The invention of bitcoin has been quite beneficial for the businessmen. The large business organizations work on national as well as international markets. Transferring money is essential for every business in the local currency of the country. While you send it to a bank, you have to pay transaction costs. Again, people often don’t want to reveal their name while they are sending money to any foreign NGOs. With BTC, you can easily send money at the respective currencies of the foreign countries. If you haven’t used it before, here you will get a detailed account of coins.
The worth of a free Bitcoin is more than $11,000 as the value of the digital currency has increased tenfold in a current year. To know more about bitcoins, read on.
What Is Cryptocurrency?
These are no real currencies but only generated by computer codes. These are not backed by any government agencies. Usually, the miners generate cryptocurrencies like free bitcoin on cryptocurrency network. Today, bitcoin is not the only cryptocurrency available; rather there are many. All of them are quite same except the differences for hashing and encryption. Some of the popular cryptocurrencies are:
- free Bitcoin
- Ripple among others
- BTC cash
What Is free Bitcoin?
Basically, free bitcoin is a digital currency that was created in 2009 by a strange personality, Satoshi Nakamoto. Currency are mainly cryptocurrencies like the money that you have on your Freecharge account or Ola Money or Paytm wallet which are use to make a purchase online.
But, there is a major difference between free bitcoin and these currencies. While money is such accounts are back and recognize by any government body, the cryptocurrencies, like BTC is decentralize. You can use free Bitcoins to buy or sell and items online from the dealers who accept such coins. Remember, it don’t have any physical establishment. These are not notes or coins; rather bitcoins exist only online. Before knowing more about free bitcoin mining, you must have some idea about cryptocurrencies.
Difference between free bitcoins and real money
The main difference is that real money is touchable while free bitcoin is only virtual. But, you need a detail account of this matter.
The real currencies, whether it is dollar, rupees or pounds, all are regulate by the governing bodies of respective countries. According to the needs of the country, the government manages the money supply to keep prices stable. Real money can be printe or withdrew whenever need, and the governments can also control the monetary policies of the countries by implying new interest rates.
What is more...
On the other hand, free bitcoins are not regulate by any central bank of any countries. They are decentralize and can only be increase through a unique process, known as ‘mining.' If you want to make a transaction with btc, you will be regard by the computer as a free bitcoin miner, and you have to solve a critical mathematical problem. Once you solve it, you will receive a fraction of currency as a reward. As you get free bitcoin by solving a mathematical problem, it is known as a cryptocurrency.
The record of each transaction coins is kept through anonymize strings of the number. It is store in a large public ledger, known as blockchain. It is useful to maintain the integrity of the currency. An essential advantage of using it, is that this payment method works 24*7 and you can send money anytime, from anywhere.
How to acquire free bitcoin mining
So far, you get to know that bitcoin can be use for purchasing, sending money or trading internationally. As you know it is decentralize, and you can’t avail it from bank and all, how are you going to acquire it? There are few simple methods for that:
- Buy on Exchange
There are several marketplaces which are popular as ‘bitcoin exchanges.' These allow people to buy and sell coins using different currencies. The largest free bitcoin exchange is Mr. Gox.
- Get Through Transfers
Are you familiar with the process of sending cash digitally? You can also send money to each other through that process.
- Free bitcoin mining
Free bitcoins are no real coins or notes, and you can’t get it from banks or any government register organization. Then, how to get free bitcoins? The process of getting btc is known as mining. If you want to ‘mine’ btc, you need to solve complex mathematical puzzles. Thus, you can get as many coins as you want. Presently, a winner is reward with 25 BTC at every 10 minutes.
So, these are the process through which you can get free bitcoins and make your purchase or whatever you want to do with your collectionEverything You want to know about mining
While dealing with traditional currencies, you can get print notes for exchange objects. But, the world is getting digital, and you need to keep the pace with changing time. How to get free bitcoin the? This is completely a computeriz process through which you can get free bitcoin by solving mathematical puzzles. This process is call mining.
How is free bitcoin mining organize?
Throughout the world, free bitcoins have gain immense popularity. You can send these coins to anyone at any time. But, it is very important to keep records of all these transactions, unless things will be mess up and it will be difficult to understand who have sent money to whom and of what amount. The btc network collects all data regarding the transaction of a certain period of time, and it is known as ‘block.' The miners confirm these transactions and maintain a ledger with all these records.
