own any hardware or they don’t have the technical know-how to start mining on their own.

Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online

With staking, people can acquire some proof-of-stake (PoS) coins and make money by simply holding the assets over a period of time. Most PoS coins have a network that finds blocks deterministically and the more assets someone holds, the more they can earn. There are all types of PoS coins with a variety of different per annum staking yields. Lots of people stake coins in a noncustodial fashion by leveraging a wallet or they can opt to stake coins on an exchange as well but it’s riskier.

Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online

Freelancing, Tasks, and Blogging

There are various opportunities to earn cryptos via freelance jobs, accomplishing tasks, completing online surveys and editing or writing essays for coins. There are many jobs available on freelance websites like Cryptocurrencyjobs, Ethlance, Freelanceforcoins.com, and a few others. People can earn money by simply writing and blogging on a regular basis. Read.cash, a blogging platform, allows individuals to do just this and earn bitcoin cash by writing and sharing unique content.

Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online

Another blogging website that rewards users in BCH and ten other digital currencies is the platform Publish 0x. If you don’t have an issue with the recent Tron-fiasco, you can also opt to write on the Steemit platform as well, in order to earn digital currencies for writing and producing content.

Collecting Airdrops

Just recently news.Bitcoin.com wrote about how people can obtain airdrop tokens in order to make some profits. Basically, digital currency projects distribute coins to people if they help market the coin or project in some fashion. For instance, people can obtain airdrop cryptos by downloading a protocol, registering, following or retweeting on social media, and some only require people to simply giving the airdrop creators a receiving address.

Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online

Accepting Digital Currencies for Goods and Services

If you own a physical shop and can’t sell things because of the lockdowns, you might want to sell goods and services online for cryptocurrencies like BCH, BTC, and ETH. Setting up e-commerce merchant services online is easy to do and Bitcoin.com offers a variety of resourceful guides to help people get started. For example, if someone wants to accept bitcoin cash for payments they can leverage a payment gateway and add it to any website.

Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online

Accepting digital currencies opens a business to more types of payment methods and a loyal customer base. Essentially, a cryptocurrency payment gateway or merchant solution will allow you to accept a digital asset, but also calculate how much money the items or services are in any fiat denomination. You will also be giving customers a privacy-centric solution to shopping online because clients won’t have to enter credit or debit card information over the web.

With a Little Initiative, Anyone Can Earn Digital Currencies Online Today

The list mentioned above only scratches the surface when it comes to earning cryptocurrencies online, as there are many other ways to make money with digital currencies. Some of the jobs can make people a few bucks as a side hustle by completing effortless tasks online or people can opt to make a full-time career by leveraging the crypto economy. There are plenty of video streamers, content creators, writers, bloggers, traders, consultants, and miners working a full-time job in those fields.

The coronavirus lockdowns continue to be rough on the economy and cryptocurrency solutions have always offered people a different way to earn funds online. It may take some research but with a bit of effort, it is not impossible to regain some or even all of those lost wages from the shutdown, by simply earning and learning to use cryptocurrencies.

What do you think about our list of ways to earn cryptocurrencies during the lockdown? Let us know in the comments below.

The post Making Money on Lockdown: 5 Effortless Ways to Earn Cryptocurrencies Online appeared first on Bitcoin News.

Filed Under: airdrops, blogging, Crypto jobs, Cryptocurrencies, cryptocurrency learning, earn, Earning Cryptos, English, Freelance Tasks, freelancing, jobs, lockdown, Mining, News Bitcoin, Sharing economy, staking, Tasks, trading

Cryptocurrency Airdrops and Giveaways: What They Are and What’s Next

05/03/2020 by Idelto Editor

Cryptocurrency Airdrops and Giveaways: What They Are and What's Next

There are a number of ways people can obtain cryptocurrencies and one of them is through airdrops, a type of distribution where creators send free coins to numerous crypto wallet addresses in order to drive adoption. Airdrops have been leveraged for years and token distributors believe that it’s a great way to disburse coins fairly and to raise awareness. New airdrops are announced nearly every month that allow people to obtain free digital tokens.

Also read: $65M Investment Fuels Natural Gas Provider’s ‘Behind-the-Meter’ Bitcoin Mining Operation

The Crypto Airdrop Defined

In the world of cryptocurrency, “airdrop” defines a type of crypto distribution where free coins are sent to multiple digital wallets. Sometimes people have to engage in community building efforts like retweeting a project or completing a survey in order to gain the tokens. The idea is to distribute airdropped assets so people become aware of the tokens as they are dispersed far and wide. Some airdrops that have been released over the years have gone from zero to gathering real-world value when measured in other digital currencies like BTC, BCH, or ETH.

