Written by: Marcus P.
When Satoshi Nakamoto launched Bitcoin in 2009, there was a lot of controversy surrounding the digital coin. It was the first of its kind, and blockchain technology wasn’t popular yet.
One decade later, many more cryptocurrencies have been launched, and Bitcoin is the gold standard for all digital coins.
Since its value is constantly appreciating, it’s no surprise that it’s a popular investment choice among traders. There’s just one problem; the supply of bitcoin is limited, and it’s very expensive. Currently, 1 BTC is worth a whopping $ 40,201.80.
Cryptocurrency mining is also very tech-intensive, so if you’re looking for free ways to get bitcoin, check out our guide below.
Bitcoin was the first digital currency of its kind and is still the most popular choice among investors. The problem is the supply of Bitcoin is limited and extremely expensive, just one Bitcoin currently is worth $40,000.
We discuss how you can get bitcoin for free without mining it, in our article here.
After reading this you will have more of an idea on how to get your own slice of Bitcoin for free!
Why Is Bitcoin so Popular?
Since bitcoin is not a physical commodity, its value is highly driven by speculative interest. It was originally launched to eliminate the reliance on financial institutions in all transactions. While it’s still being used for transactional purposes, most traders view it as an investment commodity.
Some of the reasons why bitcoin is so popular include;
● It has high growth potential, making it perfect for long-term investments.
● It allows you to diversify your portfolio because it has a low correlation with the stock market.
● It has a high return on investment.
● It allows investors to own digital currency anonymously without being bound by regulatory authorities.
● It’s a quick and convenient way of conducting transactions across the globe.
Quickest Ways of Acquiring Bitcoin
Due to how costly bitcoin is, it would be impossible to acquire one coin, especially for small-scale investors. The good news is that you can get it in small fractions of its full value. You can easily acquire bitcoin from;
1. Choose A Cryptocurrency Exchange Platform
Cryptocurrency exchanges are sites that allow you to deposit AUD and convert it for cryptocurrency, such as bitcoin. There are currently more than 250 exchange platforms in Australia, most of which are regulated by AUSTRAC. This means that they have to comply with Know Your Customer rules and Anti Money Laundering regulations. While most investors feel as though this negates the core use of digital coins (to trade anonymously), it enables the sites to reduce fraudulent activities and keep your funds safe.
The sign-up process on these sites is usually simple, and you only have to provide your names, phone number, email address and country of riddance. You’ll also have to verify your identity to start trading, so be ready to upload your ID documents.
The beauty of trading bitcoin on an exchange platform is that the coins are easily accessible, and transactions are processed quickly. It’s also safer than buying directly from a seller.
Some of the top exchanges in Australia such as Swyftx even give you free $20 worth of bitcoin to get you started! Read our full review on Swyftx for more information or Click here to create an account.
2. Local Bitcoin ATMs
These ATMs are similar to traditional ATMs, but they are mainly designated for bitcoin trades and allow you to exchange fiat money for bitcoin.
They are convenient, fast, secure and easy to use, which is why some investors find them more efficient than online exchanges.
Bitcoin ATMs have become popular in Australia, and there are currently more than 50 machines spread out in major cities.
3. Swapping Gift Cards for Bitcoin
Gift cards are a common phenomenon on peer to peer sites that connect bitcoin buyers and sellers globally.
These sites allow you to pay for bitcoin using iTunes vouchers, prepaid cards, Amazon gift cards, etc.
One of the major drawbacks of acquiring bitcoin through his method is that the fees are usually higher compared to traditional options.
4. Exchange Fiat Currency for Bitcoin With Family & Friends
This is the least common method of qualifying bitcoin, but it’s also one of the most affordable ways. It eliminates the need to create an account on an exchange platform or give up your anonymity.
Free Ways of Earning Bitcoin Without Mining
There are 6 main ways you can get bitcoin for free without mining it;
1. Learn about crypto
2. Bitcoin Cashback App
3. Referral & Affiliate Programs
4. Surveys & Polls
5. Bitcoin Savings Account
6. Trading Bitcoin
They all have varying levels of difficulty, profitability potential, and time commitment, and the table below ranks them based on their profitability potential.
| Method | Best for | Profitability | Difficulty |
| Learn About Crypto | Beginners | Low | Medium |
| Bitcoin Cashback App | Beginners | Low | Low |
| Referral & Affiliate Programs | Enthusiasts | Medium | Medium |
| Surveys & Polls | Enthusiasts | Medium | Medium |
| Bitcoin Savings Account | Investors | High | Low |
| Trading Bitcoin | Professionals | Depends On Experience | High |
1. Learn About Crypto
Some exchange sites like Coinbase give you free cryptocurrency in exchange for utilizing their education program. You get to learn about various coins and get paid while at it!