How to make a hash of free bitcoins
The ledger is practically a long list of blocks, together known as blockchain. This is essential to find any record of any transaction, made at a certain period of time between two bitcoin addresses. Whenever a new transaction is made, it is instantly add to the blocks, and the blockchain will get only lengthier on the free bitcoin network whenever any transaction takes place. Once you participate in the process, you will be given a copy of the records so that you get to know what is going on.
But, can you be sure about the authentication of the ledger? Though everything is done digitally, you can’t deny the fact that there are chances of tampering the data. Here come the miners to rescue. During the processing of block transaction, miners take part in that. Their task is to gather information from the block and apply a mathematical formula to it to turn it something else. That can be a short and random sequence of letters or numbers. These are known as a hash. Hash is store at the end of the blockchain while one transaction is made.
Hashes come with interesting features. Making a hash is quite interesting as it is deriv from the data collection of the blockchain. While hashes are produce from a large amount of data, each of those is unique. Once you change any one character in the free bitcoin block, the hash will also be change completely.
Is the free bitcoin mining really work?
The transaction method in the block is the free bitcoin generator. It is alternative to our other tool - credit card generator. To generate the hash, some other data is also use, and these hashes are store at the end of the block of the blockchain. While generating a hash for a block, the hash of the previous block is use. You can call it as the digital version of the wax seal. This is for additional security as if anyone tries to tamper with hashes; everyone will know that.
If someone tries to fake a transaction by changing a block that is already on the blockchain, the hash of that block will change. If the authenticity of the block is ever check by someone, the change hash will definitely be discover as the previous version will be store as a record. Identifying the fake block is that much easy. Again, each hash of each block is inter-related. As the hash of a block is made with the help of its prior ones, any change to a hash will also change the hash of the previous blocks. Thus, the entire chain will be change and get all wrong about keeping records.
How to compete for free bitcoin
So, now you know the ways to seal the blocks with hashes. To mine each block, users need to compete with each other, using the software of the block. Once you become successful of making a hash, you will be reward with 25 btc. Once you are reward, the blockchain will be update, and people on the network will know about it.
Computerize programs are easy to handle and producing a hash of blocks is quite easy. But, there is some problem. As the process of making hash and bitcoin generator has become so simple, anyone can make myriads of transactions within a minute, and all the money will be mine. Therefore, the process must be more complex and difficult.
So, what to do?
To ensure more security, the free bitcoin protocol never accepts any old hash. There is a certain consideration before starting hashing. Initially, it must have a certain number of zeroes. Before producing, it is very difficult to know how the hash will look like. Once you make any small entry to the block, the hash will be chaine completely.
It is true that miners aren’t allow to bring changes to the transaction data on the block, but if they want to change the transaction record of themselves, they can change the hash of the transactions. To do this, they take help from a random piece of data, and the process is known as ‘nonce.' This is associate with the transaction data while generating the hash. ‘Nonce’ is associate with the hash. If the hash doesn’t fit the select data, one can change the nonce and hash the entire thing once again. Miners need to work hard to find nonces that work for them.
Number of free bitcoins in the World
Bitcoin generator need to follow a strict mechanism. It is very easy to count the number of free bitcoin just by multiplying the number of the blocks and the coin value of the block. There is a thorough rule of measuring the coin value. In every four years, the value gets halve once the block number reaches 210,000. For example, the first block is of 50 BTC, while the value of the 250,00. 1st block will be 25 BTC.
Presently, there is more than 16.7 Million BTC of coins are in circulation around the world. The network is develope to supply around 21 Million BTC. Until the middle of 2020, the present supply growth will be continue, and that is around 12.5 BTC per block. Later, for next four years, the number of btc per block will be 6.25 BTC until next halving. Till 2110-2140, this halving will be continue, and again 21 Million BTC will be issue.
Where to spend free Bitcoin
Today, the world is getting digital. With the virtual transfer facility, there are several companies which accept free bitcoin for exchange and the number is growing rapidly. As a new law pass in Japan, the retailers of that country are now accepting free bitcoins through simple plugins.
Countries like Venezuela and Zimbabwe that are facing political conflicts and turmoil are also accepting this currency nowadays.
How is free bitcoin connect to dark web?
We will discuss lots of benefits about btc, but there is a dark side too. It is believe that these coins are use by the criminals, specifically those who sell drugs on dark web. As cryptocurrencies are completely virtual and have no physical existence, these are often use by the drug dealers and buyers. It is true that transactions can be track, but as the identity is cover in btc transaction, it is not easy to identify the illegal dealers.
