People have already mined over nineteen million bitcoins out of a possible twenty-one million. It is getting harder to mine them, and so people are looking for new ways to receive Bitcoins without buying them with their fiat currency. This is where FreeBitcoins.com comes in, but what does this site do?
On this page, we will explain to you how FreeBitcoins shares Bitcoins with the world via its Bitcoin Faucet. By the end, you will understand the purpose of the site and how it can help you network with other crypto traders to get the best information available. The future is here, so what are you waiting for?
What Is FreeBitcoins.com?
This site is a location with many different facets to it. First of all, it provides a location where you can earn cryptocurrency through the completion of simple CAPTCHA tests. Although on top of that, it then lets you exchange this currency with other users or the site itself.
Finally, FreeBitcoins.com lets you do this all without registering an account. This gives extra privacy and allows you more freedom when trading.
The owners launched the site in 2010, with a smaller offering than it has now. Back then, Bitcoin was worth much less, and as such everybody who invested in free Bitcoin at that time would have earned a lot by now.
The site allows you to exchange through many different forms of cryptocurrency. This means that you have many options if you want to get started earning or exchanging.
The main three parts of the site are the:
FreeBitcoins Faucet. This lets people earn crypto by performing small tasks for the website.
FreeBitcoins XChange. A tool that Bitcoin traders can use to exchange bitcoin for other currencies on the website.
FreeBitcoins Swap. This allows users to exchange bitcoins without registering on the website.
On top of this, the site also includes an affiliate program. Those who get people to sign up using their affiliate link will get a part of all their trades and swaps that occur on the site.
The site prides itself on not involving itself with fiat currency in any way. This means that they have the freedom to operate outside of restrictions that fiat banks are under. They can also pivot at a moment’s notice should new laws come into effect that might affect them.
Goals
FreeBitcoin.com has philanthropic intents behind its work. Every day, they try to create a place that is safe for crypto users to exchange their currency without having to use fiat methods.
For this reason, the site eschews all fiat currency. It positions itself in a place that allows it to give its users a complete haven from needing to worry about such things.
Because of this, FreeBitcoin.com will never seek to become a bank of any type. This is a major motivation for the site and one that helps them find their niche in a world where crypto is being treaded more seriously every day.
Bitcoin Faucet
This tool allows visitors to FreeBitcoin.com the opportunity to earn cryptocurrency. As a user completes work in the form of CAPTCHAs, the crypto transfers straight to their FreeBitcoins account. This allows them to use it straight away instead of needing to reach a critical mass of currency like some other sites or apps demand.
If the user’s Bitcoin amount is too low, they can instead buy an altcoin and withdraw that instead.
This process gives people two major benefits:
First, they can earn small amounts of Bitcoin for themselves that they can use as they see fit. As many users do not want to or are unable to, exchange fiat currency for crypto, this can be a good stepping stone.
Second, it allows users to try out FreeBitcoins’ offerings without needing to transfer their crypto. They can earn a small amount of the crypto they wish to try out and try the features of the site without any risk to themselves.
The Work
When you access the FreeBitcoins faucet site, you will see a simple CAPTCHA program presented to you. After solving this, you can receive a small amount of crypto in the currency that you prefer. The most popular coin for this is Bitcoins, and as such, this is the first one offered to you, although others are available.
As you continue to solve CAPTCHAs, you earn more crypto and can continue to do this as long as you would like.
How Does FreeBitcoins Make Money?
As FreeBitcoins exchanges occur, they charge a small amount for the benefits that using their exchange gives. Over time, this money starts to add up, which means that they have plenty to give away. Although, of course, they never give away more than they can afford.
This system allows FreeBitcoins to continue to give free crypto away to those who earn it through a simple task. It benefits its users and gives people a reason to return to continue to earn Bitcoin or other currencies again and again.
On top of this, FreeBitcoin also aims to encourage more users to exchange cryptocurrency. The thought is that the more people are using crypto, the more accepted it will end up being in the world. As it becomes more ubiquitous, it also becomes more valuable to the world.
To this end, other people also donate to the Bitcoin faucets that they provide. Over time, this spreads the money out among many more wallets and helps to make Bitcoin more widespread.
Bitcoin XChange
For those who already have cryptocurrencies, but wish to find buyers or sellers, the Bitcoin XChange is the perfect tool. Users can use it to trade any from a long list of cryptocurrencies in exchange for Bitcoin.
This service is available worldwide, so you can expect that people are trading at all times of the day. As the process is a simple one, people from all walks of life can get involved in the trading process.
If you have not tried using a crypto exchange before, you can always use the Bitcoin faucet and trade using the money that you earn there. This allows you to gain confidence in the use of the Bitcoin XChange before you dive in with your crypto.