This program is centered on blockchain projects & different cryptocurrencies, and the amount of money you earn is dependent on the specific coin. You get paid after completing quizzes, and the rewards can be up to $10 per lesson. Collectively, you can earn up to $500 in free digital coins, which you can then swap for bitcoin.
Anyone with a Coinbase account can participate in this program, but you will have to watch all educational videos. Once you pass the quiz at the end, the coins are deposited in your Coinbase wallet.
This method is perfect for beginner investors because you get to learn about various cryptocurrencies and get free coins to start trading with.
2. Bitcoin Cashback App
Cashback apps are the easiest way to get bitcoin for free and are perfect for investors who also enjoy online shopping. They are similar to loyalty programs where you earn commissions if you make transactions using cryptocurrency on merchants that support cashback.
These apps are usually free on App Store and Play Store, and account creation is straightforward. You may, however, have to install extensions on your browser to start earning rebates with each purchase.
The best part about these apps is that there’s no risk involved, and you don’t have to put in a lot of effort to earn the free bitcoin. They pay you back a percentage of your online purchase and deposit it in your Bitcoin wallet. The commission is dependent on the merchant you buy from, and you will have to wait for up to 90 days for the cashback to be processed.
Here’s how these apps work;
1. You install an app on a Chrome extension.
2. Shop from a supported online retailer
3. A pop up appears with the percentage of cashback
4. Bitcoin wallet is credited once the refund period lapses.
The most popular cashback apps are Foldapp and Lolli App.
3. Referral & Affiliate Programs
Referral and affiliate programs allow companies to pull in new clients without having to spend a lot on marketing. They are also highly effective because if you recommend a platform to your friends and family, they are more likely to use it than when they learn about it from a company’s adverts.
Most exchange sites are willing to pay you with commissions for promoting their platform to people you know. This commission is often in the form of a registration bonus, but the more people you refer to, the more money you make. Some companies have referral bonuses that are as high as 30%.
Anyone can participate in the affiliate program, and you only need to create an account with the platform. The site will then generate a referral link for you, after which you earn every time a user signs up using it.
This is a particularly great way of earning bitcoin if you have a large social media following that trusts your recommendations. Some sites even give you bonuses on a referral’s trading fees for a couple of months, thereby increasing your earnings potential.
4. Surveys & Polls
Data-driven marketing is catching on quickly, which is why companies are collecting customer information and selling it to third parties for a tidy profit. Some decentralized exchanges are taking advantage of this by paying users in cryptocurrency for their data and feedback.
While you can only earn digital coins such as EOS, INSTAR, and DAI, you can transfer them to an exchange platform and swap them for bitcoin. To earn this free cryptocurrency, you have to complete daily tasks, and the rewards are based on completion.
Some of the tasks include;
● Filling out polls and surveys
● Uploading pictures of shopping receipts accompanied by your experience
● Learning about blockchain projects and crypto
● Sharing platform with friends
● Bonus for account verification.
Before signing up on these platforms, make sure you go through the terms and conditions.
5. Bitcoin Savings Account
These are interest accounts that allow you to earn interest on your bitcoin investment, similar to the way you earn dividends for shares. A bitcoin savings account is a great source of passive income and is perfect if you’re considering a long-term investment for your digital coins.
Basically, they are digital lending platforms that allow lenders and borrowers to receive a crypto-backed loan that’s paid for in fiat currency. As an investor, however, you’ll have to create interest savings account to store your bitcoin. In most cases, the interest is paid daily, thereby allowing your investment to grow rapidly.
The most popular crypto interest accounts for Australians include Nexo, Binance, BlockFi, and Crypto.com. Their interest rates vary, but you could earn up to 12% interest annually, which is pretty impressive compared to traditional financial institutions. You may have to verify your identity on these platforms, but this is just standard practice.
6. Trading Bitcoin
This method of earning free bitcoin may be difficult, but it is also the most rewarding. It allows you to turn small amounts of crypto into large sums within a short time by making profitable trades. To get started, you need to sign up on a reputable exchange platform, get your identity verified, and then start trading.
To excel at bitcoin trading, you need to be an experienced trader. This means understanding market trends and knowing when to buy and sell coins. There’s often luck involved but if you’re new to crypto trading, consider taking a cryptocurrency course before investing your money. For the more advanced traders, there is also the option of using leverage to compound profits (and losses). Here is a list of our best-rated margin exchanges that we tested out.
In short, this method takes time to adopt a simple trading strategy and be patient. The rewards are worth it.
Start Trading With Bitcoin Today!
The value of bitcoin is highly volatile, but one thing’s certain; you can always count on a great ROI. Due to how expensive this coin is, traders have to buy fractions of the coin and invest them for high returns.
If you’re looking for free ways to earn bitcoin, the above methods are a great place to start.
Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.