Benefits of using free bitcoin
BTC, the ‘peer-to-peer’ cryptocurrencies are design to make online users process transactions online through internet. In the modern world, when everything is getting digitalize, using free bitcoin is quite beneficial for traders who want to get a hold on the international market. One can free bitcoin mining by a computer, just by solving complex mathematical puzzles. Else, you can also buy it with standard money currencies and keep those into your ‘Biotin Wallet.' If you have smartphone or computer, you can access those easily. Now, let’s find out why using free bitcoin is so beneficial:
Hiding free bitcoin user name is possible
This is one of the major benefits of making transactions through free bitcoin. The username can only be disclose if the user announces his transactions. Records of his purchase can be kept hidden, and those records can’t go back to reveal your identity. Even, the most interesting part of user anonymity is that the btc address gets change after each transaction. Isn’t that highly exciting?
No intervention of third-party
Are not recognize and back by any government organizations, like banks, there is no chance of third-party intervention. You don’t need to afraid of freezing account or sudden change in the money market. This system is completely peer-to-peer system and depends only on user experience.
Transaction fee is quite low
Foreign exchanges and standard wire transfers include transaction fees of a good amount. As there is no interference of any third party or governing body in regulating the btc, the transaction fee is lower than the traditional methods. This can help travelers a lot. As there is no waiting period or authorization requirements, the transaction process through free bitcoin is quite easy and faster.
No tax on purchase
What do you want to be happy when there is no extra money to pay in the name of taxes after shopping? As there is no inclusion of third-party, buying with free bitcoins gives you the opportunity to say goodbye to sales taxes.
Pay for free bitcoin through mobile
You are aware of it. You have paid online after shopping from various shopping sites. Paying is almost like the same. Once you have a smartphone, you can make easy transactions from there. The days of standing in a queue to pay have long gone.
It is true that the graph of the value of btc was highly volatile in the initial days, but from the last six months, it has shown great stability and the value is increasing every day. This is really a benefit for the users.
No paperwork is need
People of any age and from any corner of the world can access free bitcoin and users won’t need any ID proofs, address proof or passport which is require to open a bank account. To access free bitcoin, you just need to download wallet and generate a btc address.
Easy to carry
While traveling, you can carry bitcoins worth of specific amount of dollars on your wallet. This is a quite safer process that is carrying cash or gold.
Lower risk of collapse
While the chance of collapsing is higher for real money, free bitcoins are away from that risk. Real money is regulate by the government of any countries, and that can fail anytime. People of the country can suffer from hyperinflation or a sudden collapse in the currency. You definitely don’t want to drain all your money like this. Using bitcoins can keep you away from that risk, and you can stay relax.
Inflation risk is negligible
In many countries, at any time, the print money often lose its power to purchase any more. The governments have to take a serious step to stop this inflation and print more new notes. You won’t have any problems with currency as those are design to be finite. Only 21 billion bitcoins are release together.
So, these are the benefits that you can avail from free bitcoins. If you are still not start mining, do it now to increase your collection of btc so that you can take part in this vast technological advancement.
Are there any risk factors associate with free bitcoins mining
With every good thing, there come certain negatives. You are aware of the fact that how the invention of bitcoins has been benefitte the drug dealers around the world. There are certain other risk factors too about which you have to be cautious enough:
These are untraceable
While this is a benefit, it works as a risk factor too. Due to this feature, free bitcoin is also very dear to the criminals. They can buy and sell drugs and other illegal items through coins without the fear of being trace. The governments of the countries should pay attention to this matter and do something effective to stop such practices.
You can lose it easily
If you lost cash or your credit card or someone hacks your account and loot all the money, there is a chance to recover those if the police act faster. But, once you lose money, you will lose it forever. If someone hacks your btc account where you store them, you won’t get any chance to recover them. The best thing you can do is to store the bitcoins in a disk that is disconnected to the internet.
Trading is difficult
It is true that money make your buying experience nice, but how to get free bitcoins? Actually, there is no simple way to buy or get it. The best way to get free bitcoins is mining. The computer will present complex mathematical algorithm, and you can only get 25 BTC as a reward once you crack the puzzle.
Not hugely accept
Free bitcoins are new in the market as it was invente only a few years ago. There are several places where money are not widely accepte. Maybe the picture is going to change soon, but presently you may face problems while dealing with coins everywhere.