When you make a trade on the XChange market, you will also be helping others using the site. If you picked up an affiliate link on first using their site, you will grant a percentage of the trade to the person who gave you the link.
FreeBitcoins’ site explains that it makes use of two different kinds of trading orders. These two will lead to different experiences with the XChange market. They are named “Limit Orders” and “Market Orders”.
Limit Orders
If you create a limit order, you name the best price that you would accept for an order. If people are willing to trade at that price, then you will find people buying or selling at that rate. If you aim to sell too high or buy too low, you may find it hard to find an exchange using a limit order.
Market Orders
Market orders ignore such limits. Instead, they try to make the exchange as fast as possible without accepting that the rate may be too high or low.
If the price for you to buy at is too high, or the price to sell at too low, you might find yourself skewing your funds. This might end up with you losing money fast. So, keep an eye on the prices on the market at all times.
You should also take note of the fact that, unlike limit orders, you cannot cancel market orders once you create them. This puts the risk entirely in your hands, and as such, you should make sure that you do your research before engaging in this kind of trade.
What Cryptocurrencies Does FreeBitcoin Support?
FreeBitcoin allows you to earn crypto in the following currencies via their Bitcoin Faucted program. On top of that, you can trade Bitcoin on the Bitcoin XChange in exchange for any of these cryptocurrencies:
- 42Coin
- Avalanche
- Bitcoin Cash
- Clamcoin
- Curecoin
- Dash
- Digibyte
- Dogecoin
- Ethereum
- Florincoin
- FreeBitcoins Tokens
- Gapcoin
- Litecoin
- Mazacoin
- Monero
- Namecoin
- Particl
- Qtum
- Rhombus
- USDC.e
- USDT.e
- Wownero
- ZCash
FreeBitcoin has added more cryptocurrencies over time, and should more be viable they will add more options to this list.
Bitcoin Swap
Besides its Bitcoin XChange program, the site also provides a tool that does not need you to register. The Bitcoin Swap application uses the XChange API but does not need the user to create an account on FreeBitcoin.com.
Via the API, the user must choose which crypto they wish to deposit as well as what they want to receive. FreeBitcoins will give the user a deposit address, and requires the location to send the exchanged coins to.
During the exchange processes, Bitcoin Swap will charge a total of 1% of any trade. This ensures that the site can remain open and that those maintaining the site receive the proper payment.
On top of this, the site charges a small miners’ fee. Compared to the flat fee of the Bitcoin XChange, you should be aware that this fee matches the miners’ fee exactly.
When making a Bitcoin Swap trade, you cannot create Limit Trades like you can with the XChange. This means that the trade will occur at the best price when the trade happens. You can also not stop this trade once you have posted it.
When you make the exchange, the funds do not transfer through a third party. FreeBitcoin has its own exchange that handles all transfers, to avoid problematic or sketchy exchanges. This assures you that you need to know that your coin is in good hands.
FreeBitcoins.com Affiliate Program
The affiliate program is how FreeBitcoin.com rewards you and others for using their site. Its main purpose is to give back to its most loyal users in a way that helps them earn even more.
In short, affiliates earn an amount of cryptocurrency over time. They get this every time their linked user engages with the site in a way that earns or transfers cryptocurrency. The site even offers specific banners to help people link to the site on their preferred website.
FreeBitcoin encourages users to spread their affiliate links around to try to get as many users as possible to sign up. This will earn the affiliate the largest amount of crypto, without them even needing to do anything.
The details of the affiliate system work as follows:
If a user creates an account, the person who most recently linked them to FreeBitcoin.com becomes an affiliate.
If a linked user engages with the Bitcoin Faucet and earns cryptocurrency of any kind, the affiliate will earn an equal amount of currency.
If a linked user makes use of the Bitcoin Swap system, the affiliate will earn 50% of the fee for this trade.
If a linked user makes use of the Bitcoin XChange system, the affiliate will earn 50% of the fee for this trade.
The affiliate receives payment once every fifteen minutes. It appears as crypto in their Bitcoin XChange account. They can use this straight away.
There is no limit on the amount of currency that an affiliate can earn.
There is no limit on the amount of time an affiliate can continue to earn based on the actions of their linked user.
Find Out More About FreeBitcoins.com
Now that you know so much more about FreeBitcoins.com, you have the opportunity to earn your own crypto through the Bitcoin Faucet and other areas. It is an expansive and powerful opportunity to get started in the bitcoin market.
If you still have questions, though, the site has many resources available for you to get you up to speed. You will be up and running earning free bitcoins in no time at all. All you need to do is check out the Bitcoin Faucet page to learn more.