Cryptocurrency Airdrops and Giveaways: What They Are and What's Next
Airdrops have been around for over six years and some coin creators have utilized the scheme to create ‘fair distribution.’ Other crypto spectators believe that airdrops are a good marketing ploy and a great way to leverage existing network effects.

The First Airdrop and Leveraging Established Networks

One of the oldest and most popular airdrops in history was auroracoin (AUR) which was meant to be a cryptocurrency designated for Iceland’s citizens. The term “airdrop” started floating around the crypto scene when the creators of auroracoin announced the issuance period that started March 25, 2014. Icelandic residents with a permanent resident ID could register on the website to receive 31.8 AUR which at the time was worth $385. Today each AUR is only worth $0.07 per coin and that initial airdrop dubbed the “cryptocurrency for Iceland” would only be worth $2.17.

Cryptocurrency Airdrops and Giveaways: What They Are and What's Next
Auroracoin (AUR) is considered the first airdrop when it was launched in 2014. That year $385 worth of AUR was dispersed to registered Icelandic residents. Today the original airdrop amount would only be worth $2 and some change.

After AUR, many other famous airdrops followed the distribution scheme, giving away cryptos for free. Furthermore, projects that launched and established themselves years prior have airdropped coins as well. Decred airdropped 258,000 DCR in 2016 and in 2017 Stellar (XLM) gave away 19% of their total token supply to people who owned BTC. A number of airdrop projects use the concept of attempting to leverage an existing and established network effect of users from other blockchains.

Cryptocurrency Airdrops and Giveaways: What They Are and What's Next
Stellar (XLM) airdrop. Stellar has given away XLM (lumens) on a couple of occasions and people can still access the Stellar airdrop today.

Creating Your Own Airdrop

More recently, initial coin offering (ICO) projects and token application creators have leveraged airdrops in order to establish themselves within the cryptoconomy. Airdrops have been fueled by established projects with token standards operating on networks like Ethereum and Bitcoin Cash. Since the inception of the Simple Ledger Protocol (SLP) token standard, airdrops have become part of the BCH community. Now people can randomly airdrop SLP tokens to numerous public BCH addresses any time they want.

Cryptocurrency Airdrops and Giveaways: What They Are and What's Next
The SLP Dividend Calculator created by Bitcoin.com can serve as a platform to distribute airdropped SLP tokens to any valid token ID. Give it a try today and see how easy it is to airdrop Simple Ledger Protocol (SLP) tokens to anyone in a permissionless fashion.

For instance, individuals and organizations can leverage Bitcoin.com’s SLP Dividend Calculator to airdrop SLP tokens to a valid token ID. In order to use the platform, simply visit the tool’s webpage and enter the token ID of the SLP coin you wish to airdrop. After that, you will need to enter the receiver’s SLP token ID, the total number of SLP tokens to airdrop (dividend payment), and then build the transaction. After the transaction is built, a QR-based payment invoice will be made available to complete the airdrop.

Searching for Airdrops

If you are not into making your own tokens and distributing an airdrop yourself, you can always search the net for any upcoming airdrops. For example, the website airdrops.io is an online resource that discloses which airdrops are coming out next.

Cryptocurrency Airdrops and Giveaways: What They Are and What's Next

The site shows the hottest airdrops, latest airdrops, exclusive airdrops, Telegram channels with airdrops, Twitter airdrops, and basically every coin giveaway under the sun. “Airdrops.io verifies and aggregates airdrops and bounties daily to bring you the most recent and profitable earning opportunities. Choose an airdrop and follow the instructions provided to claim free crypto tokens,” the website notes.

Cryptocurrency Airdrops and Giveaways: What They Are and What's Next

A few airdrops advertised on the website include coin giveaways from Bitcoin Rhodium, Pointpay, Simbcoin, Escher, Daps, and Binance Jex. For each airdrop, the website explains the giveaway details and how to get involved. There’s a bunch of other airdrop-guide and review websites as well like airdropter.com, coinairdrops.com, and airdropalert.com.

Cryptocurrency Airdrops and Giveaways: What They Are and What's Next

The Taxman Is Aware of Airdropped Tokens

Usually, there are two ways airdrops are distributed by their creators, which is selecting recipients at random or letting people know on social media, forums, and websites like airdrops.io. In the crypto world, some users could care less about airdrops and think they are garbage with negligible value.