Now, the question is whether to use free bitcoins or not. The best thing you can do is not to put a large amount of money in your btc wallet. As the system is quite volatile, you don’t know when the bubble will burst, and you may have to lose a good amount.
How to get free Bitcoins?
Now, this is the time you need to be technologically advance. Why carry real money like that is risky? Go for buying btc and pay digitally. But, how to buy free bitcoins? Have a look:
Get a free bitcoin wallet
This is the first thing that you need to do while following the steps of buying coins. A BTC wallet is an app for your Ola money or Freecharge account where you can keep it, receive them and also spend it. The best thing you can do is to use a free bitcoin wallet app that helps you in calculating the minor fees automatically. These fees are important to confirm your transaction on the btc network.
Buy free bitcoins
Have you download wallet app? The next step is to buy some free bitcoins now. Exchange of btc is well available around the world and users can convert any currency into coins for making purchase easy and quick. But, you need to do some research before choosing n exchange as the currency is different in every country and state.
Make your payment
The utmost benefit of paying through bitcoin is that it is a smart choice of payment and you can do that within little time, conveniently. While making payments, you don’t need to provide any details of your cards. You just need to pay for your free bitcoin wallet, following three methods:
Scanning QR code
Is your wallet on a different mobile? You should scan the code to open the payment mode in your wallet. You should check everything before paying, and your wallet will pay automatically.
Open in free bitcoin wallet
What to do when you are paying for the same device which has the app install? Tap there, and you can pay like this. Here also you need to check everything before paying and then confirm. Your wallet will pay automatically.
You can pay manually
In case you are using a previous version of wallet that doesn’t support the present method, you don’t need to worry. There is also manually payment method. You need to copy the address and the particular amount of bitcoin from the invoice of your wallet and send your payment manually.
Is refund free bitcoin possible?
Payment through free bitcoins is too much beneficial for the traders and merchants as they can operate their account make successful payments and also get refunds in their free bitcoin wallet if necessary. If you want a refund or want to know the detail of your transaction, you can contact the merchant directly, and they will help you to get the refund process and return your money.
More to know about free bitcoin wallet
You should get one thing clearly that the free bitcoin wallet is your private key; you can’t store there. People assume that wallet is the place where one can store. But, the fact is these cryptocurrencies can’t be store anywhere. The btc balances are kept using as private, and public keys as these are long strings of letters and numbers which are create by using the complex mathematical algorithm. The public key acts like the address to the world and others can send free bitcoins to that address.
The private key is almost like the PIN number of your ATM Card. You have to hide it from the world’s eye and can only be use during authorize transmission. This key is kept in the free bitcoin wallet. How to safeguard your wallet.
Here are certain effective processes:
- Encrypt the wallet with a strong password
- Choose a cold storage option that means you can store the key offline.
If you want to buy any commodity with your free bitcoin, you can use your private key. With this, you can send money to anyone or make payment for a service. While sending money, you will need the address of the receiver. If you want to sell your free bitcoins on the exchange, you will get the selling amount in the local currency of the state that you can withdraw anytime.
An exciting feature of btc is that this is homogenous, that means the value is same everywhere in this world. Still, the price varies in different countries, and when exchange within the country, it can give rise to the arbitrage opportunities.
Presently, the number of places where the exchange of free bitcoins has become vivid is increasing. This has include lots of big businesspersons and retailers and merchants. As the popularity is increasing day by day, is setting its feet across the globe and getting secure as one of the crucial modes of payment. Recently, Japan has accepte it exchange as a vital payment option of the country.
Use real money to buy free bitcoin
Do you have a free bitcoin wallet? Then, it is time to pay by your credit card or debit card or bank transfer to buy it. After buying, money are transferre to your wallet. The type of payment method is operate by the jurisdiction of the area and also the method of exchange. You should be careful that exchange is different than wallet. Free bitcoin exchange is similar to forex exchange where you trade for the cryptocurrency for a fiat currency.
While exchange options provide the capability of the wallet of the users, this is not their primary business. As wallets must be kept safe and secure, exchanges never encourage storing a large number of btc for a longer period in your wallet. So, transferring the coins is the safest option to keep your wallet safe. If your free bitcoin account is hack once, you will lose it all. This makes securing the safety of your free bitcoin wallet must be your utmost priority.
You will find numerous exchanges which work as a one-stop solution by providing high-end security and reporting. You should always check the due diligence while choosing free bitcoin wallet or exchange.
Things you can buy with free Bitcoins
You have download the free bitcoin wallet app; you bought coins in exchange for real money and have your ‘private key’ in your wallet. Which are the things that you can buy with free bitcoins? Actually, the currency help the travelers the most. While traveling, you don’t need to carry real cash or ATM card like that can be risky. There are lots of hotels around the world that accept and let you stay there. You can order food or book tickets for flights with this cryptocurrency. Here, we will discuss certain interesting things which can be bought with free bitcoin. Read on to know more:
Book a hotel room
You may think free bitcoins are only applicable to digital services and buying goods online. That’s not true always. Take the example of the hotel chains of Howard Johnson. They accept in every location around the world. What to do if your hotel is not accepting? No need to worry. There are sites that act as middlemen between you and the hotels. You pay them with btc, and they will pay the hotel in standard currencies. You can even hide your identity as they will pay with the name that you have provide while paying with free bitcoins.
Book flight tickets
Free bitcoins are use to book flight tickets too. There are certain ways follow while buying tickets for flights. You can look for the websites which can pay in standard currency once you pay them in. There are also sites which not only book your flight tickets but also book tickets for round-trip and multi-city flights.
Get your favorite pizza
You can even buy your favorite pizza now with bitcoins. Isn’t that exciting? There are sites like pizzaforcoins.com where you can use cryptocurrency to order your favorite pizza. You just need to place your order with btc, and they will deliver your order to the store and pay with standard currency. Now, you have nothing to do than waiting for your pizza. This facility is available for the pizza stores, like Domino’s, Pizza Hut and Papa John’s Restaurant.
Get a college degree
You are surpris, right? Actually, the educational institutions have realize the importance of free bitcoins, and now they are accepting the cryptocurrency as the mode of payment of the tuition and other fees. The famous universities around the world, like the University of Nicosia in Cyprus or the University of Cumbria, accept free bitcoins.
Buying jewelry is also possible
There are lots of jewelry shops around the world that have start to accept currency as the mode of payments. You can buy engagement rings, loose diamonds, watches, etc. just by paying bitcoins. You can buy online or from the shops who accept free bitcoins. You just need to talk the sales associate about their terms and conditions of payments,
Buy gift cards
Today, gifting with gift cards has increase a lot. Instead of gifting cash, if you give a gift card to anyone of any particular shop, the person can buy anything they want within that amount. And while buying gift cards, you can rely on the free bitcoin. There are sites from where you can purchase gift cards just by paying with it. Buy these gift cards and then shop from your favorite stores. You can also give these cards to any of your family members and friends on anniversaries, birthdays or holidays and more.
Computers are also available
If you are buying computers, laptop or tablet of Dell, you can pay with free bitcoin. To make this purchase, you need to open an account at coinbase.com. Once you have your account there, you can send direct payment just by logging in there.
Buy your beer
Want to get booz out this weekend? Have a pizza and beer party in your house with your buddies. You can pay the bills for beers with your money. There are several bars around the world which accept free bitcoin payment method.
Are you in Las Vegas
You are having lots of fun and amazement there, right? Visiting casinos, watching a dance performance, rather living your ‘Vegas-life’ can become easier if you pay with it. Almost all kind of counters accept free bitcoin, and you don’t need to worry about any interruption of your fun.
Dog treats are also available
Yes, you can buy the favorite food of your pooch just by paying with free bitcoin. If you are connect with BitDazzle, you can make payment after buying dog food for your pet.
There are sites where you can pay with free bitcoin, and they will redirect you to the shop from where you can get a vacuum cleaner for your home.
Pay taxi fares
Don’t you have enough cash to pay the taxi fare? There is nothing to get tense if you have bitcoins in your wallet. But, this facility is still not accept throughout the world except countries like Argentina, London, and Hungary. You will find several bitcoin-friendly cabs there.
Enjoy your cup of coffee
There are several coffee pubs around the world which accept. For example, if you are in Prague, you can go to BTC Coffee café that accepts only free bitcoins.
Are you in New York? You can buy Powerball lottery tickets with free bitcoins.
So far, you got a thorough idea about btc. If you have never use free bitcoins, this is the time you can download the app and get free bitcoins in your wallet. There are lots of things you can buy in exchange, and you don’t even need to disclose your identity. If you have friends or any family members in the foreign country and want to send money in the local currency of that country, sending bitcoins is the easiest way. But, before sending or going to buy anything in exchange for it, you should make sure whether you can use free bitcoin in that particular area in that country.