Cryptocurrency Airdrops and Giveaways: What They Are and What's Next

However, other crypto enthusiasts comb the internet daily in search of these free coin giveaways with hopes of catching some free money. It is worth noting, though, that government tax agencies have taken notice of airdropped coins and you could get taxed for receiving them. Entities like the IRS have issued guidance in regard to airdropped cryptocurrencies. The U.S. tax agency’s airdrop guidance, however, is confusing and organizations including lawmakers want better clarification. As long as cryptocurrency exists, airdrops will likely continue and distributors will take advantage of the crypto community’s powerful network effects.

What do you think about airdrops and the numerous amounts of cryptocurrency giveaways in the cryptoconomy? Do you search for airdrops or do you think they are a waste of time? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. None of the aforementioned airdrops or airdrop recommendation/review sites are endorsed by our website. The data is strictly for informational purposes and research, as all readers should use due diligence with any crypto project within this ecosystem. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, airdropter.com, coinairdrops.com, airdropalert.com, airdrops.io, auroracoin (AUR), Blockchain.com, Stellar (XLM), Fair Use, Wiki Commons, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Cryptocurrency Airdrops and Giveaways: What They Are and What’s Next appeared first on Bitcoin News.

Filed Under: Airdrop, airdropalert.com, airdropped coins, airdropped tokens, airdrops, airdrops.io, airdropter.com, AUR, auroracoin (AUR), BCH, Bitcoin, Bitcoin Cash Airdrops, Bitcoin.com, BTC, coinairdrops.com, crypto, cryptocurrency, dApps, Decred, Digital Asset, Digital Currency, disperse coins, Distribution, English, ETH, Featured, Iceland, ICO, IRS, Network Effect, News Bitcoin, Simple Ledger Protocol (SLP), SLP Dividend Calculator, Stellar, taxman, U.S. Taxation, XLM

How to Get Free Bitcoin in 2020

28/02/2020 by Idelto Editor

How to Get Free Bitcoin in 2020

Many early adopters who made a fortune from cryptocurrency first got their hands on coins by receiving them for free from bitcoin faucets back in the day. Today there are still a number of ways for you to get bitcoin for free including airdrops, giveaways, bounties, tipping, referral programs and faucets.

Also Read: How to Mine Bitcoin in 2020

How to Get Bitcoin Without Reaching for Your Credit Card

If you want to start stacking satoshis or test out using digital assets without having to spend any money, there are several options available for you to do so in 2020. This guide will present some of them before reviewing a few bitcoin faucets that are still operational today.

One of the best ways to get coins is to earn them from something that you already do. So if you have a website, blog or even just a large following of friends online, you can capitalize on that by joining a referral program that pays in crypto.

Bitcoin.com offers such a program for Bitcoin Games, a provably fair online casino where users can play popular games using BTC and BCH. It requires no registration and lets you earn up to 25% of the house edge on all bets made by people you direct to the platform, with no top limit on how much you can earn. To join this program all you have to do is go to the BCH referral page or the BTC referral page, and your account will already be automatically set up. There you can find your unique referral link and banners in many shapes and sizes to share. The same page can also be used to track your earnings and referral statistics.

Another referral program from the company is offered by the privacy-focused peer to peer exchange local.Bitcoin.com. It enables you to share your referral link with anyone you think might be interested in trading on the marketplace and earn BCH for every trade they make. Once you have an account on the platform, just visit the referral page to get a unique referral link that you can share with your friends. This link will take them to a signup page, and when they create an account they will be added to your list of referred users. You will earn 20% of fees incurred by their trades throughout the lifetime of their account.

How to Get Free Bitcoin in 2020
A watch for sale on local.bitcoin.com/goods

Speaking of Bitcoin.com Local, the platform recently added a dedicated portal for buying and selling items in exchange for bitcoin cash. This Marketplace is a Craigslist-like venue for listing goods and services that allows anyone to earn BCH directly. So if you have an old smartphone or anything else you don’t use anymore you can sell it secondhand and turn it into free coins.

Other Ways to Earn

An additional way to sell your services for BCH is to become a bitcoin bounty hunter if you have the skills to spot software bugs or track down hackers. The Bitcoin Bounty Hunter service from Bitcoin.com allows people to anonymously crowdsource payments for completing tasks and get paid in bitcoin cash, with more than $280,000 in bounties currently available on the platform.

Another way to get some free tokens is giveaways. Many in the crypto community are committed to spreading adoption and if you follow influencers on Twitter, Reddit, Youtube and other community forums you’ll sometimes find someone who will be willing to send you some satoshis just to get you started. For example, about four moths ago Bitcoin.com Executive Chairman Roger Ver announced on Facebook he was giving away a total of $5,000 worth of BCH to his friends and anyone on the social network that posted a bitcoin cash address in response to the message.

Before trying this, take note that there are a lot of scammers in the field impersonating influencers, so you have to watch out for red flags and never send William Shatner or Elon Musk any coins if they promise to send you back 100x more.

How to Get Free Bitcoin in 2020
Facebook screenshot

Crypto communities also like to reward active members with free tokens from time to time. In the BCH ecosystem we can see this with the Lead SLP token which you can earn in a number of ways such as helping new users learn about bitcoin cash by hosting meetups, introducing BCH to businesses that will adopt it for payments and more.

Tipping is also popular in some crypto communities and allows people to be rewarded for their participation with free coins. In January 2020 it was reported that in just one week close to $6,000 in BCH was tipped to authors on read.cash, the blogging website that lets readers boost content creators with bitcoin cash upvotes.

Airdrops are a way for projects to introduce a new token that’s just been added to a trading platform by handing some out to users for free. To find these you need to follow the online conversation around projects you like in community forums and social media, where you’re sure to come across new airdrops from time to time. And sometimes exchanges also offer less direct ways to get new coins they list such as Coinbase Earn. This is a service meant to incentivize people to learn more about new cryptos by awarding tokens for completing tasks such as watching videos and taking quizzes on the asset-related content. Once all these tokens become liquid you can exchange them for your preferred crypto such as BCH or BTC.

Faucets That Are Still Giving Away Crypto in 2020

Software developer Gavin Andresen made Bitcoin History when he created a website that gave away free BTC in June 2010. The first bitcoin faucet handed out a meager 5 BTC per request, now worth about $50,000 less than a decade after.

“For my first Bitcoin coding project, I decided to do something that sounds really dumb: I created a web site that gives away Bitcoins,” wrote the man who was declared by Satoshi Nakamoto as the lead developer after his departure. “Why? Because I want the Bitcoin project to succeed, and I think it is more likely to be a success if people can get a handful of coins to try it out.”

To fuel the first faucet, Andresen loaded it with 1,100 BTC of his own. After these were all given out, the faucet was reloaded, with early bitcoin miners and whales chipping in and donating more coins. By the time the faucet had given away its last coins in early 2011 and was discontinued, 19,715 BTC had passed through its wallet.

How to Get Free Bitcoin in 2020

Unfortunately, these days any website claiming to offer 5 BTC for free is an obvious scam. Moreover, the inconsistent and high transaction fees on the BTC network have made giving away even just 5 satoshis per user impracticable too. If it can take 50 cents for sending one transaction, no site can be expected to send micro-transactions worth much less than that. So BTC faucets had to stop operating or try to find ways to limit users from making direct and small withdrawals.

For example, the Bitcoinker faucet claims you can get “up to 100,000 satoshis” every five minutes. However, the minimum withdrawal from the site to your actual BTC wallet is 20,000 satoshis and trying it out you only get an average of 5 satoshis every time. So you will have to solve the captcha on the site 4,000 times, which assuming you did every five minutes without a break would take about four days.

Other sites claiming to still be BTC faucets are actually something else completely. Some are actually gambling sites that just offer a few free satoshis to start you off but there is only a minuscule chance you will win enough to reach the withdrawal minimum without putting in more BTC of your own. Some are actually online freelance platforms that require you to put in work, such as answering surveys or completing other tasks. Some websites might also be secretly using your browser for mining an altcoin in the background, exploiting your CPU and giving you a fraction of what you could have made yourself.

Luckily, there is still a very good alternative.

How to Get Free Bitcoin in 2020
Free.Bitcoin.com

The Bitcoin.com Free service really provides you with an easy way to get coins for free thanks to the extremely low fees on the bitcoin cash network that make it possible. More than 300,000 people have gotten free BCH from this faucet service already, in a process that takes two seconds if you already have our wallet or a few seconds more if you need to download it depending on your connection speed.

All you need to do to receive some bitcoin cash from the Bitcoin.com Free service is to take three easy steps. First, you have to install the highly rated Bitcoin.com Wallet app for your phone if you don’t already have it. Then you need to log in to the faucet with your Google account and hit verify in order to prevent abuse of the service. Finally, just enter your wallet address to claim your free electronic cash. A small amount of BCH will be sent to your wallet within seconds, showcasing the amazing speed of the bitcoin cash network.

What do you think about getting free cryptocurrency in 2020? Do you know any other ways people can get some free coins? Share your thoughts in the comments section below.

Disclaimer: Walkthrough and guide editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online.


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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

The post How to Get Free Bitcoin in 2020 appeared first on Bitcoin News.

Filed Under: airdrops, bitcoin bounties, bitcoin faucets, earn bitcoin, English, free bch, Free Bitcoin, Free Bitcoins, Giveaways, How To, News Bitcoin, referral, referral links, referrals, Reviews, tipping

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